Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Sep. 30, 2013 | Nov. 05, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Speed Commerce, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 64,939,186 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000911650 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets_Se
Consolidated Balance Sheets (September 30, 2013 Unaudited) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $23 | $91 |
Accounts receivable, net | 92,754 | 83,496 |
Inventories | 51,706 | 34,197 |
Prepaid expenses | 2,918 | 2,779 |
Other assets — current | 1,379 | 483 |
Total current assets | 148,780 | 121,046 |
Property and equipment, net | 16,638 | 14,085 |
Software development costs, net | 44 | 12 |
Other assets: | ' | ' |
Intangible assets, net | 22,717 | 22,717 |
Goodwill | 30,647 | 31,484 |
Non-current prepaid royalties | 3,613 | 3,966 |
Other assets | 4,207 | 2,981 |
Total assets | 226,646 | 196,291 |
Current liabilities: | ' | ' |
Revolving line of credit | 28,957 | 23,884 |
Accounts payable | 131,140 | 103,953 |
Checks written in excess of cash balances | 4,089 | 3,478 |
Accrued expenses | 5,383 | 4,370 |
Other liabilities — short-term | 2,895 | 1,364 |
Total current liabilities | 173,655 | 138,519 |
Long-term liabilities: | ' | ' |
Contingent payment obligation long-term - acquisition | 1,795 | 1,901 |
Deferred tax liabilities - long term | 1,278 | 1,279 |
Other liabilities — long-term | 1,671 | 909 |
Total liabilities | 178,399 | 142,608 |
Commitments and contingencies (Note 9) | ' | ' |
Common stock, no par value: | ' | ' |
Authorized shares — 100,000,000; issued and outstanding shares — 56,916,698 at September 30, 2013 and 56,238,236 at March 31, 2012 | 190,620 | 189,515 |
Accumulated deficit | -142,741 | -136,168 |
Accumulated other comprehensive income (loss) | 368 | 336 |
Total shareholders’ equity | 48,247 | 53,683 |
Total liabilities and shareholders’ equity | 226,646 | 196,291 |
Payment Obligation [Member] | ' | ' |
Current liabilities: | ' | ' |
Contingent obligation - acquisition | 1,191 | 1,082 |
Share Obligation [Member] | ' | ' |
Current liabilities: | ' | ' |
Contingent obligation - acquisition | ' | $388 |
Consolidated_Balance_Sheets_Se1
Consolidated Balance Sheets (September 30, 2013 Unaudited) (Parentheticals) | Sep. 30, 2013 | Mar. 31, 2013 |
Common stock, authorized shares (in Shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in Shares) | 56,916,698 | 56,238,236 |
Common stock, shares outstanding (in Shares) | 56,916,698 | 56,238,236 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | ' | ' | ' | ' |
Distribution | $90,448,000 | $96,846,000 | $166,164,000 | $183,620,000 |
E-commerce and fulfillment services | 28,562,000 | 7,286,000 | 50,578,000 | 11,784,000 |
Total net sales | 119,010,000 | 104,132,000 | 216,742,000 | 195,404,000 |
Cost of sales | ' | ' | ' | ' |
Distribution | 82,453,000 | 85,939,000 | 152,628,000 | 163,235,000 |
E-commerce and fulfillment services | 24,204,000 | 6,146,000 | 41,491,000 | 10,146,000 |
Total cost of sales | 106,657,000 | 92,085,000 | 194,119,000 | 173,381,000 |
Gross profit | ' | ' | ' | ' |
Gross profit | 12,353,000 | 12,047,000 | 22,623,000 | 22,023,000 |
Operating expenses: | ' | ' | ' | ' |
Selling and marketing | 4,009,000 | 4,549,000 | 7,689,000 | 8,493,000 |
Distribution and warehousing | 3,420,000 | 1,801,000 | 5,776,000 | 3,513,000 |
General and administrative | 4,834,000 | 3,094,000 | 10,067,000 | 6,109,000 |
Information technology | 1,631,000 | 1,072,000 | 3,342,000 | 2,128,000 |
Depreciation and amortization | 752,000 | 745,000 | 1,501,000 | 1,488,000 |
Total operating expenses | 14,646,000 | 11,261,000 | 28,375,000 | 21,731,000 |
Loss from operations | -2,293,000 | 786,000 | -5,752,000 | 292,000 |
Other income (expense): | ' | ' | ' | ' |
Interest income (expense), net | -422,000 | -166,000 | -802,000 | -261,000 |
Other income (expense), net | 24,000 | 142,000 | 46,000 | -99,000 |
Income (loss) from operations, before income tax | -2,691,000 | 762,000 | -6,508,000 | -68,000 |
Income tax benefit (expense) | -31,000 | -274,000 | -65,000 | -15,000 |
Net income (loss) | -2,722,000 | 488,000 | -6,573,000 | -83,000 |
Basic net income (loss) per common share (in Dollars per share) | ($0.05) | $0.01 | ($0.12) | $0 |
Diluted net income (loss) per common share (in Dollars per share) | ($0.05) | $0.01 | ($0.12) | $0 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 56,792 | 37,180 | 56,518 | 37,168 |
Diluted (in Shares) | 56,792 | 37,348 | 56,518 | 37,168 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net unrealized gain on foreign exchange rate translation, net of tax | -89,000 | 55,000 | 35,000 | 83,000 |
Comprehensive income (loss) | -2,811,000 | 543,000 | -6,538,000 | ' |
Distribution [Member] | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' |
Total net sales | 90,448,000 | 96,846,000 | 166,164,000 | 183,620,000 |
Gross profit | ' | ' | ' | ' |
Gross profit | 7,995,000 | 10,907,000 | 13,536,000 | 20,385,000 |
Operating expenses: | ' | ' | ' | ' |
Loss from operations | -4,230,000 | 106,000 | -9,711,000 | -478,000 |
E-Commerce [Member] | ' | ' | ' | ' |
Gross profit | ' | ' | ' | ' |
Gross profit | $4,358,000 | $1,140,000 | $9,087,000 | $1,638,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Operating activities: | ' | ' |
Net loss | ($6,573,000) | ($83,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 4,031,000 | 1,627,000 |
Amortization of debt acquisition costs | 161,000 | 68,000 |
Amortization of software development costs | ' | 496,000 |
Share-based compensation expense | 514,000 | 460,000 |
Deferred income taxes | -6,000 | 10,000 |
Other | 81,000 | 103,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -9,242,000 | -18,273,000 |
Inventories | -17,207,000 | -5,902,000 |
Prepaid expenses | 214,000 | 1,018,000 |
Income taxes receivable / payable | ' | -28,000 |
Other assets | -2,320,000 | -260,000 |
Accounts payable | 26,720,000 | 6,822,000 |
Accrued expenses and other liabilities | 2,757,000 | -1,711,000 |
Net cash provided by (used in) operating activities | -870,000 | -15,653,000 |
Investing activities: | ' | ' |
Purchases of property and equipment | -5,415,000 | -787,000 |
Investment in software development | ' | -26,000 |
Business acquisitions | 349,000 | ' |
Net cash provided by (used in) investing activities | -5,066,000 | -813,000 |
Financing activities: | ' | ' |
Proceeds from revolving line of credit | 75,173,000 | 77,334,000 |
Payments on revolving line of credit | -70,100,000 | -77,334,000 |
Checks written in excess of cash balances | 611,000 | 10,900,000 |
Other | 184,000 | -34,000 |
Net cash provided by (used in) financing activities | 5,868,000 | 10,866,000 |
Net increase (decrease) in cash | -68,000 | -5,600,000 |
Cash and cash equivalents at beginning of period | 91,000 | 5,600,000 |
Cash and cash equivalents at end of period | $23,000 | ' |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (continued) (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash and cash equivalents paid for (received from): | ' | ' |
Interest | $497 | $172 |
Income taxes, net of refunds | 176 | 175 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Other comprehensive income (loss) related to gain (loss) on foreign exchange translation | $35 | $83 |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis of Presentation | 6 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
Note 1 — Organization and Basis of Presentation | |
Speed Commerce, Inc. (the “Company” or “Speed Commerce”), a Minnesota corporation formed in 1983, and formerly known as Navarre Corporation, is a distributor, provider of complete logistics solutions for traditional and e-commerce retail channels and a publisher of computer software. The Company operates through two business segments — Distribution and E-Commerce and Fulfillment Services. | |
Through the Distribution Segment, the Company distributes computer software, consumer electronics and accessories and video games. The Distribution Segment focuses on providing a range of value-added services, including vendor-managed inventory, and electronic and internet-based ordering. | |
Through the E-Commerce and Fulfillment Services Segment, the Company provides web platform development and hosting, customer care, fulfillment, order management, logistics and call center capabilities for clients. | |
The accompanying unaudited consolidated financial statements of Speed Commerce have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. | |
All inter-company accounts and transactions have been eliminated in consolidation. In the opinion of the Company, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. | |
On November 20, 2012, Speed Commerce acquired all of the equity interests of SpeedFC, Inc. (a Delaware corporation, through a merger of that entity with and into a Speed Commerce wholly-owned subsidiary, now named Speed Commerce Corp., a Minnesota corporation, (“SCC”) (the transaction, the “Acquisition”)) pursuant to the terms of that certain Agreement and Plan of Merger dated September 27, 2012, as amended on October 29, 2012 (the “Merger Agreement”). SCC is a leading provider of end-to-end e-commerce services to retailers and manufacturers and its financial results are included in the Company’s E-commerce and Fulfillment Services Segment. | |
Beginning in April 2013, the Company implemented a series of initiatives in connection with the integration of SCC. These included a reduction in workforce and a consolidation of business structures and processes across the Company’s operations. These integration initiatives resulted in, among other things, the Company’s determination to close its Minneapolis, MN distribution facility; the leasing and relocation to expanded distribution and fulfillment facilities in Columbus, OH and Toronto, ON; the leasing of new offices in Minneapolis, MN and Dallas, TX; and the transition of certain corporate functions from Minneapolis to Dallas. The Company expects these initiatives to be completed during fiscal year 2014. The Company has incurred $8.1 million in transition and transaction costs during the first six months of fiscal 2014, including $1.9 million of expenses included in cost of sales. | |
Because of the seasonal nature of the Company’s business, the operating results and cash flows for the three and six month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in Speed Commerce, Inc.’s Annual Report on Form 10-K for the year ended March 31, 2013. | |
Basis of Consolidation | |
The consolidated financial statements include the accounts of Speed Commerce, Inc. and its wholly-owned subsidiaries (collectively referred to herein as the “Company”). | |
Reclassifications | |
Certain net sales, cost of sales and operating expense classifications have been reclassified from the prior years’ consolidated financial statements to conform with the current year presentation. The reclassifications are primarily due to the change in segment reporting effective the quarter ended December 31, 2012. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying footnotes. Actual results could differ from those estimates. | |
Fair Value of Financial Instruments | |
The carrying value of the Company’s financial assets and liabilities approximates fair value at September 30, 2013 and March 31, 2013. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs, with the exception of cash (Level 1), contingent payment obligation (Level 3) and contingent common stock obligation (Level 3). | |
Revenue Recognition | |
All customer revenues are recorded net of discounts and allowances provided to customers. Revenue recognition varies by segment based on the nature of the business and contractual terms and conditions. | |
Distribution Segment. Revenue for the Distribution Segment is recognized on products shipped, including consigned products owned by the Company, when title and risk of loss transfers, delivery has occurred, the price to the buyer is determinable and collectability is reasonably assured. Under certain conditions, the Company permits its customers to return or destroy products. The Company records a reserve for sales returns, product destructions and allowances against amounts due to reduce the net recognized receivables to the amounts the Company reasonably believes will be collected. These reserves are based on the application of the Company’s historical or anticipated gross profit percentage against average sales returns and product destructions, sales discounts percent against average gross sales and specific reserves for marketing programs. | |
The Company’s distribution customers, at times, qualify for certain price protection benefits from the Company’s vendors. The Company serves as an intermediary to settle these amounts between vendors and customers. The Company accounts for these amounts as reductions of revenue with corresponding reductions in cost of sales. | |
Service revenues within the Distribution Segment are recognized upon delivery of the services. The Company records amounts received from customers for out-of-pocket expenses, primarily freight and supplies, as revenue and the associated expense as a cost of sales. | |
E-commerce and Fulfillment Services Segment. Revenue for the E-commerce and Fulfillment Services Segment is recognized based on terms of service within the customer contract. A portion of the Company’s service revenue arrangements include upfront service elements, such as web implementation and migration, and recurring service elements such as web site support, e-commerce fulfillment services and additional services. The Company does not earn or receive any commissions from its customers. Fees related to upfront contract services, such as web site implementation and migration, are deferred and recognized ratably over the expected term of the relationship with the customer, beginning when delivery of recurring services has occurred. Costs associated with the upfront contract fees are deferred and recognized consistent with the recognition of revenues. Recurring contract service elements are charged based on the number of transactions processed and recognized as the services are performed as measured by the volume of orders completed. | |
Software Development Costs | |
The Company accounts for its software development costs in accordance with Accounting Standards Codification (“ASC”) 985, Costs of Computer Software to Be Sold, Leased or Marketed. Capitalization of software development costs begins upon the establishment of technological feasibility. In the development of our products and our enhancements to existing products, technological feasibility is not established until substantially all product development is complete, including the development of a working model. The establishment of technological feasibility and the ongoing assessment of recoverability of capitalized software development costs requires considerable judgment by management with respect to certain external factors, including, but not limited to, technological feasibility, anticipated future gross revenues, estimated economic life, and changes in software and hardware technologies. Such costs are amortized using the straight-line method beginning when the product or enhancement is available for general release over the estimated economic life of the product or enhancement, generally three years. | |
Pending Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB Accounting Standards Codification (“ASC”) Topic 740, Income Taxes (“FASB ASC Topic 740”). This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013, the Company’s fiscal year 2015. Retrospective application is permitted. The Company is currently evaluating the impact on its consolidated financial statements and financial statement disclosures. |
Note_2_Transition_and_Transact
Note 2 - Transition and Transaction Plan | 6 Months Ended |
Sep. 30, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
Note 2 — Transition and Transaction Plan | |
During April 2013, the Company implemented a series of initiatives in connection with the integration of SCC. These included a reduction in workforce and a consolidation of business structures and processes across the Company's operations. These integration initiatives resulted in, among other things, the Company's determination to close its Minneapolis, MN distribution facility; the leasing of expanded distribution and fulfillment facilities in Columbus, OH and Toronto, ON; the leasing of new offices in Minneapolis, MN and Dallas, TX; and the transition of certain corporate functions from Minneapolis to other facilities. The Company expects these initiatives to be completed during fiscal year 2014. The Company has incurred $8.1 million in transition and transaction costs during the first six months of fiscal 2014, including $1.9 million of expenses included in cost of sales. |
Note_3_Acquisition
Note 3 - Acquisition | 6 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
Note 3 — Acquisitions | |||||
SCC | |||||
On November 20, 2012, the Company completed the acquisition of SCC, a leading provider of end-to-end e-commerce services. Total consideration included: $24.5 million in cash at closing, which is net of a preliminary working capital adjustment, 17.1 million shares of the Company’s common stock plus performance payments (contingent consideration) up to an additional $5.0 million in cash (undiscounted) and 6.3 million shares of the Company’s common stock contingent upon SCC’s achieving certain financial metrics for the 12 months ending December 31, 2012. The contingent cash payment is comprised of up to a maximum of $1.25 million, of which $1.0 million was paid in early calendar 2013, and up to a maximum of $3.75 million, of which $3.0 million (before interest of five percent per annum) will be paid in equal, quarterly installments beginning in October 2013 and ending on February 29, 2016. The contingent share payment of up to a maximum of 2,215,526 shares was to be issued in early calendar 2013, of which 1,770,097 shares were issued, and up to a maximum of 4,071,842 shares could have been issued in late calendar 2013, of which 590,036 were issued in July 2013. The determination of the remaining contingent cash and share payments was finalized in the first quarter of fiscal 2014. The working capital adjustment was also finalized in the first quarter of fiscal 2014 in accordance with the Merger Agreement, pursuant to which the Company received $836,000, which reduces the amount of cash consideration paid and decreases goodwill. | |||||
The combined fair value of the contingent consideration was estimated to be $7.4 million based upon Level 3 fair value valuation techniques (unobservable inputs that reflect the Company’s own assumptions). A financial model was applied to estimate the value of the contingent consideration that utilized the income approach and option pricing theory to compute expected values and probabilities of reaching the various thresholds in the Merger Agreement. Key assumptions included (1) a discount rate of 14%, (2) EBITDA operating results of between $6.0 and $10.0 million and (3) specific to the option pricing - interest rate of 0.15%, expected term of 0.11 years, dividend yield of 0.0% and volatility of 0%. The estimated fair value of the contingent consideration could change if different assumptions are used. | |||||
The goodwill of $30.6 million arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and SCC. All goodwill was assigned to the Company’s SCC reporting unit which is included in the E-commerce and Fulfillment Services Segment and is not deductible for tax purposes. This transaction qualified as an acquisition of a significant business pursuant to Regulation S-X and financial statements for the acquired business were filed with the SEC. Operating results from the date of acquisition are included within the E-commerce and Fulfillment Services Segment. | |||||
The purchase price was allocated based on of the fair value of assets acquired and liabilities assumed as follows (in thousands): | |||||
Consideration: | |||||
Cash | $ | 23,657 | |||
Common stock | 21,250 | ||||
Contingent payment obligation | 3,981 | ||||
Contingent common stock obligation | 3,383 | ||||
Fair value of total consideration transferred | $ | 52,271 | |||
The SCC purchase price was allocated as follows: | |||||
Accounts receivable | $ | 11,732 | |||
Prepaid expenses and other assets | 624 | ||||
Property and equipment | 7,075 | ||||
Purchased intangibles | 22,250 | ||||
Goodwill | 30,647 | ||||
Accounts payable | (6,106 | ) | |||
Accrued expenses and other liabilities | (4,056 | ) | |||
Deferred tax liability | (9,895 | ) | |||
$ | 52,271 | ||||
Net sales of SCC, included in the Consolidated Statements of Operations and Comprehensive (Loss) for the six months ended September 30, 2013 were $41.4 million. SCC provided operating income of $2.1 million to the consolidated Company’s operating income for the six months ended September 30, 2013. | |||||
Viva Media LLC | |||||
On July 30, 2013, the Company acquired certain assets of Viva Media LLC in exchange for the assumption of certain liabilities and the payoff of Viva Media LLC’s debt. Total consideration transferred was approximately $1.5 million, including $1.0 million of assumed liabilities and was allocated as follows: $24,000 to accounts receivable, $299,000 to inventory and $1.2 million to intangible assets. The final allocation of consideration is subject to final valuation of intangibles and inventory and a final working capital settlement in the fourth quarter of fiscal year 2014. The results of operations since acquisition are included in the Distribution Segment. |
Note_4_Accounts_Receivable
Note 4 - Accounts Receivable | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||
Note 4 — Accounts Receivable | |||||||||
Accounts receivable consisted of the following (in thousands): | |||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Trade receivables | $ | 91,260 | $ | 81,237 | |||||
Vendor receivables | 4,936 | 5,891 | |||||||
96,196 | 87,128 | ||||||||
Less: allowance for doubtful accounts and sales discounts | 1,212 | 1,744 | |||||||
Less: allowance for sales returns, net margin impact | 2,230 | 1,888 | |||||||
Total | $ | 92,754 | $ | 83,496 | |||||
Note_5_Inventories
Note 5 - Inventories | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 5 — Inventories | |||||||||
Inventories, net of reserves, consisted of the following (in thousands): | |||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Finished products | $ | 48,881 | $ | 31,427 | |||||
Consigned inventory | 1,599 | 1,510 | |||||||
Raw materials | 1,226 | 1,260 | |||||||
Total | $ | 51,706 | $ | 34,197 | |||||
Note_6_Prepaid_Expenses
Note 6 - Prepaid Expenses | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Prepaid Expenses Disclosure [Abstract] | ' | ||||||||
Prepaid Expenses Disclosure [Text Block] | ' | ||||||||
Note 6— Prepaid Expenses | |||||||||
Prepaid expenses consisted of the following (in thousands): | |||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Prepaid royalties | $ | 1,466 | $ | 1,750 | |||||
Other prepaid expenses | 1,452 | 1,029 | |||||||
Current prepaid expenses | 2,918 | 2,779 | |||||||
Non-current prepaid royalties | 3,613 | 3,966 | |||||||
Total prepaid expenses | $ | 6,531 | $ | 6,745 | |||||
Note_7_Property_and_Equipment
Note 7 - Property and Equipment | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
Note 7 — Property and Equipment | |||||||||
Property and equipment consisted of the following (in thousands): | |||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Furniture and fixtures | $ | 886 | $ | 1,162 | |||||
Computer and office equipment | 22,617 | 21,685 | |||||||
Warehouse equipment | 12,807 | 12,704 | |||||||
Leasehold improvements | 1,851 | 2,460 | |||||||
Construction in progress | 6,261 | 2,277 | |||||||
Total | 44,422 | 40,288 | |||||||
Less: accumulated depreciation and amortization | 27,784 | 26,203 | |||||||
Net property and equipment | $ | 16,638 | $ | 14,085 | |||||
Depreciation expense was $1.4 million and $2.8 million for the three and six months ended September 30, 2013, respectively, and $815,000 and $1.6 million for the three and six months ended September 30, 2012, respectively. |
Note_8_Accrued_Expenses
Note 8 - Accrued Expenses | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
Note 8— Accrued Expenses | |||||||||
Accrued expenses consisted of the following (in thousands): | |||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Compensation and benefits | $ | 1,287 | $ | 1,847 | |||||
Royalties | 422 | 256 | |||||||
Rebates | 1,080 | 1,096 | |||||||
Other | 2,594 | 1,171 | |||||||
Total | $ | 5,383 | $ | 4,370 | |||||
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 6 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note 9 — Commitments and Contingencies | |||||
The Company leases its facilities and a portion of its office and warehouse equipment. The terms of the lease agreements generally range from 3 to 15 years, with certain leases containing options to extend the leases up to an additional 10 years. The Company does not believe that exercise of the renewal options are reasonably assured at the inception of the lease agreements and, therefore, considers the initial base term to be the lease term. The facility leases require payment of real estate taxes and operating costs in addition to base rent. Total base rent expense was $985,000 and $2.0 million for the three and six months ended September 30, 2013, respectively and $387,000 and $774,000 for the three and six months ended September 30, 2012, respectively. Facility lease terms vary, but generally provide for fixed and escalating payments which range from an additional $0.06 per square foot to a 3% annual increase over the life of the lease. | |||||
The following is a schedule of future minimum rental payments required under non-cancelable operating leases as of September 30, 2013 (in thousands): | |||||
Remainder of fiscal 2014 | $ | 1,865 | |||
2015 | 5,053 | ||||
2016 | 6,741 | ||||
2017 | 6,765 | ||||
2018 | 5,827 | ||||
Thereafter | 23,138 | ||||
Total | $ | 49,389 | |||
Litigation and Proceedings | |||||
In the normal course of business, the Company is involved in a number of litigation/arbitration and administrative/regulatory matters that are incidental to the operation of the Company’s business. These proceedings generally include, among other things, various matters with regard to products distributed by the Company and the collection of accounts receivable owed to the Company. The Company does not currently believe that the resolution of any of those pending matters will have a material adverse effect on the Company’s financial position or liquidity, but an adverse decision in more than one of these matters could be material to the Company’s consolidated results of operations. No amounts were accrued with respect to these proceedings as of September 30, 2013 and March 31, 2013, respectively. |
Note_10_Capital_Leases
Note 10 - Capital Leases | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | ' | ||||||||
Note 10 — Capital Leases | |||||||||
The Company leases certain equipment under non-cancelable capital leases. At September 30, 2013 and March 31, 2013, leased capital assets included in property and equipment were as follows (in thousands): | |||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Computer and office equipment | $ | 326 | $ | 193 | |||||
Less: accumulated amortization | 125 | 101 | |||||||
Property and equipment, net | $ | 201 | $ | 92 | |||||
Amortization expense for the three and six months ended September 30, 2013 was $14,000 and $28,000, respectively, and $14,000 and $28,000 for the three and six months ended September 30, 2012, respectively. Future minimum lease payments, excluding additional costs such as insurance and maintenance expense payable by the Company under these agreements, by year and in the aggregate are as follows (in thousands): | |||||||||
Minimum Lease | |||||||||
Commitments | |||||||||
Remainder of fiscal 2014 | $ | 42 | |||||||
2015 | 79 | ||||||||
2016 | 77 | ||||||||
2017 | 12 | ||||||||
Total minimum lease payments | 210 | ||||||||
Less: amounts representing interest at rates ranging from 7.0% to 9.563% | 23 | ||||||||
Present value of minimum capital lease payments, reflected in the balance sheet as current and non-current capital lease obligations of $68,000 and $121,000, respectively | $ | 187 | |||||||
Note_11_Bank_Financing_and_Deb
Note 11 - Bank Financing and Debt | 6 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Note 11 — Bank Financing and Debt | |
On November 12, 2009, the Company entered into a three year, $65.0 million revolving credit facility (the “Credit Facility”) with Wells Fargo Foothill, LLC as agent and lender, and a participating lender. On December 29, 2011, the Credit Facility was amended to reduce the revolving credit facility limit to $50.0 million, provide for an additional $20.0 million under the Credit Facility under certain circumstances and extend the maturity date to December 29, 2016. | |
On November 20, 2012, the Credit Facility was amended to provide for the acquisition of SCC, eliminate the additional $20.0 million available under the Credit Facility and extend the maturity date to November 20, 2017. The Credit Facility was again amended on June 28, 2013 in order to modify the Company’s limitations on capital expenditures under the Credit Facility and to make certain adjustments to the definition of “EBITDA”, in connection with the final earn-out calculations related to the acquisition of SCC. | |
The Credit Facility is secured by a first priority security interest in all of the Company’s assets, as well as the capital stock of its subsidiary companies. Additionally, the Credit Facility, as amended, calls for monthly interest payments at the bank’s base rate (as defined in the Credit Facility) plus 1.75%, or LIBOR plus 2.75%, at the Company’s discretion. | |
At September 30, 2013 and March 31, 2013 the Company had $29.0 million and $23.9 million outstanding on the Credit Facility. Amounts available under the Credit Facility are subject to a borrowing base formula. Changes in the assets within the borrowing base formula can impact the amount of availability. Based on the Credit Facility’s borrowing base and other requirements at such dates, the Company had excess availability of $15.1 million and $19.9 million at September 30, 2013 and March 31, 2013, respectively. | |
In association with, and per the terms of the Credit Facility, the Company also pays and has paid certain facility and agent fees. Weighted-average interest on the Credit Facility was 5.17% and 4.38% at September 30, 2013 and March 31, 2013, respectively. Such interest amounts are payable monthly. | |
Under the Credit Facility, the Company is required to meet certain financial and non-financial covenants. The financial covenants include a variety of financial metrics that are used to determine the Company’s overall financial stability as well as limitations on capital expenditures, a minimum ratio of EBITDA to fixed charges, limitations on prepaid royalties and a minimum borrowing base availability requirement. At September 30, 2013, the Company was in compliance with all covenants under the Credit Facility. | |
Letter of Credit | |
On April 14, 2011, the Company was released from an office lease guarantee related to a former subsidiary, FUNimation Productions, Ltd. (“FUNimation”) by providing a five-year, standby letter of credit for $1.5 million, which is reduced by $300,000 each subsequent year. The standby letter of credit can be drawn down, to the extent in default, if the full and prompt payment of the lease is not completed by FUNimation. No claims have been made against this financial instrument. There was no indication that FUNimation would not be able to pay the required future lease payments totaling $2.6 million and $2.9 million at September 30, 2013 and March 31, 2013, respectively. Therefore, at September 30, 2013 and March 31, 2013, the Company did not believe a future draw on the standby letter of credit was probable and an accrual related to any future obligation was not considered necessary at such times. |
Note_12_Shareholders_Equity
Note 12 - Shareholders' Equity | 6 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Note 12 — Shareholders’ Equity | |
The Company’s Articles of Incorporation authorize 10,000,000 shares of preferred stock, no par value. No preferred shares are issued or outstanding. | |
The Company did not repurchase any shares during either of the six months ended September 30, 2013 or 2012. |
Note_13_ShareBased_Compensatio
Note 13 - Share-Based Compensation | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
Note 13 — Share-Based Compensation | |||||||||
The Company has two equity compensation plans: the Navarre Corporation 1992 Stock Option Plan and the Navarre Corporation 2004 Stock Plan (collectively, “the Plans”). The 2004 Plan provides for equity awards, including stock options, restricted stock and restricted stock units. Eligible participants under the 2004 Plan are all employees (including officers and directors), non-employee directors, consultants and independent contractors. The 1992 Plan expired on July 1, 2006, and no further grants are allowed under this Plan, however, there are outstanding options under this plan as of September 30, 2013. These Plans are described in detail in the Company’s Annual Report filed on Form 10-K for the fiscal year ended March 31, 2013. | |||||||||
Stock Options | |||||||||
A summary of the Company’s stock option activity as of September 30, 2013 and changes during the six months ended September 30, 2013 are summarized as follows: | |||||||||
Number of options | Weighted average exercise price | ||||||||
Options outstanding, beginning of period: | 2,904,061 | $ | 1.93 | ||||||
Granted | 172,000 | 2.48 | |||||||
Exercised | (82,500 | ) | 1.77 | ||||||
Forfeited or expired | (272,621 | ) | 1.78 | ||||||
Options outstanding, end of period | 2,720,940 | $ | 1.99 | ||||||
Options exercisable, end of period | 1,190,169 | $ | 2.19 | ||||||
Shares available for future grant, end of period | 2,589,777 | ||||||||
The total fair value of options granted during the six months ended September 30, 2013 was approximately $350,000 and the total fair value of options exercisable was $1.6 million at September 30, 2013. The weighted-average remaining contractual term for options outstanding was 7.7 years and for options exercisable was 6.3 years at September 30, 2013. | |||||||||
The aggregate intrinsic value represents the total pretax intrinsic value, based on the Company’s closing stock price of $3.28 as of September 30, 2013, which theoretically could have been received by the option holders had all option holders exercised their options as of that date. The total intrinsic value of stock options exercised during the six months ended September 30, 2013 was approximately $143,000. The aggregate intrinsic value for options outstanding was $3.7 million, and for options exercisable was $1.5 million at September 30, 2013. | |||||||||
As of September 30, 2013, total compensation cost related to non-vested stock options not yet recognized was $1.5 million, which is expected to be recognized over the next 1.1 years on a weighted-average basis. | |||||||||
During each of the six months ended September 30, 2013 and 2012, the Company received cash from the exercise of stock options totaling $204,000 and $20,000, respectively. There was no excess tax benefit recorded for the tax deductions related to stock options during either of the six months ended September 30, 2013 or 2012. | |||||||||
Restricted Stock | |||||||||
Restricted stock granted to employees typically has a vesting period of three years and expense is recognized on a straight-line basis over the vesting period, or when the performance criteria have been met. The value of the restricted stock is established by the market price on the date of grant or if based on performance criteria, on the date it is determined the performance criteria will be met. Restricted stock award vesting is based on service criteria or achievement of performance targets. All restricted stock awards are settled in shares of the Company’s common stock. | |||||||||
A summary of the Company’s restricted stock activity as of September 30, 2013 and of changes during the six months ended September 30, 2013 is summarized as follows: | |||||||||
Shares | Weighted average grant date fair value | ||||||||
Unvested, beginning of period: | 574,865 | $ | 1.73 | ||||||
Granted | 73,000 | 2.68 | |||||||
Vested | (86,667 | ) | 1.77 | ||||||
Forfeited | (82,362 | ) | 1.73 | ||||||
478,836 | $ | 1.86 | |||||||
The total fair value of restricted stock awards granted during the six months ended September 30, 2013 was approximately $195,000. | |||||||||
The weighted-average remaining vesting period for restricted stock awards outstanding at September 30, 2013 was 1.1 years. | |||||||||
As of September 30, 2013, total compensation cost related to non-vested restricted stock awards not yet recognized was $863,000, which amount is expected to be recognized over the next 1.1 years on a weighted-average basis. There was no excess tax benefit recorded for the tax deductions related to restricted stock during either of the six month periods ended September 30, 2013 or 2012. | |||||||||
Share-Based Compensation Valuation and Expense Information | |||||||||
The Company uses the Black-Scholes option pricing model to calculate the grant-date fair value of an option award. The fair value of options granted during the six months ended September 30, 2013 and 2012 was calculated using the following assumptions: | |||||||||
Six Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Expected life (in years) | 5 | 5 | |||||||
Expected average volatility | 65 | % | 69 | % | |||||
Risk-free interest rate | 0.76 | % | 1.01 | % | |||||
Expected dividend yield | 0 | % | 0 | % | |||||
Expected life uses historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes grant-date valuation. The Company believes that this historical data is currently the best estimate of the expected term of a new option. The Company uses a weighted-average expected life for all awards and has identified one employee population. Expected volatility uses the Company stock’s historical volatility for the same period of time as the expected life. The Company has no reason to believe its future volatility will differ from the past. The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of the grant for the same period of time as the expected life. Expected dividend yield is zero, as the Company historically has not paid dividends. The Company used a forfeiture rate of 4.63% during the three and six months ended September 30, 2013 and 2012. | |||||||||
Share-based compensation expense related to employee stock options, restricted stock and restricted stock units, net of estimated forfeitures, for the three and six months ended September 30, 2013 was $210,000 and $514,000, respectively, and for the three and six months ended September 30, 2012 was $236,000 and $460,000, respectively. These amounts were included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. No amount of share-based compensation was capitalized. |
Note_14_Earnings_Loss_Per_Shar
Note 14 - Earnings (Loss) Per Share | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Note 14 —Earnings (loss) Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share data): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | (2,722 | ) | $ | 488 | $ | (6,573 | ) | $ | (83 | ) | ||||||
Denominator: | |||||||||||||||||
Denominator for basic loss per share—weighted-average shares | 56,792 | 37,180 | 56,518 | 37,168 | |||||||||||||
Dilutive securities: Employee stock options and restricted stock | - | 168 | - | - | |||||||||||||
Denominator for diluted loss per share—adjusted weighted-average shares | 56,792 | 37,348 | 56,518 | 37,168 | |||||||||||||
Earnings (loss) per common share: | |||||||||||||||||
Basic | $ | (0.05 | ) | $ | 0.01 | $ | (0.12 | ) | $ | - | |||||||
Diluted | $ | (0.05 | ) | $ | 0.01 | $ | (0.12 | ) | $ | - | |||||||
Due to the Company’s net loss for the three months ended September 30, 2013, diluted loss per share excludes 1.2 million stock options and restricted stock awards because their inclusion would have been anti-dilutive. Approximately 2.3 million of the Company’s stock options and restricted stock were excluded from the calculation of diluted earnings (loss) per share for the three months ended September 30, 2012 because the exercise prices of the stock options and the grant date fair value of the restricted stock were greater than the average price of the Company’s common stock and therefore their inclusion would have been anti-dilutive. Due to the Company’s net loss for the six months ended September 30, 2013 diluted loss per share excludes 1.0 million of stock options and restricted stock awards because their inclusion would have been anti-dilutive. Due to the Company’s net loss for the six months ended September 30, 2012 diluted loss per share excludes 2.5 million stock options and restricted stock awards because their inclusion would have been anti-dilutive. |
Note_15_Income_Taxes
Note 15 - Income Taxes | 6 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 15 — Income Taxes | |
For the three months ended September 30, 2013, the Company recorded income tax expense of $31,000, compared to income tax expense of $274,000 for the three months ended September 30, 2012. The effective income tax rate for the three months ended September 30, 2013 was 1.2%, compared to 36.0% for the three months ended September 30, 2012. For the six months ended September 30, 2013, the Company recorded income tax expense of $65,000, compared to income tax expense of $15,000 for the six months ended September 30, 2012. The effective income tax rate for the six months ended September 30, 2013 was 1.0%, compared to 22.1% for the six months ended September 30, 2012. For the three and six months ended September 30, 2013, the Company’s effective tax rate differs from the statutory rate of 35% due to valuation allowances on net operating losses and accruals related to unrecognized income tax benefits. | |
The Company does not consider any foreign earnings as permanently reinvested in foreign jurisdictions and records deferred tax liabilities for temporary differences related to its foreign operations. | |
Deferred tax assets are evaluated by considering historical levels of income, estimates of future taxable income streams and the impact of tax planning strategies. A valuation allowance is recorded to reduce deferred tax assets when it is determined that it is more likely than not, based on the weight of available evidence, the Company would not be able to realize all or part of its deferred tax assets. An assessment is required of all available evidence, both positive and negative, to determine the amount of any required valuation allowance. | |
As a result of the current market conditions and their impact on the Company’s future outlook, management has reviewed its deferred tax assets and concluded that the uncertainties related to the realization of some of its assets, have become unfavorable. As of September 30, 2013 and March 31, 2013, the Company had a net deferred tax asset position before valuation allowance of $31.7 million and $29.0 million, respectively, which is composed of temporary differences, primarily related to net operating loss carryforwards, which will begin to expire in fiscal 2029. The Company also has foreign tax credit carryforwards which will begin to expire in 2016. The Company has considered the positive and negative evidence for the potential utilization of the net deferred tax assets and has concluded that it is more likely than not that the Company will not realize the full amount of net deferred tax assets. Accordingly, a valuation allowance of $33.0 million and $30.3 million has been recorded as of September 30, 2013 and March 31, 2013. | |
The Company recognizes interest accrued related to unrecognized income tax benefits (“UTB’s”) in the provision for income taxes. At March 31, 2013, interest accrued was approximately $152,000, which was net of federal and state tax benefits and total UTB’s, net of deferred federal and state tax benefits that would impact the effective tax rate if recognized were $499,000. During the six months ended September 30, 2013, no UTB’s were reversed. At September 30, 2013, interest accrued was $167,000 and total UTB’s, net of deferred federal and state income tax benefits that would impact the effective tax rate if recognized, were $527,000. | |
The Company’s U.S. federal income tax returns for tax years ending in 2010 and 2012 remain subject to examination by tax authorities. The Company’s Canadian income tax return for tax years ending in 2003 through 2013 remain subject to examination by tax authorities The Company files in numerous state jurisdictions with varying statutes of limitations. The Company does not anticipate that the total unrecognized tax benefits will significantly change prior to March 31, 2014. |
Note_16_Business_Segments
Note 16 - Business Segments | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
Note 16 — Business Segments | |||||||||||||||||
The Company identifies its segments based on its organizational structure, which is primarily by business activity. Operating profit represents earnings before interest expense, interest income, income taxes and allocations of corporate costs to the respective divisions. | |||||||||||||||||
Beginning in the quarter ended December 31, 2012, the Company changed its reporting segments in connection with the acquisition of SCC. The Company previously reported segment information under two reporting segments including distribution and publishing. Effective the quarter ended December 31, 2012, the Company’s segments are defined as follows: | |||||||||||||||||
● | through the Distribution Segment, the Company distributes computer software, consumer electronics and accessories and video games; and | ||||||||||||||||
● | through the E-commerce and Fulfillment Services Segment, the Company provides web platform development and hosting, fulfillment, order management, logistics and call center capabilities for its clients. | ||||||||||||||||
The Distribution Segment results as reported prior to the quarter ended December 31, 2012 included operating results of fee-based logistical services which is now included in the E-commerce & Fulfillment Services Segment. In addition, the results of the previously reported publishing segment are included in the Distribution Segment beginning the quarter ended December 31, 2012. | |||||||||||||||||
Financial information below has been recast to conform with the presentation change effective the quarter ended December 31, 2012 as discussed above. Financial information by reportable segment is included in the following summary for the three and six months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Distribution | E-commerce & Fulfillment Services | Consolidated | |||||||||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Net sales | $ | 90,448 | $ | 28,562 | $ | 119,010 | |||||||||||
Income (loss) from operations | (4,230 | ) | 1,937 | (2,293 | ) | ||||||||||||
Depreciation and amortization expense | 752 | 1,252 | 2,004 | ||||||||||||||
Capital expenditures | 208 | 3,339 | 3,547 | ||||||||||||||
Total assets | 153,744 | 72,902 | 226,646 | ||||||||||||||
Distribution | E-commerce & Fulfillment Services | Consolidated | |||||||||||||||
Three months ended September 30, 2012: | |||||||||||||||||
Net sales | $ | 96,846 | $ | 7,286 | $ | 104,132 | |||||||||||
Income (loss) from operations | 106 | 680 | 786 | ||||||||||||||
Depreciation and amortization expense | 745 | 69 | 814 | ||||||||||||||
Capital expenditures | 568 | — | 568 | ||||||||||||||
Total assets | 125,780 | 12,103 | 137,883 | ||||||||||||||
Distribution | E-commerce & Fulfillment Services | Consolidated | |||||||||||||||
Six months ended September 30, 2013: | |||||||||||||||||
Net sales | $ | 166,164 | $ | 50,578 | $ | 216,742 | |||||||||||
Income (loss) from operations | (9,711 | ) | 3,959 | (5,752 | ) | ||||||||||||
Depreciation and amortization expense | 1,501 | 2,530 | 4,031 | ||||||||||||||
Capital expenditures | 677 | 4,738 | 5,415 | ||||||||||||||
Total assets | 153,744 | 72,902 | 226,646 | ||||||||||||||
Distribution | E-commerce & Fulfillment Services | Consolidated | |||||||||||||||
Six months ended September 30, 2012: | |||||||||||||||||
Net sales | $ | 183,620 | $ | 11,784 | $ | 195,404 | |||||||||||
Income (loss) from operations | (478 | ) | 770 | 292 | |||||||||||||
Depreciation and amortization expense | 1,488 | 139 | 1,627 | ||||||||||||||
Capital expenditures | 787 | — | 787 | ||||||||||||||
Total assets | 125,780 | 12,103 | 137,883 | ||||||||||||||
Product Line Data | |||||||||||||||||
The following table provides net sales for the Distribution Segment for the three and six months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Software | $ | 62,797 | $ | 79,076 | |||||||||||||
Consumer electronics and accessories | 27,395 | 15,653 | |||||||||||||||
Video games | 256 | 2,117 | |||||||||||||||
Consolidated | $ | 90,448 | $ | 96,846 | |||||||||||||
Six Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Software | $ | 116,706 | $ | 142,264 | |||||||||||||
Consumer electronics and accessories | 48,801 | 36,500 | |||||||||||||||
Video games | 657 | 4,856 | |||||||||||||||
Consolidated | $ | 166,164 | $ | 183,620 | |||||||||||||
Geographic Data | |||||||||||||||||
The following table provides net sales by geographic region for the three and six months ended September 30, 2013 and 2012 and property, plant and equipment, net of accumulated depreciation by geographic region at September 30, 2013 and March 31, 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Net Sales | 2013 | 2012 | 2013 | 2012 | |||||||||||||
United States | $ | 102,612 | $ | 87,477 | $ | 185,876 | $ | 166,602 | |||||||||
Canada | 16,398 | 16,655 | 30,866 | 28,802 | |||||||||||||
Total net sales | $ | 119,010 | $ | 104,132 | $ | 216,742 | $ | 195,404 | |||||||||
Property, Plant and Equipment, Net | 30-Sep-13 | March 31,2013 | |||||||||||||||
United States | $ | 16,278 | $ | 13,877 | |||||||||||||
Canada and other | 360 | 208 | |||||||||||||||
Total property, plant and equipment, net | $ | 16,638 | $ | 14,085 | |||||||||||||
Sales Channel Data | |||||||||||||||||
The following table provides net sales by sales channel for the three and six months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Retail | $ | 77,958 | $ | 84,563 | $ | 142,837 | $ | 159,725 | |||||||||
E-commerce | 41,052 | 19,569 | 73,905 | 35,679 | |||||||||||||
Total net sales | $ | 119,010 | $ | 104,132 | $ | 216,742 | $ | 195,404 | |||||||||
Note_17_Subsequent_Event
Note 17 - Subsequent Event | 6 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 17 — Subsequent Event | |
On October 1, 2013, the Company issued 8,000,000 shares of its common stock, inclusive of the exercise of the underwriter’s over-allotment, at a price of $3.00 per share in a public offering. Net proceeds to the Company after underwriting discounts and commissions and offering expenses were approximately $21.8 million. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Basis of Consolidation | |
The consolidated financial statements include the accounts of Speed Commerce, Inc. and its wholly-owned subsidiaries (collectively referred to herein as the “Company”). | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain net sales, cost of sales and operating expense classifications have been reclassified from the prior years’ consolidated financial statements to conform with the current year presentation. The reclassifications are primarily due to the change in segment reporting effective the quarter ended December 31, 2012. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying footnotes. Actual results could differ from those estimates. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Value of Financial Instruments | |
The carrying value of the Company’s financial assets and liabilities approximates fair value at September 30, 2013 and March 31, 2013. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs, with the exception of cash (Level 1), contingent payment obligation (Level 3) and contingent common stock obligation (Level 3). | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
All customer revenues are recorded net of discounts and allowances provided to customers. Revenue recognition varies by segment based on the nature of the business and contractual terms and conditions. | |
Distribution Segment. Revenue for the Distribution Segment is recognized on products shipped, including consigned products owned by the Company, when title and risk of loss transfers, delivery has occurred, the price to the buyer is determinable and collectability is reasonably assured. Under certain conditions, the Company permits its customers to return or destroy products. The Company records a reserve for sales returns, product destructions and allowances against amounts due to reduce the net recognized receivables to the amounts the Company reasonably believes will be collected. These reserves are based on the application of the Company’s historical or anticipated gross profit percentage against average sales returns and product destructions, sales discounts percent against average gross sales and specific reserves for marketing programs. | |
The Company’s distribution customers, at times, qualify for certain price protection benefits from the Company’s vendors. The Company serves as an intermediary to settle these amounts between vendors and customers. The Company accounts for these amounts as reductions of revenue with corresponding reductions in cost of sales. | |
Service revenues within the Distribution Segment are recognized upon delivery of the services. The Company records amounts received from customers for out-of-pocket expenses, primarily freight and supplies, as revenue and the associated expense as a cost of sales. | |
E-commerce and Fulfillment Services Segment. Revenue for the E-commerce and Fulfillment Services Segment is recognized based on terms of service within the customer contract. A portion of the Company’s service revenue arrangements include upfront service elements, such as web implementation and migration, and recurring service elements such as web site support, e-commerce fulfillment services and additional services. The Company does not earn or receive any commissions from its customers. Fees related to upfront contract services, such as web site implementation and migration, are deferred and recognized ratably over the expected term of the relationship with the customer, beginning when delivery of recurring services has occurred. Costs associated with the upfront contract fees are deferred and recognized consistent with the recognition of revenues. Recurring contract service elements are charged based on the number of transactions processed and recognized as the services are performed as measured by the volume of orders completed. | |
Research, Development, and Computer Software, Policy [Policy Text Block] | ' |
Software Development Costs | |
The Company accounts for its software development costs in accordance with Accounting Standards Codification (“ASC”) 985, Costs of Computer Software to Be Sold, Leased or Marketed. Capitalization of software development costs begins upon the establishment of technological feasibility. In the development of our products and our enhancements to existing products, technological feasibility is not established until substantially all product development is complete, including the development of a working model. The establishment of technological feasibility and the ongoing assessment of recoverability of capitalized software development costs requires considerable judgment by management with respect to certain external factors, including, but not limited to, technological feasibility, anticipated future gross revenues, estimated economic life, and changes in software and hardware technologies. Such costs are amortized using the straight-line method beginning when the product or enhancement is available for general release over the estimated economic life of the product or enhancement, generally three years. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Pending Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB Accounting Standards Codification (“ASC”) Topic 740, Income Taxes (“FASB ASC Topic 740”). This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013, the Company’s fiscal year 2015. Retrospective application is permitted. The Company is currently evaluating the impact on its consolidated financial statements and financial statement disclosures. |
Note_3_Acquisition_Tables
Note 3 - Acquisition (Tables) | 6 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||
Consideration: | |||||
Cash | $ | 23,657 | |||
Common stock | 21,250 | ||||
Contingent payment obligation | 3,981 | ||||
Contingent common stock obligation | 3,383 | ||||
Fair value of total consideration transferred | $ | 52,271 | |||
The SCC purchase price was allocated as follows: | |||||
Accounts receivable | $ | 11,732 | |||
Prepaid expenses and other assets | 624 | ||||
Property and equipment | 7,075 | ||||
Purchased intangibles | 22,250 | ||||
Goodwill | 30,647 | ||||
Accounts payable | (6,106 | ) | |||
Accrued expenses and other liabilities | (4,056 | ) | |||
Deferred tax liability | (9,895 | ) | |||
$ | 52,271 |
Note_4_Accounts_Receivable_Tab
Note 4 - Accounts Receivable (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Trade receivables | $ | 91,260 | $ | 81,237 | |||||
Vendor receivables | 4,936 | 5,891 | |||||||
96,196 | 87,128 | ||||||||
Less: allowance for doubtful accounts and sales discounts | 1,212 | 1,744 | |||||||
Less: allowance for sales returns, net margin impact | 2,230 | 1,888 | |||||||
Total | $ | 92,754 | $ | 83,496 |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Finished products | $ | 48,881 | $ | 31,427 | |||||
Consigned inventory | 1,599 | 1,510 | |||||||
Raw materials | 1,226 | 1,260 | |||||||
Total | $ | 51,706 | $ | 34,197 |
Note_6_Prepaid_Expenses_Tables
Note 6 - Prepaid Expenses (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Prepaid Expenses Disclosure [Abstract] | ' | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ' | ||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Prepaid royalties | $ | 1,466 | $ | 1,750 | |||||
Other prepaid expenses | 1,452 | 1,029 | |||||||
Current prepaid expenses | 2,918 | 2,779 | |||||||
Non-current prepaid royalties | 3,613 | 3,966 | |||||||
Total prepaid expenses | $ | 6,531 | $ | 6,745 |
Note_7_Property_and_Equipment_
Note 7 - Property and Equipment (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Furniture and fixtures | $ | 886 | $ | 1,162 | |||||
Computer and office equipment | 22,617 | 21,685 | |||||||
Warehouse equipment | 12,807 | 12,704 | |||||||
Leasehold improvements | 1,851 | 2,460 | |||||||
Construction in progress | 6,261 | 2,277 | |||||||
Total | 44,422 | 40,288 | |||||||
Less: accumulated depreciation and amortization | 27,784 | 26,203 | |||||||
Net property and equipment | $ | 16,638 | $ | 14,085 |
Note_8_Accrued_Expenses_Tables
Note 8 - Accrued Expenses (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Compensation and benefits | $ | 1,287 | $ | 1,847 | |||||
Royalties | 422 | 256 | |||||||
Rebates | 1,080 | 1,096 | |||||||
Other | 2,594 | 1,171 | |||||||
Total | $ | 5,383 | $ | 4,370 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Tables) | 6 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Remainder of fiscal 2014 | $ | 1,865 | |||
2015 | 5,053 | ||||
2016 | 6,741 | ||||
2017 | 6,765 | ||||
2018 | 5,827 | ||||
Thereafter | 23,138 | ||||
Total | $ | 49,389 |
Note_10_Capital_Leases_Tables
Note 10 - Capital Leases (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
Schedule of Capital Leased Assets [Table Text Block] | ' | ||||||||
30-Sep-13 | 31-Mar-13 | ||||||||
Computer and office equipment | $ | 326 | $ | 193 | |||||
Less: accumulated amortization | 125 | 101 | |||||||
Property and equipment, net | $ | 201 | $ | 92 | |||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||
Minimum Lease | |||||||||
Commitments | |||||||||
Remainder of fiscal 2014 | $ | 42 | |||||||
2015 | 79 | ||||||||
2016 | 77 | ||||||||
2017 | 12 | ||||||||
Total minimum lease payments | 210 | ||||||||
Less: amounts representing interest at rates ranging from 7.0% to 9.563% | 23 | ||||||||
Present value of minimum capital lease payments, reflected in the balance sheet as current and non-current capital lease obligations of $68,000 and $121,000, respectively | $ | 187 |
Note_13_ShareBased_Compensatio1
Note 13 - Share-Based Compensation (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
Number of options | Weighted average exercise price | ||||||||
Options outstanding, beginning of period: | 2,904,061 | $ | 1.93 | ||||||
Granted | 172,000 | 2.48 | |||||||
Exercised | (82,500 | ) | 1.77 | ||||||
Forfeited or expired | (272,621 | ) | 1.78 | ||||||
Options outstanding, end of period | 2,720,940 | $ | 1.99 | ||||||
Options exercisable, end of period | 1,190,169 | $ | 2.19 | ||||||
Shares available for future grant, end of period | 2,589,777 | ||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||
Shares | Weighted average grant date fair value | ||||||||
Unvested, beginning of period: | 574,865 | $ | 1.73 | ||||||
Granted | 73,000 | 2.68 | |||||||
Vested | (86,667 | ) | 1.77 | ||||||
Forfeited | (82,362 | ) | 1.73 | ||||||
478,836 | $ | 1.86 | |||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||
Six Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Expected life (in years) | 5 | 5 | |||||||
Expected average volatility | 65 | % | 69 | % | |||||
Risk-free interest rate | 0.76 | % | 1.01 | % | |||||
Expected dividend yield | 0 | % | 0 | % |
Note_14_Earnings_Loss_Per_Shar1
Note 14 - Earnings (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | (2,722 | ) | $ | 488 | $ | (6,573 | ) | $ | (83 | ) | ||||||
Denominator: | |||||||||||||||||
Denominator for basic loss per share—weighted-average shares | 56,792 | 37,180 | 56,518 | 37,168 | |||||||||||||
Dilutive securities: Employee stock options and restricted stock | - | 168 | - | - | |||||||||||||
Denominator for diluted loss per share—adjusted weighted-average shares | 56,792 | 37,348 | 56,518 | 37,168 | |||||||||||||
Earnings (loss) per common share: | |||||||||||||||||
Basic | $ | (0.05 | ) | $ | 0.01 | $ | (0.12 | ) | $ | - | |||||||
Diluted | $ | (0.05 | ) | $ | 0.01 | $ | (0.12 | ) | $ | - |
Note_16_Business_Segments_Tabl
Note 16 - Business Segments (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Note 16 - Business Segments (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Distribution | E-commerce & Fulfillment Services | Consolidated | |||||||||||||||
Three months ended September 30, 2013: | |||||||||||||||||
Net sales | $ | 90,448 | $ | 28,562 | $ | 119,010 | |||||||||||
Income (loss) from operations | (4,230 | ) | 1,937 | (2,293 | ) | ||||||||||||
Depreciation and amortization expense | 752 | 1,252 | 2,004 | ||||||||||||||
Capital expenditures | 208 | 3,339 | 3,547 | ||||||||||||||
Total assets | 153,744 | 72,902 | 226,646 | ||||||||||||||
Distribution | E-commerce & Fulfillment Services | Consolidated | |||||||||||||||
Three months ended September 30, 2012: | |||||||||||||||||
Net sales | $ | 96,846 | $ | 7,286 | $ | 104,132 | |||||||||||
Income (loss) from operations | 106 | 680 | 786 | ||||||||||||||
Depreciation and amortization expense | 745 | 69 | 814 | ||||||||||||||
Capital expenditures | 568 | — | 568 | ||||||||||||||
Total assets | 125,780 | 12,103 | 137,883 | ||||||||||||||
Distribution | E-commerce & Fulfillment Services | Consolidated | |||||||||||||||
Six months ended September 30, 2013: | |||||||||||||||||
Net sales | $ | 166,164 | $ | 50,578 | $ | 216,742 | |||||||||||
Income (loss) from operations | (9,711 | ) | 3,959 | (5,752 | ) | ||||||||||||
Depreciation and amortization expense | 1,501 | 2,530 | 4,031 | ||||||||||||||
Capital expenditures | 677 | 4,738 | 5,415 | ||||||||||||||
Total assets | 153,744 | 72,902 | 226,646 | ||||||||||||||
Distribution | E-commerce & Fulfillment Services | Consolidated | |||||||||||||||
Six months ended September 30, 2012: | |||||||||||||||||
Net sales | $ | 183,620 | $ | 11,784 | $ | 195,404 | |||||||||||
Income (loss) from operations | (478 | ) | 770 | 292 | |||||||||||||
Depreciation and amortization expense | 1,488 | 139 | 1,627 | ||||||||||||||
Capital expenditures | 787 | — | 787 | ||||||||||||||
Total assets | 125,780 | 12,103 | 137,883 | ||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Net Sales | 2013 | 2012 | 2013 | 2012 | |||||||||||||
United States | $ | 102,612 | $ | 87,477 | $ | 185,876 | $ | 166,602 | |||||||||
Canada | 16,398 | 16,655 | 30,866 | 28,802 | |||||||||||||
Total net sales | $ | 119,010 | $ | 104,132 | $ | 216,742 | $ | 195,404 | |||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | ' | ||||||||||||||||
Property, Plant and Equipment, Net | 30-Sep-13 | March 31,2013 | |||||||||||||||
United States | $ | 16,278 | $ | 13,877 | |||||||||||||
Canada and other | 360 | 208 | |||||||||||||||
Total property, plant and equipment, net | $ | 16,638 | $ | 14,085 | |||||||||||||
Schedule of Net Sales By Channel [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Retail | $ | 77,958 | $ | 84,563 | $ | 142,837 | $ | 159,725 | |||||||||
E-commerce | 41,052 | 19,569 | 73,905 | 35,679 | |||||||||||||
Total net sales | $ | 119,010 | $ | 104,132 | $ | 216,742 | $ | 195,404 | |||||||||
Distribution [Member] | ' | ||||||||||||||||
Note 16 - Business Segments (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Software | $ | 62,797 | $ | 79,076 | |||||||||||||
Consumer electronics and accessories | 27,395 | 15,653 | |||||||||||||||
Video games | 256 | 2,117 | |||||||||||||||
Consolidated | $ | 90,448 | $ | 96,846 | |||||||||||||
Six Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Software | $ | 116,706 | $ | 142,264 | |||||||||||||
Consumer electronics and accessories | 48,801 | 36,500 | |||||||||||||||
Video games | 657 | 4,856 | |||||||||||||||
Consolidated | $ | 166,164 | $ | 183,620 |
Note_1_Organization_and_Basis_1
Note 1 - Organization and Basis of Presentation (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Note 1 - Organization and Basis of Presentation (Details) [Line Items] | ' |
Number of Operating Segments | 2 |
Restructuring and Related Cost, Incurred Cost (in Dollars) | $8.10 |
Cost of Sales [Member] | ' |
Note 1 - Organization and Basis of Presentation (Details) [Line Items] | ' |
Restructuring Charges (in Dollars) | $1.90 |
Note_2_Transition_and_Transact1
Note 2 - Transition and Transaction Plan (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Note 2 - Transition and Transaction Plan (Details) [Line Items] | ' |
Restructuring and Related Cost, Incurred Cost | $8.10 |
Cost of Sales [Member] | ' |
Note 2 - Transition and Transaction Plan (Details) [Line Items] | ' |
Restructuring Charges | $1.90 |
Note_3_Acquisition_Details
Note 3 - Acquisition (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||
Jul. 31, 2013 | Nov. 20, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 30, 2013 | Sep. 30, 2013 | Nov. 20, 2012 | Nov. 20, 2012 | Nov. 20, 2012 | |
Common Stock Issuable [Member] | Paid in Early Calendar 2013 [Member] | Paid in Equal Quarterly Installments Beginning Late Calendar 2013 [Member] | Paid in Equal Quarterly Installments Beginning Late Calendar 2013 [Member] | To Be Issued in Early Calendar 2013 [Member] | Will Be Issued Late Calendar 2013 [Member] | SpeedFC [Member] | Viva Media LLC [Member] | Cash [Member] | Cash [Member] | Maximum [Member] | Minimum [Member] | |||||||||
Cash [Member] | Cash [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||
Note 3 - Acquisition (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | $24,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 590,036 | 17,100,000 | ' | ' | 1,770,097 | ' | ' | ' | 6,300,000 | ' | ' | ' | 2,215,526 | 4,071,842 | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | 3,750,000 | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | 23,657,000 | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect on Future Cash Flows, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Interest Rate | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Proceeds from Working Capital Adjustment | ' | ' | ' | 836,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,981,000 | ' | ' |
Fair Value Inputs, Discount Rate | ' | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Before Interest, Taxes, Depreciation, and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 6,000,000 |
Fair Value Assumptions, Risk Free Interest Rate | ' | 0.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Term | ' | '40 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Dividend Rate | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Volatility Rate | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | 30,647,000 | 30,647,000 | ' | 31,484,000 | ' | 30,647,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | ' | ' | 119,010,000 | ' | ' | 104,132,000 | 216,742,000 | 195,404,000 | ' | ' | ' | ' | ' | ' | 41,400,000 | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | -2,293,000 | ' | ' | 786,000 | -5,752,000 | 292,000 | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | ' | 11,732,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 299,000 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | $22,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000 | ' | ' | ' | ' |
Note_3_Acquisition_Details_Pur
Note 3 - Acquisition (Details) - Purchase price allocation (USD $) | 1 Months Ended | 3 Months Ended | |
Nov. 20, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | |
Consideration: | ' | ' | ' |
Cash | $23,657,000 | $1,000,000 | ' |
Common stock | 21,250,000 | ' | ' |
Contingent obligation | 7,400,000 | ' | ' |
The SCC purchase price was allocated as follows: | ' | ' | ' |
Accounts receivable | 11,732,000 | ' | ' |
Prepaid expenses and other assets | 624,000 | ' | ' |
Property and equipment | 7,075,000 | ' | ' |
Purchased intangibles | 22,250,000 | ' | ' |
Goodwill | 30,647,000 | 31,484,000 | 30,647,000 |
Accounts payable | -6,106,000 | ' | ' |
Accrued expenses and other liabilities | -4,056,000 | ' | ' |
Deferred tax liability | -9,895,000 | ' | ' |
52,271,000 | ' | ' | |
Common Stock [Member] | ' | ' | ' |
Consideration: | ' | ' | ' |
Contingent obligation | 3,383,000 | ' | ' |
Fair value of total consideration transferred | 52,271,000 | ' | ' |
Cash [Member] | ' | ' | ' |
Consideration: | ' | ' | ' |
Contingent obligation | $3,981,000 | ' | ' |
Note_4_Accounts_Receivable_Det
Note 4 - Accounts Receivable (Details) - Accounts receivable (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable | $96,196 | $87,128 |
Less: allowance for doubtful accounts and sales discounts | 1,212 | 1,744 |
Less: allowance for sales returns, net margin impact | 2,230 | 1,888 |
Total | 92,754 | 83,496 |
Trade Accounts Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable | 91,260 | 81,237 |
Vendor Receivables [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts Receivable | $4,936 | $5,891 |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories, net of reserves (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories, net of reserves [Abstract] | ' | ' |
Finished products | $48,881 | $31,427 |
Consigned inventory | 1,599 | 1,510 |
Raw materials | 1,226 | 1,260 |
Total | $51,706 | $34,197 |
Note_6_Prepaid_Expenses_Detail
Note 6 - Prepaid Expenses (Details) - Prepaid expenses (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid expenses [Abstract] | ' | ' |
Prepaid royalties | $1,466 | $1,750 |
Other prepaid expenses | 1,452 | 1,029 |
Current prepaid expenses | 2,918 | 2,779 |
Non-current prepaid royalties | 3,613 | 3,966 |
Total prepaid expenses | $6,531 | $6,745 |
Note_7_Property_and_Equipment_1
Note 7 - Property and Equipment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation | $1,400,000 | $815,000 | $2,800,000 | $1,600,000 |
Note_7_Property_and_Equipment_2
Note 7 - Property and Equipment (Details) - Property and equipment (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $44,422 | $40,288 |
Less: accumulated depreciation and amortization | 27,784 | 26,203 |
Net property and equipment | 16,638 | 14,085 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 886 | 1,162 |
Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 22,617 | 21,685 |
Warehouse Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 12,807 | 12,704 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,851 | 2,460 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $6,261 | $2,277 |
Note_8_Accrued_Expenses_Detail
Note 8 - Accrued Expenses (Details) - Accrued expenses (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued expenses [Abstract] | ' | ' |
Compensation and benefits | $1,287 | $1,847 |
Royalties | 422 | 256 |
Rebates | 1,080 | 1,096 |
Other | 2,594 | 1,171 |
Total | $5,383 | $4,370 |
Note_9_Commitments_and_Conting2
Note 9 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Operating Leases, Rent Expense | $985,000 | $387,000 | $2,000,000 | $774,000 |
Lease Terms, Additional Rent Per Square Foot | $0.06 | ' | $0.06 | ' |
Annual Increase in Base Rent | 3.00% | ' | 3.00% | ' |
Minimum [Member] | ' | ' | ' | ' |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | '3 years | ' |
Maximum [Member] | ' | ' | ' | ' |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | '15 years | ' |
Optional Additional Terms [Member] | ' | ' | ' | ' |
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | '10 years | ' |
Note_9_Commitments_and_Conting3
Note 9 - Commitments and Contingencies (Details) - Future minimum rental payments under non-cancelable operating leases (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Future minimum rental payments under non-cancelable operating leases [Abstract] | ' |
Remainder of fiscal 2014 | $1,865 |
2015 | 5,053 |
2016 | 6,741 |
2017 | 6,765 |
2018 | 5,827 |
Thereafter | 23,138 |
Total | $49,389 |
Note_10_Capital_Leases_Details
Note 10 - Capital Leases (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Leases, Capital [Abstract] | ' | ' | ' | ' |
Capital Leases, Income Statement, Amortization Expense | $14,000 | $14,000 | $28,000 | $28,000 |
Note_10_Capital_Leases_Details1
Note 10 - Capital Leases (Details) - Leased capital assets included in property and equipment (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Leased capital assets included in property and equipment [Abstract] | ' | ' |
Computer and office equipment | $326 | $193 |
Less: accumulated amortization | 125 | 101 |
Property and equipment, net | $201 | $92 |
Note_10_Capital_Leases_Details2
Note 10 - Capital Leases (Details) - Future minimum capital lease commitments (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Note 10 - Capital Leases (Details) - Future minimum capital lease commitments [Line Items] | ' |
Remainder of fiscal 2014 | $42 |
2015 | 79 |
2016 | 77 |
2017 | 12 |
Total minimum lease payments | 210 |
Less: amounts representing interest at rates ranging from 7.0% to 9.563% | 23 |
Present value of minimum capital lease payments, reflected in the balance sheet as current and non-current capital lease obligations of $68,000 and $121,000, respectively | $187 |
Note_10_Capital_Leases_Details3
Note 10 - Capital Leases (Details) - Future minimum capital lease commitments (Parentheticals) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Note 10 - Capital Leases (Details) - Future minimum capital lease commitments (Parentheticals) [Line Items] | ' |
Current capital lease obligations (in Dollars) | $68,000 |
Non-current capital lease obligations (in Dollars) | $121,000 |
Minimum [Member] | ' |
Note 10 - Capital Leases (Details) - Future minimum capital lease commitments (Parentheticals) [Line Items] | ' |
Interest Rate | 7.00% |
Maximum [Member] | ' |
Note 10 - Capital Leases (Details) - Future minimum capital lease commitments (Parentheticals) [Line Items] | ' |
Interest Rate | 9.56% |
Note_11_Bank_Financing_and_Deb1
Note 11 - Bank Financing and Debt (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Nov. 19, 2012 | Dec. 28, 2011 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Release From FUNimation Office Lease Guarantee [Member] | Release From FUNimation Office Lease Guarantee [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Note 11 - Bank Financing and Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $50,000,000 | ' | ' | $65,000,000 | ' | ' | ' | ' |
Line of Credit Faciilty, Additional Borrowing Capacity Under Certain Circumstances | ' | ' | 20,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 1.75% | 2.75% |
Line of Credit Facility, Amount Outstanding | 29,000,000 | 23,900,000 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 15,100,000 | 19,900,000 | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | 5.17% | 4.38% | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | 1,500,000 | ' | ' | ' |
Annual Decrease in Letter of Credit | ' | ' | ' | ' | 300,000 | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | ' | ' | ' | $2,600,000 | $2,900,000 | ' | ' |
Note_12_Shareholders_Equity_De
Note 12 - Shareholders' Equity (Details) (USD $) | Sep. 30, 2013 |
Stockholders' Equity Note [Abstract] | ' |
Preferred Stock, Shares Authorized | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0 |
Preferred Stock, Shares Issued | 0 |
Preferred Stock, Shares Outstanding | 0 |
Note_13_ShareBased_Compensatio2
Note 13 - Share-Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Note 13 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share Based Compensation, Options, Grants in Period, Weighted Average Fair Value | ' | ' | $350,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Aggregate Fair Value | 1,600,000 | ' | 1,600,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '7 years 255 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | '6 years 109 days | ' |
Closing Market Price (in Dollars per share) | $3.28 | ' | $3.28 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | ' | 143,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 3,700,000 | ' | 3,700,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 1,500,000 | ' | 1,500,000 | ' |
Proceeds from Stock Options Exercised | ' | ' | 204,000 | 20,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | 0.00% | 0.00% |
Share-based Compensation | 210,000 | 236,000 | 514,000 | 460,000 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Note 13 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,500,000 | ' | 1,500,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '1 year 36 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | 0.00% | ' |
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRate | ' | ' | 4.63% | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Note 13 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 863,000 | ' | 863,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '1 year 36 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '3 years | ' |
Share Based Compensation, Restricted Stock, Grants In Period, Weighted Average Fair Value | ' | ' | $195,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | ' | ' | '1 year 36 days | ' |
Note_13_ShareBased_Compensatio3
Note 13 - Share-Based Compensation (Details) - Stock option activity (USD $) | 6 Months Ended |
Sep. 30, 2013 | |
Stock option activity [Abstract] | ' |
Options outstanding, beginning of period: | 2,904,061 |
Options outstanding, beginning of period: (in Dollars per share) | $1.93 |
Options outstanding, end of period | 2,720,940 |
Options outstanding, end of period (in Dollars per share) | $1.99 |
Options exercisable, end of period | 1,190,169 |
Options exercisable, end of period (in Dollars per share) | $2.19 |
Shares available for future grant, end of period | 2,589,777 |
Granted | 172,000 |
Granted (in Dollars per share) | $2.48 |
Exercised | -82,500 |
Exercised (in Dollars per share) | $1.77 |
Forfeited or expired | -272,621 |
Forfeited or expired (in Dollars per share) | $1.78 |
Note_13_ShareBased_Compensatio4
Note 13 - Share-Based Compensation (Details) - Restricted stock activity (USD $) | 6 Months Ended |
Sep. 30, 2013 | |
Restricted stock activity [Abstract] | ' |
Unvested, beginning of period: | 574,865 |
Unvested, beginning of period: (in Dollars per share) | $1.73 |
Granted | 73,000 |
Granted (in Dollars per share) | $2.68 |
Vested | -86,667 |
Vested (in Dollars per share) | $1.77 |
Forfeited | -82,362 |
Forfeited (in Dollars per share) | $1.73 |
478,836 | |
(in Dollars per share) | $1.86 |
Note_13_ShareBased_Compensatio5
Note 13 - Share-Based Compensation (Details) - Stock option valuation assumptions | 6 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Stock option valuation assumptions [Abstract] | ' | ' |
Expected life (in years) | '5 years | '5 years |
Expected average volatility | 65.00% | 69.00% |
Risk-free interest rate | 0.76% | 1.01% |
Expected dividend yield | 0.00% | 0.00% |
Note_14_Earnings_Loss_Per_Shar2
Note 14 - Earnings (Loss) Per Share (Details) (Stock Options and Restricted Stock Awards [Member]) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock Options and Restricted Stock Awards [Member] | ' | ' | ' | ' |
Note 14 - Earnings (Loss) Per Share (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.2 | 2.3 | 1 | 2.5 |
Note_14_Earnings_Loss_Per_Shar3
Note 14 - Earnings (Loss) Per Share (Details) - Basic and diluted earnings (loss) per share schedule (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income (loss) (in Dollars) | ($2,722) | $488 | ($6,573) | ($83) |
Denominator: | ' | ' | ' | ' |
Denominator for basic loss per share—weighted-average shares | 56,792 | 37,180 | 56,518 | 37,168 |
Dilutive securities: Employee stock options and restricted stock | ' | 168 | ' | ' |
Denominator for diluted loss per share—adjusted weighted-average shares | 56,792 | 37,348 | 56,518 | 37,168 |
Earnings (loss) per common share: | ' | ' | ' | ' |
Basic (in Dollars per share) | ($0.05) | $0.01 | ($0.12) | $0 |
Diluted (in Dollars per share) | ($0.05) | $0.01 | ($0.12) | $0 |
Note_15_Income_Taxes_Details
Note 15 - Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $31,000 | $274,000 | $65,000 | $15,000 | ' |
Effective Income Tax Rate Reconciliation, Percent | 1.20% | 36.00% | 1.00% | 22.10% | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ' | ' | ' | ' |
Deferred Tax Assets, Net, Before Valuation Allowance | 31,700,000 | ' | 31,700,000 | ' | 29,000,000 |
Deferred Tax Assets, Valuation Allowance | 33,000,000 | ' | 33,000,000 | ' | 30,300,000 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 167,000 | ' | 167,000 | ' | 152,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $527,000 | ' | $527,000 | ' | $499,000 |
Note_16_Business_Segments_Deta
Note 16 - Business Segments (Details) | 9 Months Ended |
Dec. 31, 2012 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 2 |
Note_16_Business_Segments_Deta1
Note 16 - Business Segments (Details) - Financial information by reportable segment (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $119,010 | $104,132 | $216,742 | $195,404 | ' |
Income (loss) from operations | -2,293 | 786 | -5,752 | 292 | ' |
Depreciation and amortization expense | ' | ' | 4,031 | 1,627 | ' |
Capital expenditures | ' | ' | 5,415 | 787 | ' |
Total assets | 226,646 | ' | 226,646 | ' | 196,291 |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 119,010 | 104,132 | 216,742 | 195,404 | ' |
Income (loss) from operations | -2,293 | 786 | -5,752 | 292 | ' |
Depreciation and amortization expense | 2,004 | 814 | 4,031 | 1,627 | ' |
Capital expenditures | 3,547 | 568 | 5,415 | 787 | ' |
Total assets | 226,646 | 137,883 | 226,646 | 137,883 | ' |
Distribution [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 90,448 | 96,846 | 166,164 | 183,620 | ' |
Income (loss) from operations | -4,230 | 106 | -9,711 | -478 | ' |
Depreciation and amortization expense | 752 | 745 | 1,501 | 1,488 | ' |
Capital expenditures | 208 | 568 | 677 | 787 | ' |
Total assets | 153,744 | 125,780 | 153,744 | 125,780 | ' |
E-Commerce and Fulfillment Services [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 28,562 | 7,286 | 50,578 | 11,784 | ' |
Income (loss) from operations | 1,937 | 680 | 3,959 | 770 | ' |
Depreciation and amortization expense | 1,252 | 69 | 2,530 | 139 | ' |
Capital expenditures | 3,339 | ' | 4,738 | ' | ' |
Total assets | $72,902 | $12,103 | $72,902 | $12,103 | ' |
Note_16_Business_Segments_Deta2
Note 16 - Business Segments (Details) - Net sales by product line for the distribution segment (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Distribution Segment | $119,010 | $104,132 | $216,742 | $195,404 |
Software Sales [Member] | Distribution [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Distribution Segment | 62,797 | 79,076 | 116,706 | 142,264 |
Consumer Electronics and Accessories [Member] | Distribution [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Distribution Segment | 27,395 | 15,653 | 48,801 | 36,500 |
Video Games [Member] | Distribution [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Distribution Segment | 256 | 2,117 | 657 | 4,856 |
Distribution [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Distribution Segment | $90,448 | $96,846 | $166,164 | $183,620 |
Note_16_Business_Segments_Deta3
Note 16 - Business Segments (Details) - Net sales by geographic region (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Note 16 - Business Segments (Details) - Net sales by geographic region [Line Items] | ' | ' | ' | ' |
Net sales | $119,010 | $104,132 | $216,742 | $195,404 |
United States [Member] | ' | ' | ' | ' |
Note 16 - Business Segments (Details) - Net sales by geographic region [Line Items] | ' | ' | ' | ' |
Net sales | 102,612 | 87,477 | 185,876 | 166,602 |
Canada [Member] | ' | ' | ' | ' |
Note 16 - Business Segments (Details) - Net sales by geographic region [Line Items] | ' | ' | ' | ' |
Net sales | $16,398 | $16,655 | $30,866 | $28,802 |
Note_16_Business_Segments_Deta4
Note 16 - Business Segments (Details) - Long lived assets by geographic area (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 16 - Business Segments (Details) - Long lived assets by geographic area [Line Items] | ' | ' |
Property, plant and equipment, net | $16,638 | $14,085 |
United States [Member] | ' | ' |
Note 16 - Business Segments (Details) - Long lived assets by geographic area [Line Items] | ' | ' |
Property, plant and equipment, net | 16,278 | 13,877 |
Canada and Other [Member] | ' | ' |
Note 16 - Business Segments (Details) - Long lived assets by geographic area [Line Items] | ' | ' |
Property, plant and equipment, net | $360 | $208 |
Note_16_Business_Segments_Deta5
Note 16 - Business Segments (Details) - Net sales by sales channel (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Note 16 - Business Segments (Details) - Net sales by sales channel [Line Items] | ' | ' | ' | ' |
Net sales | $119,010 | $104,132 | $216,742 | $195,404 |
Retail [Member] | ' | ' | ' | ' |
Note 16 - Business Segments (Details) - Net sales by sales channel [Line Items] | ' | ' | ' | ' |
Net sales | 77,958 | 84,563 | 142,837 | 159,725 |
E-Commerce [Member] | ' | ' | ' | ' |
Note 16 - Business Segments (Details) - Net sales by sales channel [Line Items] | ' | ' | ' | ' |
Net sales | $41,052 | $19,569 | $73,905 | $35,679 |
Note_17_Subsequent_Event_Detai
Note 17 - Subsequent Event (Details) (USD $) | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Oct. 02, 2013 |
Subsequent Events [Abstract] | ' |
Stock Issued During Period, Shares, New Issues | 8,000,000 |
Share Price (in Dollars per share) | $3 |
Proceeds from Issuance of Common Stock (in Dollars) | $21.80 |