Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Jun. 30, 2014 | Aug. 06, 2014 | |
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 | ' | 65,434,029 |
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-Jun-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | ' | $13 |
Accounts receivable, net | 15,956 | 18,527 |
Prepaid expenses | 1,416 | 1,000 |
Deferred costs | 3,238 | 1,708 |
Assets of discontinued operations | 87,875 | 102,278 |
Total current assets | 108,485 | 123,526 |
Property and equipment, net | 16,742 | 15,409 |
Other assets: | ' | ' |
Intangible assets, net | 18,902 | 19,596 |
Goodwill | 30,665 | 30,665 |
Assets of discontinued operations | 7,305 | 7,578 |
Other assets | 7,952 | 5,914 |
Total assets | 190,051 | 202,688 |
Current liabilities: | ' | ' |
Revolving line of credit | 18,100 | 38,362 |
Accounts payable | 9,636 | 12,683 |
Accrued expenses | 2,934 | 1,730 |
Liabilities related to assets of discontinued operations | 95,761 | 88,388 |
Other liabilities — short-term | 7,926 | 4,279 |
Total current liabilities | 135,461 | 146,546 |
Deferred payment obligation long-term - acquisition | 1,104 | 1,380 |
Deferred tax liabilities - long term | 1,558 | 1,288 |
Liabilities related to assets of discontinued operations | 98 | 7 |
Other liabilities — long-term | 2,633 | 2,072 |
Total liabilities | 140,854 | 151,293 |
Commitments and contingencies (Note 7) | ' | ' |
Preferred stock, no par value: Authorized shares — 10,000,000; issued and outstanding shares — 3,333,333 at June 30, 2014 and zero at March 31, 2014 | 5,126 | ' |
Common stock, no par value: Authorized shares — 100,000,000; issued and outstanding shares — 65,297,357 at June 30, 2014 and 65,208,193 at March 31, 2014 | 216,912 | 213,354 |
Accumulated deficit | -173,517 | -162,734 |
Accumulated other comprehensive income | 676 | 775 |
Total shareholders’ equity | 49,197 | 51,395 |
Total liabilities and shareholders’ equity | 190,051 | 202,688 |
Payment Obligation [Member] | ' | ' |
Current liabilities: | ' | ' |
Deferred payment obligation short-term - acquisition | $1,104 | $1,104 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
Preferred stock, par value (in Dollars per share) | $0 | ' |
Preferred stock, authorized | 10,000,000 | ' |
Preferred stock, issued | 3,333,333 | 0 |
Preferred stock, outstanding | 3,333,333 | 0 |
Common stock, par value (in Dollars per share) | $0 | $0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 65,297,357 | 65,208,193 |
Common stock, shares outstanding | 65,297,357 | 65,208,193 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net revenue | $22,060,000 | $22,016,000 |
Cost of revenue | 17,341,000 | 16,011,000 |
Gross profit | 4,719,000 | 6,005,000 |
Operating expenses: | ' | ' |
Selling and marketing | 1,002,000 | 562,000 |
General and administrative | 3,808,000 | 4,176,000 |
Information technology | 844,000 | 659,000 |
Depreciation and amortization | 1,769,000 | 1,314,000 |
Total operating expenses | 7,423,000 | 6,711,000 |
Loss from operations | -2,704,000 | -706,000 |
Other income (expense): | ' | ' |
Interest expense, net | -541,000 | -380,000 |
Other income (expense), net | -125,000 | 10,000 |
Loss from continuing operations, before income tax | -3,370,000 | -1,076,000 |
Income tax expense from continuing operations | -54,000 | -19,000 |
Net loss from continuing operations | -3,424,000 | -1,095,000 |
Discontinued operations: | ' | ' |
Loss from discontinued operations, net of tax | -7,359,000 | -2,756,000 |
Net loss | -10,783,000 | -3,851,000 |
Basic loss per common share: | ' | ' |
Continuing operations (in Dollars per share) | ($0.05) | ($0.02) |
Discontinued operations (in Dollars per share) | ($0.11) | ($0.05) |
Net loss (in Dollars per share) | ($0.16) | ($0.07) |
Diluted loss per common share: | ' | ' |
Continuing operations (in Dollars per share) | ($0.05) | ($0.02) |
Discontinued operations (in Dollars per share) | ($0.11) | ($0.05) |
Net loss (in Dollars per share) | ($0.16) | ($0.07) |
Weighted average shares outstanding: | ' | ' |
Basic (in Shares) | 65,217 | 56,241 |
Diluted (in Shares) | 65,217 | 56,241 |
Other comprehensive loss: | ' | ' |
Net unrealized gain (loss) on foreign exchange rate translation | -99,000 | 124,000 |
Comprehensive loss | ($10,882,000) | ($3,727,000) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | |||||
Balance at Mar. 31, 2014 | ' | $213,354 | ($162,734) | $775 | $51,395 |
Balance (in Shares) at Mar. 31, 2014 | ' | 65,208,193 | ' | ' | ' |
Net shares issued upon exercise of stock options and for restricted stock | ' | 100 | ' | ' | 100 |
Net shares issued upon exercise of stock options and for restricted stock (in Shares) | ' | 89,164 | ' | ' | ' |
Share based compensation | ' | 440 | ' | ' | 440 |
Issuance of convertible preferred stock, Series C | 4,665 | 3,533 | ' | ' | 8,198 |
Issuance of convertible preferred stock, Series C (in Shares) | 3,333,333 | ' | ' | ' | ' |
Accretion of convertible preferred stock, Series C | 461 | -461 | ' | ' | 0 |
Dividend for convertible preferred stock, Series C dividends | ' | -54 | ' | ' | -54 |
Net loss | ' | ' | -10,783 | ' | -10,783 |
Unrealized loss on foreign exchange rate translation | ' | ' | ' | -99 | -99 |
Balance at Jun. 30, 2014 | $5,126 | $216,912 | ($173,517) | $676 | $49,197 |
Balance (in Shares) at Jun. 30, 2014 | 3,333,333 | 65,297,357 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net loss | ($10,783) | ($3,851) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Loss from discontinued operations, net of tax | 7,359 | 2,756 |
Depreciation and amortization | 1,769 | 1,314 |
Amortization of debt acquisition costs | 81 | 81 |
Share-based compensation expense | 358 | 240 |
Deferred income taxes | 270 | -21 |
Other | ' | 41 |
Changes in operating assets and liabilities | -859 | -4,624 |
Operating activities from discontinued operations, net | 14,796 | 13,162 |
Net cash provided by operating activities | 12,991 | 9,098 |
Investing activities: | ' | ' |
Cash proceeds related to acquisition | ' | 837 |
Purchases of property, equipment and software, net | -2,408 | -607 |
Investing activities from discontinued operations, net | -32 | -47 |
Net cash provided by (used in) investing activities | -2,440 | 183 |
Financing activities: | ' | ' |
Proceeds from revolving line of credit | 55,969 | 26,412 |
Payments on revolving line of credit | -76,231 | -37,800 |
Proceeds from equity offering | 9,928 | ' |
Other | -230 | 5 |
Financing activities from discontinued operatings, net | ' | 2,015 |
Net cash used in financing activities | -10,564 | -9,368 |
Net decrease in cash and cash equivalents | -13 | -87 |
Cash and cash equivalents at beginning of period | 13 | 91 |
Cash and cash equivalents at end of period | ' | $4 |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis of Presentation | 3 Months Ended |
Jun. 30, 2014 | |
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, is a provider of web platform development and hosting, customer care, fulfillment, order management, logistics and call center capabilities for clients. | |
On March 31, 2014, the Company announced that it had commenced the process of divesting its legacy Distribution business segment, which is engaged in the retail distribution of computer software and consumer electronics and accessories. The distribution business segment is reclassified as discontinued operations in the consolidated financial statements for all periods presented. The transaction was completed in second quarter of fiscal 2015. | |
The accompanying unaudited consolidated financial statements of Speed Commerce have been prepared in accordance with accounting principles generally accepted ("GAAP") 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. | |
Because of the seasonal nature of the Company’s business, the operating results and cash flows for the three month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2015. 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, 2014. | |
Significant accounting policies | |
There were no significant changes to our critical accounting policies from those disclosed in our Annual Report on Form 10-K filed with the SEC for the year ended March 31, 2014. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on April 1, 2017, and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. |
Note_2_Discontinued_Operations
Note 2 - Discontinued Operations | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
Note 2 Discontinued Operations | |||||||||
On March 31, 2014, the Company announced that it had commenced the process of divesting its legacy Distribution business segment, which is engaged in the retail distribution of computer software and consumer electronics and accessories. The distribution business segment is reclassified as discontinued operations in the consolidated financial statements for all periods presented. The transaction was completed in second quarter of fiscal year 2015. At March 31, 2014, the Company adjusted the estimated carrying value of the assets and liabilities of discontinued operations by $2.2 million to reflect fair value measurements. In addition, the assets and liabilities associated with the discontinued operations are classified as Assets of discontinued operations and Liabilities related to assets of discontinued operations, as appropriate, in the consolidated balance sheets. | |||||||||
The following table provides the components of Discontinued operations (unaudited): | |||||||||
Three Months ended June 30, | |||||||||
2014 | 2013 | ||||||||
Net revenue | $ | 69,267 | $ | 75,716 | |||||
Cost of revenue | 67,269 | 70,173 | |||||||
Total operating expenses | 9,354 | 8,284 | |||||||
Pre-tax loss from discontinued operations | (7,356 | ) | (2,741 | ) | |||||
Income tax expense | (3 | ) | (15 | ) | |||||
Loss from discontinued operations, net of tax | $ | (7,359 | ) | $ | (2,756 | ) | |||
The following table provides the components of Assets of discontinued operations and Liabilities related to assets of discontinued operations: | |||||||||
30-Jun-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Accounts receivable, net | $ | 54,218 | $ | 67,494 | |||||
Inventories | 32,438 | 33,386 | |||||||
Prepaid expenses | 1,219 | 1,398 | |||||||
Property and equipment, net | 3,177 | 3,181 | |||||||
Software development costs, net | 606 | 574 | |||||||
Non-current prepaid royalties | 3,378 | 3,261 | |||||||
Other non-current assets | 144 | 562 | |||||||
Assets of discontinued operations | $ | 95,180 | $ | 109,856 | |||||
Current liabilities | $ | 95,761 | $ | 88,388 | |||||
Other liabilities | 98 | 7 | |||||||
Liabilities related to assets of discontinued operations | $ | 95,859 | $ | 88,395 | |||||
Note_3_Supplemental_Cash_Flow_
Note 3 - Supplemental Cash Flow Information | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||
Note 3 Supplemental Cash Flow Information | |||||||||
For the three months ended June 30, 2014 and 2013, net cash paid for income taxes was $24,000 and $134,000, respectively. For the three months ended June 30, 2014 and 2013, net cash paid for interest was $555,000 and $259,000, respectively. | |||||||||
The following table provides the components of Changes in operating assets and liabilities, net of acquisition (unaudited): | |||||||||
Three Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | 2,571 | $ | (1,702 | ) | ||||
Prepaid expenses | (416 | ) | (430 | ) | |||||
Other assets | (3,649 | ) | (1,302 | ) | |||||
Accounts payable | (3,047 | ) | (2,205 | ) | |||||
Accrued expenses and other liabilities | 3,682 | 1,015 | |||||||
Changes in operating assets and liabilities | $ | (859 | ) | $ | (4,624 | ) | |||
Note_4_Intangible_Assets
Note 4 - Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Note 4 Intangible Assets | |||||||||||||||||||||||||
Intangible Asset Summary | |||||||||||||||||||||||||
Identifiable intangible assets, with zero residual value, are being amortized (except for the trademarks which have an indefinite life) over useful lives of five years for developed technology, eight to fourteen years for customer relationships, seven years for the domain name, and three to five years for internal-use software and are valued as follows (in thousands): | |||||||||||||||||||||||||
30-Jun-14 | 31-Mar-14 | ||||||||||||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||||||||||
Gross carrying | Accumulated | Gross carrying | Accumulated | ||||||||||||||||||||||
amount | amortization | Net | amount | amortization | Net | ||||||||||||||||||||
Developed technology | $ | 4,170 | $ | (1,761 | ) | $ | 2,409 | $ | 4,170 | $ | (1,483 | ) | $ | 2,687 | |||||||||||
Customer relationships | 14,490 | (2,007 | ) | 12,483 | 14,490 | (1,485 | ) | 13,005 | |||||||||||||||||
Domain name | 135 | (20 | ) | 115 | 135 | (19 | ) | 116 | |||||||||||||||||
Internal-use software | 379 | (74 | ) | 305 | 244 | (46 | ) | 198 | |||||||||||||||||
Trademarks (not amortized) | 3,590 | - | 3,590 | 3,590 | - | 3,590 | |||||||||||||||||||
$ | 22,764 | $ | (3,862 | ) | $ | 18,902 | $ | 22,629 | $ | (3,033 | ) | $ | 19,596 | ||||||||||||
Debt issuance costs | |||||||||||||||||||||||||
Debt issuance costs are included in “Other Assets” and are amortized over the life of the related debt. Debt issuance costs consisted of the following (in thousands): | |||||||||||||||||||||||||
30-Jun-14 | 31-Mar-14 | ||||||||||||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||||||||||
Debt issuance costs | $ | 2,822 | $ | 2,771 | |||||||||||||||||||||
Less: accumulated amortization | (1,929 | ) | (1,848 | ) | |||||||||||||||||||||
Debt issuance costs, net | $ | 893 | $ | 923 | |||||||||||||||||||||
Note_5_Property_and_Equipment
Note 5 - Property and Equipment | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
Note 5 Property and Equipment | |||||||||
Property and equipment consisted of the following (in thousands): | |||||||||
30-Jun-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Furniture and fixtures | $ | 58 | $ | 27 | |||||
Computer and office equipment | 6,020 | 5,561 | |||||||
Warehouse equipment | 11,007 | 10,464 | |||||||
Leasehold improvements | 1,123 | 826 | |||||||
Construction in progress | 3,703 | 2,851 | |||||||
Total | 21,911 | 19,729 | |||||||
Less: accumulated depreciation and amortization | 5,169 | 4,320 | |||||||
Net property and equipment | $ | 16,742 | $ | 15,409 | |||||
Note_6_Accrued_Expenses
Note 6 - Accrued Expenses | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
Note 6 Accrued Expenses | |||||||||
Accrued expenses consisted of the following (in thousands): | |||||||||
30-Jun-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Compensation and benefits | $ | 1,208 | $ | 1,135 | |||||
Accrued interest | 60 | 158 | |||||||
Other | 1,666 | 437 | |||||||
Total accrued expenses | $ | 2,934 | $ | 1,730 | |||||
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 7 Commitments and Contingencies | |
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 services provided by the Company, disagreements regarding ownership of intellectual property, the payment of amounts owed by the Company to third parties, and the collection of accounts receivable owed to the Company. | |
The Company does not currently believe that the resolution of any pending matters will have a material adverse effect on the Company’s financial position or liquidity, but an adverse decision in more than one could be material to the Company’s consolidated results of operations. No amounts were accrued with respect to proceedings as of June 30, 2014 and March 31, 2014, respectively as not probable or estimable. |
Note_8_Bank_Financing_and_Debt
Note 8 - Bank Financing and Debt | 3 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Note 8 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 Capital Finance, 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 Speed Commerce Corp. (“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. | |
On June 2, 2014, the Company, together with its subsidiaries, entered into a Waiver and Amendment Agreement with Wells Fargo Capital Finance, LLC (the “Waiver and Amendment”). The Waiver and Amendment amended the Credit Facility to provide for, among other things, each of the following: (i) the consent of Wells Fargo to the Series C Preferred Stock financing; (ii) the waiver of certain defaults under the Credit Facility; (iii) the modification to the maximum revolver amount to $30.0 million; (iv) the amendment to certain provisions of the Credit Facility that determined the Company’s borrowing availability under the Credit Facility, and (v) the provision of a release in favor of Wells Fargo Capital Finance, LLC. | |
At June 30, 2014 and March 31, 2014 the Company had $18.1 million and $38.4 million, respectively, outstanding on the Credit Facility. On July 9, 2014, the Credit Facility was repaid in full and replaced by the Term Loan facility described below. The amount available under the Credit Facility was subject to a borrowing base formula. At March 31, 2014, the Company had $76,000 of excess availability at the time but the Company was not in compliance with a covenant in the Credit Facility that required that it maintain excess availability of at least $5 million. This event of default was subsequently waived by Wells Fargo pursuant to the Waiver and Amendment. | |
The Credit Facility was 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, called 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. In association with, and per the terms of the Credit Facility, the Company also paid certain facility and agent fees. Weighted-average interest on the Credit Facility was 5.12% and 5.17% at June 30, 2014 and March 31, 2014, respectively. | |
Under the Credit Facility, the Company was required to meet certain financial and non-financial covenants. The financial covenants included 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 and a minimum borrowing base availability requirement. | |
Term Loan | |
On July 9, 2014, the Company entered into a five-year, $50 million term loan credit facility with various lenders and Garrison Loan Agency Services, LLC (“Garrison”) acting as agent (the “Term Loan”). Upon the closing of the Term Loan, $35 million was funded to the Company, less certain fees and costs (the “Closing Date Loans”). An additional $15 million delayed draw term loan is available to the Company under the Term Loan, which can be drawn prior to January 1, 2016, if the Company is in compliance with certain obligations under the Term Loan (the “Delayed Draw Loan”). The principal amount of all loans provided under the Term Loan will be amortized at 2.5% annually, with the remaining principal balance being due and payable on July 9, 2019. | |
The Closing Date Loans bear a blended interest rate that is roughly equal to the LIBOR rate, plus 5.5%, except upon an event of default. The Delayed Draw Loan, if drawn, would bear an interest rate at the LIBOR rate, plus 5.5%, except upon an event of default. The LIBOR rate for all loans under the Term Loan is subject to a minimum level of 1.0%. Funds provided under the Term Loan, together with funds received in connection with the sale of the Company's retail distribution and software publishing business, were used to repay the Company’s previous line of credit with Wells Fargo Capital Finance LLC, which was terminated in connection with the entry into the Term Loan. | |
Letters of Credit | |
On April 14, 2011, the Company was released from a lease guaranty 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, prompt payments are not made under this office lease by the tenant. No claims have been made against this financial instrument. There was no indication that the tenant under that office lease would not be able to pay the required future lease payments totaling $2.1 million and $2.3 million at June 30, 2014 and March 31, 2014, respectively. Therefore, at June 30, 2014 and March 31, 2014, 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_9_Income_Taxes
Note 9 - Income Taxes | 3 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 9 Income Taxes | |
For the three months ended June 30, 2014, the Company recorded income tax expense from continuing operations of $54,000, compared to income tax expense from continuing operations of $19,000 for the three months ended June 30, 2013. The effective income tax rate applied to continuing operations for the three months ended June 30, 2014 was a negative 1.6%, compared to a negative 1.8% for the three months ended June 30, 2013. | |
For the three months ended June 30, 2014, the Company recorded income tax expense from discontinued operations of $3,000, compared to income tax expense from discontinued operations of $15,000 for the three months ended June 30, 2013. The effective income tax rate applied to discontinued operations for the three months ended June 30, 2014 was a negative 0.1%, compared to a negative 0.6% for the three months ended June 30, 2013. | |
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 of June 30, 2014 and March 31, 2014, the Company had , a valuation allowance of $43.1 million and $39.5 million has been recorded to offset net deferred tax assets of $41.8 million and $38.2 million, respectively. The net deferred tax assets before valuation allowance are 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. | |
As of June 30, 2014 and March 31, 2014, the Company provided for a liability of $1.2 million and $1.1 million, respectively, for unrecognized tax benefits (excluding interest and penalties) related to various income tax matters, which was included in long-term deferred tax liabilities. | |
The Company does not anticipate that the total unrecognized tax benefits will significantly change prior to March 31, 2015. |
Note_10_Earnings_Loss_Per_Shar
Note 10 - Earnings (Loss) Per Share | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
Note 10 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 June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net loss from continuing operations | $ | (3,424 | ) | $ | (1,095 | ) | |||
Dividend for convertible preferred stock, Series C dividends | (54 | ) | - | ||||||
Loss from discontinued operations, net of tax | (7,359 | ) | (2,756 | ) | |||||
Net loss attributable to common shareholders | $ | (10,837 | ) | $ | (3,851 | ) | |||
Denominator: | |||||||||
Denominator for basic loss per share — weighted average shares | 65,217 | 56,241 | |||||||
Denominator for diluted loss per share — weighted-average shares | 65,217 | 56,241 | |||||||
Basic loss per common share | |||||||||
Continuing operations | $ | (0.05 | ) | $ | (0.02 | ) | |||
Discontinued operations | (0.11 | ) | (0.05 | ) | |||||
Net loss | $ | (0.16 | ) | $ | (0.07 | ) | |||
Diluted loss per common share | |||||||||
Continuing operations | $ | (0.05 | ) | $ | (0.02 | ) | |||
Discontinued operations | (0.11 | ) | (0.05 | ) | |||||
Net loss | $ | (0.16 | ) | $ | (0.07 | ) | |||
Due to the Company’s net loss for the three months ended June 30, 2014 and 2013, diluted loss per share excludes 2.0 million and 2.0 million, respectively, stock options and restricted stock awards because their inclusion would have been anti-dilutive. The per share amounts also exclude the as-if conversion of the Series C preferred stock and warrants as their inclusion would have been anti-dilutive for the three months ended June 30, 2014. |
Note_11_Subsequent_Events
Note 11 - Subsequent Events | 3 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 11 Subsequent Events | |
On July 9, 2014, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Wynit Distribution, LLC, together with certain of its subsidiaries (collectively, the “Buyers”). Under the Purchase Agreement, the Buyers purchased substantially all of the assets of the Company’s retail distribution and software publishing business on July 9, 2014. In connection with the sale, the Company and the Buyer also entered into a transition services agreement to provide one another with certain transitional services. | |
The total consideration under the Purchase Agreement (the “Purchase Price”) was $15 million. Pursuant to the Purchase Agreement, $5 million of the Purchase Price was paid to the Company in cash. Up to an additional $10 million is payable to the Company under a promissory note (the “Promissory Note”) that is secured by all of Buyer’s assets. The Company’s security interest in the Buyer’s assets is subordinated to the Buyer’s secured lenders. There are no principal payments under the promissory note during the first year following the closing of the transaction, with the principal balance being amortized over three years during the second through fourth years following the closing of the transaction. The Promissory Note amount will be reduced if certain amounts are payable by the Company to Buyer in connection with certain post-closing adjustments to the Purchase Price. Potential adjustments include, among other things, a working capital adjustment and an adjustment in connection with the repurchase of certain uncollectible accounts receivable. The Purchase Agreement contains customary representations and warranties and indemnification obligations. |
Note_2_Discontinued_Operations1
Note 2 - Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||
Three Months ended June 30, | |||||||||
2014 | 2013 | ||||||||
Net revenue | $ | 69,267 | $ | 75,716 | |||||
Cost of revenue | 67,269 | 70,173 | |||||||
Total operating expenses | 9,354 | 8,284 | |||||||
Pre-tax loss from discontinued operations | (7,356 | ) | (2,741 | ) | |||||
Income tax expense | (3 | ) | (15 | ) | |||||
Loss from discontinued operations, net of tax | $ | (7,359 | ) | $ | (2,756 | ) | |||
Schedule of Disposal Groups, Including Discontinued Operations, Assets of Discontinued Operations and Liabilities Related to Assets of Discontinued Operations [Table Text Block] | ' | ||||||||
30-Jun-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Accounts receivable, net | $ | 54,218 | $ | 67,494 | |||||
Inventories | 32,438 | 33,386 | |||||||
Prepaid expenses | 1,219 | 1,398 | |||||||
Property and equipment, net | 3,177 | 3,181 | |||||||
Software development costs, net | 606 | 574 | |||||||
Non-current prepaid royalties | 3,378 | 3,261 | |||||||
Other non-current assets | 144 | 562 | |||||||
Assets of discontinued operations | $ | 95,180 | $ | 109,856 | |||||
Current liabilities | $ | 95,761 | $ | 88,388 | |||||
Other liabilities | 98 | 7 | |||||||
Liabilities related to assets of discontinued operations | $ | 95,859 | $ | 88,395 |
Note_3_Supplemental_Cash_Flow_1
Note 3 - Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Cash Flow, Operating Capital [Table Text Block] | ' | ||||||||
Three Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | 2,571 | $ | (1,702 | ) | ||||
Prepaid expenses | (416 | ) | (430 | ) | |||||
Other assets | (3,649 | ) | (1,302 | ) | |||||
Accounts payable | (3,047 | ) | (2,205 | ) | |||||
Accrued expenses and other liabilities | 3,682 | 1,015 | |||||||
Changes in operating assets and liabilities | $ | (859 | ) | $ | (4,624 | ) |
Note_4_Intangible_Assets_Table
Note 4 - Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||||||
30-Jun-14 | 31-Mar-14 | ||||||||||||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||||||||||
Gross carrying | Accumulated | Gross carrying | Accumulated | ||||||||||||||||||||||
amount | amortization | Net | amount | amortization | Net | ||||||||||||||||||||
Developed technology | $ | 4,170 | $ | (1,761 | ) | $ | 2,409 | $ | 4,170 | $ | (1,483 | ) | $ | 2,687 | |||||||||||
Customer relationships | 14,490 | (2,007 | ) | 12,483 | 14,490 | (1,485 | ) | 13,005 | |||||||||||||||||
Domain name | 135 | (20 | ) | 115 | 135 | (19 | ) | 116 | |||||||||||||||||
Internal-use software | 379 | (74 | ) | 305 | 244 | (46 | ) | 198 | |||||||||||||||||
Trademarks (not amortized) | 3,590 | - | 3,590 | 3,590 | - | 3,590 | |||||||||||||||||||
$ | 22,764 | $ | (3,862 | ) | $ | 18,902 | $ | 22,629 | $ | (3,033 | ) | $ | 19,596 | ||||||||||||
Schedule of Other Assets [Table Text Block] | ' | ||||||||||||||||||||||||
30-Jun-14 | 31-Mar-14 | ||||||||||||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||||||||||
Debt issuance costs | $ | 2,822 | $ | 2,771 | |||||||||||||||||||||
Less: accumulated amortization | (1,929 | ) | (1,848 | ) | |||||||||||||||||||||
Debt issuance costs, net | $ | 893 | $ | 923 |
Note_5_Property_and_Equipment_
Note 5 - Property and Equipment (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
30-Jun-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Furniture and fixtures | $ | 58 | $ | 27 | |||||
Computer and office equipment | 6,020 | 5,561 | |||||||
Warehouse equipment | 11,007 | 10,464 | |||||||
Leasehold improvements | 1,123 | 826 | |||||||
Construction in progress | 3,703 | 2,851 | |||||||
Total | 21,911 | 19,729 | |||||||
Less: accumulated depreciation and amortization | 5,169 | 4,320 | |||||||
Net property and equipment | $ | 16,742 | $ | 15,409 |
Note_6_Accrued_Expenses_Tables
Note 6 - Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
30-Jun-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Compensation and benefits | $ | 1,208 | $ | 1,135 | |||||
Accrued interest | 60 | 158 | |||||||
Other | 1,666 | 437 | |||||||
Total accrued expenses | $ | 2,934 | $ | 1,730 |
Note_10_Earnings_Loss_Per_Shar1
Note 10 - Earnings (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net loss from continuing operations | $ | (3,424 | ) | $ | (1,095 | ) | |||
Dividend for convertible preferred stock, Series C dividends | (54 | ) | - | ||||||
Loss from discontinued operations, net of tax | (7,359 | ) | (2,756 | ) | |||||
Net loss attributable to common shareholders | $ | (10,837 | ) | $ | (3,851 | ) | |||
Denominator: | |||||||||
Denominator for basic loss per share — weighted average shares | 65,217 | 56,241 | |||||||
Denominator for diluted loss per share — weighted-average shares | 65,217 | 56,241 | |||||||
Basic loss per common share | |||||||||
Continuing operations | $ | (0.05 | ) | $ | (0.02 | ) | |||
Discontinued operations | (0.11 | ) | (0.05 | ) | |||||
Net loss | $ | (0.16 | ) | $ | (0.07 | ) | |||
Diluted loss per common share | |||||||||
Continuing operations | $ | (0.05 | ) | $ | (0.02 | ) | |||
Discontinued operations | (0.11 | ) | (0.05 | ) | |||||
Net loss | $ | (0.16 | ) | $ | (0.07 | ) |
Note_2_Discontinued_Operations2
Note 2 - Discontinued Operations (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Disposal Group Including Discontinued Operation of Disposal Group | $2.20 |
Note_2_Discontinued_Operations3
Note 2 - Discontinued Operations (Details) - Components of Discontinued Operations (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Components of Discontinued Operations [Abstract] | ' | ' |
Net revenue | $69,267,000 | $75,716,000 |
Cost of revenue | 67,269,000 | 70,173,000 |
Total operating expenses | 9,354,000 | 8,284,000 |
Pre-tax loss from discontinued operations | -7,356,000 | -2,741,000 |
Income tax expense | -3,000 | -15,000 |
Loss from discontinued operations, net of tax | ($7,359,000) | ($2,756,000) |
Note_2_Discontinued_Operations4
Note 2 - Discontinued Operations (Details) - Assets of Discontinued Operations and Liabilities Related to Assets of Discontinued Operations (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets of Discontinued Operations and Liabilities Related to Assets of Discontinued Operations [Abstract] | ' | ' |
Accounts receivable, net | $54,218 | $67,494 |
Inventories | 32,438 | 33,386 |
Prepaid expenses | 1,219 | 1,398 |
Property and equipment, net | 3,177 | 3,181 |
Software development costs, net | 606 | 574 |
Non-current prepaid royalties | 3,378 | 3,261 |
Other non-current assets | 144 | 562 |
Assets of discontinued operations | 95,180 | 109,856 |
Current liabilities | 95,761 | 88,388 |
Other liabilities | 98 | 7 |
Liabilities related to assets of discontinued operations | $95,859 | $88,395 |
Note_3_Supplemental_Cash_Flow_2
Note 3 - Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Income Taxes Paid, Net | $24,000 | $134,000 |
Interest Paid, Net | $555,000 | $259,000 |
Note_3_Supplemental_Cash_Flow_3
Note 3 - Supplemental Cash Flow Information (Details) - Changes in Operating Assets and Liabilities (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Changes in Operating Assets and Liabilities [Abstract] | ' | ' |
Accounts receivable | $2,571 | ($1,702) |
Prepaid expenses | -416 | -430 |
Other assets | -3,649 | -1,302 |
Accounts payable | -3,047 | -2,205 |
Accrued expenses and other liabilities | 3,682 | 1,015 |
Changes in operating assets and liabilities | ($859) | ($4,624) |
Note_4_Intangible_Assets_Detai
Note 4 - Intangible Assets (Details) | 3 Months Ended |
Jun. 30, 2014 | |
Developed Technology Rights [Member] | ' |
Note 4 - Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years |
Customer Relationships [Member] | Minimum [Member] | ' |
Note 4 - Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '8 years |
Customer Relationships [Member] | Maximum [Member] | ' |
Note 4 - Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '14 years |
Internet Domain Names [Member] | ' |
Note 4 - Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '7 years |
Computer Software, Intangible Asset [Member] | Minimum [Member] | ' |
Note 4 - Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '3 years |
Computer Software, Intangible Asset [Member] | Maximum [Member] | ' |
Note 4 - Intangible Assets (Details) [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years |
Note_4_Intangible_Assets_Detai1
Note 4 - Intangible Assets (Details) - Intangible Asset Summary (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $22,764 | $22,629 |
Finite-Lived Intangible Assets, Accumulated Amortization | -3,862 | -3,033 |
Intangible Assets, Net (Excluding Goodwill) | 18,902 | 19,596 |
Developed Technology Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 4,170 | 4,170 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,761 | -1,483 |
Intangible Assets, Net (Excluding Goodwill) | 2,409 | 2,687 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 14,490 | 14,490 |
Finite-Lived Intangible Assets, Accumulated Amortization | -2,007 | -1,485 |
Intangible Assets, Net (Excluding Goodwill) | 12,483 | 13,005 |
Internet Domain Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 135 | 135 |
Finite-Lived Intangible Assets, Accumulated Amortization | -20 | -19 |
Intangible Assets, Net (Excluding Goodwill) | 115 | 116 |
Computer Software, Intangible Asset [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 379 | 244 |
Finite-Lived Intangible Assets, Accumulated Amortization | -74 | -46 |
Intangible Assets, Net (Excluding Goodwill) | 305 | 198 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 3,590 | 3,590 |
Intangible Assets, Net (Excluding Goodwill) | $3,590 | $3,590 |
Note_4_Intangible_Assets_Detai2
Note 4 - Intangible Assets (Details) - Debt Issuance Costs (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Issuance Costs [Abstract] | ' | ' |
Debt issuance costs | $2,822 | $2,771 |
Less: accumulated amortization | -1,929 | -1,848 |
Debt issuance costs, net | $893 | $923 |
Note_5_Property_and_Equipment_1
Note 5 - Property and Equipment (Details) - Property and Equipment (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $21,911 | $19,729 |
Less: accumulated depreciation and amortization | 5,169 | 4,320 |
Net property and equipment | 16,742 | 15,409 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 58 | 27 |
Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 6,020 | 5,561 |
Other Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 11,007 | 10,464 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,123 | 826 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $3,703 | $2,851 |
Note_6_Accrued_Expenses_Detail
Note 6 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ' | ' |
Compensation and benefits | $1,208 | $1,135 |
Accrued interest | 60 | 158 |
Other | 1,666 | 437 |
Total accrued expenses | $2,934 | $1,730 |
Note_8_Bank_Financing_and_Debt1
Note 8 - Bank Financing and Debt (Details) (USD $) | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||
Apr. 14, 2011 | Jun. 30, 2014 | Mar. 31, 2014 | Jul. 09, 2014 | Jul. 09, 2014 | Jul. 09, 2014 | Jul. 09, 2014 | Jul. 09, 2014 | Jul. 09, 2014 | Jul. 09, 2014 | Jun. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Nov. 20, 2012 | Nov. 12, 2009 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 29, 2011 | Mar. 31, 2014 | Apr. 14, 2011 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||
Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Term Loan Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Wells Fargo Capital Finance, LLC [Member] | Wells Fargo Capital Finance, LLC [Member] | Wells Fargo Capital Finance, LLC [Member] | Wells Fargo Capital Finance, LLC [Member] | Wells Fargo Capital Finance, LLC [Member] | Minimum [Member] | |||||
Closing Date Loans [Member] | Closing Date Loans [Member] | Delayed Draw Loan [Member] | Delayed Draw Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Wells Fargo Capital Finance, LLC [Member] | Wells Fargo Capital Finance, LLC [Member] | Wells Fargo Capital Finance, LLC [Member] | Wells Fargo Capital Finance, LLC [Member] | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||
Note 8 - Bank Financing and Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '5 years |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | $65,000,000 | ' | ' | $50,000,000 | ' | ' |
Line of Credit Facilty, Additional Borrowing Capacity Under Certain Circumstances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' |
Line Of Credit Facility Increase (Decrease) In Additional Borrowing Capacity Under Certain Circumstances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,000,000 | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,100,000 | 38,400,000 | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,000 | ' | 5,000,000 | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 5.50% | ' | 5.50% | ' | ' | ' | ' | ' | 1.75% | 2.75% | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.12% | 5.17% | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | 35,000,000 | ' | 15,000,000 | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Pricipal Amortization Rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual Decrease in Letter of Credit | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | $2,100,000 | $2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_9_Income_Taxes_Details
Note 9 - Income Taxes (Details) (USD $) | 3 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income Tax Expense (Benefit) | $54,000 | $19,000 | ' |
Effective Income Tax Rate Reconciliation, Percent | -1.60% | -1.80% | ' |
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period | 3,000 | 15,000 | ' |
Effective Income Tax Rate Reconciliation, Discontinued Operations, Percent | -0.10% | 0.60% | ' |
Deferred Tax Assets, Valuation Allowance | ' | 43,100,000 | 39,500,000 |
Deferred Tax Assets, Net, Before Valuation Allowance | 41,800,000 | ' | 38,200,000 |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $1,100,000 | ' | $1,200,000 |
Note_10_Earnings_Loss_Per_Shar2
Note 10 - Earnings (Loss) Per Share (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 2 |
Note_10_Earnings_Loss_Per_Shar3
Note 10 - Earnings (Loss) Per Share (Details) - Computation of Basic and Diluted Earnings (Loss) Per Share (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' |
Net loss from continuing operations (in Dollars) | ($3,424) | ($1,095) |
Dividend for convertible preferred stock, Series C dividends (in Dollars) | -54 | ' |
Loss from discontinued operations, net of tax (in Dollars) | -7,359 | -2,756 |
Net loss attributable to common shareholders (in Dollars) | ($10,837) | ($3,851) |
Denominator: | ' | ' |
Denominator for basic loss per share — weighted average shares (in Shares) | 65,217 | 56,241 |
Denominator for diluted loss per share — weighted-average shares (in Shares) | 65,217 | 56,241 |
Basic loss per common share | ' | ' |
Continuing operations | ($0.05) | ($0.02) |
Discontinued operations | ($0.11) | ($0.05) |
Net loss | ($0.16) | ($0.07) |
Diluted loss per common share | ' | ' |
Continuing operations | ($0.05) | ($0.02) |
Discontinued operations | ($0.11) | ($0.05) |
Net loss | ($0.16) | ($0.07) |
Note_11_Subsequent_Events_Deta
Note 11 - Subsequent Events (Details) (Subsequent Event [Member], Navarre Business Assets [Member], USD $) | Jul. 09, 2014 |
In Millions, unless otherwise specified | |
Note 11 - Subsequent Events (Details) [Line Items] | ' |
Disposal Group, Including Discontinued Operation, Consideration | $15 |
Notes Receivable [Member] | ' |
Note 11 - Subsequent Events (Details) [Line Items] | ' |
Disposal Group, Including Discontinued Operation, Consideration | 10 |
Cash [Member] | ' |
Note 11 - Subsequent Events (Details) [Line Items] | ' |
Disposal Group, Including Discontinued Operation, Consideration | $5 |