Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Feb. 06, 2015 | |
Entity Registrant Name | Speed Commerce, Inc. | |
Entity Central Index Key | 911650 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 66,010,885 | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $7,569,000 | $13,000 |
Accounts receivable, net | 29,023,000 | 18,527,000 |
Inventory | 977,000 | |
Prepaid expenses | 2,322,000 | 1,000,000 |
Deferred costs | 5,969,000 | 1,708,000 |
Assets of discontinued operations | 102,278,000 | |
Total current assets | 45,860,000 | 123,526,000 |
Property and equipment, net | 24,111,000 | 15,409,000 |
Other assets: | ||
Intangible assets, net | 43,950,000 | 19,596,000 |
Goodwill | 62,976,000 | 30,665,000 |
Assets of discontinued operations | 7,578,000 | |
Other long-term assets | 19,321,000 | 5,914,000 |
Total assets | 196,218,000 | 202,688,000 |
Current liabilities: | ||
Revolving line of credit | 38,362,000 | |
Current portion of long-term debt | 2,625,000 | |
Accounts payable | 16,777,000 | 12,683,000 |
Accrued expenses | 18,478,000 | 1,730,000 |
Deferred payment obligation short-term - acquisition | 1,104,000 | 1,104,000 |
Liabilities related to assets of discontinued operations | 88,388,000 | |
Other current liabilities | 6,462,000 | 4,279,000 |
Total current liabilities | 45,446,000 | 146,546,000 |
Long-term liabilities: | ||
Deferred payment obligation long-term - acquisition | 303,000 | 1,380,000 |
Deferred tax liabilities - long term | 2,553,000 | 1,288,000 |
Liabilities related to assets of discontinued operations | 7,000 | |
Long-term debt | 96,750,000 | |
Other long-term liabilities | 11,279,000 | 2,072,000 |
Total liabilities | 156,331,000 | 151,293,000 |
Commitments and contingencies (Note 8) | ||
Shareholders’ equity: | ||
Preferred stock, no par value: Authorized shares — 10,000,000; issued and outstanding shares — 3,392,491 at December 31, 2014 and zero at March 31, 2014 | 8,381,000 | 0 |
Common stock, no par value: Authorized shares — 100,000,000; issued and outstanding shares — 66,008,640 at December 31, 2014 and 65,208,193 at March 31, 2014 | 215,741,000 | 213,354,000 |
Accumulated deficit | -184,438,000 | -162,734,000 |
Accumulated other comprehensive income | 203,000 | 775,000 |
Total shareholders’ equity | 39,887,000 | 51,395,000 |
Total liabilities and shareholders’ equity | $196,218,000 | $202,688,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net revenue | $38,257,000 | $32,576,000 | $83,384,000 | $83,154,000 |
Cost of revenue | 29,200,000 | 28,894,000 | 64,096,000 | 67,840,000 |
Gross profit | 9,057,000 | 3,682,000 | 19,288,000 | 15,314,000 |
Operating expenses: | ||||
Selling and marketing | 627,000 | 732,000 | 2,392,000 | 1,879,000 |
General and administrative | 7,470,000 | 3,374,000 | 15,221,000 | 11,536,000 |
Information technology | 1,223,000 | 698,000 | 3,023,000 | 2,075,000 |
Depreciation and amortization | 2,274,000 | 1,381,000 | 5,888,000 | 4,000,000 |
Total operating expenses | 11,594,000 | 6,185,000 | 26,524,000 | 19,490,000 |
Loss from operations | -2,537,000 | -2,503,000 | -7,236,000 | -4,176,000 |
Other income (expense): | ||||
Interest expense, net | -1,130,000 | -432,000 | -2,509,000 | -1,230,000 |
Loss on early extinguishment of debt, net | -3,047,000 | 0 | -3,863,000 | 0 |
Other income (expense) | -250,000 | -2,000 | 1,511,000 | 8,000 |
Loss from continuing operations, before income tax | -6,964,000 | -2,937,000 | -12,097,000 | -5,398,000 |
Income tax expense from continuing operations | -170,000 | -25,000 | -343,000 | -53,000 |
Net loss from continuing operations | -7,134,000 | -2,962,000 | -12,440,000 | -5,451,000 |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Gain/(loss) on sale of discontinued operations | -1,792,000 | 0 | 2,135,000 | 0 |
Gain/(loss) from discontinued operations, net of tax | -476,000 | 1,898,000 | -11,399,000 | -2,186,000 |
Net loss | -9,402,000 | -1,064,000 | -21,704,000 | -7,637,000 |
Basic earnings (loss) per common share | ||||
Continuing operations (in dollars per share) | ($0.13) | ($0.05) | ($0.25) | ($0.09) |
Discontinued operations (in dollars per share) | ($0.03) | $0.03 | ($0.14) | ($0.04) |
Net loss (in dollars per share) | ($0.16) | ($0.02) | ($0.39) | ($0.13) |
Diluted earnings (loss) per common share | ||||
Continuing operations (in dollars per share) | ($0.13) | ($0.05) | ($0.25) | ($0.09) |
Discontinued operations (in dollars per share) | ($0.03) | $0.03 | ($0.14) | ($0.04) |
Net loss (in dollars per share) | ($0.16) | ($0.02) | ($0.39) | ($0.13) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 65,928 | 64,928 | 65,561 | 59,332 |
Diluted (in shares) | 65,928 | 64,928 | 65,561 | 59,332 |
Other comprehensive loss: | ||||
Net unrealized gain (loss) on foreign exchange rate translation | 153,000 | 157,000 | -572,000 | 192,000 |
Comprehensive loss | ($9,249,000) | ($907,000) | ($22,276,000) | ($7,445,000) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Total | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock [Member] | Preferred Stock [Member] | Retained Earnings [Member] |
Balance at Mar. 31, 2014 | $51,395,000 | $775,000 | $213,354,000 | ($162,734,000) | |
Balance (in shares) at Mar. 31, 2014 | 65,208,193 | ||||
Net shares issued upon exercise of stock options and for restricted stock (in shares) | 800,447 | ||||
Net shares issued upon exercise of stock options and for restricted stock | 692,000 | 692,000 | |||
Share based compensation | 2,104,000 | 2,104,000 | |||
Issuance of convertible preferred stock, Series C (in shares) | 3,333,333 | ||||
Issuance of convertible preferred stock, Series C | 8,198,000 | 3,533,000 | 4,665,000 | ||
Accretion of convertible preferred stock, Series C | -3,533,000 | -3,533,000 | 3,533,000 | ||
Dividend for convertible preferred stock, Series C dividends (in shares) | 59,158 | ||||
Dividend for convertible preferred stock, Series C dividends | -226,000 | -409,000 | 183,000 | ||
Net loss | -21,704,000 | -21,704,000 | |||
Net unrealized gain (loss) on foreign exchange rate translation | -572,000 | -572,000 | |||
Balance at Dec. 31, 2014 | $39,887,000 | $203,000 | $215,741,000 | $8,381,000 | ($184,438,000) |
Balance (in shares) at Dec. 31, 2014 | 66,008,640 | 3,392,491 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | ||
Net loss | ($21,704,000) | ($7,637,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on sale of discontinued operations | -2,135,000 | |
Loss from discontinued operations, net of tax | 11,399,000 | 2,186,000 |
Gain on obligation settlement | -1,300,000 | |
Loss on extinguishment of debt | 3,863,000 | |
Depreciation and amortization | 5,888,000 | 4,000,000 |
Amortization of debt acquisition costs | 1,095,000 | 242,000 |
Share-based compensation expense | 1,516,000 | 654,000 |
Deferred income taxes | 1,265,000 | -6,000 |
Other | 121,000 | |
Changes in operating assets and liabilities | -9,095,000 | -13,368,000 |
Operating activities from discontinued operations, net | 7,245,000 | -11,784,000 |
Net cash used in operating activities | -1,963,000 | -25,592,000 |
Investing activities: | ||
Proceeds from sale of Distribution business | 5,000,000 | 0 |
Cash, net of cash acquired | -54,821,000 | 337,000 |
Purchases of property, equipment and software, net | -7,661,000 | -8,402,000 |
Investing activities from discontinued operations, net | -32,000 | -487,000 |
Net cash used in investing activities | -57,514,000 | -8,552,000 |
Financing activities: | ||
Proceeds from revolving line of credit | 61,688,000 | 101,117,000 |
Payments on revolving line of credit | -100,050,000 | -94,110,000 |
Proceeds from long-term debt | 135,000,000 | 0 |
Payments on long-term debt | -35,625,000 | |
Proceeds from convertible preferred stock, Series C offering | 9,928,000 | |
Proceeds from equity offering, net | 21,788,000 | |
Debt acquisition costs | -4,414,000 | 0 |
Other | 506,000 | 537,000 |
Financing activities from discontinued operations, net | 4,774,000 | |
Net cash provided by financing activities | 67,033,000 | 34,106,000 |
Net increase (decrease) in cash and cash equivalents | 7,556,000 | -38,000 |
Cash and cash equivalents at beginning of period | 13,000 | 91,000 |
Cash and cash equivalents at end of period | $7,569,000 | $53,000 |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis of Presentation | 9 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
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 November 21, 2014, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Sigma Holdings, LLC (the “Seller”). Under the Purchase Agreement, the Company purchased substantially all of the assets which were operated under the trade name Fifth Gear (the “Fifth Gear Assets”); and | |
the Company entered into a five-year Amended and Restated Credit and Guaranty Agreement, $100 million term loan credit facility with various lenders. The Amended and Restated Credit Facility replaced in its entirety the Company’s $50.0 million term loan facility. | |
On July 9, 2014, the Company completed the sale of its Distribution business and entered into a five-year, $50 million term loan credit facility with various lenders, which was terminated by the | |
Amended and Restated Credit and Guaranty Agreement. The Distribution business has been reclassified as discontinued operations in the consolidated financial statements for all periods presented. | |
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 (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP 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 and nine month periods ended December 31, 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. | |
In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, (“ASU 2014-15”), “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern”. ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on its financial statements. |
Note_2_Acquisition
Note 2 - Acquisition | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Business Combination Disclosure [Text Block] | Note 2 Acquisition | ||||||||||||||||
Fifth Gear | |||||||||||||||||
On November 21, 2014, the Company completed the Purchase Agreement of Fifth Gear Assets. Total consideration included: $55.0 million in cash at closing, and up to 7,000,000 shares of the Company’s common stock upon Fifth Gear’s achieving certain financial metrics for the twelve months ended December 31, 2014. The cash paid at closing was funded by the Company's | |||||||||||||||||
Amended and Restated Credit and Guaranty Agreement | |||||||||||||||||
. The combined fair value of the earn-out consideration was estimated to be $10.4 million based upon Level 3 fair value valuation techniques (unobservable inputs that reflect the reporting entity’s own assumptions). A financial model was applied to estimate the value of the consideration that utilized the income approach and option pricing theory to compute expected values and probabilities of reaching the various thresholds in the agreement. Key assumptions included (i) the product of nine times the 2014 Adjusted EBITDA of Seller, on a combined and consolidated basis exceeds (ii) $55 million in an amount not to exceed 7,000,000 shares of the Company’s common stock. We have not yet finalized the preliminary assessment of the fair value of tangible assets and intangible assets separate from goodwill. T | |||||||||||||||||
he final earn-out is subject to change until working capital calculations are settled with the Seller. | |||||||||||||||||
The preliminary goodwill of $32.3 million arising from the Purchase Agreement consists largely of the synergies and economies of scale expected from combining the operations of the Company and Fifth Gear. This transaction qualified as an acquisition of a significant business pursuant to Regulation S-X and financial statements for the acquired business were filed. | |||||||||||||||||
The purchase price was allocated based on preliminary estimates of the fair value of assets acquired and liabilities assumed as follows (in thousands): | |||||||||||||||||
Consideration: | |||||||||||||||||
Cash, net of cash acquired | $ | 54,821 | |||||||||||||||
Earn out obligation | 10,441 | ||||||||||||||||
Working capital adjustment | (500 | ) | |||||||||||||||
Fair value of total consideration transferred | $ | 64,762 | |||||||||||||||
The Fifth Gear purchase price was allocated as follows: | |||||||||||||||||
Accounts receivable | $ | 5,175 | |||||||||||||||
Inventory | 1,190 | ||||||||||||||||
Prepaid expenses and other assets | 740 | ||||||||||||||||
Property and equipment | 5,611 | ||||||||||||||||
Purchased intangibles: | |||||||||||||||||
Developed product technologies | 3,070 | ||||||||||||||||
Customer relationships | 20,100 | ||||||||||||||||
Tradenames | 522 | ||||||||||||||||
Goodwill | 32,311 | ||||||||||||||||
Accounts payable | (1,513 | ) | |||||||||||||||
Accrued expenses and other liabilities | (2,444 | ) | |||||||||||||||
$ | 64,762 | ||||||||||||||||
The fair value of the assets acquired and liabilities assumed are preliminary and remain subject to potential adjustments in areas including but not limited to the final amount and valuation of common stock issuable for the earn-out, final working capital settlement, and the valuation of acquired property, equipment and intangible assets. | |||||||||||||||||
Net sales of Fifth Gear, included in net revenue - in the | |||||||||||||||||
Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||||||||||||
for the three and nine months ended December 31, 2014 was $6.9 million. Fifth Gear provided operating income of $0.6 million to the consolidated Company’s operating income for the three and nine months ended December 31, 2014. | |||||||||||||||||
Acquisition-related costs (included in general and administrative expenses in the | |||||||||||||||||
Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||||||||||||
for the three and nine months ended December 31, 2014 were $2.0 million. | |||||||||||||||||
The following summary, prepared on a condensed pro forma basis presents the Company’s unaudited consolidated results from operations as if the acquisition of Fifth Gear had been completed as of the beginning of fiscal 2015. The pro forma presentation below does not include any impact of transaction costs or synergies. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | $ | 46,527 | $ | 46,792 | $ | 118,585 | $ | 123,026 | |||||||||
Loss from operations | $ | (1,133 | ) | $ | (2,457 | ) | $ | (6,279 | ) | $ | (5,073 | ) | |||||
Net loss | $ | (9,004 | ) | $ | (2,693 | ) | $ | (24,559 | ) | $ | (13,710 | ) | |||||
Loss per common share: | |||||||||||||||||
Basic | $ | (0.13 | ) | $ | (0.04 | ) | $ | (0.36 | ) | $ | (0.22 | ) | |||||
Diluted | $ | (0.13 | ) | $ | (0.04 | ) | $ | (0.36 | ) | $ | (0.22 | ) |
Note_3_Discontinued_Operations
Note 3 - Discontinued Operations and Disposition | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note | ||||||||||||||||
3 | |||||||||||||||||
Discontinued Operations | |||||||||||||||||
and Disposition | |||||||||||||||||
On July 9, 2014, the Company completed the sale of its Distribution business to Wynit Distribution, LLC (the “Buyers”). The Company received cash proceeds of $5.0 million and a promissory note from the Buyers in an amount equal to $10.0 million at the close of the transaction, subject to adjustments for working capital and other matters. Based on estimated working capital and other adjustments, the Company has recognized a pre-tax gain of approximately $2.1 million, inclusive of a $1.8 million reduction during three months ended December 31, 2014 based on changes in estimated final working capital. | |||||||||||||||||
There are no principal payments under the promissory note until July 2015, with the final as adjusted principal balance payable in equal quarterly installments over three years. The sale of the Distribution business | |||||||||||||||||
is not expected to generate a federal tax liability but is subject to applicable state income taxes. In connection with the sale, the Company and the Buyer also entered into a transition services agreement to provide one another with certain post-closing transitional services. The Distribution business is reclassified as discontinued operations in the consolidated financial statements for all periods presented. The final gain is subject to change until working capital and other purchase agreement matters are settled with the Buyers. | |||||||||||||||||
The following table provides the components of Discontinued operations (unaudited): | |||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net revenue | $ | - | $ | 149,935 | $ | 71,743 | $ | 316,099 | |||||||||
Cost of revenue | - | 136,470 | 70,678 | 289,129 | |||||||||||||
Total operating expenses | 475 | 11,551 | 12,445 | 29,103 | |||||||||||||
Pre-tax income (loss) from discontinued operations | (475 | ) | 1,914 | (11,380 | ) | (2,133 | ) | ||||||||||
Gain (loss) on sale of discontinued operations | (1,792 | ) | - | 2,135 | - | ||||||||||||
Income tax expense | (1 | ) | (16 | ) | (19 | ) | (53 | ) | |||||||||
Income (loss) from discontinued operations, net of tax | $ | (2,268 | ) | $ | 1,898 | $ | (9,264 | ) | $ | (2,186 | ) |
Note_4_Supplemental_Cash_Flow_
Note 4 - Supplemental Cash Flow Information | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
Cash Flow, Supplemental Disclosures [Text Block] | Note 4 | ||||||||
Supplemental Cash Flow Information | |||||||||
For the nine months ended December | |||||||||
31, 2014 and 2013, net cash paid for income taxes was $31,000 and $193,000, respectively. For the nine months ended December 31, 2014 and 2013, net cash paid for interest was $2,751,000 and $1,159,000, respectively. | |||||||||
The following table provides the components of changes in operating assets and liabilities (unaudited): | |||||||||
Nine Months Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | (5,321 | ) | $ | (13,099 | ) | |||
Inventory | 213 | - | |||||||
Prepaid expenses | (1,109 | ) | (430 | ) | |||||
Other assets | (17,930 | ) | (4,693 | ) | |||||
Accounts payable | 2,581 | 1,937 | |||||||
Accrued expenses and other liabilities | 12,471 | 2,917 | |||||||
Changes in operating assets and liabilities | $ | (9,095 | ) | $ | (13,368 | ) | |||
We had $2.0 million in non-cash investing activities for property and equipment acquired under long-term capital leases for the nine months ended December 31, 2014. |
Note_5_Intangible_Assets
Note 5 - Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | Note | ||||||||||||||||||||||||
5 | |||||||||||||||||||||||||
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): | |||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||||||||||
Gross carrying | Accumulated | Gross carrying | Accumulated | ||||||||||||||||||||||
amount | amortization | Net | amount | amortization | Net | ||||||||||||||||||||
Developed technology | $ | 4,170 | $ | (2,318 | ) | $ | 1,852 | $ | 4,170 | $ | (1,483 | ) | $ | 2,687 | |||||||||||
Customer relationships | 34,590 | (3,187 | ) | 31,403 | 14,490 | (1,485 | ) | 13,005 | |||||||||||||||||
Domain name | 135 | (33 | ) | 102 | 135 | (19 | ) | 116 | |||||||||||||||||
Internal-use software | 6,749 | (224 | ) | 6,525 | 244 | (46 | ) | 198 | |||||||||||||||||
Tradename | 522 | (44 | ) | 478 | - | - | - | ||||||||||||||||||
Trademarks (not amortized) | 3,590 | - | 3,590 | 3,590 | - | 3,590 | |||||||||||||||||||
$ | 49,756 | $ | (5,806 | ) | $ | 43,950 | $ | 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): | |||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||||||||||
Debt issuance costs | $ | 1,114 | $ | 2,771 | |||||||||||||||||||||
Less: accumulated amortization | (19 | ) | (1,848 | ) | |||||||||||||||||||||
Debt issuance costs, net | $ | 1,095 | $ | 923 |
Note_6_Property_and_Equipment
Note 6 - Property and Equipment | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 6 Property and Equipment | ||||||||
Property and equipment consisted of the following (in thousands): | |||||||||
31-Dec-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Furniture and fixtures | $ | 483 | $ | 27 | |||||
Building | 1,700 | - | |||||||
Computer and office equipment | 9,486 | 5,561 | |||||||
Warehouse equipment | 13,951 | 10,464 | |||||||
Leasehold improvements | 2,046 | 826 | |||||||
Construction in progress | 3,745 | 2,851 | |||||||
Total | 31,411 | 19,729 | |||||||
Less: accumulated depreciation and amortization | (7,300 | ) | (4,320 | ) | |||||
Net property and equipment | $ | 24,111 | $ | 15,409 | |||||
Depreciation expense was $1.2 million and $3.0 million for the three and nine months ended December 31, 2014, respectively, and $1.4 million and $3.0 million for the three and nine months ended December 31, 2013, respectively. |
Note_7_Other_Longterm_Assets_A
Note 7 - Other Long-term Assets, Accrued Expenses, Other Current Liabilities and Other Long-term Liabilities | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 7 Other Long-term Assets, Accrued Expenses, Other Current Liabilities and Other Long-term Liabilities | ||||||||
Other long-term assets consisted of the following (in thousands): | |||||||||
31-Dec-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Debt issuance costs, net | $ | 1,095 | $ | 923 | |||||
Deferred costs | 13,642 | 3,757 | |||||||
Note receivable | 1,459 | - | |||||||
Other deposits | 3,125 | 1,234 | |||||||
Total other long-term assets | $ | 19,321 | $ | 5,914 | |||||
Accrued expenses consisted of the following (in thousands): | |||||||||
31-Dec-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Compensation and benefits | $ | 1,909 | $ | 1,135 | |||||
Accrued interest | 45 | 158 | |||||||
Warrant | 1,372 | - | |||||||
Earn out obligation | 10,441 | - | |||||||
Other | 4,711 | 437 | |||||||
Total accrued expenses | $ | 18,478 | $ | 1,730 | |||||
Other current liabilities consisted of the following (in thousands): | |||||||||
31-Dec-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Deferred revenue | $ | 4,192 | $ | 3,007 | |||||
Tax payable | 38 | 733 | |||||||
Lease obligations | 1,023 | 539 | |||||||
Line of credit for inventory purchases | 1,209 | - | |||||||
Total other current liabilities | $ | 6,462 | $ | 4,279 | |||||
Other long-term liabilities consisted of the following (in thousands): | |||||||||
31-Dec-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Deferred rent | $ | 4,980 | $ | 1,390 | |||||
Deferred revenue | 5,477 | 563 | |||||||
Customer deposits | 14 | 34 | |||||||
Lease obligations | 808 | 85 | |||||||
Total other long-term liabilities | $ | 11,279 | $ | 2,072 |
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note |
8 | |
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 December 31, 2014 and March 31, 2014, respectively as they are not probable or estimable. |
Note_9_Bank_Financing_and_Debt
Note 9 - Bank Financing and Debt | 9 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9 Bank Financing and Debt |
Term Loan Credit Facility Opened in November 2014 | |
On November 21, 2014, the Company entered into a five-year, $100 million Amended and Restated Credit and Guaranty Agreement with various lenders and Garrison Loan Agency Services, LLC (“Garrison”) acting as the agent (the “ | |
Amended and Restated Credit Facility”). Upon the closing of the | |
Amended and Restated Credit Facility, $100 million was funded to the Company, less certain fees and costs. The principal amount of the loans provided under the | |
Amended and Restated Credit Facility are subject to repayment through an annual excess cash sweep and will be amortized at a rate of 2.5% annually through September 30, 2015, a rate of 3.0% annually through September 30, 2016, a rate of 3.5% annually through September 30, 2017, a rate of 5.0% annually through the remaining term of the credit facility. The remaining principal balance is due and payable by the Company on November 21, 2019. The Amended and Restated Credit Facility replaced in its entirety the Company’s existing credit facility dated on July 9, 2014. | |
The interest rate is roughly equal to the LIBOR rate, plus 7.5%, except upon an event of default. The LIBOR rate for all loans under the Amended and Restated Term Loan is subject to a minimum level of 1.0%. | |
The interest rate on Amended and Restated Credit Facility at December 31, 2014 was 8.50% | |
. | |
The Amended and Restated Credit Facility contains customary affirmative and negative covenants. The financial covenants include a limitation on capital expenditures, a minimum EBITDA level, a maximum fixed charge coverage ratio, and a maximum indebtedness to EBITDA ratio. The creation of indebtedness outside the credit facility, creation of liens, making of certain investments, sale of assets, and incurrence of debt are all either limited or require prior approval from Garrison and/or the other lenders under the Amended and Restated Credit Facility. This credit facility also contains customary events of default such as nonpayment, bankruptcy, and change in control, which if they occur may constitute an event of default. The Credit Facility is secured by a first priority security interest in substantially all of the Company’s assets. At December 31, 2014, we were in compliance with all covenants of the agreement. | |
Previous Term Loan Credit Facility | |
On July 9, 2014, the Company entered into a five-year, $50 million term loan credit facility with Garrison. Upon the closing, $35 million was funded to the Company and an additional $15 million delayed draw term loan was available to the Company. Funds provided under the | |
Amended and Restated Credit Facility was used to repay the Company’s prior $50 million term loan credit facility with Garrison. The Company recognized a loss of $3.0 million on early extinguishment of debt. | |
Inventory | |
F | |
acility | |
On November 21, 2014, the Company entered into a secured revolving credit agreement with a client in an aggregate principal amount not to exceed $3.5 million. The revolving credit agreement is secured by inventory ordered from approved suppliers and cash and receivables from the client’s customers, The interest rate charged is LIBOR plus 1.5%. At December 31, 2014 the facility had an outstanding balance of $1.2 million which is included in other current liabilities and an interest rate of 2.5%. | |
C | |
redit | |
F | |
acility | |
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. In conjunction with the sale of the Distribution business, the Credit Facility was paid in full and terminated effective July 9, 2014. The Company recognized an expense of $0.8 million as a result of the early termination of this facility. | |
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 $1.8 million and $2.3 million at December 31, 2014 and March 31, 2014, respectively. Therefore, at December 31, 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. | |
On August 8, 2014, the Company issued an irrevocable standby letter of credit for the benefit of the landlord of one of its facilities in the amount of $576,424, this standby letter of credit expires on August 8, 2015. |
Note_10_Income_Taxes
Note 10 - Income Taxes | 9 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 Income Taxes |
For the three months ended December 31, 2014, the Company recorded income tax expense from continuing operations of $170,000, compared to income tax expense from continuing operations of $25 | |
,000 for the three months ended December 31, 2013. The effective income tax rate applied to continuing operations for the three months ended December 31, 2014 was a negative 2.4%, compared to a negative 0.9% for the three months ended December 31, 2013. | |
For the nine months ended December 31, 2014, the Company recorded income tax expense from continuing operations of $343,000 | |
, compared to income tax expense from continuing operations of $53,000 for the nine months ended December 31, 2013. The effective income tax rate applied to continuing operations for the nine months ended December 31, 2014 was a negative 2.8%, compared to a negative 1.0% for the nine months ended December 31, 2013. | |
For the three months ended December 31, 2014, the Company recorded income tax expense from discontinued operations of $1,000, compared to income tax expense from discontinued operations of $17 | |
,000 for the three months ended December 31, 2013. The effective income tax rate applied to discontinued operations for the three months ended December 31, 2014 was a | |
0.0%, compared to a positive 0.9% for the three months ended December 31, 2013. | |
For the nine months ended December 31, 2014, the Company recorded income tax expense from discontinued operations of $19,000, compared to income tax expense from discontinued operations of $54,000 for the nine months ended December 31, 2013. The effective income tax rate applied to discontinued operations for the nine months ended December 31, 2014 was a negative | |
0.2%, compared to a negative 2.5% for the nine months ended December 31, 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 December 31, 2014 and March 31, 2014, the Company recorded a valuation allowance of $47.0 million and $39.5 million to offset net deferred tax assets of $45.7 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 December 31, 2014 and March 31, 2014, the Company provided for a liability of $1.6 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_11_Earnings_Loss_Per_Shar
Note 11 - Earnings (Loss) Per Share and Convertible Preferred Stock | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Earnings Per Share [Text Block] | Note 11 Earnings (Loss) Per Share and Convertible Preferred Stock | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share data): | |||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net loss from continuing operations | $ | (7,134 | ) | $ | (2,962 | ) | $ | (12,440 | ) | $ | (5,451 | ) | |||||
Dividend for convertible preferred stock, Series C dividends | (177 | ) | - | (409 | ) | - | |||||||||||
Accretion of convertible preferred stock, Series C | (1,402 | ) | - | (3,533 | ) | - | |||||||||||
Income (loss) from discontinued operations, net of tax | (2,268 | ) | 1,898 | (9,264 | ) | (2,186 | ) | ||||||||||
Net loss attributable to common shareholders | $ | (10,981 | ) | $ | (1,064 | ) | $ | (25,646 | ) | $ | (7,637 | ) | |||||
Denominator: | |||||||||||||||||
Denominator for basic loss per share — weighted average shares | 65,928 | 64,928 | 65,561 | 59,332 | |||||||||||||
Denominator for diluted loss per share — weighted-average shares | 65,928 | 64,928 | 65,561 | 59,332 | |||||||||||||
Basic earnings (loss) per common share | |||||||||||||||||
Continuing operations | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.25 | ) | $ | (0.09 | ) | |||||
Discontinued operations | (0.03 | ) | 0.03 | (0.14 | ) | (0.04 | ) | ||||||||||
Net loss | $ | (0.16 | ) | $ | (0.02 | ) | $ | (0.39 | ) | $ | (0.13 | ) | |||||
Diluted earnings (loss) per common share | |||||||||||||||||
Continuing operations | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.25 | ) | $ | (0.09 | ) | |||||
Discontinued operations | (0.03 | ) | 0.03 | (0.14 | ) | (0.04 | ) | ||||||||||
Net loss | $ | (0.16 | ) | $ | (0.02 | ) | $ | (0.39 | ) | $ | (0.13 | ) | |||||
Due to the Company’s net loss for the three months ended December 31, 2014 and 2013, diluted loss per share excludes 3.3 million and 3.8 million, respectively, stock options and restricted stock awards because their inclusion would have been anti-dilutive. Due to the Company’s net loss for the nine months ended December 31, 2014 and 2013, diluted loss per share excludes 2.6 million and 3.8 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 and nine months ended December 31, 2014. | |||||||||||||||||
The Company’s Articles of Incorporation authorize 10,000,000 shares of preferred stock, no par value. On June 2, 2014, the Company closed a private offering with institutional investors for approximately $10 million of the Company's Series C Preferred Stock. The Company received proceeds of $9.9 million after costs from the issuance of the Series C Preferred Stock. Under the terms of the offering, Speed Commerce sold an aggregate of 3,333,333 shares of the Company's Series C Preferred Stock and issued five-year warrants to purchase an additional 833,333 shares of Common Stock for $3.50 per share and related warrants, for an aggregate purchase price of $10 million. The net proceeds of the offering were used to pay down indebtedness and for general corporate purposes. | |||||||||||||||||
Each Holder of Series C Preferred Stock, in preference and priority to the holders of all other classes or series of stock, shall be entitled to receive quarterly dividends at the rate of seven percent (7%) per annum of the Series C Stated Value (the “Series C Preferred Dividends”). | |||||||||||||||||
On December 31, 2014, the Company issued 59,158 additional shares of Series C Preferred Stock as a dividend in accordance with the terms of Section 2 of the Certificate of Designation of Series C Preferred Stock dated June 2, 2014. | |||||||||||||||||
The warrants issued with the Series C preferred stock are accounted for using the liability method and is subject to mark-to-market adjustments at each reporting period. The fair value of the warrants at issuance was $1.7 million and the fair value was $1.4 million at December 31, 2014. Changes in fair value are included in other non-operating income in the statement of operations. |
Note_12_Stock_Option_Plan
Note 12 - Stock Option Plan | 9 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 12 |
Stock Option Plan | |
On October 29, 2014, the shareholders approved the 2014 Stock Option and Incentive Plan (the “2014 Plan”) and replaced the Company’s 2004 Amended and Restated Stock Incentive Plan (the “2004 Plan”), under which no further awards may be granted after September 13, 2014. | |
All outstanding awards previously granted under the 2004 Stock Plan continue to be governed by and administered under the 2004 Stock Plan. | |
The 2014 Plan authorizes the Compensation Committee, which is composed of independent non-employee directors, to make stock-based awards. The 2014 Plan also authorizes the Board to make stock-based awards to non-employee directors. The 2014 Plan is administered by the Compensation Committee, which selects the participants to be granted options or other awards under the 2014 Plan, determines the amount of grants or awards to participants, and prescribes discretionary terms and conditions of each grant not otherwise fixed under the 2014 Plan. All employees of the Company are eligible for participation under the 2014 Plan. As of the date hereof, no awards have been granted under the 2014 Plan and future awards cannot be quantified or estimated. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | 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. | |
In August 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, (“ASU 2014-15”), “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern”. ASU 2014-15 requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on its financial statements. |
Note_2_Acquisition_Tables
Note 2 - Acquisition (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration: | ||||||||||||||||
Cash, net of cash acquired | $ | 54,821 | |||||||||||||||
Earn out obligation | 10,441 | ||||||||||||||||
Working capital adjustment | (500 | ) | |||||||||||||||
Fair value of total consideration transferred | $ | 64,762 | |||||||||||||||
The Fifth Gear purchase price was allocated as follows: | |||||||||||||||||
Accounts receivable | $ | 5,175 | |||||||||||||||
Inventory | 1,190 | ||||||||||||||||
Prepaid expenses and other assets | 740 | ||||||||||||||||
Property and equipment | 5,611 | ||||||||||||||||
Purchased intangibles: | |||||||||||||||||
Developed product technologies | 3,070 | ||||||||||||||||
Customer relationships | 20,100 | ||||||||||||||||
Tradenames | 522 | ||||||||||||||||
Goodwill | 32,311 | ||||||||||||||||
Accounts payable | (1,513 | ) | |||||||||||||||
Accrued expenses and other liabilities | (2,444 | ) | |||||||||||||||
$ | 64,762 | ||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | $ | 46,527 | $ | 46,792 | $ | 118,585 | $ | 123,026 | |||||||||
Loss from operations | $ | (1,133 | ) | $ | (2,457 | ) | $ | (6,279 | ) | $ | (5,073 | ) | |||||
Net loss | $ | (9,004 | ) | $ | (2,693 | ) | $ | (24,559 | ) | $ | (13,710 | ) | |||||
Loss per common share: | |||||||||||||||||
Basic | $ | (0.13 | ) | $ | (0.04 | ) | $ | (0.36 | ) | $ | (0.22 | ) | |||||
Diluted | $ | (0.13 | ) | $ | (0.04 | ) | $ | (0.36 | ) | $ | (0.22 | ) |
Note_3_Discontinued_Operations1
Note 3 - Discontinued Operations and Disposition (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net revenue | $ | - | $ | 149,935 | $ | 71,743 | $ | 316,099 | |||||||||
Cost of revenue | - | 136,470 | 70,678 | 289,129 | |||||||||||||
Total operating expenses | 475 | 11,551 | 12,445 | 29,103 | |||||||||||||
Pre-tax income (loss) from discontinued operations | (475 | ) | 1,914 | (11,380 | ) | (2,133 | ) | ||||||||||
Gain (loss) on sale of discontinued operations | (1,792 | ) | - | 2,135 | - | ||||||||||||
Income tax expense | (1 | ) | (16 | ) | (19 | ) | (53 | ) | |||||||||
Income (loss) from discontinued operations, net of tax | $ | (2,268 | ) | $ | 1,898 | $ | (9,264 | ) | $ | (2,186 | ) |
Note_4_Supplemental_Cash_Flow_1
Note 4 - Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes Tables | |||||||||
Cash Flow, Operating Capital [Table Text Block] | Nine Months Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | (5,321 | ) | $ | (13,099 | ) | |||
Inventory | 213 | - | |||||||
Prepaid expenses | (1,109 | ) | (430 | ) | |||||
Other assets | (17,930 | ) | (4,693 | ) | |||||
Accounts payable | 2,581 | 1,937 | |||||||
Accrued expenses and other liabilities | 12,471 | 2,917 | |||||||
Changes in operating assets and liabilities | $ | (9,095 | ) | $ | (13,368 | ) |
Note_5_Intangible_Assets_Table
Note 5 - Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||||||||||
Gross carrying | Accumulated | Gross carrying | Accumulated | ||||||||||||||||||||||
amount | amortization | Net | amount | amortization | Net | ||||||||||||||||||||
Developed technology | $ | 4,170 | $ | (2,318 | ) | $ | 1,852 | $ | 4,170 | $ | (1,483 | ) | $ | 2,687 | |||||||||||
Customer relationships | 34,590 | (3,187 | ) | 31,403 | 14,490 | (1,485 | ) | 13,005 | |||||||||||||||||
Domain name | 135 | (33 | ) | 102 | 135 | (19 | ) | 116 | |||||||||||||||||
Internal-use software | 6,749 | (224 | ) | 6,525 | 244 | (46 | ) | 198 | |||||||||||||||||
Tradename | 522 | (44 | ) | 478 | - | - | - | ||||||||||||||||||
Trademarks (not amortized) | 3,590 | - | 3,590 | 3,590 | - | 3,590 | |||||||||||||||||||
$ | 49,756 | $ | (5,806 | ) | $ | 43,950 | $ | 22,629 | $ | (3,033 | ) | $ | 19,596 | ||||||||||||
Schedule of Other Assets [Table Text Block] | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||||||||||
Debt issuance costs | $ | 1,114 | $ | 2,771 | |||||||||||||||||||||
Less: accumulated amortization | (19 | ) | (1,848 | ) | |||||||||||||||||||||
Debt issuance costs, net | $ | 1,095 | $ | 923 |
Note_6_Property_and_Equipment_
Note 6 - Property and Equipment (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes Tables | |||||||||
Property, Plant and Equipment [Table Text Block] | 31-Dec-14 | 31-Mar-14 | |||||||
(Unaudited) | (Audited) | ||||||||
Furniture and fixtures | $ | 483 | $ | 27 | |||||
Building | 1,700 | - | |||||||
Computer and office equipment | 9,486 | 5,561 | |||||||
Warehouse equipment | 13,951 | 10,464 | |||||||
Leasehold improvements | 2,046 | 826 | |||||||
Construction in progress | 3,745 | 2,851 | |||||||
Total | 31,411 | 19,729 | |||||||
Less: accumulated depreciation and amortization | (7,300 | ) | (4,320 | ) | |||||
Net property and equipment | $ | 24,111 | $ | 15,409 |
Note_7_Other_Longterm_Assets_A1
Note 7 - Other Long-term Assets, Accrued Expenses, Other Current Liabilities and Other Long-term Liabilities (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes Tables | |||||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | 31-Dec-14 | 31-Mar-14 | |||||||
(Unaudited) | (Audited) | ||||||||
Debt issuance costs, net | $ | 1,095 | $ | 923 | |||||
Deferred costs | 13,642 | 3,757 | |||||||
Note receivable | 1,459 | - | |||||||
Other deposits | 3,125 | 1,234 | |||||||
Total other long-term assets | $ | 19,321 | $ | 5,914 | |||||
31-Dec-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Compensation and benefits | $ | 1,909 | $ | 1,135 | |||||
Accrued interest | 45 | 158 | |||||||
Warrant | 1,372 | - | |||||||
Earn out obligation | 10,441 | - | |||||||
Other | 4,711 | 437 | |||||||
Total accrued expenses | $ | 18,478 | $ | 1,730 | |||||
31-Dec-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Deferred revenue | $ | 4,192 | $ | 3,007 | |||||
Tax payable | 38 | 733 | |||||||
Lease obligations | 1,023 | 539 | |||||||
Line of credit for inventory purchases | 1,209 | - | |||||||
Total other current liabilities | $ | 6,462 | $ | 4,279 | |||||
31-Dec-14 | 31-Mar-14 | ||||||||
(Unaudited) | (Audited) | ||||||||
Deferred rent | $ | 4,980 | $ | 1,390 | |||||
Deferred revenue | 5,477 | 563 | |||||||
Customer deposits | 14 | 34 | |||||||
Lease obligations | 808 | 85 | |||||||
Total other long-term liabilities | $ | 11,279 | $ | 2,072 |
Note_11_Earnings_Loss_Per_Shar1
Note 11 - Earnings (Loss) Per Share and Convertible Preferred Stock (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net loss from continuing operations | $ | (7,134 | ) | $ | (2,962 | ) | $ | (12,440 | ) | $ | (5,451 | ) | |||||
Dividend for convertible preferred stock, Series C dividends | (177 | ) | - | (409 | ) | - | |||||||||||
Accretion of convertible preferred stock, Series C | (1,402 | ) | - | (3,533 | ) | - | |||||||||||
Income (loss) from discontinued operations, net of tax | (2,268 | ) | 1,898 | (9,264 | ) | (2,186 | ) | ||||||||||
Net loss attributable to common shareholders | $ | (10,981 | ) | $ | (1,064 | ) | $ | (25,646 | ) | $ | (7,637 | ) | |||||
Denominator: | |||||||||||||||||
Denominator for basic loss per share — weighted average shares | 65,928 | 64,928 | 65,561 | 59,332 | |||||||||||||
Denominator for diluted loss per share — weighted-average shares | 65,928 | 64,928 | 65,561 | 59,332 | |||||||||||||
Basic earnings (loss) per common share | |||||||||||||||||
Continuing operations | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.25 | ) | $ | (0.09 | ) | |||||
Discontinued operations | (0.03 | ) | 0.03 | (0.14 | ) | (0.04 | ) | ||||||||||
Net loss | $ | (0.16 | ) | $ | (0.02 | ) | $ | (0.39 | ) | $ | (0.13 | ) | |||||
Diluted earnings (loss) per common share | |||||||||||||||||
Continuing operations | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.25 | ) | $ | (0.09 | ) | |||||
Discontinued operations | (0.03 | ) | 0.03 | (0.14 | ) | (0.04 | ) | ||||||||||
Net loss | $ | (0.16 | ) | $ | (0.02 | ) | $ | (0.39 | ) | $ | (0.13 | ) |
Note_1_Organization_and_Basis_1
Note 1 - Organization and Basis of Presentation (Details Textual) (USD $) | 1 Months Ended | 0 Months Ended | |
Nov. 21, 2014 | Jul. 09, 2014 | Nov. 12, 2009 | |
Amended and Restated Credit Facility [Member] | |||
Accounting Policies [Abstract] | |||
Debt Instrument, Face Amount | $100,000,000 | ||
Debt Instrument, Term | 5 years | ||
Term Loan Credit Facility [Member] | |||
Accounting Policies [Abstract] | |||
Debt Instrument, Face Amount | $50,000,000 | $50,000,000 | |
Debt Instrument, Term | 5 years |
Note_2_Acquisition_Details_Tex
Note 2 - Acquisition (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Nov. 21, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 21, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | |
Business Combinations [Abstract] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $54,821,000 | ($54,821,000) | $337,000 | ||||
Goodwill | 62,976,000 | 62,976,000 | 62,976,000 | 30,665,000 | |||
Fifth Gear [Member] | |||||||
Business Combinations [Abstract] | |||||||
Business Combination, Acquisition Related Costs | 2,000,000 | 2,000,000 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 6,900,000 | 6,900,000 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 0.6 | 600,000 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 55,000,000 | ||||||
Business Combination, Consideration Transferred | 64,762,000 | ||||||
Goodwill | 32,311,000 | 32,311,000 | |||||
Fifth Gear [Member] | Maximum [Member] | |||||||
Business Combinations [Abstract] | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 7,000,000 | ||||||
Fifth Gear [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Business Combinations [Abstract] | |||||||
Business Combination, Consideration Transferred | $10,400,000 |
Note_2_Acquisition_Purchase_Pr
Note 2 - Acquisition - Purchase Price Allocation (Details) (USD $) | 1 Months Ended | 0 Months Ended |
Nov. 21, 2014 | Nov. 21, 2014 | |
Consideration: | ||
Cash, net of cash acquired | $54,821,000 | |
Fifth Gear [Member] | ||
Consideration: | ||
Cash, net of cash acquired | 55,000,000 | |
Earn out obligation | 10,441,000 | 10,441,000 |
Working capital adjustment | -500,000 | |
Fair value of total consideration transferred | 64,762,000 | |
The Fifth Gear purchase price was allocated as follows: | ||
Accounts receivable | 5,175,000 | 5,175,000 |
Inventory | 1,190,000 | 1,190,000 |
Prepaid expenses and other assets | 740,000 | 740,000 |
Property and equipment | 5,611,000 | 5,611,000 |
Goodwill | 32,311,000 | 32,311,000 |
Accounts payable | -1,513,000 | -1,513,000 |
Accrued expenses and other liabilities | -2,444,000 | -2,444,000 |
64,762,000 | 64,762,000 | |
Fifth Gear [Member] | Customer Relationships [Member] | ||
The Fifth Gear purchase price was allocated as follows: | ||
Purchased intangibles | 20,100,000 | 20,100,000 |
Fifth Gear [Member] | Developed Technology Rights [Member] | ||
The Fifth Gear purchase price was allocated as follows: | ||
Purchased intangibles | 3,070,000 | 3,070,000 |
Fifth Gear [Member] | Trade Names [Member] | ||
The Fifth Gear purchase price was allocated as follows: | ||
Purchased intangibles | $522,000 | $522,000 |
Note_2_Acquisition_Pro_Forma_I
Note 2 - Acquisition - Pro Forma Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net sales | $46,527 | $46,792 | $118,585 | $123,026 |
Loss from operations | -1,133 | -2,457 | -6,279 | -5,073 |
Net loss | ($9,004) | ($2,693) | ($24,559) | ($13,710) |
Loss per common share: | ||||
Basic (in dollars per share) | ($0.13) | ($0.04) | ($0.36) | ($0.22) |
Diluted (in dollars per share) | ($0.13) | ($0.04) | ($0.36) | ($0.22) |
Note_3_Discontinued_Operations2
Note 3 - Discontinued Operations and Disposition (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jul. 09, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||||
Proceeds from Divestiture of Businesses | $5,000,000 | $5,000,000 | $0 | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | -1,792,000 | 0 | 2,135,000 | 2,135,000 | 0 | ||
Notes Receivable [Member] | |||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $10,000,000 |
Note_3_Discontinued_Operations3
Note 3 - Discontinued Operations and Disposition - Components of Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenue | $149,935,000 | $71,743,000 | $316,099,000 | |
Cost of revenue | 136,470,000 | 70,678,000 | 289,129,000 | |
Total operating expenses | 475,000 | 11,551,000 | 12,445,000 | 29,103,000 |
Pre-tax income (loss) from discontinued operations | -475,000 | 1,914,000 | -11,380,000 | -2,133,000 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | -1,792,000 | 0 | 2,135,000 | |
Income tax expense | -1,000 | -16,000 | -19,000 | -53,000 |
Income (loss) from discontinued operations, net of tax | ($2,268,000) | $1,898,000 | ($9,264,000) | ($2,186,000) |
Note_4_Supplemental_Cash_Flow_2
Note 4 - Supplemental Cash Flow Information (Details Textual) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ||
Income Taxes Paid, Net | $31,000 | $193,000 |
Interest Paid, Net | 2,751,000 | 1,159,000 |
Capital Lease Obligations Incurred | $2,000,000 |
Note_4_Supplemental_Cash_Flow_3
Note 4 - Supplemental Cash Flow Information - Changes in Operating Assets and Liabilities (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts receivable | ($5,321,000) | ($13,099,000) |
Inventory | 213,000 | |
Prepaid expenses | -1,109,000 | -430,000 |
Other assets | -17,930,000 | -4,693,000 |
Accounts payable | 2,581,000 | 1,937,000 |
Accrued expenses and other liabilities | 12,471,000 | 2,917,000 |
Changes in operating assets and liabilities | ($9,095,000) | ($13,368,000) |
Note_5_Intangible_Assets_Detai
Note 5 - Intangible Assets (Details Textual) | 9 Months Ended |
Dec. 31, 2014 | |
Computer Software, Intangible Asset [Member] | Maximum [Member] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Computer Software, Intangible Asset [Member] | Minimum [Member] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Customer Relationships [Member] | Maximum [Member] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Asset, Useful Life | 14 years |
Customer Relationships [Member] | Minimum [Member] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Asset, Useful Life | 8 years |
Developed Technology Rights [Member] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Internet Domain Names [Member] | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Asset, Useful Life | 7 years |
Note_5_Intangible_Assets_Intan
Note 5 - Intangible Assets - Intangible Asset Summary (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Gross carrying amount | $49,756,000 | $22,629,000 |
Accumulated amortization | -5,806,000 | -3,033,000 |
Net | 43,950,000 | 19,596,000 |
Trademarks [Member] | ||
Gross carrying amount | 3,590,000 | 3,590,000 |
Net | 3,590,000 | 3,590,000 |
Computer Software, Intangible Asset [Member] | ||
Gross carrying amount | 6,749,000 | 244,000 |
Accumulated amortization | -224,000 | -46,000 |
Net | 6,525,000 | 198,000 |
Customer Relationships [Member] | ||
Gross carrying amount | 34,590,000 | 14,490,000 |
Accumulated amortization | -3,187,000 | -1,485,000 |
Net | 31,403,000 | 13,005,000 |
Developed Technology Rights [Member] | ||
Gross carrying amount | 4,170,000 | 4,170,000 |
Accumulated amortization | -2,318,000 | -1,483,000 |
Net | 1,852,000 | 2,687,000 |
Internet Domain Names [Member] | ||
Gross carrying amount | 135,000 | 135,000 |
Accumulated amortization | -33,000 | -19,000 |
Net | 102,000 | 116,000 |
Trade Names [Member] | ||
Gross carrying amount | 522,000 | |
Accumulated amortization | -44,000 | |
Net | $478,000 |
Note_5_Intangible_Assets_Debt_
Note 5 - Intangible Assets - Debt Issuance Costs (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt issuance costs | $1,114 | $2,771 |
Less: accumulated amortization | -19 | -1,848 |
Debt issuance costs, net | $1,095 | $923 |
Note_6_Property_and_Equipment_1
Note 6 - Property and Equipment (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $1.20 | $1.40 | $3 | $3 |
Note_6_Property_and_Equipment_2
Note 6 - Property and Equipment - Property and Equipment (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, plant and equipment, gross | $31,411 | $19,729 |
Less: accumulated depreciation and amortization | -7,300 | -4,320 |
Net property and equipment | 24,111 | 15,409 |
Building [Member] | ||
Property, plant and equipment, gross | 1,700 | |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 9,486 | 5,561 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 3,745 | 2,851 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 483 | 27 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 2,046 | 826 |
Other Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $13,951 | $10,464 |
Note_7_Other_Longterm_Assets_A2
Note 7 - Other Long-term Assets, Accrued Expenses, Other Current Liabilities and Other Long-term Liabilities - Other Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Debt issuance costs, net | $1,095,000 | $923,000 |
Deferred costs | 13,642,000 | 3,757,000 |
Note Receivable | 1,459,000 | 0 |
Other deposits | 3,125,000 | 1,234,000 |
Total other long-term assets | 19,321,000 | 5,914,000 |
Compensation and benefits | 1,909,000 | 1,135,000 |
Accrued interest | 45,000 | 158,000 |
Warrant | 1,372,000 | 0 |
Earn out obligation | 10,441,000 | |
Other | 4,711,000 | 437,000 |
Total accrued expenses | 18,478,000 | 1,730,000 |
Deferred revenue | 4,192,000 | 3,007,000 |
Tax payable | 38,000 | 733,000 |
Lease obligations | 1,023,000 | 539,000 |
Line of credit for inventory purchases | 1,209,000 | |
Total other current liabilities | 6,462,000 | 4,279,000 |
Deferred rent | 4,980,000 | 1,390,000 |
Deferred revenue | 5,477,000 | 563,000 |
Customer Deposits | 14,000 | 34,000 |
Lease obligations | 808,000 | 85,000 |
Total other long-term liabilities | $11,279,000 | $2,072,000 |
Note_9_Bank_Financing_and_Debt1
Note 9 - Bank Financing and Debt (Details Textual) (USD $) | 6 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2014 | Nov. 21, 2014 | Nov. 21, 2014 | Jul. 09, 2014 | Apr. 14, 2011 | Nov. 12, 2009 | Aug. 08, 2014 | Mar. 31, 2014 | |
Debt Disclosure [Abstract] | |||||||||
Gains (Losses) on Extinguishment of Debt | $3,863,000 | $3,000,000 | |||||||
Amended and Restated Credit Facility [Member] | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Instrument, Term | 5 years | ||||||||
Debt Instrument, Face Amount | 100,000,000 | 100,000,000 | |||||||
Debt Pricipal Amortization Rate | 2.50% | ||||||||
Debt Principal Amortization Rate, Year Two | 3.00% | ||||||||
Debt Principal Amortization Rate, Year Three | 3.50% | ||||||||
Debt Principal Amortization Rate, Year Four | 5.00% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.50% | 8.50% | |||||||
Amended and Restated Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 7.50% | ||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | ||||||||
Term Loan Credit Facility [Member] | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Instrument, Term | 5 years | ||||||||
Debt Instrument, Face Amount | 50,000,000 | 50,000,000 | |||||||
Lease Involving a Five Year Standby Letter of Credit [Member] | |||||||||
Debt Disclosure [Abstract] | |||||||||
Letters of Credit Outstanding, Amount | 1,500,000 | 576,424 | |||||||
Annual Decrease in Letter of Credit | 300,000 | ||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,800,000 | 1,800,000 | 2,300,000 | ||||||
Closing Date Loans [Member] | Term Loan Credit Facility [Member] | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Instrument, Face Amount | 35,000,000 | ||||||||
Delayed Draw Loan [Member] | Term Loan Credit Facility [Member] | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Instrument, Face Amount | 15,000,000 | ||||||||
Letter of Credit [Member] | Lease Involving a Five Year Standby Letter of Credit [Member] | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Instrument, Term | 5 years | ||||||||
Revolving Credit Facility [Member] | Fifth Gear Customer [Member] | |||||||||
Debt Disclosure [Abstract] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,500,000 | 3,500,000 | |||||||
Long-term Line of Credit | 1,200,000 | 1,200,000 | |||||||
Revolving Credit Facility [Member] | Fifth Gear Customer [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
Line of Credit Facility, Interest Rate at Period End | 2.50% | 2.50% | |||||||
Revolving Credit Facility [Member] | Wells Fargo Capital Finance, LLC [Member] | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Instrument, Term | 3 years | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 65,000,000 | ||||||||
Payments of Debt Extinguishment Costs | $800,000 |
Note_10_Income_Taxes_Details_T
Note 10 - Income Taxes (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||
Income Tax Expense (Benefit) | $170,000 | $25,000 | $343,000 | $53,000 | |
Effective Income Tax Rate Reconciliation, Percent | -2.40% | -0.90% | -2.80% | -1.00% | |
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period | 1,000 | 17,000 | 19,000 | 54,000 | |
Effective Income Tax Rate Reconciliation, Discontinued Operations, Percent | 0.00% | -0.90% | -0.20% | -2.50% | |
Deferred Tax Assets, Valuation Allowance | 47,000,000 | 47,000,000 | 39,500,000 | ||
Deferred Tax Assets, Net, Before Valuation Allowance | 45,700,000 | 45,700,000 | 38,200,000 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $1,600,000 | $1,600,000 | $1,100,000 |
Note_11_Earnings_Loss_Per_Shar2
Note 11 - Earnings (Loss) Per Share and Convertible Preferred Stock (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 02, 2014 | Dec. 31, 2014 |
Earnings Per Share [Abstract] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,300,000 | 3,800,000 | 2,600,000 | 3,800,000 | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 833,333 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3.50 | |||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $1.40 | $1.40 | $1.70 | 1.4 | ||
Series C Preferred Stock [Member] | ||||||
Earnings Per Share [Abstract] | ||||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 10 | |||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | $9.90 | |||||
Stock Issued During Period, Shares, New Issues | 3,333,333 | 59,158 | ||||
Preferred Stock, Dividend Rate, Percentage | 7.00% |
Note_11_Earnings_Loss_Per_Shar3
Note 11 - Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Numerator: | ||||
Net loss from continuing operations | ($7,134) | ($2,962) | ($12,440) | ($5,451) |
Dividend for convertible preferred stock, Series C dividends | -177 | -409 | ||
Accretion of convertible preferred stock, Series C | -1,402 | -3,533 | ||
Income (loss) from discontinued operations, net of tax | -2,268 | 1,898 | -9,264 | -2,186 |
Net loss attributable to common shareholders | ($10,981) | ($1,064) | ($25,646) | ($7,637) |
Denominator: | ||||
Denominator for basic loss per share b weighted average shares (in shares) | 65,928 | 64,928 | 65,561 | 59,332 |
Denominator for diluted loss per share b weighted-average shares (in shares) | 65,928 | 64,928 | 65,561 | 59,332 |
Basic earnings (loss) per common share | ||||
Continuing operations (in dollars per share) | ($0.13) | ($0.05) | ($0.25) | ($0.09) |
Discontinued operations (in dollars per share) | ($0.03) | $0.03 | ($0.14) | ($0.04) |
Net loss (in dollars per share) | ($0.16) | ($0.02) | ($0.39) | ($0.13) |
Diluted earnings (loss) per common share | ||||
Continuing operations (in dollars per share) | ($0.13) | ($0.05) | ($0.25) | ($0.09) |
Discontinued operations (in dollars per share) | ($0.03) | $0.03 | ($0.14) | ($0.04) |
Net loss (in dollars per share) | ($0.16) | ($0.02) | ($0.39) | ($0.13) |