Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2013 | Feb. 03, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MOTORCAR PARTS AMERICA INC | ' |
Entity Central Index Key | '0000918251 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 14,945,545 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Current assets: | ' | ' |
Cash | $33,330,000 | $19,346,000 |
Short-term investments | 496,000 | 411,000 |
Accounts receivable - net | 2,634,000 | 3,689,000 |
Inventory - net | 43,220,000 | 31,838,000 |
Inventory unreturned | 7,199,000 | 6,981,000 |
Deferred income taxes | 13,909,000 | 30,075,000 |
Prepaid expenses and other current assets | 2,369,000 | 8,195,000 |
Current assets of discontinued operations (Note 2) | 0 | 52,096,000 |
Total current assets | 103,157,000 | 152,631,000 |
Plant and equipment - net | 10,392,000 | 10,036,000 |
Long-term core inventory - net | 134,517,000 | 118,211,000 |
Long-term core inventory deposits | 28,857,000 | 27,610,000 |
Long-term deferred income taxes | 13,189,000 | 2,546,000 |
Intangible assets - net | 3,425,000 | 3,983,000 |
Other assets | 3,803,000 | 5,618,000 |
Long-term assets of discontinued operations (Note 2) | 0 | 44,334,000 |
TOTAL ASSETS | 297,340,000 | 364,969,000 |
Current liabilities: | ' | ' |
Accounts payable | 49,997,000 | 39,152,000 |
Accrued liabilities | 7,717,000 | 9,326,000 |
Customer finished goods returns accrual | 12,930,000 | 14,289,000 |
Revolving loan | 10,000,000 | 0 |
Other current liabilities | 1,036,000 | 1,192,000 |
Current portion of term loan (Net of discount of $557,000 and $125,000, respectively) | 7,843,000 | 3,775,000 |
Current liabilities of discontinued operations (Note 2) | 0 | 151,914,000 |
Total current liabilities | 89,523,000 | 219,648,000 |
Term loan, less current portion (Net of discount of $5,372,000 and $1,980,000, respectively) | 81,228,000 | 78,130,000 |
Deferred core revenue | 13,410,000 | 12,014,000 |
Other liabilities | 7,746,000 | 3,481,000 |
Long-term liabilities of discontinued operations (Note 2) | 0 | 55,210,000 |
Total liabilities | 191,907,000 | 368,483,000 |
Commitments and contingencies | ' | ' |
Statement [Line Items] | ' | ' |
Preferred stock | 0 | 0 |
Common stock; par value $.01 per share, 20,000,000 shares authorized; 14,836,980 and 14,460,979 shares issued and outstanding at December 31, 2013 and March 31, 2013, respectively | 148,000 | 145,000 |
Additional paid-in capital | 119,418,000 | 114,737,000 |
Accumulated other comprehensive loss | -875,000 | -846,000 |
Accumulated deficit | -13,258,000 | -117,550,000 |
Total shareholders' equity (deficit) | 105,433,000 | -3,514,000 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 297,340,000 | 364,969,000 |
Series A junior participating preferred stock [Member] | ' | ' |
Statement [Line Items] | ' | ' |
Preferred stock | $0 | $0 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Current liabilities: | ' | ' |
Discount on term loan, current | $557,000 | $125,000 |
Discount on term loan, long-term | $5,372,000 | $1,980,000 |
Shareholders' equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 14,836,980 | 14,460,979 |
Common stock, outstanding (in shares) | 14,836,980 | 14,460,979 |
Series A Junior Participating Preferred Stock [Member] | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, authorized (in shares) | 20,000 | 20,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Consolidated Statements of Operations (Unaudited) [Abstract] | ' | ' | ' | ' |
Net sales | $65,568,000 | $50,658,000 | $181,987,000 | $155,109,000 |
Cost of goods sold | 43,642,000 | 34,332,000 | 124,342,000 | 103,868,000 |
Gross profit | 21,926,000 | 16,326,000 | 57,645,000 | 51,241,000 |
Operating expenses: | ' | ' | ' | ' |
General and administrative | 9,580,000 | 8,848,000 | 27,918,000 | 19,154,000 |
Sales and marketing | 1,905,000 | 1,983,000 | 5,779,000 | 5,479,000 |
Research and development | 452,000 | 445,000 | 1,399,000 | 1,342,000 |
Total operating expenses | 11,937,000 | 11,276,000 | 35,096,000 | 25,975,000 |
Operating income | 9,989,000 | 5,050,000 | 22,549,000 | 25,266,000 |
Interest expense, net | 6,524,000 | 2,384,000 | 15,112,000 | 8,373,000 |
Income from continuing operations before income tax expense | 3,465,000 | 2,666,000 | 7,437,000 | 16,893,000 |
Income tax expense | 2,317,000 | 880,000 | 4,022,000 | 6,237,000 |
Income from continuing operations | 1,148,000 | 1,786,000 | 3,415,000 | 10,656,000 |
Income (loss) from discontinued operations | 0 | -851,000 | 100,877,000 | -28,516,000 |
Net income (loss) | $1,148,000 | $935,000 | $104,292,000 | ($17,860,000) |
Basic net income per share from continuing operations (in dollars per share) | $0.08 | $0.12 | $0.24 | $0.75 |
Basic net income (loss) per share from discontinued operations (in dollars per share) | $0 | ($0.06) | $6.95 | ($2) |
Basic net income (loss) per share (in dollars per share) | $0.08 | $0.06 | $7.19 | ($1.25) |
Diluted net income per share from continuing operations (in dollars per share) | $0.08 | $0.12 | $0.23 | $0.74 |
Diluted net income (loss) per share from discontinued operations (in dollars per share) | $0 | ($0.06) | $6.81 | ($1.99) |
Diluted net income (loss) per share (in dollars per share) | $0.08 | $0.06 | $7.04 | ($1.25) |
Weighted average number of shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 14,618,930 | 14,463,782 | 14,513,864 | 14,283,080 |
Diluted (in shares) | 15,262,497 | 14,525,613 | 14,820,341 | 14,348,814 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) [Abstract] | ' | ' | ' | ' |
Net income (loss) | $1,148,000 | $935,000 | $104,292,000 | ($17,860,000) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Unrealized gain on short-term investments | 16,000 | 4,000 | 30,000 | 6,000 |
Foreign currency translation | -47,000 | 104,000 | -59,000 | -250,000 |
Total other comprehensive (loss) income, net of tax | -31,000 | 108,000 | -29,000 | -244,000 |
Comprehensive income (loss) | $1,117,000 | $1,043,000 | $104,263,000 | ($18,104,000) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $104,292,000 | ($17,860,000) |
Less income (loss) from discontinued operations | 100,877,000 | -28,516,000 |
Income from continuing operations | 3,415,000 | 10,656,000 |
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities: | ' | ' |
Depreciation | 1,533,000 | 1,557,000 |
Amortization of intangible assets | 558,000 | 580,000 |
Amortization of debt issuance costs | 4,157,000 | 1,249,000 |
Loss due to change in fair value of warrant liability | 6,881,000 | 825,000 |
Gain on extinguishment of warrant liability | -216,000 | 0 |
Provision for inventory reserves | 1,062,000 | 1,077,000 |
Net (recovery of) provision for customer payment discrepancies | -210,000 | 500,000 |
Net recovery of doubtful accounts | -47,000 | -20,000 |
Deferred income taxes | 14,220,000 | -36,000 |
Share-based compensation expense | 549,000 | 965,000 |
Impact of tax benefit on APIC pool from stock options exercised | 717,000 | 15,000 |
Loss on disposal of plant and equipment | 8,000 | 3,000 |
Changes in current assets and liabilities: | ' | ' |
Accounts receivable | 1,507,000 | 12,085,000 |
Inventory | -10,210,000 | -9,731,000 |
Inventory unreturned | -218,000 | -682,000 |
Prepaid expenses and other current assets | 5,689,000 | -1,378,000 |
Other assets | -353,000 | -201,000 |
Accounts payable and accrued liabilities | 8,876,000 | -9,337,000 |
Customer finished goods returns accrual | -1,359,000 | 2,961,000 |
Deferred core revenue | 1,395,000 | 582,000 |
Long-term core inventory | -17,244,000 | -15,013,000 |
Long-term core inventory deposits | -1,247,000 | -671,000 |
Other liabilities | 262,000 | -21,000 |
Net cash provided by (used in) operating activities from continuing operations | 19,725,000 | -4,035,000 |
Net cash provided by (used in) operating activities from discontinued operations | 979,000 | -23,694,000 |
Net cash provided by (used in) operating activities | 20,704,000 | -27,729,000 |
Cash flows from investing activities: | ' | ' |
Purchase of plant and equipment | -2,154,000 | -1,625,000 |
Change in short term investments | -35,000 | -31,000 |
Net cash used in investing activities from continuing operations | -2,189,000 | -1,656,000 |
Net cash used in investing activities from discontinued operations | -295,000 | -1,401,000 |
Net cash used in investing activities | -2,484,000 | -3,057,000 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving loan | 10,000,000 | 0 |
Proceeds from term loan | 20,000,000 | 10,000,000 |
Repayments of term loan | -9,500,000 | -250,000 |
Debt issuance costs | -5,221,000 | -799,000 |
Payments on capital lease obligations | -156,000 | -206,000 |
Exercise of stock options | 3,552,000 | 73,000 |
Excess tax benefit from employee stock options exercised | 1,208,000 | 3,000 |
Impact of tax benefit on APIC pool from stock options exercised | -717,000 | -15,000 |
Cash used to net share settle equity awards | 0 | -163,000 |
Repurchase of common stock and options, including fees | -627,000 | -100,000 |
Proceeds from issuance of common stock | 3,000 | 15,005,000 |
Repurchase of warrants | -2,194,000 | 0 |
Stock issuance costs | 0 | -1,034,000 |
Net cash provided by financing activities from continuing operations | 16,348,000 | 22,514,000 |
Net cash (used in) provided by financing activities from discontinued operations | -20,636,000 | 737,000 |
Net cash (used in) provided by financing activities | -4,288,000 | 23,251,000 |
Effect of exchange rate changes on cash | -36,000 | -12,000 |
Net increase (decrease) in cash | 13,896,000 | -7,547,000 |
Cash - Beginning of period from continuing operations | 19,346,000 | 32,379,000 |
Cash - Beginning of period from discontinued operations | 88,000 | 238,000 |
Cash - End of period | 33,330,000 | 25,070,000 |
Less Cash - End of period from discontinued operations | 0 | 207,000 |
Cash - End of period from continuing operations | 33,330,000 | 24,863,000 |
Cash paid during the period for: | ' | ' |
Interest | 12,095,000 | 17,105,000 |
Income taxes, net of refunds | -16,472,000 | 8,068,000 |
Non-cash investing and financing activities: | ' | ' |
Warrants issued in connection with debt | 0 | 1,625,000 |
Property acquired under capital lease | $34,000 | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended December 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2014. This report should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2013, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on June 17, 2013, as amended by the Form 10-K/A filed with the SEC on July 29, 2013. | |
The Company has classified Fenco (as defined in Note 2 below) operations as discontinued operations in the accompanying unaudited consolidated financial statements as a result of the Fenco Entities’ (as defined in Note 2 below) voluntary petition for relief under Chapter 7 of Title 11 of the United States Code in the U.S. Bankruptcy court of the District of Delaware on June 10, 2013 (see Note 2). Correspondingly, reclassifications of Fenco’s assets, liabilities and operations for the prior year period to discontinued operations have been made to conform to the current year’s presentation. | |
The accompanying consolidated financial statements have been prepared on a consistent basis with, and there have been no material changes to, the accounting policies described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements that are presented in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013. | |
Certain items in the consolidated balance sheet for the fiscal year ended March 31, 2013 have been reclassified to conform to fiscal 2014 presentation. |
Company_Background_and_Organiz
Company Background and Organization | 9 Months Ended |
Dec. 31, 2013 | |
Company Background and Organization [Abstract] | ' |
Company Background and Organization | ' |
1. Company Background and Organization | |
Motorcar Parts of America, Inc. and its subsidiaries (the “Company”, or “MPA”) is a leading manufacturer, remanufacturer, and distributor of aftermarket automobile parts. These replacement parts are sold for use on vehicles after initial vehicle purchase. These automotive parts are sold to automotive retail chain stores and warehouse distributors throughout North America and to major automobile manufacturers. | |
The Company began selling new wheel hub assemblies and wheel hub bearings in June 2013. Currently, these parts are sold mainly to one of MPA’s major existing customers. | |
The Company obtains used automobile parts, commonly known as Used Cores, primarily from its customers under the Company’s core exchange program. It also purchases Used Cores from vendors (core brokers). The customers grant credit to the consumer when the used part is returned to them, and the Company in turn provides a credit to the customers upon return to the Company. These Used Cores are an essential material needed for the remanufacturing operations. | |
The Company has manufacturing, remanufacturing, warehousing and shipping/receiving operations for automobile parts in North America and Asia. In addition, the Company utilizes various third party warehouse distribution centers in North America. | |
Pursuant to the guidance provided under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the Company now has one reportable segment as a result of the deconsolidation of Fenco, as defined herein. |
Discontinued_Operations_and_De
Discontinued Operations and Deconsolidation of Fenco | 9 Months Ended | ||||
Dec. 31, 2013 | |||||
Discontinued Operations and Deconsolidation of Fenco [Abstract] | ' | ||||
Discontinued Operations and Deconsolidation of Fenco | ' | ||||
2. Discontinued Operations and Deconsolidation of Fenco | |||||
In May 2011, the Company purchased (i) all of the outstanding equity of Fenwick Automotive Products Limited (“FAPL”), (ii) all of the outstanding equity of Introcan, Inc., a Delaware corporation (“Introcan”), and (iii) 1% of the outstanding equity of Fapco S.A. de C.V., a Mexican variable capital company (“Fapco”) (collectively, “Fenco” and also referred to herein as the “discontinued subsidiary”). Since FAPL owned 99% of Fapco prior to these acquisitions, the Company owned 100% of Fapco. | |||||
Between May 2011 and its bankruptcy in June 2013, Fenco had been attempting to turnaround its business. However, revenues generated by its undercar product line segment were not sufficient to enable Fenco to meet its operating expenses and otherwise implement its undercar product line turnaround plan. Fenco had recurring operating losses since the date of acquisition and had a working capital and equity deficiency. | |||||
In May 2013, FAPL appointed a new board of independent directors, hired an independent chief restructuring officer and all its previously existing officers resigned from FAPL. As a result of loss of control of Fenco, the Company deconsolidated the assets and liabilities of Fenco from its consolidated financial statements effective May 31, 2013. On June 10, 2013, each of FAPL, Introcan and Introcan’s subsidiaries, Flo-Pro Inc., LH Distribution Inc., Rafko Logistics Inc., Rafko Holdings Inc. and Rafko Enterprises Inc. (collectively, the “Fenco Entities”), filed a voluntary petition for relief under Chapter 7 of Title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware. | |||||
The following table summarizes the effects on the consolidated balance sheet of the deconsolidation of Fenco effective May 31, 2013. | |||||
Cash | $ | (170,000 | ) | ||
Accounts receivable — net | (4,377,000 | ) | |||
Inventory— net | (25,731,000 | ) | |||
Inventory unreturned | (5,321,000 | ) | |||
Deferred income taxes | (225,000 | ) | |||
Prepaid expenses and other current assets | (2,436,000 | ) | |||
Plant and equipment — net | (4,018,000 | ) | |||
Long-term core inventory — net | (40,471,000 | ) | |||
Other assets | (22,000 | ) | |||
Reduction in total assets | $ | (82,771,000 | ) | ||
Accounts payable | $ | (75,454,000 | ) | ||
Accrued liabilities | (4,759,000 | ) | |||
Customer finished goods returns accrual | (10,744,000 | ) | |||
Other current liabilities | (1,761,000 | ) | |||
Revolving loan - in default | (48,520,000 | ) | |||
Term loan - in default | (10,000,000 | ) | |||
Customer core returns accrual | (49,531,000 | ) | |||
Other liabilities | (97,000 | ) | |||
Reduction in total liabilties | $ | (200,866,000 | ) | ||
Gain from deconsolidation of Fenco | $ | 118,095,000 | |||
Net sales from discontinued operations during the three and nine months ended December 31, 2012 were $65,617,000 and $161,821,000, respectively. A loss of approximately $5,910,000 was incurred from discontinued operations from April 1, 2013 to May 31, 2013. In addition, during the nine months ended December 31, 2013, the Company recorded a loss of approximately $20,464,000 in connection with the guarantee of obligations to certain Fenco suppliers and recorded related income tax benefits of $9,156,000. |
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Intangible Assets [Abstract] | ' | |||||||||||||||||
Intangible Assets | ' | |||||||||||||||||
3. Intangible Assets | ||||||||||||||||||
The following is a summary of the intangible assets subject to amortization at December 31, 2013 and March 31, 2013. | ||||||||||||||||||
31-Dec-13 | 31-Mar-13 | |||||||||||||||||
Weighted | Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||
Average | Value | Amortization | Value | Amortization | ||||||||||||||
Amortization | ||||||||||||||||||
Period | ||||||||||||||||||
Intangible assets subject to amortization | ||||||||||||||||||
Trademarks | 9 years | $ | 553,000 | $ | 380,000 | $ | 553,000 | $ | 337,000 | |||||||||
Customer relationships | 12 years | 6,464,000 | 3,230,000 | 6,464,000 | 2,743,000 | |||||||||||||
Non-compete agreements | 4 years | 257,000 | 239,000 | 257,000 | 211,000 | |||||||||||||
Total | 11 years | $ | 7,274,000 | $ | 3,849,000 | $ | 7,274,000 | $ | 3,291,000 | |||||||||
Amortization expense for acquired intangible assets for the three and nine months ended December 31, 2013 and 2012 is as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Amortization expense | $ | 180,000 | $ | 194,000 | $ | 558,000 | $ | 580,000 | ||||||||||
The consolidated aggregate estimated future amortization expense for intangible assets subject to amortization is as follows: | ||||||||||||||||||
Year Ending March 31, | ||||||||||||||||||
2014 - remaining three months | $ | 180,000 | ||||||||||||||||
2015 | 670,000 | |||||||||||||||||
2016 | 349,000 | |||||||||||||||||
2017 | 266,000 | |||||||||||||||||
2018 | 266,000 | |||||||||||||||||
Thereafter | 1,694,000 | |||||||||||||||||
Total | $ | 3,425,000 |
Accounts_Receivable_Net
Accounts Receivable - Net | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounts Receivable - Net [Abstract] | ' | ||||||||||||||||
Accounts Receivable - Net | ' | ||||||||||||||||
4. Accounts Receivable — Net | |||||||||||||||||
Included in accounts receivable — net are significant offset accounts related to customer allowances earned, customer payment discrepancies, returned goods authorizations (“RGA”) issued for in-transit unit returns, estimated future credits to be provided for Used Cores returned by the customers and potential bad debts. Due to the forward looking nature and the different aging periods of certain estimated offset accounts, the offset accounts may not, at any point in time, directly relate to the balances in the accounts receivable-trade account. | |||||||||||||||||
Accounts receivable — net is comprised of the following: | |||||||||||||||||
31-Dec-13 | 31-Mar-13 | ||||||||||||||||
Accounts receivable — trade | $ | 42,072,000 | $ | 40,686,000 | |||||||||||||
Allowance for bad debts | (854,000 | ) | (1,019,000 | ) | |||||||||||||
Customer allowances earned | (11,505,000 | ) | (11,160,000 | ) | |||||||||||||
Customer payment discrepancies | (384,000 | ) | (514,000 | ) | |||||||||||||
Customer returns RGA issued | (6,590,000 | ) | (4,966,000 | ) | |||||||||||||
Customer core returns accruals | (20,105,000 | ) | (19,338,000 | ) | |||||||||||||
Less: total accounts receivable offset accounts | (39,438,000 | ) | (36,997,000 | ) | |||||||||||||
Total accounts receivable — net | $ | 2,634,000 | $ | 3,689,000 | |||||||||||||
As of May 31, 2013, $4,377,000 of accounts receivable at the discontinued subsidiary was deconsolidated from the consolidated financial statements of the Company (see Note 2). | |||||||||||||||||
Warranty Returns | |||||||||||||||||
The Company allows its customers to return goods to the Company that their end-user customers have returned to them, whether the returned item is or is not defective (warranty returns). The Company accrues an estimate of its exposure to warranty returns based on a historical analysis of the level of this type of return as a percentage of total unit sales. Amounts charged to expense for these warranty returns are considered in arriving at the Company’s net sales. At December 31, 2013, the warranty return accrual of $3,113,000 on the credits to be issued for the returns received was included under the customer returns RGA issued in the above table and the warranty return estimate of $3,295,000 was included in customer finished goods returns accrual in the consolidated balance sheets. | |||||||||||||||||
Change in the Company’s warranty return accrual for continuing operations is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Balance at beginning of period | $ | 7,204,000 | $ | 5,485,000 | $ | 6,205,000 | $ | 4,426,000 | |||||||||
Charged to expense | 12,471,000 | 11,102,000 | 41,196,000 | 36,717,000 | |||||||||||||
Amounts processed | (13,267,000 | ) | (11,369,000 | ) | (40,993,000 | ) | (35,925,000 | ) | |||||||||
Balance at end of period | $ | 6,408,000 | $ | 5,218,000 | $ | 6,408,000 | $ | 5,218,000 | |||||||||
As of May 31, 2013, $5,642,000 of warranty return accrual at the discontinued subsidiary was deconsolidated from the consolidated financial statements of the Company (see Note 2). |
Inventory
Inventory | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory [Abstract] | ' | ||||||||
Inventory | ' | ||||||||
5. Inventory | |||||||||
Inventory is comprised of the following: | |||||||||
31-Dec-13 | 31-Mar-13 | ||||||||
Non-core inventory | |||||||||
Raw materials | $ | 14,985,000 | $ | 14,152,000 | |||||
Work-in-process | 94,000 | 137,000 | |||||||
Finished goods | 29,845,000 | 19,239,000 | |||||||
44,924,000 | 33,528,000 | ||||||||
Less allowance for excess and obsolete inventory | (1,704,000 | ) | (1,690,000 | ) | |||||
Total | $ | 43,220,000 | $ | 31,838,000 | |||||
Inventory unreturned | $ | 7,199,000 | $ | 6,981,000 | |||||
Long-term core inventory | |||||||||
Used cores held at the Company's facilities | $ | 24,460,000 | $ | 22,227,000 | |||||
Used cores expected to be returned by customers | 7,075,000 | 5,147,000 | |||||||
Remanufactured cores held in finished goods | 16,965,000 | 15,019,000 | |||||||
Remanufactured cores held at customers' locations | 87,138,000 | 76,626,000 | |||||||
135,638,000 | 119,019,000 | ||||||||
Less allowance for excess and obsolete inventory | (1,121,000 | ) | (808,000 | ) | |||||
Total | $ | 134,517,000 | $ | 118,211,000 | |||||
Long-term core inventory deposits | $ | 28,857,000 | $ | 27,610,000 | |||||
As of May 31, 2013, $25,731,000 of non-core inventory, $5,321,000 of inventory unreturned, and $40,471,000 of long-term core inventory at the discontinued subsidiary was deconsolidated from the consolidated financial statements of the Company (see Note 2). |
Major_Customers
Major Customers | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Major Customers [Abstract] | ' | ||||||||||||||||
Major Customers | ' | ||||||||||||||||
6. Major Customers | |||||||||||||||||
The Company’s largest customers accounted for the following total percentage of net sales and accounts receivable — trade from continuing operations: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
Sales | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Customer A | 54 | % | 36 | % | 52 | % | 39 | % | |||||||||
Customer B | 19 | % | 23 | % | 21 | % | 26 | % | |||||||||
Customer C | 10 | % | 14 | % | 11 | % | 12 | % | |||||||||
Customer D | 3 | % | 6 | % | 4 | % | 5 | % | |||||||||
Accounts receivable - trade | 31-Dec-13 | 31-Mar-13 | |||||||||||||||
Customer A | 39 | % | 27 | % | |||||||||||||
Customer B | 16 | % | 11 | % | |||||||||||||
Customer C | 6 | % | 7 | % | |||||||||||||
Customer D | 7 | % | 12 | % | |||||||||||||
The Company’s largest supplier accounted for 13% and 14% of inventory purchases for the three and nine months ended December 31, 2013. No suppliers accounted for more than 10% of inventory purchases for the three and nine months ended December 31, 2012. |
Debt
Debt | 9 Months Ended |
Dec. 31, 2013 | |
Debt [Abstract] | ' |
Debt | ' |
7. Debt | |
The Company has the following credit agreements. | |
Financing Agreement | |
The Company is party to a financing agreement, as amended, (the “Financing Agreement”) with a syndicate of lenders, Cerberus Business Finance, LLC (“Cerberus”), as collateral agent, and PNC Bank, National Association, as administrative agent. The loans made thereunder (the “Loans”) consist of: (i) term loans aggregating $85,000,000 (the “Term Loans”) and (ii) revolving loans of up to $20,000,000, subject to borrowing base restrictions and a $10,000,000 sublimit for letters of credit (the “Revolving Loans”). The Loans were initially scheduled to mature on January 17, 2017. In connection with the Financing Agreement, the lenders were granted a security interest in substantially all of the assets of the Company. | |
The Term Loans required quarterly principal payments of $600,000 per quarter from April 1, 2013 to September 30, 2013 and $1,350,000 per quarter from October 1, 2013 until the final maturity date. The Term Loans bear interest at rates equal to, at the Company’s option, either LIBOR plus 8.5% or a base rate plus 7.5%. | |
In June 2013, the Company entered into a sixth amendment to the Financing Agreement (the “Sixth Amendment”), under the terms of which the agents and lenders agreed to waive any event of default that would otherwise arise under the Financing Agreement due to the qualification in the opinion by the Company’s independent registered accounting firm with respect to the financial statements for the fiscal year ended March 31, 2013. In addition, the Sixth Amendment (i) added a reporting requirement with respect to the Company’s liquidity levels and certain inventory purchases and (ii) added a financial covenant under which the Company must maintain the following levels of liquidity on the following dates unless otherwise consented to by the lenders: on June 28, 2013, an aggregate amount of at least $25,000,000, subject to certain adjustments; on July 31, 2013, an aggregate amount of at least $26,000,000, subject to certain adjustments; and on August 30, 2013, an aggregate amount of at least $27,000,000, subject to certain adjustments. The Company was in compliance with these minimum liquidity requirements at each date. | |
In August 2013, the Company entered into a seventh amendment to the Financing Agreement (the “Seventh Amendment”). Pursuant to the terms of the Seventh Amendment, (i) the Company borrowed an additional $20,000,000 in Term Loans, (ii) modified certain financial covenants, and (iii) provided consent from the lenders to the Company’s payment of certain subordinated debt with respect to the guaranty as described below under WX Agreement (as defined herein). Among other things, the Seventh Amendment requires quarterly principal payments of $2,100,000, with respect to the Term Loans, beginning on October 1, 2013 until the final maturity date. | |
In October 2013, the Company entered into an eighth amendment to the Financing Agreement (the “Eighth Amendment”), which among other things, permitted the Company to purchase Mr. Joffe’s stock option pursuant to the Option Purchase Agreement (as defined herein). | |
In November 2013, the Company entered into a ninth amendment and waiver to the Financing Agreement (the “Ninth Amendment”). Pursuant to the terms of the Ninth Amendment, (i) the agents and lenders waived a requirement for the Company to pay down the Loans with its receipt of certain state tax refunds, (ii) the Revolving Loans were increased by $10,000,000 to $30,000,000 (the “Amended Revolving Loans”), subject to certain borrowing base restrictions, (iii) the Term Loans were decreased by $10,000,000 to $95,000,000 (the “Amended Term Loans”), (iv) the final maturity date was extended to November 6, 2018, (v) the Company gained the right, subject to meeting certain conditions, to repurchase up to $10,000,000 of its equity interests, and (vi) certain other amendments and modifications were made to the Financing Agreement in the form of an amended and restated financing agreement (the “Amended Financing Agreement”). | |
Among other things, the Amended Term Loans require quarterly principal payments of $2,100,000 and bear interest at rates equal to, at the Company’s option, either LIBOR (subject to a 1.50% LIBOR floor) plus 5.25% or a reference rate plus 4.25%. The Amended Revolving Loans bear interest at rates equal to, at the Company’s option, either LIBOR plus 2.50% or a reference rate plus 1.00%. The interest rate on the Company’s term loans using the LIBOR option was 6.75% and 10.5% at December 31, 2013 and March 31, 2013, respectively. The interest rate on the Company’s Amended Revolving Loans using the LIBOR option was 2.67% at December 31, 2013. | |
The Amended Revolving Loans may, at the Company’s option, be prepaid in whole or in part. The Company may reduce or terminate the commitments of the lenders to make the Amended Revolving Loans or prepay the Amended Term Loans in whole or in part, but such prepayments are subject to a prepayment penalty of (i) 3.00% times the sum of the reduction of the revolving credit commitment plus the principal amount of any prepayment of the Amended Term Loans until January 18, 2014 and (ii) 2.00% times the sum of the reduction of the revolving credit commitment plus the principal amount of any prepayment of the Amended Term Loans from January 19, 2014 to January 18, 2015. Notwithstanding the foregoing, the Company has the right to prepay up to $10,000,000 of the Amended Term Loans without any prepayment penalty if such payment is made within 120 days of the Ninth Amendment effective date. | |
The Amended Financing Agreement, among other things, requires the Company to maintain certain financial covenants including a maximum senior leverage ratio, a minimum fixed charge coverage ratio, and minimum consolidated earnings before interest, income tax, depreciation and amortization expenses (“EBITDA”). The Company was in compliance with all financial covenants as of December 31, 2013. | |
At December 31, 2013, the Company had borrowed $10,000,000 under the Amended Revolving Loans. There was no balance on the Revolving Loans at March 31, 2013. The Company had reserved $476,000 of the Amended Revolving Loans for standby letters of credit for workers’ compensation insurance and $2,128,000 for commercial letters of credit as of December 31, 2013. As of December 31, 2013, $17,530,000 was available under the Amended Revolving Loans. | |
Cerberus Warrant | |
In connection with the Financing Agreement, the Company issued a warrant (the “Cerberus Warrant”) to Cerberus. Pursuant to the Cerberus Warrant, Cerberus could purchase up to 219,355 shares of the Company’s common stock (the “Warrant Shares”) for an adjusted exercise price of $7.75 per share exercisable on or before May 24, 2017. The exercise price was subject to adjustments, among other things, for sales of common stock by the Company at a price below the exercise price. | |
In November 2013, the Company entered into a warrant purchase agreement (the “Cerberus Warrant Purchase Agreement”) with Cerberus to purchase the Cerberus Warrant. Pursuant to the Cerberus Warrant Purchase Agreement, the Company paid $2,194,000, which is an amount equal to the closing price of the Company’s common stock on November 22, 2013 of $17.75 less the adjusted per share exercise price of $7.75, ($10.00 per Warrant Share) multiplied by the number of Warrant Shares. The fair value of the Cerberus Warrant as of the settlement date was $2,410,000 using the Monte Carlo simulation model. The following assumptions were used to calculate the fair value of the Cerberus Warrant: dividend yield of 0%; expected volatility of 45.69%; risk-free interest rate of 0.77%; subsequent financing probability of 0%; and an expected life of 3.5 years. As a result of this settlement, the Company recorded a gain of $216,000 which is included in general and administrative expenses during the three and nine months ended December 31, 2013. The fair value of the Cerberus Warrant using the Monte Carlo simulation model was $375,000 at March 31, 2013. This amount was recorded as a warrant liability which is included in other liabilities in the consolidated balance sheet at March 31, 2013. | |
During the three months ended December 31, 2013 and 2012, a loss of $996,000 and $214,000, respectively, was recorded in general and administrative expenses due to the change in the fair value of this warrant liability. During the nine months ended December 31, 2013 and 2012, a loss of $2,035,000 and a gain of $36,000, respectively, were recorded in general and administrative expenses due to the change in the fair value of this warrant liability. | |
Fenco Loans | |
As of May 31, 2013, $48,520,000 of revolving loan - in default and $10,000,000 of term loan - in default at the discontinued subsidiary were deconsolidated from the consolidated financial statements of the Company (see Note 2). | |
WX Agreement | |
In August 2012, the Company entered into a Revolving Credit/Strategic Cooperation Agreement (the “WX Agreement”) with Wanxiang America Corporation (the “Supplier”) and the discontinued subsidiary. Under the terms of the WX Agreement, the Supplier agreed to provide a revolving credit line for purchases of automotive parts and components by the discontinued subsidiary in an aggregate principal amount not to exceed $22,000,000 (the “Fenco Credit Line”), of which $2,000,000 would only be available for accrued interest and other amounts payable (the “Obligations”). Payment for all purchases became due and payable 120 days after the date of the bill of lading. Any amounts remaining unpaid following the due date would bear interest at a rate of 1% per month. The Fenco Credit Line was scheduled to mature on July 31, 2017. Pursuant to a guaranty (the “Guaranty”), the Obligations under the WX Agreement were guaranteed by the Company and certain of its subsidiaries. | |
On July 9, 2013, the Company received notice from the Supplier that the filing of the voluntary petition for relief under Chapter 7 of Title 11 of the United States Code in the U.S. Bankruptcy Court for the District of Delaware by the Fenco Entities constituted an “Event of Default” under the WX Agreement. As a result of the Event of Default, all amounts outstanding under the WX Agreement together with all accrued interest and all other amounts payable automatically became immediately due and payable subject to the terms of the Guaranty and a subordination agreement with the lender under the Financing Agreement. In addition, subject to certain adjustments, the interest rate applicable to all amounts remaining unpaid will increase, to the extent permitted by law, to 1.25% per month, compounding monthly, on December 10, 2013, and to 1.50% per month, compounding monthly, on June 10, 2014. | |
On August 26, 2013, in connection with the Seventh Amendment, the Company paid $20,843,000 to the Supplier for payments of all outstanding liabilities, including interest payments, of the Company under the Guaranty. | |
In connection with the WX Agreement and the Guaranty, the Company also issued a warrant (the “Supplier Warrant”) to the Supplier to purchase up to 516,129 shares of the Company’s common stock for an initial exercise price of $7.75 per share exercisable at any time after August 22, 2014 and on or prior to September 30, 2017. The exercise price is subject to adjustments, among other things, for sales of common stock by the Company at a price below the exercise price. | |
The fair value of the Supplier Warrant using the Monte Carlo simulation model was $6,485,000 and $1,639,000 at December 31, 2013 and March 31, 2013, respectively. This amount is recorded as a warrant liability which is included in other liabilities in the consolidated balance sheets at December 31, 2013 and March 31, 2013. During the three months ended December 31, 2013 and 2012, a loss of $1,924,000 and $668,000, respectively, was recorded in general and administrative expenses due to the change in the fair value of this warrant liability. During the nine months ended December 31, 2013 and 2012, a loss of $4,846,000 and $861,000, respectively, was recorded in general and administrative expenses due to the change in the fair value of this warrant liability. | |
The Company no longer has any material obligations under the WX Agreement other than indemnification. The Company has not assumed all or a material portion of the Fenco product lines, and therefore the Company is not subject to the strategic cooperation provisions of the WX Agreement. |
Accounts_Receivable_Discount_P
Accounts Receivable Discount Programs | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable Discount Programs [Abstract] | ' | ||||||||
Accounts Receivable Discount Programs | ' | ||||||||
8. Accounts Receivable Discount Programs | |||||||||
The Company uses receivable discount programs with certain customers and their respective banks. Under these programs, the Company may sell those customers’ receivables to those banks at a discount to be agreed upon at the time the receivables are sold. These discount arrangements allow the Company to accelerate collection of customers’ receivables. | |||||||||
The following is a summary of the Company’s accounts receivable discount programs for continuing operations: | |||||||||
Nine Months Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Receivables discounted | $ | 155,739,000 | $ | 143,694,000 | |||||
Weighted average days | 336 | 336 | |||||||
Annualized weighted average discount rate | 2.3 | % | 2.7 | % | |||||
Amount of discount as interest expense | $ | 3,280,000 | $ | 3,617,000 |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Net Income (Loss) Per Share [Abstract] | ' | ||||||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||||||
9. Net Income (Loss) Per Share | |||||||||||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options and warrants, which would result in the issuance of incremental shares of common stock. | |||||||||||||||||
The following presents a reconciliation of basic and diluted net income (loss) per share. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income from continuing operations | $ | 1,148,000 | $ | 1,786,000 | $ | 3,415,000 | $ | 10,656,000 | |||||||||
Income (loss) from discontinued operations | - | (851,000 | ) | 100,877,000 | (28,516,000 | ) | |||||||||||
Net income (loss) | $ | 1,148,000 | $ | 935,000 | $ | 104,292,000 | $ | (17,860,000 | ) | ||||||||
Basic shares | 14,618,930 | 14,463,782 | 14,513,864 | 14,283,080 | |||||||||||||
Effect of dilutive stock options and warrants | 643,567 | 61,831 | 306,477 | 65,734 | |||||||||||||
Diluted shares | 15,262,497 | 14,525,613 | 14,820,341 | 14,348,814 | |||||||||||||
Net income (loss) per share: | |||||||||||||||||
Basic net income per share from continuing operations | $ | 0.08 | $ | 0.12 | $ | 0.24 | $ | 0.75 | |||||||||
Basic net income (loss) per share from discontinued operations | - | (0.06 | ) | 6.95 | (2.00 | ) | |||||||||||
Basic net income (loss) per share | $ | 0.08 | $ | 0.06 | $ | 7.19 | $ | (1.25 | ) | ||||||||
Diluted net income per share from continuing operations | $ | 0.08 | $ | 0.12 | $ | 0.23 | $ | 0.74 | |||||||||
Diluted net income (loss) per share from discontinued operations | - | (0.06 | ) | 6.81 | (1.99 | ) | |||||||||||
Diluted net income (loss) per share | $ | 0.08 | $ | 0.06 | $ | 7.04 | $ | (1.25 | ) | ||||||||
The effect of dilutive options excludes 421,500 shares subject to options with exercise prices ranging from $10.73 to $15.06 per share for the nine months ended December 31, 2013 — all of which were anti-dilutive. The effect of dilutive options and warrants excludes 1,500,933 shares subject to options and 735,484 shares subject to warrants with exercise prices ranging from $5.83 to $15.06 per share for the three and nine months ended December 31, 2012— all of which were anti-dilutive. |
Income_Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
10. Income Taxes | |
The Company recorded income tax expenses from continuing operations for the three months ended December 31, 2013 and 2012, of $2,317,000, or the effective tax rate of 66.9%, and $880,000, or the effective tax rate of 33.0%, respectively. For the nine months ended December 31, 2013 and 2012, the Company recorded income tax expenses from continuing operations of $4,022,000, or the effective tax rate of 54.1%, and $6,237,000, or the effective tax rate of 36.9%, respectively. The income tax rate for the three months ended December 31, 2012 was lower than the federal statutory rate due to required adjustments to reflect the appropriate nine month rate for fiscal 2013. The income tax rates for all other periods were higher than the federal statutory rate primarily due to state income taxes, which were partially offset by the benefit of lower statutory tax rates in foreign taxing jurisdictions. In addition, the income tax rates for the three and nine months ended December 31, 2013 were primarily impacted by (i) the non-deductible expenses in connection with the fair value adjustments on the warrants and (ii) the impact of the non-deductible executive compensation under Internal Revenue Code Section 162(m). A tax benefit of $9,156,000 is contained within the income from discontinued operations as disclosed in Note 2 above. | |
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions with varying statutes of limitations. |
Financial_Risk_Management_and_
Financial Risk Management and Derivatives | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Financial Risk Management and Derivatives [Abstract] | ' | ||||||||||||||||
Financial Risk Management and Derivatives | ' | ||||||||||||||||
11. Financial Risk Management and Derivatives | |||||||||||||||||
Purchases and expenses denominated in currencies other than the U.S. dollar, which are primarily related to the Company’s facilities overseas, expose the Company to market risk from material movements in foreign exchange rates between the U.S. dollar and the foreign currency. The Company’s primary risk exposure is from changes in the rate between the U.S. dollar and the Mexican peso related to the operation of the Company’s facilities in Mexico. The Company enters into forward foreign currency exchange contracts to exchange U.S. dollars for Mexican pesos in order to mitigate this risk. The Company also enters into forward foreign currency exchange contracts to exchange U.S. dollars for Chinese yuan in order to mitigate the risk related to its purchases and payments to its Chinese vendors. The extent to which forward foreign currency exchange contracts are used is modified periodically in response to management’s estimate of market conditions and the terms and length of specific purchase requirements to fund those overseas facilities and purchases. | |||||||||||||||||
The Company enters into forward foreign currency exchange contracts in order to reduce the impact of foreign currency fluctuations and not to engage in currency speculation. The use of derivative financial instruments allows the Company to reduce its exposure to the risk that the eventual cash outflow resulting from funding the expenses of the foreign operations and purchases will be materially affected by changes in exchange rates. The Company does not hold or issue financial instruments for trading purposes. The forward foreign currency exchange contracts are designated for forecasted expenditure requirements to fund foreign operations and purchases. | |||||||||||||||||
The Company had forward foreign currency exchange contracts with a U.S. dollar equivalent notional value of $17,726,000 and $17,543,000 at December 31, 2013 and March 31, 2013, respectively. These contracts generally expire in a year or less, at rates agreed at the inception of the contracts. The counterparty to this derivative transaction is a major financial institution with investment grade or better credit rating; however, the Company is exposed to credit risk with this institution. The credit risk is limited to the potential unrealized gains (which offset currency fluctuations adverse to the Company) in any such contract should this counterparty fail to perform as contracted. Any changes in the fair values of forward foreign currency exchange contracts are reflected in current period earnings and accounted for as an increase or offset to general and administrative expenses. | |||||||||||||||||
The following table shows the effect of the Company’s derivative instruments on its consolidated statements of operations: | |||||||||||||||||
Gain (Loss) Recognized within General and Administrative Expenses | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Derivatives Not Designated as | December 31, | December 31, | |||||||||||||||
Hedging Instruments | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Forward foreign currency exchange contracts | $ | 74,000 | $ | 20,000 | $ | (759,000 | ) | $ | 360,000 | ||||||||
The fair value of the forward foreign currency exchange contracts of $76,000 is included in other current liabilities in the consolidated balance sheet at December 31, 2013. The fair value of the forward foreign currency exchange contracts of $683,000 is included in prepaid expenses and other current assets in the consolidated balance sheet at March 31, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||
12. Fair Value Measurements | |||||||||||||||||||||||||||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value, by level within the fair value hierarchy as of December 31, 2013 and March 31, 2013: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Mar-13 | ||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||||||||||||||
Using Inputs Considered as | Using Inputs Considered as | ||||||||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||||||
Mutual funds | $ | 496,000 | $ | 496,000 | - | - | $ | 411,000 | $ | 411,000 | - | - | |||||||||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||||||||||||||||||||
Forward foreign currency exchange contracts | - | - | - | - | 683,000 | - | $ | 683,000 | - | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Other current liabilities | |||||||||||||||||||||||||||||||||
Deferred compensation | 496,000 | 496,000 | - | - | 411,000 | 411,000 | - | - | |||||||||||||||||||||||||
Forward foreign currency exchange contracts | 76,000 | - | $ | 76,000 | - | - | - | - | - | ||||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||||||||||
Warrant liability | 6,485,000 | - | - | $ | 6,485,000 | 2,014,000 | - | - | $ | 2,014,000 | |||||||||||||||||||||||
The Company’s short-term investments, which fund its deferred compensation liabilities, consist of investments in mutual funds. These investments are classified as Level 1 as the shares of these mutual funds trade with sufficient frequency and volume to enable the Company to obtain pricing information on an ongoing basis. | |||||||||||||||||||||||||||||||||
The forward foreign currency exchange contracts are primarily measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. During the three and nine months ended December 31, 2013, a gain of $74,000 and a loss of $759,000, respectively, was recorded in general and administrative expenses due to the change in the value of the forward foreign currency exchange contracts subsequent to entering into the contracts. During the three and nine months ended December 31, 2012, a gain of $20,000 and $360,000, respectively, was recorded in general and administrative expenses due to the change in the value of the forward foreign currency exchange contracts subsequent to entering into the contracts. | |||||||||||||||||||||||||||||||||
The Company estimates the fair value of the warrant liability using level 3 inputs and the Monte Carlo simulation model at each balance sheet date.This amount is recorded as a warrant liability which is included in other liabilities in the consolidated balance sheets at December 31, 2013 and March 31, 2013. Any subsequent changes in the fair value of the warrant liability will be recorded in current period earnings as a general and administrative expense. During the three and nine months ended December 31, 2013, a loss of $2,920,000 and $6,881,000, respectively, was recorded in general and administrative expenses due to the change in the fair value of the warrant liability. During the three and nine months ended December 31, 2012, a loss of $882,000 and $825,000, respectively, was recorded in general and administrative expenses due to the change in the fair value of the warrant liability. | |||||||||||||||||||||||||||||||||
The assumptions used to determine the fair value of the Supplier Warrant recorded as warrant liability were: | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Supplier Warrant | |||||||||||||||||||||||||||||||||
Risk free interest rate | 1.12 | % | |||||||||||||||||||||||||||||||
Expected life in years | 3.75 | ||||||||||||||||||||||||||||||||
Expected volatility | 45.29 | % | |||||||||||||||||||||||||||||||
Dividend yield | - | ||||||||||||||||||||||||||||||||
Probability of future financing | 0 | % | |||||||||||||||||||||||||||||||
The risk free interest rate used was based on U.S. treasury-note yields with terms commensurate with the remaining term of the warrant. The expected life is based on the remaining contractual term of the warrant and the expected volatility is based on the Company’s daily historical volatility over a period commensurate with the remaining term of the warrant. | |||||||||||||||||||||||||||||||||
A summary of the change to the Company’s warrant liability, as measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is presented below: | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 5,975,000 | $ | 1,568,000 | $ | 2,014,000 | $ | - | |||||||||||||||||||||||||
Newly issued | - | - | - | 1,625,000 | |||||||||||||||||||||||||||||
Total loss included in net income (loss) | 2,920,000 | 882,000 | 6,881,000 | 825,000 | |||||||||||||||||||||||||||||
Exercises/settlements (1) | (2,410,000 | ) | - | (2,410,000 | ) | - | |||||||||||||||||||||||||||
Net transfers in (out) of Level 3 | - | - | - | - | |||||||||||||||||||||||||||||
Ending balance | $ | 6,485,000 | $ | 2,450,000 | $ | 6,485,000 | $ | 2,450,000 | |||||||||||||||||||||||||
-1 | Represents the fair value of the Cerberus Warrant as of the settlement date (see Note 7). | ||||||||||||||||||||||||||||||||
During the three and nine months ended December 31, 2013, the Company had no significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition. | |||||||||||||||||||||||||||||||||
The carrying amounts of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the short-term nature of these instruments. The carrying amounts of the revolving loans, term loans and other long-term liabilities approximate their fair value based on the variable nature of interest rates and current rates for instruments with similar characteristics. |
Stock_Options_and_Restricted_S
Stock Options and Restricted Stock Awards | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stock Options and Restricted Stock Awards [Abstract] | ' | ||||||||
Stock Options and Restricted Stock Awards | ' | ||||||||
13. Stock Options and Restricted Stock Awards | |||||||||
The Company granted options to purchase 272,000 and 632,800 shares of common stock during the nine months ended December 31, 2013 and 2012, respectively. The cost associated with stock options is estimated using the Black-Scholes option-pricing model. The Black-Scholes option pricing model requires the input of subjective assumptions including the expected volatility of the underlying stock and the expected holding period of the option. These subjective assumptions are based on both historical and other information. Changes in the values assumed and used in the model can materially affect the estimate of fair value. | |||||||||
The table below summarizes the Black-Scholes option pricing model assumptions used to derive the weighted average fair value of the stock options granted during the periods noted. | |||||||||
Nine Months Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Weighted average risk free interest rate | 1.94 | % | 1.16 | % | |||||
Weighted average expected holding period (years) | 5.96 | 6.6 | |||||||
Weighted average expected volatility | 48.52 | % | 44.25 | % | |||||
Weighted average expected dividend yield | - | - | |||||||
Weighted average fair value of options granted | $ | 4.42 | $ | 2.92 | |||||
A summary of stock option transactions for the nine months ended December 31, 2013 follows: | |||||||||
Number of | Weighted Average | ||||||||
Shares | Exercise Price | ||||||||
Outstanding at March 31, 2013 | 1,970,084 | $ | 8.73 | ||||||
Granted | 272,000 | $ | 9.25 | ||||||
Exercised | (476,001 | ) | $ | 8.8 | |||||
Cancelled | (152,450 | ) | $ | 7.44 | |||||
Outstanding at December 31, 2013 | 1,613,633 | $ | 8.92 | ||||||
At December 31, 2013, options to purchase 1,176,930 shares of common stock were exercisable at the weighted average exercise price of $9.18. | |||||||||
A summary of changes in the status of non-vested stock options during the nine months ended December 31, 2013 is presented below: | |||||||||
Weighted Average | |||||||||
Number of | Grant Date Fair | ||||||||
Shares | Value | ||||||||
Non-vested at March 31, 2013 | 420,401 | $ | 2.93 | ||||||
Granted | 272,000 | $ | 4.42 | ||||||
Vested | (142,998 | ) | $ | 2.97 | |||||
Cancelled | (112,700 | ) | $ | 2.92 | |||||
Non-vested at December 31, 2013 | 436,703 | $ | 3.86 | ||||||
At December 31, 2013, there was $1,768,000 of total unrecognized compensation expense from stock-based compensation granted under the plans, which is related to non-vested shares. The compensation expense is expected to be recognized over a weighted average vesting period of 2.1 years. | |||||||||
On September 3, 2013, the Company granted 138,000 shares of restricted stock to certain executives at the closing market price of $9.32 per share. These awards vest in three equal installments beginning each anniversary from the grant date, subject to continued employment. The fair value related to the restricted stock grant of $1,286,000 will be recognized as compensation expense over the vesting period. At December 31, 2013, there was $1,179,000 of total unrecognized compensation expense from these restricted stock grants, which will be recognized over the remaining vesting period. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
14. Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The changes in accumulated other comprehensive income (loss) for the three months ended December 31, 2013: | |||||||||||||
Unrealized gain | Foreign Currency | ||||||||||||
on Short-Term | Translation | ||||||||||||
Investments | Gain (Loss) | Total | |||||||||||
Balance as of September 30, 2013 | $ | 301,000 | $ | (1,145,000 | ) | $ | (844,000 | ) | |||||
Other comprehensive income (loss), net of tax | 16,000 | (47,000 | ) | (31,000 | ) | ||||||||
Amounts reclassified from other comprehensive income (loss), net of tax | - | - | - | ||||||||||
Balance as of December 31, 2013 | $ | 317,000 | $ | (1,192,000 | ) | $ | (875,000 | ) | |||||
The changes in accumulated other comprehensive income (loss) for the nine months ended December 31, 2013: | |||||||||||||
Unrealized gain | Foreign Currency | ||||||||||||
on Short-Term | Translation | ||||||||||||
Investments | Gain (Loss) | Total | |||||||||||
Balance as of April 1, 2013 | $ | 287,000 | $ | (1,133,000 | ) | $ | (846,000 | ) | |||||
Other comprehensive income (loss), net of tax | 30,000 | (59,000 | ) | (29,000 | ) | ||||||||
Amounts reclassified from other comprehensive income (loss), net of tax | - | - | - | ||||||||||
Balance as of December 31, 2013 | $ | 317,000 | $ | (1,192,000 | ) | $ | (875,000 | ) |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
15. Related Party Transactions | |
During the nine months ended December 31, 2013, the Company paid $304,000 to Houlihan Lokey Howard & Zukin Capital, Inc. in connection with the restructuring of Fenco. A member of the Company’s Board of Directors, is a Co-President and Global Co-Head of Corporate Finance for Houlihan Lokey Howard & Zukin Capital, Inc. | |
In October 2013, the Company entered into an option purchase agreement (the “Option Purchase Agreement”) with Mr. Joffe, pursuant to which, among other things, the Company purchased Mr. Joffe’s option to purchase 100,000 shares of the Company’s common stock which were originally granted on January 14, 2004 under the Company’s 1994 Stock Option Plan at a net purchase price of $626,500. This payment represents the difference between $12.66, the closing price per share of the Company’s common stock on the measurement date under the Option Purchase Agreement, and the exercise price per share of the stock option, multiplied by the total number of shares under Mr. Joffe’s stock option, and less an administrative fee. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
16. New Accounting Pronouncements | |
Accumulated other comprehensive income | |
In the first quarter of fiscal 2014, the Company adopted an accounting standard issued by the FASB that requires entities to provide details of reclassifications in the disclosure of changes in accumulated other comprehensive income (“AOCI”) balances. In addition, for significant items reclassified out of AOCI in the fiscal quarter, entities must provide information about the effects on net income together, in one location, on the face of the statement where net income is presented, or as a separate disclosure in the notes. For items not reclassified to net income in their entirety in the fiscal quarter, entities must cross-reference to the note where additional details about the effects of the reclassifications are disclosed. The adoption of this update did not impact the Company’s financial position, results of operations or cash flows. | |
Income Taxes | |
In July 2013, the FASB issued guidance that requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when settlement in this manner is available under the tax law and the Company intends to use the deferred tax asset for that purpose. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2013. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial position, results of operations or cash flows. |
Discontinued_Operations_and_De1
Discontinued Operations and Deconsolidation of Fenco (Tables) | 9 Months Ended | ||||
Dec. 31, 2013 | |||||
Discontinued Operations and Deconsolidation of Fenco [Abstract] | ' | ||||
Fenco deconsolidation impact | ' | ||||
The following table summarizes the effects on the consolidated balance sheet of the deconsolidation of Fenco effective May 31, 2013. | |||||
Cash | $ | (170,000 | ) | ||
Accounts receivable — net | (4,377,000 | ) | |||
Inventory— net | (25,731,000 | ) | |||
Inventory unreturned | (5,321,000 | ) | |||
Deferred income taxes | (225,000 | ) | |||
Prepaid expenses and other current assets | (2,436,000 | ) | |||
Plant and equipment — net | (4,018,000 | ) | |||
Long-term core inventory — net | (40,471,000 | ) | |||
Other assets | (22,000 | ) | |||
Reduction in total assets | $ | (82,771,000 | ) | ||
Accounts payable | $ | (75,454,000 | ) | ||
Accrued liabilities | (4,759,000 | ) | |||
Customer finished goods returns accrual | (10,744,000 | ) | |||
Other current liabilities | (1,761,000 | ) | |||
Revolving loan - in default | (48,520,000 | ) | |||
Term loan - in default | (10,000,000 | ) | |||
Customer core returns accrual | (49,531,000 | ) | |||
Other liabilities | (97,000 | ) | |||
Reduction in total liabilties | $ | (200,866,000 | ) | ||
Gain from deconsolidation of Fenco | $ | 118,095,000 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Intangible Assets [Abstract] | ' | |||||||||||||||||
Intangible assets subject to amortization | ' | |||||||||||||||||
The following is a summary of the intangible assets subject to amortization at December 31, 2013 and March 31, 2013. | ||||||||||||||||||
31-Dec-13 | 31-Mar-13 | |||||||||||||||||
Weighted | Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||
Average | Value | Amortization | Value | Amortization | ||||||||||||||
Amortization | ||||||||||||||||||
Period | ||||||||||||||||||
Intangible assets subject to amortization | ||||||||||||||||||
Trademarks | 9 years | $ | 553,000 | $ | 380,000 | $ | 553,000 | $ | 337,000 | |||||||||
Customer relationships | 12 years | 6,464,000 | 3,230,000 | 6,464,000 | 2,743,000 | |||||||||||||
Non-compete agreements | 4 years | 257,000 | 239,000 | 257,000 | 211,000 | |||||||||||||
Total | 11 years | $ | 7,274,000 | $ | 3,849,000 | $ | 7,274,000 | $ | 3,291,000 | |||||||||
Amortization expense for acquired intangible assets | ' | |||||||||||||||||
Amortization expense for acquired intangible assets for the three and nine months ended December 31, 2013 and 2012 is as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Amortization expense | $ | 180,000 | $ | 194,000 | $ | 558,000 | $ | 580,000 | ||||||||||
Estimated future amortization expense for intangible assets | ' | |||||||||||||||||
The consolidated aggregate estimated future amortization expense for intangible assets subject to amortization is as follows: | ||||||||||||||||||
Year Ending March 31, | ||||||||||||||||||
2014 - remaining three months | $ | 180,000 | ||||||||||||||||
2015 | 670,000 | |||||||||||||||||
2016 | 349,000 | |||||||||||||||||
2017 | 266,000 | |||||||||||||||||
2018 | 266,000 | |||||||||||||||||
Thereafter | 1,694,000 | |||||||||||||||||
Total | $ | 3,425,000 |
Accounts_Receivable_Net_Tables
Accounts Receivable - Net (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounts Receivable - Net [Abstract] | ' | ||||||||||||||||
Schedule of accounts receivable | ' | ||||||||||||||||
Accounts receivable — net is comprised of the following: | |||||||||||||||||
31-Dec-13 | 31-Mar-13 | ||||||||||||||||
Accounts receivable — trade | $ | 42,072,000 | $ | 40,686,000 | |||||||||||||
Allowance for bad debts | (854,000 | ) | (1,019,000 | ) | |||||||||||||
Customer allowances earned | (11,505,000 | ) | (11,160,000 | ) | |||||||||||||
Customer payment discrepancies | (384,000 | ) | (514,000 | ) | |||||||||||||
Customer returns RGA issued | (6,590,000 | ) | (4,966,000 | ) | |||||||||||||
Customer core returns accruals | (20,105,000 | ) | (19,338,000 | ) | |||||||||||||
Less: total accounts receivable offset accounts | (39,438,000 | ) | (36,997,000 | ) | |||||||||||||
Total accounts receivable — net | $ | 2,634,000 | $ | 3,689,000 | |||||||||||||
Schedule of warranty return accrual | ' | ||||||||||||||||
Change in the Company’s warranty return accrual for continuing operations is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Balance at beginning of period | $ | 7,204,000 | $ | 5,485,000 | $ | 6,205,000 | $ | 4,426,000 | |||||||||
Charged to expense | 12,471,000 | 11,102,000 | 41,196,000 | 36,717,000 | |||||||||||||
Amounts processed | (13,267,000 | ) | (11,369,000 | ) | (40,993,000 | ) | (35,925,000 | ) | |||||||||
Balance at end of period | $ | 6,408,000 | $ | 5,218,000 | $ | 6,408,000 | $ | 5,218,000 |
Inventory_Tables
Inventory (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory [Abstract] | ' | ||||||||
Schedule of Inventory | ' | ||||||||
Inventory is comprised of the following: | |||||||||
31-Dec-13 | 31-Mar-13 | ||||||||
Non-core inventory | |||||||||
Raw materials | $ | 14,985,000 | $ | 14,152,000 | |||||
Work-in-process | 94,000 | 137,000 | |||||||
Finished goods | 29,845,000 | 19,239,000 | |||||||
44,924,000 | 33,528,000 | ||||||||
Less allowance for excess and obsolete inventory | (1,704,000 | ) | (1,690,000 | ) | |||||
Total | $ | 43,220,000 | $ | 31,838,000 | |||||
Inventory unreturned | $ | 7,199,000 | $ | 6,981,000 | |||||
Long-term core inventory | |||||||||
Used cores held at the Company's facilities | $ | 24,460,000 | $ | 22,227,000 | |||||
Used cores expected to be returned by customers | 7,075,000 | 5,147,000 | |||||||
Remanufactured cores held in finished goods | 16,965,000 | 15,019,000 | |||||||
Remanufactured cores held at customers' locations | 87,138,000 | 76,626,000 | |||||||
135,638,000 | 119,019,000 | ||||||||
Less allowance for excess and obsolete inventory | (1,121,000 | ) | (808,000 | ) | |||||
Total | $ | 134,517,000 | $ | 118,211,000 | |||||
Long-term core inventory deposits | $ | 28,857,000 | $ | 27,610,000 |
Major_Customers_Tables
Major Customers (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Major Customers [Abstract] | ' | ||||||||||||||||
Schedule of largest customers | ' | ||||||||||||||||
The Company’s largest customers accounted for the following total percentage of net sales and accounts receivable — trade from continuing operations: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
Sales | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Customer A | 54 | % | 36 | % | 52 | % | 39 | % | |||||||||
Customer B | 19 | % | 23 | % | 21 | % | 26 | % | |||||||||
Customer C | 10 | % | 14 | % | 11 | % | 12 | % | |||||||||
Customer D | 3 | % | 6 | % | 4 | % | 5 | % | |||||||||
Accounts receivable - trade | 31-Dec-13 | 31-Mar-13 | |||||||||||||||
Customer A | 39 | % | 27 | % | |||||||||||||
Customer B | 16 | % | 11 | % | |||||||||||||
Customer C | 6 | % | 7 | % | |||||||||||||
Customer D | 7 | % | 12 | % |
Accounts_Receivable_Discount_P1
Accounts Receivable Discount Programs (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable Discount Programs [Abstract] | ' | ||||||||
Schedule of accounts receivable discount programs | ' | ||||||||
The following is a summary of the Company’s accounts receivable discount programs for continuing operations: | |||||||||
Nine Months Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Receivables discounted | $ | 155,739,000 | $ | 143,694,000 | |||||
Weighted average days | 336 | 336 | |||||||
Annualized weighted average discount rate | 2.3 | % | 2.7 | % | |||||
Amount of discount as interest expense | $ | 3,280,000 | $ | 3,617,000 |
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Net Income (Loss) Per Share [Abstract] | ' | ||||||||||||||||
Schedule of reconciliation of basic and diluted net loss per share | ' | ||||||||||||||||
The following presents a reconciliation of basic and diluted net income (loss) per share. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Income from continuing operations | $ | 1,148,000 | $ | 1,786,000 | $ | 3,415,000 | $ | 10,656,000 | |||||||||
Income (loss) from discontinued operations | - | (851,000 | ) | 100,877,000 | (28,516,000 | ) | |||||||||||
Net income (loss) | $ | 1,148,000 | $ | 935,000 | $ | 104,292,000 | $ | (17,860,000 | ) | ||||||||
Basic shares | 14,618,930 | 14,463,782 | 14,513,864 | 14,283,080 | |||||||||||||
Effect of dilutive stock options and warrants | 643,567 | 61,831 | 306,477 | 65,734 | |||||||||||||
Diluted shares | 15,262,497 | 14,525,613 | 14,820,341 | 14,348,814 | |||||||||||||
Net income (loss) per share: | |||||||||||||||||
Basic net income per share from continuing operations | $ | 0.08 | $ | 0.12 | $ | 0.24 | $ | 0.75 | |||||||||
Basic net income (loss) per share from discontinued operations | - | (0.06 | ) | 6.95 | (2.00 | ) | |||||||||||
Basic net income (loss) per share | $ | 0.08 | $ | 0.06 | $ | 7.19 | $ | (1.25 | ) | ||||||||
Diluted net income per share from continuing operations | $ | 0.08 | $ | 0.12 | $ | 0.23 | $ | 0.74 | |||||||||
Diluted net income (loss) per share from discontinued operations | - | (0.06 | ) | 6.81 | (1.99 | ) | |||||||||||
Diluted net income (loss) per share | $ | 0.08 | $ | 0.06 | $ | 7.04 | $ | (1.25 | ) |
Financial_Risk_Management_and_1
Financial Risk Management and Derivatives (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Financial Risk Management and Derivatives [Abstract] | ' | ||||||||||||||||
Schedule of derivative instruments on consolidated statements of operations | ' | ||||||||||||||||
The following table shows the effect of the Company’s derivative instruments on its consolidated statements of operations: | |||||||||||||||||
Gain (Loss) Recognized within General and Administrative Expenses | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Derivatives Not Designated as | December 31, | December 31, | |||||||||||||||
Hedging Instruments | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Forward foreign currency exchange contracts | $ | 74,000 | $ | 20,000 | $ | (759,000 | ) | $ | 360,000 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||||||||||||||
Financial assets and liabilities measured at fair value recurring basis | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value, by level within the fair value hierarchy as of December 31, 2013 and March 31, 2013: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Mar-13 | ||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||||||||||||||
Using Inputs Considered as | Using Inputs Considered as | ||||||||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||||||
Mutual funds | $ | 496,000 | $ | 496,000 | - | - | $ | 411,000 | $ | 411,000 | - | - | |||||||||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||||||||||||||||||||
Forward foreign currency exchange contracts | - | - | - | - | 683,000 | - | $ | 683,000 | - | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Other current liabilities | |||||||||||||||||||||||||||||||||
Deferred compensation | 496,000 | 496,000 | - | - | 411,000 | 411,000 | - | - | |||||||||||||||||||||||||
Forward foreign currency exchange contracts | 76,000 | - | $ | 76,000 | - | - | - | - | - | ||||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||||||||||
Warrant liability | 6,485,000 | - | - | $ | 6,485,000 | 2,014,000 | - | - | $ | 2,014,000 | |||||||||||||||||||||||
Assumptions used to determine fair value of warrant liability | ' | ||||||||||||||||||||||||||||||||
The assumptions used to determine the fair value of the Supplier Warrant recorded as warrant liability were: | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Supplier Warrant | |||||||||||||||||||||||||||||||||
Risk free interest rate | 1.12 | % | |||||||||||||||||||||||||||||||
Expected life in years | 3.75 | ||||||||||||||||||||||||||||||||
Expected volatility | 45.29 | % | |||||||||||||||||||||||||||||||
Dividend yield | - | ||||||||||||||||||||||||||||||||
Probability of future financing | 0 | % | |||||||||||||||||||||||||||||||
Change in warrant liability measured at fair value recurring basis using significant unobservable inputs (level | ' | ||||||||||||||||||||||||||||||||
A summary of the change to the Company’s warrant liability, as measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is presented below: | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 5,975,000 | $ | 1,568,000 | $ | 2,014,000 | $ | - | |||||||||||||||||||||||||
Newly issued | - | - | - | 1,625,000 | |||||||||||||||||||||||||||||
Total loss included in net income (loss) | 2,920,000 | 882,000 | 6,881,000 | 825,000 | |||||||||||||||||||||||||||||
Exercises/settlements (1) | (2,410,000 | ) | - | (2,410,000 | ) | - | |||||||||||||||||||||||||||
Net transfers in (out) of Level 3 | - | - | - | - | |||||||||||||||||||||||||||||
Ending balance | $ | 6,485,000 | $ | 2,450,000 | $ | 6,485,000 | $ | 2,450,000 | |||||||||||||||||||||||||
-1 | Represents the fair value of the Cerberus Warrant as of the settlement date (see Note 7). |
Stock_Options_and_Restricted_S1
Stock Options and Restricted Stock Awards (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stock Options and Restricted Stock Awards [Abstract] | ' | ||||||||
Summary of Black-Scholes option pricing model assumptions used to derive weighted average fair value of stock options granted | ' | ||||||||
The table below summarizes the Black-Scholes option pricing model assumptions used to derive the weighted average fair value of the stock options granted during the periods noted. | |||||||||
Nine Months Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Weighted average risk free interest rate | 1.94 | % | 1.16 | % | |||||
Weighted average expected holding period (years) | 5.96 | 6.6 | |||||||
Weighted average expected volatility | 48.52 | % | 44.25 | % | |||||
Weighted average expected dividend yield | - | - | |||||||
Weighted average fair value of options granted | $ | 4.42 | $ | 2.92 | |||||
Summary of stock option transactions | ' | ||||||||
A summary of stock option transactions for the nine months ended December 31, 2013 follows: | |||||||||
Number of | Weighted Average | ||||||||
Shares | Exercise Price | ||||||||
Outstanding at March 31, 2013 | 1,970,084 | $ | 8.73 | ||||||
Granted | 272,000 | $ | 9.25 | ||||||
Exercised | (476,001 | ) | $ | 8.8 | |||||
Cancelled | (152,450 | ) | $ | 7.44 | |||||
Outstanding at December 31, 2013 | 1,613,633 | $ | 8.92 | ||||||
Summary of changes in the status of non-vested stock options | ' | ||||||||
A summary of changes in the status of non-vested stock options during the nine months ended December 31, 2013 is presented below: | |||||||||
Weighted Average | |||||||||
Number of | Grant Date Fair | ||||||||
Shares | Value | ||||||||
Non-vested at March 31, 2013 | 420,401 | $ | 2.93 | ||||||
Granted | 272,000 | $ | 4.42 | ||||||
Vested | (142,998 | ) | $ | 2.97 | |||||
Cancelled | (112,700 | ) | $ | 2.92 | |||||
Non-vested at December 31, 2013 | 436,703 | $ | 3.86 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
The changes in accumulated other comprehensive income (loss) for the three months ended December 31, 2013: | |||||||||||||
Unrealized gain | Foreign Currency | ||||||||||||
on Short-Term | Translation | ||||||||||||
Investments | Gain (Loss) | Total | |||||||||||
Balance as of September 30, 2013 | $ | 301,000 | $ | (1,145,000 | ) | $ | (844,000 | ) | |||||
Other comprehensive income (loss), net of tax | 16,000 | (47,000 | ) | (31,000 | ) | ||||||||
Amounts reclassified from other comprehensive income (loss), net of tax | - | - | - | ||||||||||
Balance as of December 31, 2013 | $ | 317,000 | $ | (1,192,000 | ) | $ | (875,000 | ) | |||||
The changes in accumulated other comprehensive income (loss) for the nine months ended December 31, 2013: | |||||||||||||
Unrealized gain | Foreign Currency | ||||||||||||
on Short-Term | Translation | ||||||||||||
Investments | Gain (Loss) | Total | |||||||||||
Balance as of April 1, 2013 | $ | 287,000 | $ | (1,133,000 | ) | $ | (846,000 | ) | |||||
Other comprehensive income (loss), net of tax | 30,000 | (59,000 | ) | (29,000 | ) | ||||||||
Amounts reclassified from other comprehensive income (loss), net of tax | - | - | - | ||||||||||
Balance as of December 31, 2013 | $ | 317,000 | $ | (1,192,000 | ) | $ | (875,000 | ) |
Company_Background_and_Organiz1
Company Background and Organization (Details) | 9 Months Ended |
Dec. 31, 2013 | |
Segment | |
Customer | |
Company Background and Organization [Abstract] | ' |
Number of major existing customers to which wheel hub products were sold | 1 |
Number of reportable segments | 1 |
Discontinued_Operations_and_De2
Discontinued Operations and Deconsolidation of Fenco (Details) (USD $) | 9 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2013 | 31-May-13 | Dec. 31, 2012 | Dec. 31, 2012 | 6-May-11 | |
Fenco [Member] | Fenco [Member] | Fenco [Member] | Fapco [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Direct ownership interest acquired (in hundredths) | ' | ' | ' | ' | 1.00% |
FAPL's ownership interest prior to acquisition (in hundredths) | ' | ' | ' | ' | 99.00% |
Combined direct and indirect ownership interest subsequent to acquisition (in hundredths) | ' | ' | ' | ' | 100.00% |
Assets deconsolidated [Abstract] | ' | ' | ' | ' | ' |
Cash | ' | ($170,000) | ' | ' | ' |
Accounts receivable - net | ' | -4,377,000 | ' | ' | ' |
Inventory - net | ' | -25,731,000 | ' | ' | ' |
Inventory unreturned | ' | -5,321,000 | ' | ' | ' |
Deferred income taxes | ' | -225,000 | ' | ' | ' |
Prepaid expenses and other current assets | ' | -2,436,000 | ' | ' | ' |
Plant and equipment - net | ' | -4,018,000 | ' | ' | ' |
Long-term core inventory - net | ' | -40,471,000 | ' | ' | ' |
Other assets | ' | -22,000 | ' | ' | ' |
Reduction in total assets | ' | -82,771,000 | ' | ' | ' |
Liabilities deconsolidated [Abstract] | ' | ' | ' | ' | ' |
Accounts payable | ' | -75,454,000 | ' | ' | ' |
Accrued liabilities | ' | -4,759,000 | ' | ' | ' |
Customer finished goods returns accrual | ' | -10,744,000 | ' | ' | ' |
Other current liabilities | ' | -1,761,000 | ' | ' | ' |
Revolving loan - in default | ' | -48,520,000 | ' | ' | ' |
Term loan - in default | ' | -10,000,000 | ' | ' | ' |
Customer core returns accrual | ' | -49,531,000 | ' | ' | ' |
Other liabilities | ' | -97,000 | ' | ' | ' |
Reduction in total liabilties | ' | -200,866,000 | ' | ' | ' |
Gain from deconsolidation of Fenco | ' | 118,095,000 | ' | ' | ' |
Net sales | ' | ' | 65,617,000 | 161,821,000 | ' |
Operating losses | ' | 5,910,000 | ' | ' | ' |
Loss in connection with guarantee of obligations to Fenco suppliers | 20,464,000 | ' | ' | ' | ' |
Income tax benefit from discontinued operations | $9,156,000 | ' | ' | ' | ' |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Mar. 31, 2013 | |
Intangible assets subject to amortization [Abstract] | ' | ' |
Weighted Average Amortization Period | '11 years | ' |
Gross Carrying Value | $7,274,000 | $7,274,000 |
Accumulated Amortization | 3,849,000 | 3,291,000 |
Trademarks [Member] | ' | ' |
Intangible assets subject to amortization [Abstract] | ' | ' |
Weighted Average Amortization Period | '9 years | ' |
Gross Carrying Value | 553,000 | 553,000 |
Accumulated Amortization | 380,000 | 337,000 |
Customer Relationships [Member] | ' | ' |
Intangible assets subject to amortization [Abstract] | ' | ' |
Weighted Average Amortization Period | '12 years | ' |
Gross Carrying Value | 6,464,000 | 6,464,000 |
Accumulated Amortization | 3,230,000 | 2,743,000 |
Non-compete Agreements [Member] | ' | ' |
Intangible assets subject to amortization [Abstract] | ' | ' |
Weighted Average Amortization Period | '4 years | ' |
Gross Carrying Value | 257,000 | 257,000 |
Accumulated Amortization | $239,000 | $211,000 |
Intangible_Assets_Amortization
Intangible Assets, Amortization Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Amortization and impairment of intangible assets [Abstract] | ' | ' | ' | ' |
Amortization expense | $180,000 | $194,000 | $558,000 | $580,000 |
Estimated future amortization expense for intangible assets subject to amortization [Abstract] | ' | ' | ' | ' |
2014 - remaining three months | 180,000 | ' | 180,000 | ' |
2015 | 670,000 | ' | 670,000 | ' |
2016 | 349,000 | ' | 349,000 | ' |
2017 | 266,000 | ' | 266,000 | ' |
2018 | 266,000 | ' | 266,000 | ' |
Thereafter | 1,694,000 | ' | 1,694,000 | ' |
Total | $3,425,000 | ' | $3,425,000 | ' |
Accounts_Receivable_Net_Detail
Accounts Receivable - Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | 31-May-13 | |
Fenco [Member] | ||||||
Accounts Receivable - Net [Abstract] | ' | ' | ' | ' | ' | ' |
Accounts receivable - trade | $42,072,000 | ' | $42,072,000 | ' | $40,686,000 | ' |
Allowance for bad debts | -854,000 | ' | -854,000 | ' | -1,019,000 | ' |
Customer allowances earned | -11,505,000 | ' | -11,505,000 | ' | -11,160,000 | ' |
Customer payment discrepancies | -384,000 | ' | -384,000 | ' | -514,000 | ' |
Customer returns RGA issued | -6,590,000 | ' | -6,590,000 | ' | -4,966,000 | ' |
Customer core returns accruals | -20,105,000 | ' | -20,105,000 | ' | -19,338,000 | ' |
Less: total accounts receivable offset accounts | -39,438,000 | ' | -39,438,000 | ' | -36,997,000 | ' |
Total accounts receivable - net | 2,634,000 | ' | 2,634,000 | ' | 3,689,000 | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Accounts receivable - net, deconsolidated | ' | ' | ' | ' | ' | 4,377,000 |
Warranty Returns [Abstract] | ' | ' | ' | ' | ' | ' |
Warranty accrual included in customer returns RGA issued | 3,113,000 | ' | 3,113,000 | ' | ' | ' |
Warranty accrual included in customer finished goods returns accrual | 3,295,000 | ' | 3,295,000 | ' | ' | ' |
Warranty return accrual, deconsolidated | ' | ' | ' | ' | ' | 5,642,000 |
Change in warranty return accrual [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | 7,204,000 | 5,485,000 | 6,205,000 | 4,426,000 | ' | ' |
Charged to expense | 12,471,000 | 11,102,000 | 41,196,000 | 36,717,000 | ' | ' |
Amounts processed | -13,267,000 | -11,369,000 | -40,993,000 | -35,925,000 | ' | ' |
Balance at end of period | $6,408,000 | $5,218,000 | $6,408,000 | $5,218,000 | ' | ' |
Inventory_Details
Inventory (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | 31-May-13 |
Fenco [Member] | |||
Non-core inventory [Abstract] | ' | ' | ' |
Raw materials | $14,985,000 | $14,152,000 | ' |
Work-in-process | 94,000 | 137,000 | ' |
Finished goods | 29,845,000 | 19,239,000 | ' |
Non-core inventory, gross | 44,924,000 | 33,528,000 | ' |
Less allowance for excess and obsolete inventory | -1,704,000 | -1,690,000 | ' |
Total | 43,220,000 | 31,838,000 | ' |
Inventory unreturned | 7,199,000 | 6,981,000 | ' |
Long-term core inventory [Abstract] | ' | ' | ' |
Used cores held at the Company's facilities | 24,460,000 | 22,227,000 | ' |
Used cores expected to be returned by customers | 7,075,000 | 5,147,000 | ' |
Remanufactured cores held in finished goods | 16,965,000 | 15,019,000 | ' |
Remanufactured cores held at customers' locations | 87,138,000 | 76,626,000 | ' |
Long-term core inventory - gross | 135,638,000 | 119,019,000 | ' |
Less allowance for excess and obsolete inventory | -1,121,000 | -808,000 | ' |
Total | 134,517,000 | 118,211,000 | ' |
Long-term core inventory deposits | 28,857,000 | 27,610,000 | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Non-core inventory, deconsolidated | ' | ' | 25,731,000 |
Disposal Group, Including Discontinued Operation, Inventory Unreturned | ' | ' | 5,321,000 |
Disposal Group, Including Discontinued Operation, Long-term Core Inventory, Net | ' | ' | $40,471,000 |
Major_Customers_Details
Major Customers (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Supplier | Supplier | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Accounts Receivable - Trade [Member] | Accounts Receivable - Trade [Member] | Accounts Receivable - Trade [Member] | Accounts Receivable - Trade [Member] | Accounts Receivable - Trade [Member] | Accounts Receivable - Trade [Member] | Accounts Receivable - Trade [Member] | Accounts Receivable - Trade [Member] | Significant Supplier Purchases [Member] | Significant Supplier Purchases [Member] | |
Customer A [Member] | Customer A [Member] | Customer A [Member] | Customer A [Member] | Customer B [Member] | Customer B [Member] | Customer B [Member] | Customer B [Member] | Customer C [Member] | Customer C [Member] | Customer C [Member] | Customer C [Member] | Customer D [Member] | Customer D [Member] | Customer D [Member] | Customer D [Member] | Customer A [Member] | Customer A [Member] | Customer B [Member] | Customer B [Member] | Customer C [Member] | Customer C [Member] | Customer D [Member] | Customer D [Member] | Supplier A [Member] | Supplier A [Member] | |||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk percentage (in hundredths) | ' | ' | 54.00% | 36.00% | 52.00% | 39.00% | 19.00% | 23.00% | 21.00% | 26.00% | 10.00% | 14.00% | 11.00% | 12.00% | 3.00% | 6.00% | 4.00% | 5.00% | 39.00% | 27.00% | 16.00% | 11.00% | 6.00% | 7.00% | 7.00% | 12.00% | 13.00% | 14.00% |
Number of major suppliers | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 40 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 40 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 60 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | 24-May-12 | Sep. 30, 2013 | Jan. 17, 2017 | Nov. 22, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Aug. 31, 2012 | 24-May-12 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2013 | Jul. 31, 2013 | Jun. 28, 2013 | Aug. 31, 2013 | Jan. 17, 2017 | Jan. 18, 2014 | Jan. 18, 2015 | Nov. 06, 2013 | Nov. 06, 2013 | Nov. 06, 2018 | Nov. 06, 2013 | Aug. 26, 2013 | Aug. 31, 2012 | Jun. 10, 2014 | Dec. 10, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Aug. 31, 2012 | |
Fenco [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | Financing Agreement [Member] | WX Agreement [Member] | WX Agreement [Member] | WX Agreement [Member] | WX Agreement [Member] | WX Agreement [Member] | WX Agreement [Member] | WX Agreement [Member] | WX Agreement [Member] | WX Agreement [Member] | WX Agreement [Member] | |||||
Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Revolving Facility [Member] | Revolving Facility [Member] | Revolving Facility [Member] | Revolving Facility [Member] | Revolving Facility [Member] | Revolving Facility [Member] | Sixth Amendment [Member] | Sixth Amendment [Member] | Sixth Amendment [Member] | Seventh Amendment [Member] | Seventh Amendment [Member] | Ninth Amendment [Member] | Ninth Amendment [Member] | Ninth Amendment [Member] | Ninth Amendment [Member] | Ninth Amendment [Member] | Ninth Amendment [Member] | Supplier Warrant [Member] | Supplier Warrant [Member] | Supplier Warrant [Member] | Supplier Warrant [Member] | Supplier Warrant [Member] | Supplier Warrant [Member] | ||||||||||
Cerberus Warrant [Member] | Cerberus Warrant [Member] | Cerberus Warrant [Member] | Cerberus Warrant [Member] | Cerberus Warrant [Member] | Cerberus Warrant [Member] | Cerberus Warrant [Member] | Letter of Credit [Member] | Commercial Letter Of Credit [Member] | Standby Letters of Credit [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Revolving Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | $85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $95,000,000 | ' | $30,000,000 | ' | $22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | 17-Jan-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17-Jan-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Nov-18 | ' | 6-Nov-18 | ' | 31-Jul-17 | ' | ' | ' | ' | ' | ' | ' | ' |
Reference interest rate under option 1 | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reference interest rate under option 1, floor (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate over LIBOR rate under option 1 (in hundredths) | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate above base rate under option 2 (in hundredths) | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal payments | ' | ' | ' | ' | ' | ' | 600,000 | 1,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum aggregate level of liquidity financial covenant, added under sixth amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,000,000 | 26,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,000,000 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of equity interests that may be repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment penalty (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount that can be prepaid within specified number of days subsequent to amendment effective date without prepayment penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days that prepayment penalty is waived for specified prepayment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance under revolving loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 0 | ' | 2,128,000 | 476,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under revolving facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility available for accrued interest and other amounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Payment terms under the WX Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate applicable to unpaid amounts (per month) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.25% | ' | ' | ' | ' | ' | ' |
Payments of outstanding liabilities, including interest under the Guaranty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,843,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares that can be purchased under warrants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 219,355 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 516,129 |
Initial exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.75 |
Amount paid to repurchase warrants | ' | ' | 2,194,000 | 0 | ' | ' | ' | ' | 2,194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price of common stock on repurchase date (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $17.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $7.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Difference between closing price of common stock on repurchase date less the adjusted exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on extinguishment of warrant liability | ' | ' | 216,000 | 0 | ' | ' | ' | ' | ' | 216,000 | ' | 216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | 2,410,000 | ' | ' | ' | ' | 375,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,485,000 | ' | 6,485,000 | ' | 1,639,000 | ' |
Total loss included in net income (loss) | 2,920,000 | 882,000 | 6,881,000 | 825,000 | ' | ' | ' | ' | ' | 996,000 | 214,000 | 2,035,000 | -36,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,924,000 | 668,000 | 4,846,000 | 861,000 | ' | ' |
Fair value assumptions of warrants [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 45.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 0.77% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent financing probability (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving loan - in default, deconsolidated | ' | ' | ' | ' | 48,520,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan - in default, deconsolidated | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts_Receivable_Discount_P2
Accounts Receivable Discount Programs (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts Receivable Discount Programs [Abstract] | ' | ' |
Receivables discounted | $155,739,000 | $143,694,000 |
Weighted average days | '336 days | '336 days |
Annualized weighted average discount rate (in hundredths) | 2.30% | 2.70% |
Amount of discount as interest expense | $3,280,000 | $3,617,000 |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net Income (Loss) Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations | $1,148,000 | $1,786,000 | $3,415,000 | $10,656,000 |
Income (loss) from discontinued operations | 0 | -851,000 | 100,877,000 | -28,516,000 |
Net income (loss) | $1,148,000 | $935,000 | $104,292,000 | ($17,860,000) |
Basic (in shares) | 14,618,930 | 14,463,782 | 14,513,864 | 14,283,080 |
Effect of dilutive stock options and warrants (in shares) | 643,567 | 61,831 | 306,477 | 65,734 |
Diluted (in shares) | 15,262,497 | 14,525,613 | 14,820,341 | 14,348,814 |
Net income (loss) per share [Abstract] | ' | ' | ' | ' |
Basic net income per share from continuing operations (in dollars per share) | $0.08 | $0.12 | $0.24 | $0.75 |
Basic net income (loss) per share from discontinued operations (in dollars per share) | $0 | ($0.06) | $6.95 | ($2) |
Basic net income (loss) per share (in dollars per share) | $0.08 | $0.06 | $7.19 | ($1.25) |
Diluted net income per share from continuing operations (in dollars per share) | $0.08 | $0.12 | $0.23 | $0.74 |
Diluted net income (loss) per share from discontinued operations (in dollars per share) | $0 | ($0.06) | $6.81 | ($1.99) |
Diluted net income (loss) per share (in dollars per share) | $0.08 | $0.06 | $7.04 | ($1.25) |
Minimum [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Exercise price of antidilutive options and warrants (in dollars per share) | ' | $5.83 | $10.73 | $5.83 |
Maximum [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Exercise price of antidilutive options and warrants (in dollars per share) | ' | $15.06 | $15.06 | $15.06 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive shares excluded from computation of earnings per share (in shares) | ' | 1,500,933 | 421,500 | 1,500,933 |
Warrants [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive shares excluded from computation of earnings per share (in shares) | ' | 735,484 | ' | 735,484 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Income tax expenses from continuing operations | $2,317,000 | $880,000 | $4,022,000 | $6,237,000 |
Effective income tax rate (in hundredths) | 66.90% | 33.00% | 54.10% | 36.90% |
Income tax benefit from discontinued operations | ' | ' | $9,156,000 | ' |
Financial_Risk_Management_and_2
Financial Risk Management and Derivatives (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Forward Foreign Currency Exchange Contracts [Member] | Forward Foreign Currency Exchange Contracts [Member] | Forward Foreign Currency Exchange Contracts [Member] | Forward Foreign Currency Exchange Contracts [Member] | Forward Foreign Currency Exchange Contracts [Member] | Forward Foreign Currency Exchange Contracts [Member] | |||
General and Administrative Expenses [Member] | General and Administrative Expenses [Member] | General and Administrative Expenses [Member] | General and Administrative Expenses [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of foreign currency derivatives | ' | ' | $17,726,000 | $17,543,000 | ' | ' | ' | ' |
Forward foreign currency exchange contracts | ' | ' | ' | ' | 74,000 | 20,000 | -759,000 | 360,000 |
Forward foreign currency exchange contracts included in other current liabilities | 76,000 | ' | ' | ' | ' | ' | ' | ' |
Forward foreign currency exchange contracts included in prepaid expenses and other current assets | ' | $683,000 | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | |||
Forward Foreign Currency Exchange Contracts [Member] | Forward Foreign Currency Exchange Contracts [Member] | Forward Foreign Currency Exchange Contracts [Member] | Forward Foreign Currency Exchange Contracts [Member] | Warrant Liability [Member] | Warrant Liability [Member] | Warrant Liability [Member] | Warrant Liability [Member] | Supplier Warrant [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | |||||||
Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | ||||||||||||||||||
Short-term Investments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mutual funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $496,000 | $411,000 | $496,000 | $411,000 | $0 | $0 | $0 | $0 | ||
Prepaid expenses and other current assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Forward foreign currency exchange contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 683,000 | 0 | 0 | 0 | 683,000 | 0 | 0 | ||
Other current liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 496,000 | 411,000 | 496,000 | 411,000 | 0 | 0 | 0 | 0 | ||
Forward foreign currency exchange contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,000 | 0 | 0 | 0 | 76,000 | 0 | 0 | 0 | ||
Other liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Warrant liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,485,000 | 2,014,000 | 0 | 0 | 0 | 0 | 6,485,000 | 2,014,000 | ||
Net gain (loss) on forward foreign currency exchange contracts | ' | ' | ' | ' | 74,000 | 20,000 | -759,000 | 360,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair value assumptions of warrants [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Risk free interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.12% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Expected life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 9 months | ' | ' | ' | ' | ' | ' | ' | ' | ||
Expected volatility (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.29% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Dividend yield (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Probability of future financing (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Change in warrant liability measured at fair value recurring basis using significant unobservable inputs (Level 3) [Rollforward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Beginning balance | 5,975,000 | 1,568,000 | 2,014,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Newly issued | 0 | 0 | 0 | 1,625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total loss included in net income (loss) | 2,920,000 | 882,000 | 6,881,000 | 825,000 | ' | ' | ' | ' | 2,920,000 | 882,000 | 6,881,000 | 825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Exercises/settlements | -2,410,000 | [1] | 0 | -2,410,000 | [1] | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net transfers in (out) of Level 3 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ending balance | $6,485,000 | $2,450,000 | $6,485,000 | $2,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Represents the fair value of the Cerberus Warrant as of the settlement date (see Note 7). |
Stock_Options_and_Restricted_S2
Stock Options and Restricted Stock Awards (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 03, 2013 | Dec. 31, 2013 | |
Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |
Installment | ||||
Summary of Black-Scholes option pricing model assumptions used to derive weighted average fair value of stock options granted [Abstract] | ' | ' | ' | ' |
Weighted average risk free interest rate (in hundredths) | 1.94% | 1.16% | ' | ' |
Weighted average expected holding period (years) | '5 years 11 months 16 days | '6 years 7 months 6 days | ' | ' |
Weighted average expected volatility (in hundredths) | 48.52% | 44.25% | ' | ' |
Weighted average expected dividend yield (in hundredths) | 0.00% | 0.00% | ' | ' |
Weighted average fair value of options granted (in dollars per share) | $4.42 | $2.92 | ' | ' |
Number of Shares [Roll Forward] | ' | ' | ' | ' |
Outstanding at beginning of period (in shares) | 1,970,084 | ' | ' | ' |
Granted (in shares) | 272,000 | 632,800 | ' | ' |
Exercised (in shares) | -476,001 | ' | ' | ' |
Cancelled (in shares) | -152,450 | ' | ' | ' |
Outstanding at end of period (in shares) | 1,613,633 | ' | ' | ' |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Outstanding at beginning of period (in dollars per share) | $8.73 | ' | ' | ' |
Granted (in dollars per share) | $9.25 | ' | ' | ' |
Exercised (in dollars per share) | $8.80 | ' | ' | ' |
Cancelled (in dollars per share) | $7.44 | ' | ' | ' |
Outstanding at end of period (in dollars per share) | $8.92 | ' | ' | ' |
Number of stock options exercisable (in shares) | 1,176,930 | ' | ' | ' |
Weighted average exercise price of stock options exercisable (in dollars per share) | $9.18 | ' | ' | ' |
Number of Shares [Roll Forward] | ' | ' | ' | ' |
Non-vested at beginning of period (in shares) | 420,401 | ' | ' | ' |
Granted (in shares) | 272,000 | 632,800 | ' | ' |
Vested (in shares) | -142,998 | ' | ' | ' |
Cancelled (in shares) | -112,700 | ' | ' | ' |
Non-vested at end of period (in shares) | 436,703 | ' | ' | ' |
Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Non-vested at beginning of period (in dollars per share) | $2.93 | ' | ' | ' |
Granted (in dollars per share) | $4.42 | $2.92 | ' | ' |
Vested (in dollars per share) | $2.97 | ' | ' | ' |
Cancelled (in dollars per share) | $2.92 | ' | ' | ' |
Non-vested at end of period (in dollars per share) | $3.86 | ' | ' | ' |
Total unrecognized compensation expense | $1,768,000 | ' | ' | $1,179,000 |
Weighted average vesting period over which compensation expense is expected to be recognized | '2 years 1 month 6 days | ' | ' | ' |
Summary of restricted stock transactions [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 138,000 | ' |
Closing market price of shares granted (in dollars per share) | ' | ' | $9.32 | ' |
Number of equal annual installments in which awards vest | ' | ' | 3 | ' |
Fair value to be recognized as compensation expense | ' | ' | $1,286,000 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2013 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance as of beginning of period | ($844,000) | ($846,000) |
Other comprehensive income (loss), net of tax | -31,000 | -29,000 |
Amounts reclassified from other comprehensive income (loss), net of tax | 0 | 0 |
Balance as of end of period | -875,000 | -875,000 |
Unrealized gain on Short-Term Investments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance as of beginning of period | 301,000 | 287,000 |
Other comprehensive income (loss), net of tax | 16,000 | 30,000 |
Amounts reclassified from other comprehensive income (loss), net of tax | 0 | 0 |
Balance as of end of period | 317,000 | 317,000 |
Foreign Currency Translation Gain (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance as of beginning of period | -1,145,000 | -1,133,000 |
Other comprehensive income (loss), net of tax | -47,000 | -59,000 |
Amounts reclassified from other comprehensive income (loss), net of tax | 0 | 0 |
Balance as of end of period | ($1,192,000) | ($1,192,000) |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 9 Months Ended | 1 Months Ended |
Dec. 31, 2013 | Oct. 31, 2013 | |
Director [Member] | Selwyn Joffe [Member] | |
Options [Member] | ||
Related Party Transaction [Line Items] | ' | ' |
Amount paid in connection with restructuring of Fenco | $304,000 | ' |
Shares purchasable under stock option (in shares) | ' | 100,000 |
Net purchase price of repurchased stock option | ' | $626,500 |
Closing price of common stock on the measurement date (in dollars per share) | ' | $12.66 |