Motorcar Parts of America (MPAA) 10-Q 9 Feb 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2016	Feb. 02, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	MOTORCAR PARTS AMERICA INC
Entity Central Index Key	918,251
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		18,693,779
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2016

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 3,941,000	$ 21,897,000
Short-term investments	1,966,000	1,813,000
Accounts receivable - net	22,667,000	8,548,000
Inventory - net	71,340,000	58,060,000
Inventory unreturned	5,098,000	10,520,000
Deferred income taxes	34,723,000	33,347,000
Prepaid expenses and other current assets	7,478,000	5,900,000
Total current assets	147,213,000	140,085,000
Plant and equipment - net	18,243,000	16,099,000
Long-term core inventory - net	257,198,000	241,100,000
Long-term core inventory deposits	5,569,000	5,569,000
Long-term deferred income taxes	456,000	236,000
Goodwill	2,551,000	2,053,000
Intangible assets - net	4,150,000	4,573,000
Other assets	7,649,000	3,657,000
TOTAL ASSETS	443,029,000	413,372,000
Current liabilities:
Accounts payable	77,552,000	72,152,000
Accrued liabilities	8,716,000	9,101,000
Customer finished goods returns accrual	12,567,000	26,376,000
Accrued core payment	11,791,000	8,989,000
Revolving loan	18,001,000	7,000,000
Other current liabilities	11,579,000	4,698,000
Current portion of term loan	3,064,000	3,067,000
Total current liabilities	143,270,000	131,383,000
Term loan, less current portion	17,691,000	19,980,000
Long-term accrued core payment	15,181,000	17,550,000
Long-term deferred income taxes	13,577,000	14,315,000
Other liabilities	13,374,000	19,336,000
Total liabilities	203,093,000	202,564,000
Commitments and contingencies
Shareholders' equity:
Preferred stock	0	0
Common stock; par value $.01 per share, 50,000,000 shares authorized; 18,693,779 and 18,531,751 shares issued and outstanding at December 31, 2016 and March 31, 2016, respectively	187,000	185,000
Additional paid-in capital	206,619,000	203,650,000
Retained earnings	40,478,000	11,825,000
Accumulated other comprehensive loss	(7,348,000)	(4,852,000)
Total shareholders' equity	239,936,000	210,808,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	443,029,000	413,372,000
Series A Junior Participating Preferred Stock [Member]
Shareholders' equity:
Preferred stock	$ 0	$ 0

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2016	Mar. 31, 2016
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)	50,000,000	50,000,000
Common stock, issued (in shares)	18,693,779	18,531,751
Common stock, outstanding (in shares)	18,693,779	18,531,751
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 Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Operations (Unaudited) [Abstract]
Net sales	$ 112,595,000	$ 94,022,000	$ 306,843,000	$ 271,527,000
Cost of goods sold	80,225,000	65,123,000	223,424,000	194,817,000
Gross profit	32,370,000	28,899,000	83,419,000	76,710,000
Operating expenses:
General and administrative	7,952,000	8,802,000	21,446,000	38,381,000
Sales and marketing	3,234,000	2,671,000	8,575,000	7,583,000
Research and development	1,039,000	711,000	2,813,000	2,093,000
Total operating expenses	12,225,000	12,184,000	32,834,000	48,057,000
Operating income	20,145,000	16,715,000	50,585,000	28,653,000
Interest expense, net	3,357,000	2,516,000	9,365,000	13,566,000
Income before income tax expense	16,788,000	14,199,000	41,220,000	15,087,000
Income tax expense	5,678,000	6,451,000	13,459,000	6,821,000
Net income	$ 11,110,000	$ 7,748,000	$ 27,761,000	$ 8,266,000
Basic net income per share (in dollars per share)	$ 0.59	$ 0.42	$ 1.49	$ 0.45
Diluted net income per share (in dollars per share)	$ 0.57	$ 0.41	$ 1.43	$ 0.44
Weighted average number of shares outstanding:
Basic (in shares)	18,675,125	18,319,531	18,587,946	18,180,039
Diluted (in shares)	19,441,265	19,095,704	19,399,857	18,981,421

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract]
Net income	$ 11,110,000	$ 7,748,000	$ 27,761,000	$ 8,266,000
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on short-term investments (net of tax of $7,000, $29,000, $66,000, and $(11,000)	10,000	42,000	98,000	(17,000)
Foreign currency translation loss	(1,252,000)	(422,000)	(2,594,000)	(2,195,000)
Total other comprehensive loss, net of tax	(1,242,000)	(380,000)	(2,496,000)	(2,212,000)
Comprehensive income	$ 9,868,000	$ 7,368,000	$ 25,265,000	$ 6,054,000

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on short-term investments, tax	$ 7,000	$ 29,000	$ 66,000	$ (11,000)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 27,761,000	$ 8,266,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	2,262,000	1,737,000
Amortization of intangible assets	456,000	476,000
Amortization of debt issuance costs	538,000	635,000
Write-off of debt issuance costs	0	5,108,000
Amortization of interest on accrued core payments	545,000	566,000
(Gain) loss due to change in fair value of the warrant liability	(5,727,000)	3,077,000
Gain due to change in fair value of the contingent consideration	(16,000)	0
Gain due to change in estimate of stock adjustment accrual	(4,066,000)	0
Net provision for inventory reserves	2,327,000	3,439,000
Net provision for (recovery of) customer payment discrepancies	612,000	(270,000)
Net (recovery of) provision for doubtful accounts	(1,000)	4,552,000
Deferred income taxes	(1,620,000)	(3,264,000)
Share-based compensation expense	2,555,000	1,786,000
Loss on disposal of plant and equipment	1,000	0
Changes in current assets and liabilities:
Accounts receivable	(14,685,000)	11,481,000
Inventory	(13,696,000)	2,905,000
Inventory unreturned	227,000	(2,815,000)
Prepaid expenses and other current assets	(1,917,000)	2,462,000
Other assets	(4,045,000)	(359,000)
Accounts payable and accrued liabilities	3,945,000	(3,830,000)
Customer finished goods returns accrual	(4,548,000)	3,680,000
Long-term core inventory	(17,893,000)	(47,731,000)
Long-term core inventory deposits	0	26,002,000
Accrued core payments	(113,000)	(8,896,000)
Other liabilities	6,288,000	956,000
Net cash (used in) provided by operating activities	(20,810,000)	9,963,000
Cash flows from investing activities:
Purchase of plant and equipment	(4,127,000)	(3,168,000)
Purchase of business	(705,000)	(2,701,000)
Change in short-term investments	11,000	(838,000)
Net cash used in investing activities	(4,821,000)	(6,707,000)
Cash flows from financing activities:
Borrowings under revolving loan	37,001,000	22,000,000
Repayments of revolving loan	(26,000,000)	(15,000,000)
Borrowings under term loan	0	25,000,000
Repayments of term loan	(2,344,000)	(85,281,000)
Payments for debt issuance costs	(444,000)	(2,337,000)
Payments on capital lease obligations	(406,000)	(268,000)
Payment of contingent consideration	(314,000)	0
Exercise of stock options	1,475,000	3,051,000
Excess tax benefits from stock-based compensation	0	3,106,000
Cash used to net share settle equity awards	(1,058,000)	(913,000)
Net cash provided by (used in) financing activities	7,910,000	(50,642,000)
Effect of exchange rate changes on cash and cash equivalents	(235,000)	(143,000)
Net decrease in cash and cash equivalents	(17,956,000)	(47,529,000)
Cash and cash equivalents - Beginning of period	21,897,000	61,230,000
Cash and cash equivalents - End of period	3,941,000	13,701,000
Cash paid during the period for:
Interest, net	8,212,000	7,405,000
Income taxes, net of refunds	9,971,000	3,684,000
Non-cash investing and financing activities:
Plant and equipment acquired under capital lease	802,000	1,591,000
Contingent consideration	$ 0	$ 1,320,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 31, 2016
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, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2017. 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, 2016, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on June 14, 2016, as amended by the Form 10-K/A filed with the SEC on July 29, 2016. The accompanying consolidated financial statements have been prepared on a consistent basis with, and there have been no material changes to, except as noted below, 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, 2016.

Company Background and Organiza

Company Background and Organization	9 Months Ended
	Dec. 31, 2016
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 automotive 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 for both their aftermarket programs and warranty replacement programs (“OES”). The Company’s products include The Company obtains used automotive 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 remanufacturing, warehousing and shipping/receiving operations for automotive 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”), for segment reporting, the Company has identified its chief executive officer as its chief operating decision maker (“CODM”), has reviewed the documents used by the CODM, and understands how such documents are used by the CODM to make financial and operating decisions. The Company has determined through this review process that it has one reportable segment for purposes of recording and reporting its financial results.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Dec. 31, 2016
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	2. New Accounting Pronouncements Recently Adopted Accounting Standards Share-based Compensation In March 2016, the FASB issued guidance that simplifies several aspects of the accounting for share-based payment transactions and states that, among other things, all excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit in the income statement and an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. Extraordinary Items In January 2015, the FASB issued guidance that simplifies income statement presentation by eliminating the concept Accounting Standards Not Yet Adopted Revenue Recognition In May 2014, the FASB issued guidance codified in ASC 606, “Revenue Recognition - Revenue from Contracts with Customers”, which amends the guidance in the former ASC 605, “Revenue Recognition”. The new guidance is effective for annual periods beginning after December 15, 2016, and interim periods within that reporting period for a public company. A full or modified retrospective transition method is required. In August 2015, the FASB delayed the effective date by one year to annual periods beginning after December 15, 2017, and interim periods within that reporting period for a public company. Accordingly, the updated standard is effective for the Company in the first quarter of fiscal 2019 and the Company does not plan to early adopt. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2014, the FASB issued guidance which requires an entity to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). If conditions or events raise substantial doubt that is not alleviated, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued), along with the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations and management’s plans that are intended to mitigate those conditions. The new guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Inventory In July 2015, the FASB issued guidance that requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements. Income Taxes In November 2015, the FASB issued guidance that requires deferred tax liabilities and assets to be classified as noncurrent in the consolidated balance sheet. The guidance is effective for fiscal years beginning after The Company is Financial Instruments In January 2016, the FASB issued guidance that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements. Leases In February 2016, the FASB issued new guidance that requires balance sheet recognition of a right-of-use asset and lease liability by lessees for operating leases. The new guidance also requires new disclosures providing additional qualitative and quantitative information about the amounts recorded in the financial statements. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The new guidance requires a modified retrospective approach with optional practical expedients. The Company is currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements. Statement of Cash Flows In August 2016, the FASB issued guidance which adds and/or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The new guidance is intended to reduce diversity in practice in how certain transactions are presented and classified in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years; early adoption is permitted. The Company does not expect any impact on its consolidated statements of cash flows from the adoption of this guidance. Business Combinations In January 2017, the FASB issued guidance which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. . The Company is currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements.

Intangible Assets

Intangible Assets	9 Months Ended
	Dec. 31, 2016
Intangible Assets [Abstract]
Intangible Assets	3. Intangible Assets The following is a summary of acquired intangible assets subject to amortization: December 31, 2016 March 31, 2016 Weighted Average Amortization Period Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization Trademarks 11 years $ 705,000 $ 175,000 $ 705,000 $ 127,000 Non-compete agreement 1 year 33,000 21,000 - - Customer relationships 13 years 5,900,000 2,292,000 5,900,000 1,905,000 Total $ 6,638,000 $ 2,488,000 $ 6,605,000 $ 2,032,000 Amortization expense for acquired intangible assets is as follows: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Amortization expense $ 166,000 $ 145,000 $ 456,000 $ 476,000 The estimated future amortization expense for acquired intangible assets subject to amortization is as follows: Year Ending March 31, 2017 - remaining three months $ 157,000 2018 580,000 2019 580,000 2020 580,000 2021 580,000 Thereafter 1,673,000 Total $ 4,150,000

Accounts Receivable - Net

Accounts Receivable - Net	9 Months Ended
	Dec. 31, 2016
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: December 31, 2016 March 31, 2016 Accounts receivable — trade $ 71,428,000 $ 62,206,000 Allowance for bad debts (4,137,000 ) (4,284,000 ) Customer allowances earned (9,274,000 ) (12,029,000 ) Customer payment discrepancies (1,173,000 ) (703,000 ) Customer returns RGA issued (10,645,000 ) (6,561,000 ) Customer core returns accruals (23,532,000 ) (30,081,000 ) Less: total accounts receivable offset accounts (48,761,000 ) (53,658,000 ) Total accounts receivable — net $ 22,667,000 $ 8,548,000 Customer Finished Goods Returns Accrual The Company allows its customers to return goods that their customers have returned to them, whether or not the returned item is 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, 2016 and March 31, 2016, the Company’s total warranty return accrual was $11,865,000 and $10,845,000, respectively, of which $6,444,000 and $4,612,000, respectively, was included in the customer returns RGA issued balance in the above table for expected credits to be issued against accounts receivable and $5,421,000 and $6,233,000, respectively, was included in the customer finished goods returns accrual in the consolidated balance sheets for estimated future warranty returns. Under customer agreements and general industry practice, customers are allowed stock adjustments if the inventory of certain product lines exceeds the inventory necessary to support sales to end-user consumers (“stock adjustment returns”). Customers have various contractual rights for stock adjustment returns which are typically less than 5% of units sold. In some instances, the Company allows a higher level of returns in connection with significant restocking orders. Stock adjustment returns do not occur at any specific time during the year. As is standard in the industry, the Company only accepts returns from on-going customers. If a customer ceases doing business, the Company has no further obligation to accept additional product returns from that customer. Similarly, the Company accepts product returns and grants appropriate credits to new customers from the inception of the customer relationship. The following summarizes the changes in the Company’s warranty return accrual: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Balance at beginning of period $ 13,707,000 $ 10,204,000 $ 10,845,000 $ 10,904,000 Charged to expense/additions 22,930,000 18,463,000 73,803,000 58,276,000 Amounts processed (24,772,000 ) (20,307,000 ) (72,783,000 ) (60,820,000 ) Balance at end of period $ 11,865,000 $ 8,360,000 $ 11,865,000 $ 8,360,000

Inventory

Inventory	9 Months Ended
	Dec. 31, 2016
Inventory [Abstract]
Inventory	5. Inventory Inventory is comprised of the following: December 31, 2016 March 31, 2016 Non-core inventory Raw materials $ 23,074,000 $ 17,394,000 Work-in-process 581,000 135,000 Finished goods 50,556,000 42,982,000 74,211,000 60,511,000 Less allowance for excess and obsolete inventory (2,871,000 ) (2,451,000 ) Total $ 71,340,000 $ 58,060,000 Inventory unreturned $ 5,098,000 $ 10,520,000 Long-term core inventory Used cores held at the Company's facilities $ 42,036,000 $ 34,405,000 Used cores expected to be returned by customers 12,104,000 10,781,000 Remanufactured cores held in finished goods 25,671,000 24,489,000 Remanufactured cores held at customers' locations (1) 178,607,000 172,600,000 258,418,000 242,275,000 Less allowance for excess and obsolete inventory (1,220,000 ) (1,175,000 ) Total $ 257,198,000 $ 241,100,000 Long-term core inventory deposits $ 5,569,000 $ 5,569,000 (1) Remanufactured cores held at customers’ locations represent the core portion of the Company's customers’ finished goods at the Company's customers’ locations.

Significant Customer and Other

Significant Customer and Other Information	9 Months Ended
	Dec. 31, 2016
Significant Customer and Other Information [Abstract]
Significant Customer and Other Information	6. Significant Customer and Other Information Significant Customer Concentrations The Company’s largest customers accounted for the following total percentage of net sales: Three Months Ended December 31, Nine Months Ended December 31, Sales 2016 2015 2016 2015 Customer A 42 % 49 % 46 % 48 % Customer B 21 % 16 % 19 % 19 % Customer C 14 % 16 % 17 % 18 % Customer D 5 % 3 % 4 % 3 % Customer E 10 % 4 % 5 % 3 % The Company’s largest customers accounted for the following total percentage of accounts receivable—trade: Accounts receivable - trade December 31, 2016 March 31, 2016 Customer A 45 % 37 % Customer B 13 % 17 % Customer C 9 % 15 % Customer D 13 % 9 % Customer E 2 % 4 % Geographic and Product Information The Company’s products are predominantly sold in the U.S. and accounted for the following total percentage of net sales: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Rotating electrical products 81 % 78 % 78 % 80 % Wheel hub products 15 % 19 % 18 % 19 % Brake master cylinders products 3 % 3 % 4 % 1 % Other products 1 % - % - % - % 100 % 100 % 100 % 100 % Significant Supplier Concentrations The Company had no suppliers that accounted for more than 10% of inventory purchases for the three and nine months ended December 31, 2016 and 2015.

Debt

Debt	9 Months Ended
	Dec. 31, 2016
Debt [Abstract]
Debt	7. Debt The Company has the following credit agreements. Credit Facility The Company is party to a $125,000,000 senior secured financing (the “Credit Facility”) with the lenders party thereto, and PNC Bank, National Association, as administrative agent, consisting of (i) a $100,000,000 revolving loan facility, subject to borrowing base restrictions and a $15,000,000 sublimit for letters of credit (the “Revolving Facility”) and (ii) a $25,000,000 term loan facility (the “Term Loans”). The loans under the Credit Facility mature on June 3, 2020. In connection with the Credit Facility, the lenders were granted a security interest in substantially all of the assets of the Company. The Credit Facility permits the payment of up to $10,000,000 of dividends per calendar year, subject to a minimum availability threshold and pro forma compliance with financial covenants. In May 2016, the Company entered into a consent and second amendment to the Credit Facility (the “Second Amendment”) which, among other things, (i) increased the borrowing capacity of the Revolving Facility from $100,000,000 to $120,000,000, subject to certain borrowing base restrictions and a $15,000,000 sublimit for letters of credit, (ii) amended the definition and calculation of consolidated EBITDA, (iii) increased the maximum of amount of capital expenditures, and (iv) made certain other amendments and modifications. The Term Loans require quarterly principal payments of $781,250. The Credit Facility bears interest at rates equal to either LIBOR plus a margin of 2.50%, 2.75% or 3.00% or a reference rate plus a margin of 1.50%, 1.75% or 2.00%, in each case depending on the senior leverage ratio as of the applicable measurement date. There is also a facility fee of 0.25% to 0.375%, depending on the senior leverage ratio as of the applicable measurement date. The interest rate on the Company’s Term Loans and Revolving Facility was 3.12% and 4.09%, respectively, at December 31, 2016 and 2.94% and 3.53%, respectively, at March 31, 2016. The Credit Facility, among other things, requires the Company to maintain certain financial covenants including a maximum senior leverage ratio and a minimum fixed charge coverage ratio. The Company was in compliance with all financial covenants as of December 31, 2016. In addition to other covenants, the Credit Facility places limits on the Company’s ability to incur liens, incur additional indebtedness, make loans and investments, engage in mergers and acquisitions, engage in asset sales, redeem or repurchase capital stock, alter the business conducted by the Company and its subsidiaries, transact with affiliates, prepay, redeem or purchase subordinated debt, and amend or otherwise alter debt agreements. The following summarizes information about the Company’s Term Loans at: December 31, 2016 March 31, 2016 Principal amount of term loan $ 21,094,000 $ 23,438,000 Unamortized financing fees (339,000 ) (391,000 ) Net carrying amount of term loan 20,755,000 23,047,000 Less current portion of term loan (3,064,000 ) (3,067,000 ) Long-term portion of term loan $ 17,691,000 $ 19,980,000 Future repayments of the Company’s Term Loans are as follows: Year Ending March 31, 2017 - remaining three months 781,000 2018 3,125,000 2019 3,125,000 2020 3,125,000 2021 10,938,000 Total payments $ 21,094,000 The Company had $18,001,000 and $7,000,000 outstanding under the Revolving Facility at December 31, 2016 and March 31, 2016, respectively. In addition, $260,000 was reserved for standby letters of credit for workers’ compensation insurance and $600,000 for commercial letters of credit at December 31, 2016. At December 31, 2016, $101,139,000, subject to certain adjustments, was available under the Revolving Facility. 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 subsidiaries. In connection with the WX Agreement, 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 level 3 inputs and the Monte Carlo simulation model was $9,916,000 and $15,643,000 at December 31, 2016 and March 31, 2016, respectively. These amounts are included in other liabilities in the consolidated balance sheets. The warrant liability continues to be classified as a noncurrent liability at December 31, 2016 as the Company does not expect to settle this amount in cash. During the three months ended December 31, 2016 and 2015, a gain of $962,000 and a loss of $1,275,000, respectively, were 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, 2016 and 2015, a gain of $5,727,000 and a loss of $3,017,000, respectively, were recorded in general and administrative expenses due to the change in the fair value of this warrant liability.

Accounts Receivable Discount Pr

Accounts Receivable Discount Programs	9 Months Ended
	Dec. 31, 2016
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 receipt of payment on customers’ receivables. The following is a summary of the Company’s accounts receivable discount programs: Nine Months Ended December 31, 2016 2015 Receivables discounted $ 254,795,000 $ 248,443,000 Weighted average days 341 342 Annualized weighted average discount rate 2.9 % 2.2 % Amount of discount as interest expense $ 6,864,000 $ 5,241,000

Net Income Per Share

Net Income Per Share	9 Months Ended
	Dec. 31, 2016
Net Income Per Share [Abstract]
Net Income Per Share	9. Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income 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 per share: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Net income $ 11,110,000 $ 7,748,000 $ 27,761,000 $ 8,266,000 Basic shares 18,675,125 18,319,531 18,587,946 18,180,039 Effect of potentially dilutive securities 766,140 776,173 811,911 801,382 Diluted shares 19,441,265 19,095,704 19,399,857 18,981,421 Net income per share: Basic net income per share $ 0.59 $ 0.42 $ 1.49 $ 0.45 Diluted net income per share $ 0.57 $ 0.41 $ 1.43 $ 0.44 The effect of dilutive options excludes (i) 292,415 shares subject to options with exercise prices ranging from $26.47 to $34.17 per share for the three months ended December, 31, 2016, (ii) 291,215 shares subject to options with exercise prices ranging from $28.68 to $34.17 per share for the nine months ended December 31, 2016, and (iii) 1,100 shares subject to options with an exercise price of $34.17 per share for the nine months ended December 31, 2015, which were anti-dilutive. There were no anti-dilutive options or warrants for the three months ended December 31, 2015.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Income Taxes	10. Income Taxes The Company recorded income tax expenses for the three months ended December 31, 2016 and 2015 of $5,678,000, or an effective tax rate of 33.8%, and $6,451,000, or an effective tax rate of 45.4%. The Company recorded income tax expenses for the nine months ended December 31, 2016 and 2015 of $13,459,000, or an effective tax rate of 32.7%, and $6,821,000, or an effective tax rate of 45.2%, respectively. The Company’s income tax rates for the three and nine months ended December 31, 2016 were positively impacted by $34,000 and $624,000, respectively, of excess tax benefits reflected in income tax expense as a result of the early adoption of the FASB’s new guidance on share-based compensation. The income tax rates for the three and nine months ended December 31, 2016 were further impacted by a non-taxable gain in connection with the fair value adjustment on the warrants compared to a non-deductible loss for the three and nine months ended December 31, 2015. In addition, the income tax rates for all periods are increased by the inclusion of state income taxes and non-deductible executive compensation under Internal Revenue Code Section 162(m) These increases in all periods were partially offset by the benefit of lower statutory tax rates in foreign taxing jurisdictions. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions with varying statutes of limitations. The Internal Revenue Services (“IRS”) audit for the fiscal years ended March 31, 2011, 2012, 2013, and 2014 were collectively concluded in May 2016. It was primarily agreed that the Company’s approximately $80,000,000 of ordinary bad debt deduction would be disallowed on its March 31, 2013 return and instead would be reclassified as deductible section165(g)(3) loss on its March 31, 2014 return. Pursuant to this IRS exam adjustment, and certain other less significant findings, the disallowed losses which were carried back to offset taxable income on the Company’s March 31, 2011 return were reclaimed by the IRS. However the same losses, reclassified as noted above, were carried back two years to offset taxable income on the Company’s March 31, 2012 and 2013 tax returns. The remaining net operating losses were carried forward on to the Company’s March 31, 2014 tax return, and to the extent additional net operating losses remain will also offset taxable income in future years. The impact of the reclassification and other findings resulted in no material increase in tax expense from changes in taxable income, but the Company incurred additional interest charges of approximately $460,000. These charges were accrued for in the final quarter of the year ended March 31, 2016. There is no impact from the conclusion of these audits in the income tax expenses for the current period ended December 31, 2016. The Company is also under examination by the State of California for the years ended March 31, 2013 and 2014. The Company is not under examination in any another jurisdiction. The Company believes no significant changes in the unrecognized tax benefits will occur within the next 12 months.

Financial Risk Management and D

Financial Risk Management and Derivatives	9 Months Ended
	Dec. 31, 2016
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 currencies. The Company’s primary risk exposure is from fluctuations in the value of the Mexican peso and to a lesser extent the Chinese yuan. To mitigate these risks, the Company enters into forward foreign currency exchange contracts to exchange U.S. dollars for these foreign currencies. The extent to which forward foreign currency exchange contracts are used is modified periodically in response to the Company’s estimate of market conditions and the terms and length of anticipated requirements. 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 will be materially affected by changes in exchange rates between the U.S. dollar and the foreign currencies. 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. The Company had forward foreign currency exchange contracts with a U.S. dollar equivalent notional value of $27,433,000 and $18,917,000 at December 31, 2016 and March 31, 2016, respectively. These contracts generally have a term of one 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 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 shows the effect of the Company’s derivative instruments on its consolidated statements of operations: Gain (Loss) Recognized within General and Administrative Expenses Derivatives Not Designated as Three Months Ended December 31, Nine Months Ended December 31, Hedging Instruments 2016 2015 2016 2015 Forward foreign currency exchange contracts $ (964,000 ) $ 245,000 $ (2,150,000 ) $ (104,000 ) The fair value of the forward foreign currency exchange contracts of $2,566,000 and $416,000 is included in other current liabilities in the consolidated balance sheets at December 31, 2016 and March 31, 2016, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2016
Fair Value Measurements [Abstract]
Fair Value Measurements	12. Fair Value Measurements The following summarizes the Company’s financial assets and liabilities measured at fair value, by level within the fair value hierarchy: December 31, 2016 March 31, 2016 Fair Value Measurements Using Inputs Considered as Fair Value Measurements 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 $ 1,966,000 $ 1,966,000 - - $ 1,813,000 $ 1,813,000 - - Liabilities Accrued liabilities Contingent consideration - - - - 224,000 - - $ 224,000 Other current liabilities Deferred compensation 1,966,000 1,966,000 - - 1,813,000 1,813,000 - - Forward foreign currency exchange contracts 2,566,000 - $ 2,566,000 - 416,000 - $ 416,000 - Other liabilities Warrant liability 9,916,000 - - $ 9,916,000 15,643,000 - - 15,643,000 Contingent consideration - - - - 106,000 - - 106,000 Short-term Investments and Deferred Compensation 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. Forward Foreign Currency Exchange Contracts 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 months ended December 31, 2016 and 2015, a loss of $964,000 and a gain of $245,000, respectively, were recorded in general and administrative expenses due to the change in the value of the forward foreign currency exchange contracts. During the nine months ended December 31, 2016 and 2015, a loss of $2,150,000 and $104,000, respectively, were recorded in general and administrative expenses due to the change in the value of the forward foreign currency exchange contracts. Warrant Liability 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 warrant liability is included in other liabilities in the consolidated balance sheets. Any subsequent changes from the initial recognition in the fair value of the warrant liability are recorded in current period earnings as a general and administrative expense. The following assumptions were used to determine the fair value of the Supplier Warrant: Supplier Warrant Risk free interest rate 0.74 % Expected life in years 0.75 Expected volatility 39.90 % 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. Contingent Consideration The Company estimated the fair value of the contingent consideration liability using level 3 inputs and an option-pricing model at each balance sheet date. This amount was recorded in accrued expenses in the Company’s consolidated balance sheet at March 31, 2016. Any subsequent changes from the initial recognition in the fair value of the contingent consideration were recorded in current period earnings as a general and administrative expense. On June 21, 2016, the Company entered into a full release and settlement agreement with former owners of OE Plus Ltd., pursuant to which the Company agreed to pay $314,000 in full and complete satisfaction of all payments of any sort otherwise owed by the Company in connection with the May 2015 asset purchase agreement. This amount was paid in full on July 6, 2016. During the nine months ended December 31, 2016, a gain of $16,000 was recorded in general and administrative expenses due to the change in the fair value of the contingent consideration. During the three and nine months ended December 31, 2015, a loss of $40,000 and $60,000, respectively, was recorded in general and administrative expenses due to the change in the fair value of the contingent consideration. The following summarizes the activity for Level 3 fair value measurements: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Supplier Warrant Contingent Consideration Supplier Warrant Contingent Consideration Supplier Warrant Contingent Consideration Supplier Warrant Contingent Consideration Beginning balance $ 10,878,000 $ - $ 12,248,000 $ 1,340,000 $ 15,643,000 $ 330,000 $ 10,506,000 $ - Newly issued - - - - - - - 1,320,000 Total (gain) loss included in net income (loss) (962,000 ) - 1,275,000 40,000 (5,727,000 ) (16,000 ) 3,017,000 60,000 Exercises/settlements - - - - - (314,000 ) - - Net transfers in (out) of Level 3 - - - - - - - - Ending balance $ 9,916,000 $ - $ 13,523,000 $ 1,380,000 $ 9,916,000 $ - $ 13,523,000 $ 1,380,000 During the three and nine months ended December 31, 2016, 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 and cash equivalents, 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 loan, term loan 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.

Share-based Payments

Share-based Payments	9 Months Ended
	Dec. 31, 2016
Share-based Payments [Abstract]
Share-based Payments	13. Share-based Payments Stock Options The Company granted options to purchase 184,000 and 111,222 shares of common stock during the nine months ended December 31, 2016 and 2015, respectively. The cost associated with stock options is estimated using the Black-Scholes option-pricing model. This 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 following assumptions were used to derive the weighted average fair value of the stock options granted: Nine Months Ended December 31, 2016 2015 Weighted average risk free interest rate 1.38 % 1.73 % Weighted average expected holding period (years) 5.84 5.76 Weighted average expected volatility 47.42 % 46.84 % Weighted average expected dividend yield - - Weighted average fair value of options granted $ 13.07 $ 14.14 The following is a summary of stock option transactions: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2016 984,066 $ 11.98 Granted 184,000 $ 28.67 Exercised (108,997 ) $ 13.53 Cancelled - $ - Outstanding at December 31, 2016 1,059,069 $ 14.72 At December 31, 2016, options to purchase 283,102 shares of common stock were unvested at the weighted average exercise price of $13.02. At December 31, 2016, there was $3,025,000 of total unrecognized compensation expense related to unvested stock option awards. The compensation expense is expected to be recognized over a weighted average vesting period of approximately 2.1 years. Restricted Stock or Restricted Stock Units (collectively “RS”) During the nine months ended December 31, 2016 and 2015, the Company granted 55,469 and 49,702 shares of RS, respectively, with an estimated grant date fair value of $1,574,000 and $1,566,000, respectively, which was based on the closing market price on the grant date. The following is a summary of non-vested RS: Number of Shares Weighted Average Grant Date Fair Value Non-vested at March 31, 2016 153,527 $ 22.28 Granted 55,469 $ 28.37 Vested (89,617 ) $ 18.14 Cancelled - $ - Non-vested at December 31, 2016 119,379 $ 28.22 At December 31, 2016, there was $2,573,000 of unrecognized compensation expense related to these awards, which will be recognized over the remaining vesting period of approximately 1.8 years.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss)	14. Accumulated Other Comprehensive Income (Loss) The following summarizes changes in accumulated other comprehensive income (loss): Three Months Ended December 31, 2016 Three Months Ended December 31, 2015 Unrealized Gain on Short-Term Investments Foreign Currency Translation Total Unrealized Gain (Loss) on Short-Term Investments Foreign Currency Translation Total Balance at beginning of period $ 420,000 $ (6,526,000 ) $ (6,106,000 ) $ 286,000 $ (4,636,000 ) $ (4,350,000 ) Other comprehensive income (loss), net of tax 10,000 (1,252,000 ) (1,242,000 ) 42,000 (422,000 ) (380,000 ) Amounts reclassified from accumulated other comprehensive loss, net of tax - - - - - - Balance at end of period $ 430,000 $ (7,778,000 ) $ (7,348,000 ) $ 328,000 $ (5,058,000 ) $ (4,730,000 ) Nine Months Ended December 31, 2016 Nine Months Ended December 31, 2015 Unrealized Gain on Short-Term Foreign Currency Unrealized Gain (Loss) on Short-Term Foreign Currency Investments Translation Total Investments Translation Total Balance at beginning of period $ 332,000 $ (5,184,000 ) $ (4,852,000 ) $ 345,000 $ (2,863,000 ) $ (2,518,000 ) Other comprehensive income (loss), net of tax 98,000 (2,594,000 ) (2,496,000 ) (17,000 ) (2,195,000 ) (2,212,000 ) Amounts reclassified from accumulated other comprehensive loss, net of tax - - - - - - Balance at end of period $ 430,000 $ (7,778,000 ) $ (7,348,000 ) $ 328,000 $ (5,058,000 ) $ (4,730,000 )

Acquisitions

Acquisitions	9 Months Ended
	Dec. 31, 2016
Acquisitions [Abstract]
Acquisitions	15. Acquisitions On July 21, 2016, the Company completed the acquisition of certain assets and assumption of certain liabilities of Zor Industries USA LLC (“ZOR”), a privately held manufacturer and remanufacturer of turbochargers based in Winchester, Virginia. The acquisition was consummated pursuant to an asset purchase agreement for a purchase price of $705,000. The assets and results of operations of ZOR were not significant to the Company’s consolidated financial position or results of operations, and thus pro forma information is not presented.

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	9 Months Ended
	Dec. 31, 2016
New Accounting Pronouncements [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Share-based Compensation In March 2016, the FASB issued guidance that simplifies several aspects of the accounting for share-based payment transactions and states that, among other things, all excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit in the income statement and an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. Extraordinary Items In January 2015, the FASB issued guidance that simplifies income statement presentation by eliminating the concept
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted Revenue Recognition In May 2014, the FASB issued guidance codified in ASC 606, “Revenue Recognition - Revenue from Contracts with Customers”, which amends the guidance in the former ASC 605, “Revenue Recognition”. The new guidance is effective for annual periods beginning after December 15, 2016, and interim periods within that reporting period for a public company. A full or modified retrospective transition method is required. In August 2015, the FASB delayed the effective date by one year to annual periods beginning after December 15, 2017, and interim periods within that reporting period for a public company. Accordingly, the updated standard is effective for the Company in the first quarter of fiscal 2019 and the Company does not plan to early adopt. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2014, the FASB issued guidance which requires an entity to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). If conditions or events raise substantial doubt that is not alleviated, an entity should disclose that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued), along with the principal conditions or events that raise substantial doubt, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations and management’s plans that are intended to mitigate those conditions. The new guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Inventory In July 2015, the FASB issued guidance that requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements. Income Taxes In November 2015, the FASB issued guidance that requires deferred tax liabilities and assets to be classified as noncurrent in the consolidated balance sheet. The guidance is effective for fiscal years beginning after The Company is Financial Instruments In January 2016, the FASB issued guidance that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements. Leases In February 2016, the FASB issued new guidance that requires balance sheet recognition of a right-of-use asset and lease liability by lessees for operating leases. The new guidance also requires new disclosures providing additional qualitative and quantitative information about the amounts recorded in the financial statements. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The new guidance requires a modified retrospective approach with optional practical expedients. The Company is currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements. Statement of Cash Flows In August 2016, the FASB issued guidance which adds and/or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The new guidance is intended to reduce diversity in practice in how certain transactions are presented and classified in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years; early adoption is permitted. The Company does not expect any impact on its consolidated statements of cash flows from the adoption of this guidance. Business Combinations In January 2017, the FASB issued guidance which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. . The Company is currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements.

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Dec. 31, 2016
Intangible Assets [Abstract]
Intangible assets subject to amortization	The following is a summary of acquired intangible assets subject to amortization: December 31, 2016 March 31, 2016 Weighted Average Amortization Period Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization Trademarks 11 years $ 705,000 $ 175,000 $ 705,000 $ 127,000 Non-compete agreement 1 year 33,000 21,000 - - Customer relationships 13 years 5,900,000 2,292,000 5,900,000 1,905,000 Total $ 6,638,000 $ 2,488,000 $ 6,605,000 $ 2,032,000
Amortization expense for acquired intangible assets	Amortization expense for acquired intangible assets is as follows: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Amortization expense $ 166,000 $ 145,000 $ 456,000 $ 476,000
Estimated future amortization expense for intangible assets	The estimated future amortization expense for acquired intangible assets subject to amortization is as follows: Year Ending March 31, 2017 - remaining three months $ 157,000 2018 580,000 2019 580,000 2020 580,000 2021 580,000 Thereafter 1,673,000 Total $ 4,150,000

Accounts Receivable - Net (Tabl

Accounts Receivable - Net (Tables)	9 Months Ended
	Dec. 31, 2016
Accounts Receivable - Net [Abstract]
Schedule of accounts receivable	Accounts receivable — net is comprised of the following: December 31, 2016 March 31, 2016 Accounts receivable — trade $ 71,428,000 $ 62,206,000 Allowance for bad debts (4,137,000 ) (4,284,000 ) Customer allowances earned (9,274,000 ) (12,029,000 ) Customer payment discrepancies (1,173,000 ) (703,000 ) Customer returns RGA issued (10,645,000 ) (6,561,000 ) Customer core returns accruals (23,532,000 ) (30,081,000 ) Less: total accounts receivable offset accounts (48,761,000 ) (53,658,000 ) Total accounts receivable — net $ 22,667,000 $ 8,548,000
Schedule of warranty return accrual	The following summarizes the changes in the Company’s warranty return accrual: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Balance at beginning of period $ 13,707,000 $ 10,204,000 $ 10,845,000 $ 10,904,000 Charged to expense/additions 22,930,000 18,463,000 73,803,000 58,276,000 Amounts processed (24,772,000 ) (20,307,000 ) (72,783,000 ) (60,820,000 ) Balance at end of period $ 11,865,000 $ 8,360,000 $ 11,865,000 $ 8,360,000

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Dec. 31, 2016
Inventory [Abstract]
Schedule of inventory	Inventory is comprised of the following: December 31, 2016 March 31, 2016 Non-core inventory Raw materials $ 23,074,000 $ 17,394,000 Work-in-process 581,000 135,000 Finished goods 50,556,000 42,982,000 74,211,000 60,511,000 Less allowance for excess and obsolete inventory (2,871,000 ) (2,451,000 ) Total $ 71,340,000 $ 58,060,000 Inventory unreturned $ 5,098,000 $ 10,520,000 Long-term core inventory Used cores held at the Company's facilities $ 42,036,000 $ 34,405,000 Used cores expected to be returned by customers 12,104,000 10,781,000 Remanufactured cores held in finished goods 25,671,000 24,489,000 Remanufactured cores held at customers' locations (1) 178,607,000 172,600,000 258,418,000 242,275,000 Less allowance for excess and obsolete inventory (1,220,000 ) (1,175,000 ) Total $ 257,198,000 $ 241,100,000 Long-term core inventory deposits $ 5,569,000 $ 5,569,000 (1) Remanufactured cores held at customers’ locations represent the core portion of the Company's customers’ finished goods at the Company's customers’ locations.

Significant Customer and Othe28

Significant Customer and Other Information (Tables)	9 Months Ended
	Dec. 31, 2016
Significant Customer and Other Information [Abstract]
Schedule of concentrations of risk	The Company’s largest customers accounted for the following total percentage of net sales: Three Months Ended December 31, Nine Months Ended December 31, Sales 2016 2015 2016 2015 Customer A 42 % 49 % 46 % 48 % Customer B 21 % 16 % 19 % 19 % Customer C 14 % 16 % 17 % 18 % Customer D 5 % 3 % 4 % 3 % Customer E 10 % 4 % 5 % 3 % The Company’s largest customers accounted for the following total percentage of accounts receivable—trade: Accounts receivable - trade December 31, 2016 March 31, 2016 Customer A 45 % 37 % Customer B 13 % 17 % Customer C 9 % 15 % Customer D 13 % 9 % Customer E 2 % 4 % Geographic and Product Information The Company’s products are predominantly sold in the U.S. and accounted for the following total percentage of net sales: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Rotating electrical products 81 % 78 % 78 % 80 % Wheel hub products 15 % 19 % 18 % 19 % Brake master cylinders products 3 % 3 % 4 % 1 % Other products 1 % - % - % - % 100 % 100 % 100 % 100 %

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2016
Debt [Abstract]
Summarized information about the term loan	The following summarizes information about the Company’s Term Loans at: December 31, 2016 March 31, 2016 Principal amount of term loan $ 21,094,000 $ 23,438,000 Unamortized financing fees (339,000 ) (391,000 ) Net carrying amount of term loan 20,755,000 23,047,000 Less current portion of term loan (3,064,000 ) (3,067,000 ) Long-term portion of term loan $ 17,691,000 $ 19,980,000
Future repayments of the amended term loan, by fiscal year	Future repayments of the Company’s Term Loans are as follows: Year Ending March 31, 2017 - remaining three months 781,000 2018 3,125,000 2019 3,125,000 2020 3,125,000 2021 10,938,000 Total payments $ 21,094,000

Accounts Receivable Discount 30

Accounts Receivable Discount Programs (Tables)	9 Months Ended
	Dec. 31, 2016
Accounts Receivable Discount Programs [Abstract]
Schedule of accounts receivable discount programs	The following is a summary of the Company’s accounts receivable discount programs: Nine Months Ended December 31, 2016 2015 Receivables discounted $ 254,795,000 $ 248,443,000 Weighted average days 341 342 Annualized weighted average discount rate 2.9 % 2.2 % Amount of discount as interest expense $ 6,864,000 $ 5,241,000

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Dec. 31, 2016
Net Income Per Share [Abstract]
Schedule of reconciliation of basic and diluted net income per share	The following presents a reconciliation of basic and diluted net income per share: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Net income $ 11,110,000 $ 7,748,000 $ 27,761,000 $ 8,266,000 Basic shares 18,675,125 18,319,531 18,587,946 18,180,039 Effect of potentially dilutive securities 766,140 776,173 811,911 801,382 Diluted shares 19,441,265 19,095,704 19,399,857 18,981,421 Net income per share: Basic net income per share $ 0.59 $ 0.42 $ 1.49 $ 0.45 Diluted net income per share $ 0.57 $ 0.41 $ 1.43 $ 0.44

Financial Risk Management and32

Financial Risk Management and Derivatives (Tables)	9 Months Ended
	Dec. 31, 2016
Financial Risk Management and Derivatives [Abstract]
Schedule of derivative instruments on consolidated statements of operations	The following shows the effect of the Company’s derivative instruments on its consolidated statements of operations: Gain (Loss) Recognized within General and Administrative Expenses Derivatives Not Designated as Three Months Ended December 31, Nine Months Ended December 31, Hedging Instruments 2016 2015 2016 2015 Forward foreign currency exchange contracts $ (964,000 ) $ 245,000 $ (2,150,000 ) $ (104,000 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2016
Fair Value Measurements [Abstract]
Financial assets and liabilities measured at fair value recurring basis	The following summarizes the Company’s financial assets and liabilities measured at fair value, by level within the fair value hierarchy: December 31, 2016 March 31, 2016 Fair Value Measurements Using Inputs Considered as Fair Value Measurements 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 $ 1,966,000 $ 1,966,000 - - $ 1,813,000 $ 1,813,000 - - Liabilities Accrued liabilities Contingent consideration - - - - 224,000 - - $ 224,000 Other current liabilities Deferred compensation 1,966,000 1,966,000 - - 1,813,000 1,813,000 - - Forward foreign currency exchange contracts 2,566,000 - $ 2,566,000 - 416,000 - $ 416,000 - Other liabilities Warrant liability 9,916,000 - - $ 9,916,000 15,643,000 - - 15,643,000 Contingent consideration - - - - 106,000 - - 106,000
Assumptions used to determine fair value of supplier warrant liability	The following assumptions were used to determine the fair value of the Supplier Warrant: Supplier Warrant Risk free interest rate 0.74 % Expected life in years 0.75 Expected volatility 39.90 % Dividend yield - Probability of future financing 0 %
Change in warrant liability measured at fair value recurring basis using significant unobservable inputs (level 3)	The following summarizes the activity for Level 3 fair value measurements: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Supplier Warrant Contingent Consideration Supplier Warrant Contingent Consideration Supplier Warrant Contingent Consideration Supplier Warrant Contingent Consideration Beginning balance $ 10,878,000 $ - $ 12,248,000 $ 1,340,000 $ 15,643,000 $ 330,000 $ 10,506,000 $ - Newly issued - - - - - - - 1,320,000 Total (gain) loss included in net income (loss) (962,000 ) - 1,275,000 40,000 (5,727,000 ) (16,000 ) 3,017,000 60,000 Exercises/settlements - - - - - (314,000 ) - - Net transfers in (out) of Level 3 - - - - - - - - Ending balance $ 9,916,000 $ - $ 13,523,000 $ 1,380,000 $ 9,916,000 $ - $ 13,523,000 $ 1,380,000

Share-based Payments (Tables)

Share-based Payments (Tables)	9 Months Ended
	Dec. 31, 2016
Share-based Payments [Abstract]
Summary of Black-Scholes option pricing model assumptions used to derive weighted average fair value of stock options granted	The following assumptions were used to derive the weighted average fair value of the stock options granted: Nine Months Ended December 31, 2016 2015 Weighted average risk free interest rate 1.38 % 1.73 % Weighted average expected holding period (years) 5.84 5.76 Weighted average expected volatility 47.42 % 46.84 % Weighted average expected dividend yield - - Weighted average fair value of options granted $ 13.07 $ 14.14
Summary of stock option transactions	The following is a summary of stock option transactions: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2016 984,066 $ 11.98 Granted 184,000 $ 28.67 Exercised (108,997 ) $ 13.53 Cancelled - $ - Outstanding at December 31, 2016 1,059,069 $ 14.72
Schedule of restricted stock units activity	The following is a summary of non-vested RS: Number of Shares Weighted Average Grant Date Fair Value Non-vested at March 31, 2016 153,527 $ 22.28 Granted 55,469 $ 28.37 Vested (89,617 ) $ 18.14 Cancelled - $ - Non-vested at December 31, 2016 119,379 $ 28.22

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated other comprehensive income (loss)	The following summarizes changes in accumulated other comprehensive income (loss): Three Months Ended December 31, 2016 Three Months Ended December 31, 2015 Unrealized Gain on Short-Term Investments Foreign Currency Translation Total Unrealized Gain (Loss) on Short-Term Investments Foreign Currency Translation Total Balance at beginning of period $ 420,000 $ (6,526,000 ) $ (6,106,000 ) $ 286,000 $ (4,636,000 ) $ (4,350,000 ) Other comprehensive income (loss), net of tax 10,000 (1,252,000 ) (1,242,000 ) 42,000 (422,000 ) (380,000 ) Amounts reclassified from accumulated other comprehensive loss, net of tax - - - - - - Balance at end of period $ 430,000 $ (7,778,000 ) $ (7,348,000 ) $ 328,000 $ (5,058,000 ) $ (4,730,000 ) Nine Months Ended December 31, 2016 Nine Months Ended December 31, 2015 Unrealized Gain on Short-Term Foreign Currency Unrealized Gain (Loss) on Short-Term Foreign Currency Investments Translation Total Investments Translation Total Balance at beginning of period $ 332,000 $ (5,184,000 ) $ (4,852,000 ) $ 345,000 $ (2,863,000 ) $ (2,518,000 ) Other comprehensive income (loss), net of tax 98,000 (2,594,000 ) (2,496,000 ) (17,000 ) (2,195,000 ) (2,212,000 ) Amounts reclassified from accumulated other comprehensive loss, net of tax - - - - - - Balance at end of period $ 430,000 $ (7,778,000 ) $ (7,348,000 ) $ 328,000 $ (5,058,000 ) $ (4,730,000 )

Company Background and Organi36

Company Background and Organization (Details)	9 Months Ended
	Dec. 31, 2016Segment
Company Background and Organization [Abstract]
Number of reportable segments	1

New Accounting Pronouncements37

New Accounting Pronouncements (Details)	Dec. 31, 2016USD ($)
New Accounting Pronouncement, Early Adoption, Effect [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Cumulative effect on retained Earnings	$ 892,000

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	9 Months Ended
	Dec. 31, 2016	Mar. 31, 2016
Intangible assets subject to amortization [Abstract]
Gross Carrying Value	$ 6,638,000	$ 6,605,000
Accumulated Amortization	$ 2,488,000	2,032,000
Trademarks [Member]
Intangible assets subject to amortization [Abstract]
Weighted Average Amortization Period	11 years
Gross Carrying Value	$ 705,000	705,000
Accumulated Amortization	$ 175,000	127,000
Non-compete Agreement [Member]
Intangible assets subject to amortization [Abstract]
Weighted Average Amortization Period	1 year
Gross Carrying Value	$ 33,000	0
Accumulated Amortization	$ 21,000	0
Customer Relationships [Member]
Intangible assets subject to amortization [Abstract]
Weighted Average Amortization Period	13 years
Gross Carrying Value	$ 5,900,000	5,900,000
Accumulated Amortization	$ 2,292,000	$ 1,905,000

Intangible Assets, Amortization

Intangible Assets, Amortization Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Amortization expense for acquired intangible assets [Abstract]
Amortization expense	$ 166,000	$ 145,000	$ 456,000	$ 476,000
Estimated future amortization expense for intangible assets subject to amortization [Abstract]
2017 - remaining three months	157,000		157,000
2,018	580,000		580,000
2,019	580,000		580,000
2,020	580,000		580,000
2,021	580,000		580,000
Thereafter	1,673,000		1,673,000
Total	$ 4,150,000		$ 4,150,000

Accounts Receivable - Net (Deta

Accounts Receivable - Net (Details) - USD ($)	Dec. 31, 2016	Mar. 31, 2016
Accounts Receivable - Net [Abstract]
Accounts receivable - trade	$ 71,428,000	$ 62,206,000
Allowance for bad debts	(4,137,000)	(4,284,000)
Customer allowances earned	(9,274,000)	(12,029,000)
Customer payment discrepancies	(1,173,000)	(703,000)
Customer returns RGA issued	(10,645,000)	(6,561,000)
Customer core returns accruals	(23,532,000)	(30,081,000)
Less: total accounts receivable offset accounts	(48,761,000)	(53,658,000)
Total accounts receivable - net	$ 22,667,000	$ 8,548,000

Accounts Receivable - Customer

Accounts Receivable - Customer Finished Goods Returns Accrual (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Customer Finished Goods Returns Accrual [Abstract]
Warranty accrual included in customer returns RGA issued	$ 6,444,000		$ 6,444,000		$ 4,612,000
Warranty accrual included in customer finished goods returns accrual	5,421,000		5,421,000		$ 6,233,000
Adjustment amount results in increase in net sales	9,261,000		9,261,000
Adjustment amount results in cost of goods sold	5,195,000		5,195,000
Impact on operating income from a change in estimate	4,066,000		4,066,000	$ 0
Impact on net income	$ 2,551,000		$ 2,551,000
Increase in net income per share- basic (in dollars per share)	$ 0.14		$ 0.14
Increase in net income per share- diluted (in dollars per share)	$ 0.13		$ 0.13
Change in warranty return accrual [Roll Forward]
Balance at beginning of period	$ 13,707,000	$ 10,204,000	$ 10,845,000	10,904,000
Charged to expense/additions	22,930,000	18,463,000	73,803,000	58,276,000
Amounts processed	(24,772,000)	(20,307,000)	(72,783,000)	(60,820,000)
Balance at end of period	$ 11,865,000	$ 8,360,000	$ 11,865,000	$ 8,360,000
Maximum [Member]
Customer Finished Goods Returns Accrual [Abstract]
Stock Adjustment Returns, Percentage of Units Sold			5.00%

Inventory (Details)

Inventory (Details) - USD ($)		Dec. 31, 2016	Mar. 31, 2016
Non-core inventory [Abstract]
Raw materials		$ 23,074,000	$ 17,394,000
Work-in-process		581,000	135,000
Finished goods		50,556,000	42,982,000
Non-core inventory, gross		74,211,000	60,511,000
Less allowance for excess and obsolete inventory		(2,871,000)	(2,451,000)
Total		71,340,000	58,060,000
Inventory unreturned		5,098,000	10,520,000
Long-term core inventory [Abstract]
Used cores held at the Company's facilities		42,036,000	34,405,000
Used cores expected to be returned by customers		12,104,000	10,781,000
Remanufactured cores held in finished goods		25,671,000	24,489,000
Remanufactured cores held at customers' locations	[1]	178,607,000	172,600,000
Long-term core inventory - gross		258,418,000	242,275,000
Less allowance for excess and obsolete inventory		(1,220,000)	(1,175,000)
Total		257,198,000	241,100,000
Long-term core inventory deposits		$ 5,569,000	$ 5,569,000
[1]	Remanufactured cores held at customers' locations represent the core portion of the Company's customers' finished goods at the Company's customers' locations.

Significant Customer and Othe43

Significant Customer and Other Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%	100.00%
Sales [Member] | Rotating Electrical Products [Member]
Concentration Risk [Line Items]
Concentration risk percentage	81.00%	78.00%	78.00%	80.00%
Sales [Member] | Wheel Hub Products [Member]
Concentration Risk [Line Items]
Concentration risk percentage	15.00%	19.00%	18.00%	19.00%
Sales [Member] | Brake Master Cylinders Products [Member]
Concentration Risk [Line Items]
Concentration risk percentage	3.00%	3.00%	4.00%	1.00%
Sales [Member] | Other Products [Member]
Concentration Risk [Line Items]
Concentration risk percentage	1.00%	0.00%	0.00%	0.00%
Sales [Member] | Customer A [Member]
Concentration Risk [Line Items]
Concentration risk percentage	42.00%	49.00%	46.00%	48.00%
Sales [Member] | Customer B [Member]
Concentration Risk [Line Items]
Concentration risk percentage	21.00%	16.00%	19.00%	19.00%
Sales [Member] | Customer C [Member]
Concentration Risk [Line Items]
Concentration risk percentage	14.00%	16.00%	17.00%	18.00%
Sales [Member] | Customer D [Member]
Concentration Risk [Line Items]
Concentration risk percentage	5.00%	3.00%	4.00%	3.00%
Sales [Member] | Customer E [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	4.00%	5.00%	3.00%
Accounts Receivable - Trade [Member] | Customer A [Member]
Concentration Risk [Line Items]
Concentration risk percentage			45.00%		37.00%
Accounts Receivable - Trade [Member] | Customer B [Member]
Concentration Risk [Line Items]
Concentration risk percentage			13.00%		17.00%
Accounts Receivable - Trade [Member] | Customer C [Member]
Concentration Risk [Line Items]
Concentration risk percentage			9.00%		15.00%
Accounts Receivable - Trade [Member] | Customer D [Member]
Concentration Risk [Line Items]
Concentration risk percentage			13.00%		9.00%
Accounts Receivable - Trade [Member] | Customer E [Member]
Concentration Risk [Line Items]
Concentration risk percentage			2.00%		4.00%

Debt (Details)

Debt (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	May 31, 2016	Apr. 30, 2016	Mar. 31, 2016	Aug. 31, 2012
Summarized information about the term loan [Abstract]
Less current portion of term loan	$ (3,064,000)		$ (3,064,000)				$ (3,067,000)
Long-term portion of term loan	17,691,000		17,691,000				$ 19,980,000
Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity	125,000,000		$ 125,000,000
Debt instrument, maturity date			Jun. 3, 2020
Credit Facility [Member] | Minimum [Member]
Credit Facility [Abstract]
Facility fee on total leverage ratio			0.25%
Credit Facility [Member] | Maximum [Member]
Credit Facility [Abstract]
Dividend payments, annual maximum amount permitted			$ 10,000,000
Facility fee on total leverage ratio			0.375%
Credit Facility [Member] | LIBOR [Member]
Credit Facility [Abstract]
Reference interest rate under option 1, floor			2.50%
Interest rate over LIBOR rate under option 1			2.75%
Interest rate above base rate under option 2			3.00%
Credit Facility [Member] | Reference Rate [Member]
Credit Facility [Abstract]
Reference interest rate under option 1, floor			1.50%
Interest rate over LIBOR rate under option 1			1.75%
Interest rate above base rate under option 2			2.00%
Credit Facility [Member] | Term Loans [Member]
Credit Facility [Abstract]
Maximum borrowing capacity	$ 25,000,000		$ 25,000,000
Quarterly principal payments			$ 781,250
Interest rate at end of period	3.12%		3.12%				2.94%
Summarized information about the term loan [Abstract]
Principal amount of term loan	$ 21,094,000		$ 21,094,000				$ 23,438,000
Unamortized financing fees	(339,000)		(339,000)				(391,000)
Net carrying amount of term loan	20,755,000		20,755,000				23,047,000
Less current portion of term loan	(3,064,000)		(3,064,000)				(3,067,000)
Long-term portion of term loan	17,691,000		17,691,000				19,980,000
Future repayments of the Term Loan, by fiscal year [Abstract]
2017 - remaining three months	781,000		781,000
2,018	3,125,000		3,125,000
2,019	3,125,000		3,125,000
2,020	3,125,000		3,125,000
2,021	10,938,000		10,938,000
Total payments	$ 21,094,000		$ 21,094,000				$ 23,438,000
Credit Facility [Member] | Revolving Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity					$ 120,000,000	$ 100,000,000
Interest rate at end of period	4.09%		4.09%				3.53%
Future repayments of the Term Loan, by fiscal year [Abstract]
Outstanding balance under revolving loan	$ 18,001,000		$ 18,001,000				$ 7,000,000
Amount available under revolving facility	101,139,000		101,139,000
Credit Facility [Member] | Revolving Facility [Member] | Letters of Credit [Member]
Credit Facility [Abstract]
Maximum borrowing capacity	15,000,000		15,000,000		$ 15,000,000
Credit Facility [Member] | Revolving Facility [Member] | Commercial Letters of Credit [Member]
Future repayments of the Term Loan, by fiscal year [Abstract]
Outstanding balance under revolving loan	600,000		600,000
Credit Facility [Member] | Revolving Facility [Member] | Standby Letters of Credit [Member]
Future repayments of the Term Loan, by fiscal year [Abstract]
Outstanding balance under revolving loan	260,000		260,000
WX Agreement [Member] | Supplier Warrant [Member]
WX Agreement [Abstract]
Number of shares that can be purchased under warrants (in shares)								516,129
Initial exercise price (in dollars per share)								$ 7.75
Fair value of warrants issued	9,916,000		9,916,000				$ 15,643,000
Total gain (loss) included in net loss	$ 962,000	$ (1,275,000)	$ 5,727,000	$ (3,017,000)

Accounts Receivable Discount 45

Accounts Receivable Discount Programs (Details) - USD ($)	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounts Receivable Discount Programs [Abstract]
Receivables discounted	$ 254,795,000	$ 248,443,000
Weighted average days	341 days	342 days
Annualized weighted average discount rate	2.90%	2.20%
Amount of discount as interest expense	$ 6,864,000	$ 5,241,000

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Net Income Per Share [Abstract]
Net income	$ 11,110,000	$ 7,748,000	$ 27,761,000	$ 8,266,000
Basic shares (in shares)	18,675,125	18,319,531	18,587,946	18,180,039
Effect of potentially dilutive securities (in shares)	766,140	776,173	811,911	801,382
Diluted shares (in shares)	19,441,265	19,095,704	19,399,857	18,981,421
Net income per share [Abstract]
Basic net income per share (in dollars per share)	$ 0.59	$ 0.42	$ 1.49	$ 0.45
Diluted net income per share (in dollars per share)	$ 0.57	$ 0.41	$ 1.43	$ 0.44
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	292,415	0	291,215	1,100
Exercise price of options, lower range (in dollars per share)	$ 26.47		$ 28.68
Exercise price of options, upper range (in dollars per share)	$ 34.17		$ 34.17
Exercise price of options (in dollars per share)		$ 34.17		$ 34.17
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)		0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Abstract]
Income tax expense (benefit) from continuing operations	$ 5,678,000	$ 6,451,000	$ 13,459,000	$ 6,821,000
Effective income tax rate	33.80%	45.40%	32.70%	45.20%
Excess tax benefit from early adoption of new pronouncement	$ (34,000)		$ (624,000)
Internal Revenue Service (IRS) [Member]
Income Tax Examination [Line Items]
Bad debt income tax deduction			80,000,000
Accrued interest charges	$ 460,000		$ 460,000
Internal Revenue Service (IRS) [Member] | Tax Years 2012 and 2013 [Member]
Income Tax Examination [Line Items]
Loss carryback period			2 years

Financial Risk Management and48

Financial Risk Management and Derivatives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Forward foreign currency exchange contracts included in other current liabilities	$ 2,566,000		$ 2,566,000		$ 416,000
Forward Foreign Currency Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives	27,433,000		27,433,000		$ 18,917,000
Forward Foreign Currency Exchange Contracts [Member] | General and Administrative Expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Forward foreign currency exchange contracts	$ (964,000)	$ 245,000	$ (2,150,000)	$ (104,000)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Forward Foreign Currency Exchange Contracts [Member]
Other liabilities [Abstract]
Net loss on forward foreign currency exchange contracts	$ (964,000)	$ 245,000	$ (2,150,000)	$ (104,000)
Supplier Warrant [Member]
Fair value assumptions of warrants [Abstract]
Risk free interest rate			0.74%
Expected life in years			9 months
Expected volatility			39.90%
Dividend yield			0.00%
Probability of future financing			0.00%
Change in warrant liability measured at fair value recurring basis using significant unobservable inputs (Level 3) [Rollforward]
Beginning balance	10,878,000	12,248,000	$ 15,643,000	10,506,000
Newly issued	0	0	0	0
Total (gain) loss included in net income (loss)	(962,000)	1,275,000	(5,727,000)	3,017,000
Exercises/settlements	0	0	0	0
Net transfers in (out) of Level 3	0	0	0	0
Ending balance	9,916,000	13,523,000	9,916,000	13,523,000
Contingent Consideration [Member]
Change in warrant liability measured at fair value recurring basis using significant unobservable inputs (Level 3) [Rollforward]
Beginning balance	0	1,340,000	330,000	0
Newly issued	0	0	0	1,320,000
Total (gain) loss included in net income (loss)	0	40,000	(16,000)	60,000
Exercises/settlements	0	0	(314,000)	0
Net transfers in (out) of Level 3	0	0	0	0
Ending balance	0	$ 1,380,000	0	$ 1,380,000
Recurring [Member]
Short-term investments [Abstract]
Mutual funds	1,966,000		1,966,000		$ 1,813,000
Accrued liabilities [Abstract]
Contingent consideration	0		0		224,000
Other current liabilities [Abstract]
Deferred compensation	1,966,000		1,966,000		1,813,000
Forward foreign currency exchange contracts	2,566,000		2,566,000		416,000
Other liabilities [Abstract]
Warrant liability	9,916,000		9,916,000		15,643,000
Contingent consideration	0		0		106,000
Recurring [Member] | Level 1 [Member]
Short-term investments [Abstract]
Mutual funds	1,966,000		1,966,000		1,813,000
Accrued liabilities [Abstract]
Contingent consideration	0		0		0
Other current liabilities [Abstract]
Deferred compensation	1,966,000		1,966,000		1,813,000
Forward foreign currency exchange contracts	0		0		0
Other liabilities [Abstract]
Warrant liability	0		0		0
Contingent consideration	0		0		0
Recurring [Member] | Level 2 [Member]
Short-term investments [Abstract]
Mutual funds	0		0		0
Accrued liabilities [Abstract]
Contingent consideration	0		0		0
Other current liabilities [Abstract]
Deferred compensation	0		0		0
Forward foreign currency exchange contracts	2,566,000		2,566,000		416,000
Other liabilities [Abstract]
Warrant liability	0		0		0
Contingent consideration	0		0		0
Recurring [Member] | Level 3 [Member]
Short-term investments [Abstract]
Mutual funds	0		0		0
Accrued liabilities [Abstract]
Contingent consideration	0		0		224,000
Other current liabilities [Abstract]
Deferred compensation	0		0		0
Forward foreign currency exchange contracts	0		0		0
Other liabilities [Abstract]
Warrant liability	9,916,000		9,916,000		15,643,000
Contingent consideration	$ 0		$ 0		$ 106,000

Share-based Payments (Details)

Share-based Payments (Details) - USD ($)	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Stock Options [Member]
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	1.38%	1.73%
Weighted average expected holding period	5 years 10 months 2 days	5 years 9 months 4 days
Weighted average expected volatility	47.42%	46.84%
Weighted average expected dividend yield	0.00%	0.00%
Weighted average fair value of options granted (in dollars per share)	$ 13.07	$ 14.14
Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	984,066
Granted (in shares)	184,000	111,222
Exercised (in shares)	(108,997)
Cancelled (in shares)	0
Outstanding at end of period (in shares)	1,059,069
Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of period (in dollars per share)	$ 11.98
Granted (in dollars per share)	28.67
Exercised (in dollars per share)	13.53
Cancelled (in dollars per share)	0
Outstanding at end of period (in dollars per share)	$ 14.72
Number of stock options unvested (in shares)	283,102
Weighted average exercise price of stock options unvested (in dollars per share)	$ 13.02
Total unrecognized compensation expense	$ 3,025,000
Weighted average vesting period over which compensation expense is expected to be recognized	2 years 1 month 6 days
Restricted Stock (RSUs) [Member]
Weighted Average Exercise Price [Roll Forward]
Weighted average vesting period over which compensation expense is expected to be recognized	1 year 9 months 18 days
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares)	153,527
Granted (in shares)	55,469	49,702
Vested (in shares)	(89,617)
Cancelled (in shares)	0
Non-vested at end of period (in shares)	119,379
Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at beginning of period (in dollars per share)	$ 22.28
Granted (in dollars per share)	28.37
Vested (in dollars per share)	18.14
Cancelled (in dollars per share)	0
Non-vested at end of period (in dollars per share)	$ 28.22
Total unrecognized compensation expense	$ 2,573,000
Estimated fair value of awards granted	$ 1,574,000	$ 1,566,000

Accumulated Other Comprehensi51

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period			$ 210,808,000
Other comprehensive income (loss), net of tax	$ (1,242,000)	$ (380,000)	(2,496,000)	$ (2,212,000)
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0	0	0
Balance at end of period	239,936,000		239,936,000
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(6,106,000)	(4,350,000)	(4,852,000)	(2,518,000)
Balance at end of period	(7,348,000)	(4,730,000)	(7,348,000)	(4,730,000)
Unrealized Gain (Loss) on Short-Term Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	420,000	286,000	332,000	345,000
Other comprehensive income (loss), net of tax	10,000	42,000	98,000	(17,000)
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0	0	0
Balance at end of period	430,000	328,000	430,000	328,000
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(6,526,000)	(4,636,000)	(5,184,000)	(2,863,000)
Other comprehensive income (loss), net of tax	(1,252,000)	(422,000)	(2,594,000)	(2,195,000)
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0	0	0
Balance at end of period	$ (7,778,000)	$ (5,058,000)	$ (7,778,000)	$ (5,058,000)

Acquisitions (Details)

Acquisitions (Details) - USD ($)	Jul. 21, 2016	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Purchase price		$ 705,000	$ 2,701,000
Zor Industries USA LLC [Member]
Business Acquisition [Line Items]
Purchase price	$ 705,000