Motorcar Parts of America (MPAA) 10-Q 9 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 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		18,635,099
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 8,120,000	$ 9,029,000
Short-term investments	2,407,000	2,140,000
Accounts receivable - net	9,704,000	26,017,000
Inventory - net	82,246,000	67,516,000
Inventory unreturned	7,701,000	7,581,000
Prepaid expenses and other current assets	9,664,000	9,848,000
Total current assets	119,842,000	122,131,000
Plant and equipment - net	18,318,000	18,437,000
Long-term core inventory - net	264,726,000	262,922,000
Long-term core inventory deposits	5,569,000	5,569,000
Long-term deferred income taxes	13,642,000	13,546,000
Goodwill	2,551,000	2,551,000
Intangible assets - net	3,848,000	3,993,000
Other assets	6,398,000	6,990,000
TOTAL ASSETS	434,894,000	436,139,000
Current liabilities:
Accounts payable	82,953,000	85,960,000
Accrued liabilities	7,843,000	10,077,000
Customer finished goods returns accrual	13,877,000	17,667,000
Accrued core payment	11,728,000	11,714,000
Revolving loan	15,000,000	11,000,000
Other current liabilities	5,624,000	3,300,000
Current portion of term loan	3,060,000	3,064,000
Total current liabilities	140,085,000	142,782,000
Term loan, less current portion	16,155,000	16,935,000
Long-term accrued core payment	9,401,000	12,349,000
Long-term deferred income taxes	185,000	180,000
Other liabilities	13,814,000	15,212,000
Total liabilities	179,640,000	187,458,000
Commitments and contingencies
Shareholders' equity:
Preferred stock	0	0
Common stock; par value $.01 per share, 50,000,000 shares authorized; 18,635,099 and 18,648,854 shares issued and outstanding at June 30, 2017 and March 31, 2017, respectively	186,000	186,000
Additional paid-in capital	204,308,000	205,646,000
Retained earnings	57,916,000	50,290,000
Accumulated other comprehensive loss	(7,156,000)	(7,441,000)
Total shareholders' equity	255,254,000	248,681,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	434,894,000	436,139,000
Series A Junior Participating Preferred Stock [Member]
Shareholders' equity:
Preferred stock	$ 0	$ 0

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Mar. 31, 2017
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)	18,635,099	18,648,854
Common stock, outstanding (in shares)	18,635,099	18,648,854
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
	Jun. 30, 2017	Jun. 30, 2016
Consolidated Statements of Operations (Unaudited) [Abstract]
Net sales	$ 95,063,000	$ 85,412,000
Cost of goods sold	69,224,000	65,021,000
Gross profit	25,839,000	20,391,000
Operating expenses:
General and administrative	6,187,000	3,625,000
Sales and marketing	3,394,000	2,634,000
Research and development	1,002,000	869,000
Total operating expenses	10,583,000	7,128,000
Operating income	15,256,000	13,263,000
Interest expense, net	3,314,000	2,819,000
Income before income tax expense	11,942,000	10,444,000
Income tax expense	4,316,000	2,936,000
Net income	$ 7,626,000	$ 7,508,000
Basic net income per share (in dollars per share)	$ 0.41	$ 0.40
Diluted net income per share (in dollars per share)	$ 0.39	$ 0.39
Weighted average number of shares outstanding:
Basic (in shares)	18,655,304	18,545,621
Diluted (in shares)	19,421,352	19,484,938

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract]
Net income	$ 7,626,000	$ 7,508,000
Other comprehensive income (loss), net of tax:
Unrealized gain on short-term investments (net of tax of $38,000, and $15,000)	56,000	22,000
Foreign currency translation gain (loss)	229,000	(535,000)
Total other comprehensive gain (loss), net of tax	285,000	(513,000)
Comprehensive income	$ 7,911,000	$ 6,995,000

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Other comprehensive income (loss), net of tax:
Unrealized gain on short-term investments, tax	$ 38,000	$ 15,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 7,626,000	$ 7,508,000
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	894,000	715,000
Amortization of intangible assets	145,000	145,000
Amortization of debt issuance costs	213,000	171,000
Amortization of interest on accrued core payment	143,000	191,000
Gain due to change in fair value of the warrant liability	(1,293,000)	(5,589,000)
Gain due to the change in the fair value of the contingent consideration	0	(16,000)
Net provision for inventory reserves	1,286,000	394,000
Net provision for customer payment discrepancies	284,000	189,000
Net (recovery of) provision for doubtful accounts	(9,000)	7,000
Deferred income taxes	(103,000)	(953,000)
Share-based compensation expense	834,000	729,000
Loss on disposal of plant and equipment	6,000	0
Change in operating assets and liabilities:
Accounts receivable	16,038,000	(2,796,000)
Inventory	(14,942,000)	(15,422,000)
Inventory unreturned	(120,000)	121,000
Prepaid expenses and other current assets	421,000	(2,163,000)
Other assets	608,000	(4,941,000)
Accounts payable and accrued liabilities	(5,254,000)	7,630,000
Customer finished goods returns accrual	(3,790,000)	(2,830,000)
Long-term core inventory	(2,878,000)	(2,975,000)
Accrued core payment	(3,077,000)	1,638,000
Other liabilities	2,324,000	4,408,000
Net cash used in operating activities	(644,000)	(13,839,000)
Cash flows from investing activities:
Purchase of plant and equipment	(597,000)	(1,568,000)
Change in short-term investments	(173,000)	(133,000)
Net cash used in investing activities	(770,000)	(1,701,000)
Cash flows from financing activities:
Borrowings under revolving loan	17,000,000	15,000,000
Repayments under revolving loan	(13,000,000)	(1,000,000)
Repayments of term loan	(782,000)	(782,000)
Payments for debt issuance costs	(398,000)	(382,000)
Payments on capital lease obligations	(190,000)	(83,000)
Exercise of stock options	295,000	987,000
Cash used to net share settle equity awards	(488,000)	(350,000)
Repurchase of common stock, including fees	(1,979,000)	0
Net cash provided by financing activities	458,000	13,390,000
Effect of exchange rate changes on cash and cash equivalents	47,000	(30,000)
Net decrease in cash and cash equivalents	(909,000)	(2,180,000)
Cash and cash equivalents - Beginning of period	9,029,000	21,897,000
Cash and cash equivalents - End of period	8,120,000	19,717,000
Cash paid during the period for:
Interest, net	2,964,000	2,423,000
Income taxes, net of refunds	249,000	70,000
Non-cash investing and financing activities:
Plant and equipment acquired under capital lease	$ 46,000	$ 40,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2017
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 months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2018. 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, 2017, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on June 14, 2017, as amended by the Form 10-K/A filed with the SEC on July 31, 2017. 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, 2017.

Company Background and Organiza

Company Background and Organization	3 Months Ended
	Jun. 30, 2017
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	3 Months Ended
	Jun. 30, 2017
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	2. New Accounting Pronouncements New Accounting Pronouncements Not Yet Adopted Revenue Recognition In May 2014, the FASB issued guidance codified in ASC 606, “Revenue Recognition - Revenue from Contracts with Customers” (“ASC 606”), which amends the guidance in the former ASC 605, “Revenue Recognition”. ASC 606 is effective for annual periods beginning after December 15, 2016, and interim periods within that reporting period for a public company. The Company may elect either a full retrospective transition method, which requires the restatement of all periods presented, or a modified retrospective transition method, which requires a cumulative effect recognized as of the date of initial application to be used in transition. 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 as of April 1, 2018 and the Company does not plan to early adopt. The Company is currently in the process of determining whether it will utilize the full or modified retrospective method of adoption allowed by the new standard and the impact on its consolidated financial statements and footnote disclosures. The Company will continue to provide enhanced disclosures as it continues its assessment. Due to the impact the new standard may have on the Company’s business processes, systems, and controls, a project team has been formed to evaluate and guide the implementation process. To date, the Company has performed a preliminary assessment of key customer contracts and is in the process of comparing historical accounting policies and practices to the new standard, including (i) assessing the current net-of-core value revenue recognition policy, and whether the performance obligation(s) related to the sale of its products will include both the core and unit value; (ii) the assessment of potential variable consideration including the accounting for return rights, the core exchange program, warranty and various allowances provided to its customers; (iii) the classification of assets and liabilities related to core assets and liabilities and customer allowances, and (iv) principal versus agent considerations as amended through Accounting Standards Update (“ASU”) 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)”. The Company has also developed a method to finalize the assessments on key customer contracts and incorporate the remaining contracts into the assessment. The Company continues to evaluate the impact ASC 606, related amendments and interpretive guidance will have on its consolidated financial statements. Financial Instruments In January 2016, the FASB issued guidance that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. A reporting entity should apply the new guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of the provisions of this guidance to 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 will adopt this guidance in the first quarter of fiscal 2020. The Company is currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements, but expects that it will result in a significant increase to its long-term assets and liabilities on the consolidated balance sheets. 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. Goodwill Impairment In January 2017, the FASB issued guidance which simplifies the test for goodwill impairment. This standard eliminates Step 2 from the goodwill impairment test, instead requiring an entity to recognize a goodwill impairment charge for the amount by which the goodwill carrying amount exceeds the reporting unit’s fair value. This guidance is effective for interim and annual goodwill impairment tests in fiscal years beginning after December 15, 2019 with early adoption permitted. This guidance must be applied on a prospective basis. Modifications to Share-Based Payment Awards In May 2017, the FASB issued guidance to provide clarity and reduce (i) the diversity in practice and (ii) the cost and complexity when applying the accounting guidance for equity-based compensation to a change to the terms or conditions of a share-based payment award. This update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 with early adoption permitted. This guidance should be applied prospectively to an award modified on or after that adoption date. The Company is currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	3. Goodwill and Intangible Assets Goodwill The following summarizes the changes in the Company’s goodwill: Three Months Ended June 30, 2017 2016 Balance at beginning of period $ 2,551,000 $ 2,053,000 Goodwill acquired - - Translation adjustment - - Impairment - - Balance at end of period $ 2,551,000 $ 2,053,000 Intangible Assets The following is a summary of acquired intangible assets subject to amortization: June 30, 2017 March 31, 2017 Weighted Average Amortization Period Gross Carrying Value Accumulated A mortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization Trademarks 11 years $ 705,000 $ 207,000 $ 705,000 $ 191,000 Customer relationships 13 years 5,900,000 2,550,000 5,900,000 2,421,000 Total $ 6,605,000 $ 2,757,000 $ 6,605,000 $ 2,612,000 Amortization expense for acquired intangible assets is as follows: Three Months Ended June 30, 2017 2016 Amortization expense $ 145,000 $ 145,000 The estimated future amortization expense for acquired intangible assets subject to amortization is as follows: Year Ending March 31, 2018 - remaining nine months $ 435,000 2019 580,000 2020 580,000 2021 580,000 2022 580,000 Thereafter 1,093,000 Total $ 3,848,000

Accounts Receivable - Net

Accounts Receivable - Net	3 Months Ended
	Jun. 30, 2017
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: June 30, 2017 March 31, 2017 Accounts receivable — trade $ 69,864,000 $ 76,902,000 Allowance for bad debts (4,131,000 ) (4,140,000 ) Customer allowances earned (8,543,000 ) (7,880,000 ) Customer payment discrepancies (807,000 ) (751,000 ) Customer returns RGA issued (15,233,000 ) (12,710,000 ) Customer core returns accruals (31,446,000 ) (25,404,000 ) Less: total accounts receivable offset accounts (60,160,000 ) (50,885,000 ) Total accounts receivable — net $ 9,704,000 $ 26,017,000 Warranty Returns 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 June 30, 2017 and March 31, 2017, the Company’s total warranty return accrual was $12,849,000 and $14,286,000, respectively, of which $5,215,000 and $5,303,000, respectively, was included in the customer returns RGA issued balance in the above table for expected credits to be issued against accounts receivable and $7,634,000 and $8,983,000, respectively, was included in the customer finished goods returns accrual in the consolidated balance sheets for estimated future warranty returns. The following summarizes the changes in the Company’s warranty return accrual: Three Months Ended June 30, 2017 2016 Balance at beginning of period $ 14,286,000 $ 10,845,000 Charged to expense/additions 22,206,000 22,694,000 Amounts processed (23,643,000 ) (21,980,000 ) Balance at end of period $ 12,849,000 $ 11,559,000

Inventory

Inventory	3 Months Ended
	Jun. 30, 2017
Inventory [Abstract]
Inventory	5. Inventory Inventory is comprised of the following: June 30, 2017 March 31, 2017 Non-core inventory Raw materials $ 22,537,000 $ 21,515,000 Work-in-process 673,000 641,000 Finished goods 62,124,000 48,337,000 85,334,000 70,493,000 Less allowance for excess and obsolete inventory (3,088,000 ) (2,977,000 ) Total $ 82,246,000 $ 67,516,000 Inventory unreturned $ 7,701,000 $ 7,581,000 Long-term core inventory Used cores held at the Company's facilities $ 35,325,000 $ 38,713,000 Used cores expected to be returned by customers 11,590,000 11,752,000 Remanufactured cores held in finished goods 33,981,000 27,667,000 Remanufactured cores held at customers' locations (1) 185,426,000 185,938,000 266,322,000 264,070,000 Less allowance for excess and obsolete inventory (1,596,000 ) (1,148,000 ) Total $ 264,726,000 $ 262,922,000 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	3 Months Ended
	Jun. 30, 2017
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 June 30, Sales 2017 2016 Customer A 40 % 52 % Customer B 25 % 14 % Customer C 16 % 21 % Customer D 8 % 3 % The Company’s largest customers accounted for the following total percentage of accounts receivable—trade: Accounts receivable - trade June 30, 2017 March 31, 2017 Customer A 28 % 33 % Customer B 14 % 18 % Customer C 10 % 12 % Customer D 24 % 16 % 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 June 30, 2017 2016 Rotating electrical products 78 % 72 % Wheel hub products 18 % 22 % Brake master cylinders products 3 % 6 % Other products 1 % - % 100 % 100 % Significant Supplier Concentrations The Company had no suppliers that accounted for more than 10% of inventory purchases for the three months ended June 30, 2017 and 2016.

Debt

Debt	3 Months Ended
	Jun. 30, 2017
Debt [Abstract]
Debt	7. Debt The Company has the following credit agreements. Credit Facility The Company is party to a $145,000,000 senior secured financing, as amended, (the “Credit Facility”) with the lenders party thereto, and PNC Bank, National Association, as administrative agent, consisting of (i) a $120,000,000 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. This amount was increased to $15,000,000 under the April 2017 amendment to the Credit Facility. In April 2017, the Company entered into a consent and fourth amendment to the Credit Facility (the “Fourth Amendment”) which, among other things, (i) increased the borrowing base limit with respect to inventory located in Mexico, (ii) amended the definition and calculation of consolidated EBITDA to raise the limitation on the add-back for non-capitalized transaction expenses related to the expansion of operations in Mexico, (iii) increased the annual limit on permitted stock repurchases and dividends, and (iv) modifies certain other baskets (including increasing certain baskets for permitted acquisitions) and thresholds to, among other things, further accommodate the expansion of operations in Mexico. 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 3.56% and 4.65%, respectively, at June 30, 2017 and 3.29% and 3.55%, respectively, at March 31, 2017. 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 June 30, 2017. 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: June 30, 2017 March 31, 2017 Principal amount of term loan $ 19,531,000 $ 20,312,000 Unamortized financing fees (316,000 ) (313,000 ) Net carrying amount of term loan 19,215,000 19,999,000 Less current portion of term loan (3,060,000 ) (3,064,000 ) Long-term portion of term loan $ 16,155,000 $ 16,935,000 Future repayments of the Company’s Term Loans are as follows: Year Ending March 31, 2018 - remaining nine months 2,343,000 2019 3,125,000 2020 3,125,000 2021 10,938,000 Total payments $ 19,531,000 The Company had $15,000,000 and $11,000,000 outstanding under the Revolving Facility at June 30, 2017 and March 31, 2017, 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 June 30, 2017. At June 30, 2017, $104,140,000, 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 $10,586,000 and $11,879,000 at June 30, 2017 and March 31, 2017, 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 June 30, 2017 as the Company does not expect to settle this amount in cash. During the three months ended June 30, 2017 and 2016, a gain of $1,293,000 and $5,589,000, 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	3 Months Ended
	Jun. 30, 2017
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: Three Months Ended June 30, 2017 2016 Receivables discounted $ 86,520,000 $ 80,649,000 Weighted average days 342 341 Annualized weighted average discount rate 3.1 % 2.7 % Amount of discount as interest expense $ 2,522,000 $ 2,068,000

Net Income Per Share

Net Income Per Share	3 Months Ended
	Jun. 30, 2017
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 June 30, 2017 2016 Net income $ 7,626,000 $ 7,508,000 Basic shares 18,655,304 18,545,621 Effect of potentially dilutive securities 766,048 939,317 Diluted shares 19,421,352 19,484,938 Net income per share: Basic net income per share $ 0.41 $ 0.40 Diluted net income per share $ 0.39 $ 0.39 The effect of dilutive options excludes 111,172 shares subject to options with exercise prices ranging from $30.31 to $34.17 per share for the three months ended June, 30, 2017 and 1,100 shares subject to options with an exercise price of $34.17 per share for the three months ended June 30, 2016, which were anti-dilutive.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2017
Income Taxes [Abstract]
Income Taxes	10. Income Taxes The Company recorded income tax expense for the three months ended June 30, 2017 and 2016 of $4,316,000, or an effective tax rate of 36.1%, and $2,936,000, or an effective tax rate of 28.1%. The income tax rates for all periods were positively impacted by (i) for the three months ended June 30, 2017 and 2016, respectively, and (iii) the benefit of lower statutory tax rates in foreign taxing jurisdictions. These positive impacts to income tax rates for all periods were partially offset by state income taxes and non-deductible executive compensation under Internal Revenue Code Section 162(m). The Company is not under examination in any jurisdiction and the years ended March 31, 2017, 2016, and 2015 remain subject to examination. 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	3 Months Ended
	Jun. 30, 2017
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 $26,808,000 and $26,880,000 at June 30, 2017 and March 31, 2017, 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 June 30, Hedging Instruments 2017 2016 Forward foreign currency exchange contracts $ 1,052,000 $ (679,000 ) The fair value of the forward foreign currency exchange contracts of $1,479,000 and $427,000 is included in prepaid and other current assets in the consolidated balance sheets at June 30, 2017 and March 31, 2017, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2017
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: June 30, 2017 March 31, 2017 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 $ 2,407,000 $ 2,407,000 - - $ 2,140,000 $ 2,140,000 - - Prepaid expenses and other current assets Forward foreign currency exchange contracts 1,479,000 - $ 1,479,000 - 427,000 - $ 427,000 - Liabilities Other current liabilities Deferred compensation 2,407,000 2,407,000 - - 2,140,000 2,140,000 - - Other liabilities Warrant liability 10,586,000 - - $ 10,586,000 11,879,000 - - $ 11,879,000 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 June 30, 2017 and 2016, a gain of $1,052,000 and a loss of $679,000, 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 1.03 % Expected life in years 0.25 Expected volatility 27.20 % 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. The following summarizes the activity for Level 3 fair value measurements: Three Months Ended June 30, 2017 2016 Supplier Warrant Contingent Consideration Supplier Warrant Contingent Consideration Beginning balance $ 11,879,000 $ - $ 15,643,000 $ 330,000 Newly issued - - - - Total (gain) loss included in net income (loss) (1,293,000 ) - (5,589,000 ) (16,000 ) Exercises/settlements - - - - Net transfers in (out) of Level 3 - - - - Ending balance $ 10,586,000 $ - $ 10,054,000 $ 314,000 During the three months ended June 30, 2017, 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	3 Months Ended
	Jun. 30, 2017
Share-based Payments [Abstract]
Share-based Payments	13. Share-based Payments Stock Options The Company granted options to purchase 163,100 and 182,800 shares of common stock during the three months ended June 30, 2017 and 2016, 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: Three Months Ended June 30, 2017 2016 Weighted average risk free interest rate 1.90 % 1.39 % Weighted average expected holding period (years) 5.82 5.85 Weighted average expected volatility 47.36 % 47.41 % Weighted average expected dividend yield - - Weighted average fair value of options granted $ 12.69 $ 13.08 The following is a summary of stock option transactions: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2017 1,036,359 $ 14.92 Granted 163,100 $ 27.40 Exercised (28,951 ) $ 10.15 Forfeited (667 ) $ 29.66 Outstanding at June 30, 2017 1,169,841 $ 16.77 At June 30, 2017, options to purchase 359,639 shares of common stock were unvested at the weighted average exercise price of $28.60. At June 30, 2017, there was $4,338,000 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 2.3 years. Restricted Stock Units (“RSU’s”) During the three months ended June 30, 2017 and 2016, the Company granted 60,000 and 42,876 shares of RSU’s, respectively, with an estimated grant date fair value of $1,644,000 and $1,224,000, respectively, which was based on the closing market price on the grant date. The following is a summary of non-vested RSU’s: Number of Shares Weighted Average Grant Date Fair Value Non-vested at March 31, 2017 126,277 $ 28.26 Granted 60,000 $ 27.40 Vested (43,843 ) $ 25.62 Forfeited - $ - Non-vested at June 30, 2017 142,434 $ 28.71 At June 30, 2017, there was $3,532,000 of unrecognized compensation expense related to these awards, which will be recognized over the remaining vesting period of approximately 2.3 years.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Jun. 30, 2017
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 June 30, 2017 Three Months Ended June 30, 2016 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 $ 528,000 $ (7,969,000 ) $ (7,441,000 ) $ 332,000 $ (5,184,000 ) $ (4,852,000 ) Other comprehensive income (loss), net of tax 56,000 229,000 285,000 22,000 (535,000 ) (513,000 ) Amounts reclassified from accumulated other comprehensive loss, net of tax - - - - - - Balance at end of period $ 584,000 $ (7,740,000 ) $ (7,156,000 ) $ 354,000 $ (5,719,000 ) $ (5,365,000 )

Share Repurchase Program

Share Repurchase Program	3 Months Ended
	Jun. 30, 2017
Share Repurchase Program [Abstract]
Share Repurchase Program	15. Share Repurchase Program As of June 30, 2017, the Company’s board of directors had approved a stock repurchase program of up to $15,000,000 of its common stock. As of June 30, 2017, $4,358,000 of the $15,000,000 had been utilized and $10,642,000 remained available to repurchase shares under the authorized share repurchase program. The Company retired the 69,261 shares repurchased under this program during the three months ended June 30, 2017. The Company’s share repurchase program does not obligate it to acquire any specific number of shares and shares may be repurchased in privately negotiated and/or open market transactions.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Credit Facility In July 2017, the Company entered into a fifth amendment to the Credit Facility (the “Fifth Amendment”) which, among other things, amended the definition of permitted acquisitions, permitted indebtedness, and pledge agreements. Acquisition In July 2017, the Company completed the acquisition of all the equity interests of D&V Electronics Ltd. (“D&V”), a privately held developer and manufacturer of leading edge diagnostics systems for laboratory, endurance, and production based in Ontario, Canada. The acquisition was consummated pursuant to a share purchase agreement dated July 18, 2017. The assets and results of operations of D&V 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)	3 Months Ended
	Jun. 30, 2017
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted Revenue Recognition In May 2014, the FASB issued guidance codified in ASC 606, “Revenue Recognition - Revenue from Contracts with Customers” (“ASC 606”), which amends the guidance in the former ASC 605, “Revenue Recognition”. ASC 606 is effective for annual periods beginning after December 15, 2016, and interim periods within that reporting period for a public company. The Company may elect either a full retrospective transition method, which requires the restatement of all periods presented, or a modified retrospective transition method, which requires a cumulative effect recognized as of the date of initial application to be used in transition. 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 as of April 1, 2018 and the Company does not plan to early adopt. The Company is currently in the process of determining whether it will utilize the full or modified retrospective method of adoption allowed by the new standard and the impact on its consolidated financial statements and footnote disclosures. The Company will continue to provide enhanced disclosures as it continues its assessment. Due to the impact the new standard may have on the Company’s business processes, systems, and controls, a project team has been formed to evaluate and guide the implementation process. To date, the Company has performed a preliminary assessment of key customer contracts and is in the process of comparing historical accounting policies and practices to the new standard, including (i) assessing the current net-of-core value revenue recognition policy, and whether the performance obligation(s) related to the sale of its products will include both the core and unit value; (ii) the assessment of potential variable consideration including the accounting for return rights, the core exchange program, warranty and various allowances provided to its customers; (iii) the classification of assets and liabilities related to core assets and liabilities and customer allowances, and (iv) principal versus agent considerations as amended through Accounting Standards Update (“ASU”) 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)”. The Company has also developed a method to finalize the assessments on key customer contracts and incorporate the remaining contracts into the assessment. The Company continues to evaluate the impact ASC 606, related amendments and interpretive guidance will have on its consolidated financial statements. Financial Instruments In January 2016, the FASB issued guidance that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. A reporting entity should apply the new guidance by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of the provisions of this guidance to 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 will adopt this guidance in the first quarter of fiscal 2020. The Company is currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements, but expects that it will result in a significant increase to its long-term assets and liabilities on the consolidated balance sheets. 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. Goodwill Impairment In January 2017, the FASB issued guidance which simplifies the test for goodwill impairment. This standard eliminates Step 2 from the goodwill impairment test, instead requiring an entity to recognize a goodwill impairment charge for the amount by which the goodwill carrying amount exceeds the reporting unit’s fair value. This guidance is effective for interim and annual goodwill impairment tests in fiscal years beginning after December 15, 2019 with early adoption permitted. This guidance must be applied on a prospective basis. Modifications to Share-Based Payment Awards In May 2017, the FASB issued guidance to provide clarity and reduce (i) the diversity in practice and (ii) the cost and complexity when applying the accounting guidance for equity-based compensation to a change to the terms or conditions of a share-based payment award. This update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 with early adoption permitted. This guidance should be applied prospectively to an award modified on or after that adoption date. The Company is currently evaluating the impact the provisions of this guidance will have on its consolidated financial statements.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets [Abstract]
Summary of change in goodwill	The following summarizes the changes in the Company’s goodwill: Three Months Ended June 30, 2017 2016 Balance at beginning of period $ 2,551,000 $ 2,053,000 Goodwill acquired - - Translation adjustment - - Impairment - - Balance at end of period $ 2,551,000 $ 2,053,000
Intangible assets subject to amortization	The following is a summary of acquired intangible assets subject to amortization: June 30, 2017 March 31, 2017 Weighted Average Amortization Period Gross Carrying Value Accumulated A mortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization Trademarks 11 years $ 705,000 $ 207,000 $ 705,000 $ 191,000 Customer relationships 13 years 5,900,000 2,550,000 5,900,000 2,421,000 Total $ 6,605,000 $ 2,757,000 $ 6,605,000 $ 2,612,000
Amortization expense for acquired intangible assets	Amortization expense for acquired intangible assets is as follows: Three Months Ended June 30, 2017 2016 Amortization expense $ 145,000 $ 145,000
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, 2018 - remaining nine months $ 435,000 2019 580,000 2020 580,000 2021 580,000 2022 580,000 Thereafter 1,093,000 Total $ 3,848,000

Accounts Receivable - Net (Tabl

Accounts Receivable - Net (Tables)	3 Months Ended
	Jun. 30, 2017
Accounts Receivable - Net [Abstract]
Schedule of accounts receivable	Accounts receivable — net is comprised of the following: June 30, 2017 March 31, 2017 Accounts receivable — trade $ 69,864,000 $ 76,902,000 Allowance for bad debts (4,131,000 ) (4,140,000 ) Customer allowances earned (8,543,000 ) (7,880,000 ) Customer payment discrepancies (807,000 ) (751,000 ) Customer returns RGA issued (15,233,000 ) (12,710,000 ) Customer core returns accruals (31,446,000 ) (25,404,000 ) Less: total accounts receivable offset accounts (60,160,000 ) (50,885,000 ) Total accounts receivable — net $ 9,704,000 $ 26,017,000
Schedule of change in warranty return accrual	The following summarizes the changes in the Company’s warranty return accrual: Three Months Ended June 30, 2017 2016 Balance at beginning of period $ 14,286,000 $ 10,845,000 Charged to expense/additions 22,206,000 22,694,000 Amounts processed (23,643,000 ) (21,980,000 ) Balance at end of period $ 12,849,000 $ 11,559,000

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Jun. 30, 2017
Inventory [Abstract]
Schedule of inventory	Inventory is comprised of the following: June 30, 2017 March 31, 2017 Non-core inventory Raw materials $ 22,537,000 $ 21,515,000 Work-in-process 673,000 641,000 Finished goods 62,124,000 48,337,000 85,334,000 70,493,000 Less allowance for excess and obsolete inventory (3,088,000 ) (2,977,000 ) Total $ 82,246,000 $ 67,516,000 Inventory unreturned $ 7,701,000 $ 7,581,000 Long-term core inventory Used cores held at the Company's facilities $ 35,325,000 $ 38,713,000 Used cores expected to be returned by customers 11,590,000 11,752,000 Remanufactured cores held in finished goods 33,981,000 27,667,000 Remanufactured cores held at customers' locations (1) 185,426,000 185,938,000 266,322,000 264,070,000 Less allowance for excess and obsolete inventory (1,596,000 ) (1,148,000 ) Total $ 264,726,000 $ 262,922,000 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 Othe29

Significant Customer and Other Information (Tables)	3 Months Ended
	Jun. 30, 2017
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 June 30, Sales 2017 2016 Customer A 40 % 52 % Customer B 25 % 14 % Customer C 16 % 21 % Customer D 8 % 3 % The Company’s largest customers accounted for the following total percentage of accounts receivable—trade: Accounts receivable - trade June 30, 2017 March 31, 2017 Customer A 28 % 33 % Customer B 14 % 18 % Customer C 10 % 12 % Customer D 24 % 16 % 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 June 30, 2017 2016 Rotating electrical products 78 % 72 % Wheel hub products 18 % 22 % Brake master cylinders products 3 % 6 % Other products 1 % - % 100 % 100 %

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 30, 2017
Debt [Abstract]
Summarized information about the term loan	The following summarizes information about the Company’s Term Loans at: June 30, 2017 March 31, 2017 Principal amount of term loan $ 19,531,000 $ 20,312,000 Unamortized financing fees (316,000 ) (313,000 ) Net carrying amount of term loan 19,215,000 19,999,000 Less current portion of term loan (3,060,000 ) (3,064,000 ) Long-term portion of term loan $ 16,155,000 $ 16,935,000
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, 2018 - remaining nine months 2,343,000 2019 3,125,000 2020 3,125,000 2021 10,938,000 Total payments $ 19,531,000

Accounts Receivable Discount 31

Accounts Receivable Discount Programs (Tables)	3 Months Ended
	Jun. 30, 2017
Accounts Receivable Discount Programs [Abstract]
Schedule of accounts receivable discount programs	The following is a summary of the Company’s accounts receivable discount programs: Three Months Ended June 30, 2017 2016 Receivables discounted $ 86,520,000 $ 80,649,000 Weighted average days 342 341 Annualized weighted average discount rate 3.1 % 2.7 % Amount of discount as interest expense $ 2,522,000 $ 2,068,000

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Jun. 30, 2017
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 June 30, 2017 2016 Net income $ 7,626,000 $ 7,508,000 Basic shares 18,655,304 18,545,621 Effect of potentially dilutive securities 766,048 939,317 Diluted shares 19,421,352 19,484,938 Net income per share: Basic net income per share $ 0.41 $ 0.40 Diluted net income per share $ 0.39 $ 0.39

Financial Risk Management and33

Financial Risk Management and Derivatives (Tables)	3 Months Ended
	Jun. 30, 2017
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 June 30, Hedging Instruments 2017 2016 Forward foreign currency exchange contracts $ 1,052,000 $ (679,000 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2017
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: June 30, 2017 March 31, 2017 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 $ 2,407,000 $ 2,407,000 - - $ 2,140,000 $ 2,140,000 - - Prepaid expenses and other current assets Forward foreign currency exchange contracts 1,479,000 - $ 1,479,000 - 427,000 - $ 427,000 - Liabilities Other current liabilities Deferred compensation 2,407,000 2,407,000 - - 2,140,000 2,140,000 - - Other liabilities Warrant liability 10,586,000 - - $ 10,586,000 11,879,000 - - $ 11,879,000
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 1.03 % Expected life in years 0.25 Expected volatility 27.20 % 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 June 30, 2017 2016 Supplier Warrant Contingent Consideration Supplier Warrant Contingent Consideration Beginning balance $ 11,879,000 $ - $ 15,643,000 $ 330,000 Newly issued - - - - Total (gain) loss included in net income (loss) (1,293,000 ) - (5,589,000 ) (16,000 ) Exercises/settlements - - - - Net transfers in (out) of Level 3 - - - - Ending balance $ 10,586,000 $ - $ 10,054,000 $ 314,000

Share-based Payments (Tables)

Share-based Payments (Tables)	3 Months Ended
	Jun. 30, 2017
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: Three Months Ended June 30, 2017 2016 Weighted average risk free interest rate 1.90 % 1.39 % Weighted average expected holding period (years) 5.82 5.85 Weighted average expected volatility 47.36 % 47.41 % Weighted average expected dividend yield - - Weighted average fair value of options granted $ 12.69 $ 13.08
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, 2017 1,036,359 $ 14.92 Granted 163,100 $ 27.40 Exercised (28,951 ) $ 10.15 Forfeited (667 ) $ 29.66 Outstanding at June 30, 2017 1,169,841 $ 16.77
Schedule of restricted stock units activity	The following is a summary of non-vested RSU’s: Number of Shares Weighted Average Grant Date Fair Value Non-vested at March 31, 2017 126,277 $ 28.26 Granted 60,000 $ 27.40 Vested (43,843 ) $ 25.62 Forfeited - $ - Non-vested at June 30, 2017 142,434 $ 28.71

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Jun. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated other comprehensive income (loss)	The following summarizes changes in accumulated other comprehensive income (loss): Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 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 $ 528,000 $ (7,969,000 ) $ (7,441,000 ) $ 332,000 $ (5,184,000 ) $ (4,852,000 ) Other comprehensive income (loss), net of tax 56,000 229,000 285,000 22,000 (535,000 ) (513,000 ) Amounts reclassified from accumulated other comprehensive loss, net of tax - - - - - - Balance at end of period $ 584,000 $ (7,740,000 ) $ (7,156,000 ) $ 354,000 $ (5,719,000 ) $ (5,365,000 )

Company Background and Organi37

Company Background and Organization (Details)	3 Months Ended
	Jun. 30, 2017Segment
Company Background and Organization [Abstract]
Number of reportable segments	1

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Goodwill (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Goodwill [Roll Forward]
Balance at beginning of period	$ 2,551,000	$ 2,053,000
Goodwill acquired	0	0
Translation adjustment	0	0
Impairment	0	0
Balance at end of period	$ 2,551,000	$ 2,053,000

Goodwill and Intangible Asset39

Goodwill and Intangible Assets (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Intangible assets subject to amortization [Abstract]
Gross Carrying Value	$ 6,605,000	$ 6,605,000
Accumulated Amortization	$ 2,757,000	2,612,000
Trademarks [Member]
Intangible assets subject to amortization [Abstract]
Weighted Average Amortization Period	11 years
Gross Carrying Value	$ 705,000	705,000
Accumulated Amortization	$ 207,000	191,000
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	$ 2,550,000	$ 2,421,000

Goodwill and Intangible Asset40

Goodwill and Intangible Assets, Amortization Expense (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Amortization expense for acquired intangible assets [Abstract]
Amortization expense	$ 145,000	$ 145,000
Estimated future amortization expense for intangible assets subject to amortization [Abstract]
2018 - remaining nine months	435,000
2,019	580,000
2,020	580,000
2,021	580,000
2,022	580,000
Thereafter	1,093,000
Total	$ 3,848,000

Accounts Receivable - Net (Deta

Accounts Receivable - Net (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Accounts Receivable - Net [Abstract]
Accounts receivable - trade	$ 69,864,000	$ 76,902,000
Allowance for bad debts	(4,131,000)	(4,140,000)
Customer allowances earned	(8,543,000)	(7,880,000)
Customer payment discrepancies	(807,000)	(751,000)
Customer returns RGA issued	(15,233,000)	(12,710,000)
Customer core returns accruals	(31,446,000)	(25,404,000)
Less: total accounts receivable offset accounts	(60,160,000)	(50,885,000)
Total accounts receivable - net	$ 9,704,000	$ 26,017,000

Accounts Receivable - Net - War

Accounts Receivable - Net - Warranty Returns (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Warranty Returns [Abstract]
Warranty accrual included in customer returns RGA issued	$ 5,215,000		$ 5,303,000
Warranty accrual included in customer finished goods returns accrual	7,634,000		$ 8,983,000
Change in warranty return accrual [Roll Forward]
Balance at beginning of period	14,286,000	$ 10,845,000
Charged to expense/additions	22,206,000	22,694,000
Amounts processed	(23,643,000)	(21,980,000)
Balance at end of period	$ 12,849,000	$ 11,559,000

Inventory (Details)

Inventory (Details) - USD ($)		Jun. 30, 2017	Mar. 31, 2017
Non-core inventory [Abstract]
Raw materials		$ 22,537,000	$ 21,515,000
Work-in-process		673,000	641,000
Finished goods		62,124,000	48,337,000
Non-core inventory, gross		85,334,000	70,493,000
Less allowance for excess and obsolete inventory		(3,088,000)	(2,977,000)
Total		82,246,000	67,516,000
Inventory unreturned		7,701,000	7,581,000
Long-term core inventory [Abstract]
Used cores held at the Company's facilities		35,325,000	38,713,000
Used cores expected to be returned by customers		11,590,000	11,752,000
Remanufactured cores held in finished goods		33,981,000	27,667,000
Remanufactured cores held at customers' locations	[1]	185,426,000	185,938,000
Long-term core inventory - gross		266,322,000	264,070,000
Less allowance for excess and obsolete inventory		(1,596,000)	(1,148,000)
Total		264,726,000	262,922,000
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 Othe44

Significant Customer and Other Information (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%
Sales [Member] | Customer A [Member]
Concentration Risk [Line Items]
Concentration risk percentage	40.00%	52.00%
Sales [Member] | Customer B [Member]
Concentration Risk [Line Items]
Concentration risk percentage	25.00%	14.00%
Sales [Member] | Customer C [Member]
Concentration Risk [Line Items]
Concentration risk percentage	16.00%	21.00%
Sales [Member] | Customer D [Member]
Concentration Risk [Line Items]
Concentration risk percentage	8.00%	3.00%
Sales [Member] | Rotating Electrical Products [Member]
Concentration Risk [Line Items]
Concentration risk percentage	78.00%	72.00%
Sales [Member] | Wheel Hub Products [Member]
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	22.00%
Sales [Member] | Brake Master Cylinders Products [Member]
Concentration Risk [Line Items]
Concentration risk percentage	3.00%	6.00%
Sales [Member] | Other Products [Member]
Concentration Risk [Line Items]
Concentration risk percentage	1.00%	0.00%
Accounts Receivable - Trade [Member] | Customer A [Member]
Concentration Risk [Line Items]
Concentration risk percentage	28.00%		33.00%
Accounts Receivable - Trade [Member] | Customer B [Member]
Concentration Risk [Line Items]
Concentration risk percentage	14.00%		18.00%
Accounts Receivable - Trade [Member] | Customer C [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%		12.00%
Accounts Receivable - Trade [Member] | Customer D [Member]
Concentration Risk [Line Items]
Concentration risk percentage	24.00%		16.00%

Debt (Details)

Debt (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017	Apr. 30, 2016	Aug. 31, 2012
Summarized information about the term loan [Abstract]
Less current portion of term loan	$ (3,060,000)		$ (3,064,000)
Long-term portion of term loan	16,155,000		16,935,000
Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity	$ 145,000,000
Debt instrument, maturity date	Jun. 3, 2020
Credit Facility [Member] | Maximum [Member]
Credit Facility [Abstract]
Dividend payments, annual maximum amount permitted	$ 15,000,000		$ 10,000,000
Credit Facility [Member] | Term Loans [Member]
Credit Facility [Abstract]
Maximum borrowing capacity	25,000,000
Quarterly principal payments	$ 781,250
Interest rate at end of period	3.56%		3.29%
Summarized information about the term loan [Abstract]
Principal amount of term loan	$ 19,531,000		$ 20,312,000
Unamortized financing fees	(316,000)		(313,000)
Net carrying amount of term loan	19,215,000		19,999,000
Less current portion of term loan	(3,060,000)		(3,064,000)
Long-term portion of term loan	16,155,000		16,935,000
Future repayments of the Term Loan, by fiscal year [Abstract]
2018 - remaining nine months	2,343,000
2,019	3,125,000
2,020	3,125,000
2,021	10,938,000
Total payments	$ 19,531,000		$ 20,312,000
Credit Facility [Member] | Term Loans [Member] | Minimum [Member]
Credit Facility [Abstract]
Facility fee on total leverage ratio	0.25%
Credit Facility [Member] | Term Loans [Member] | Maximum [Member]
Credit Facility [Abstract]
Facility fee on total leverage ratio	0.375%
Credit Facility [Member] | Term Loans [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] | Term Loans [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] | Revolving Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity				$ 120,000,000
Interest rate at end of period	4.65%		3.55%
Future repayments of the Term Loan, by fiscal year [Abstract]
Outstanding balance under revolving loan	$ 15,000,000		$ 11,000,000
Amount available under revolving facility	104,140,000
Credit Facility [Member] | Revolving Facility [Member] | Letters of Credit [Member]
Credit Facility [Abstract]
Maximum borrowing capacity	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
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
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	10,586,000		$ 11,879,000
Total gain included in net loss	$ 1,293,000	$ 5,589,000

Accounts Receivable Discount 46

Accounts Receivable Discount Programs (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Accounts Receivable Discount Programs [Abstract]
Receivables discounted	$ 86,520,000	$ 80,649,000
Weighted average days	342 days	341 days
Annualized weighted average discount rate	3.10%	2.70%
Amount of discount as interest expense	$ 2,522,000	$ 2,068,000

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net Income Per Share [Abstract]
Net income	$ 7,626,000	$ 7,508,000
Basic shares (in shares)	18,655,304	18,545,621
Effect of potentially dilutive securities (in shares)	766,048	939,317
Diluted shares (in shares)	19,421,352	19,484,938
Net income per share [Abstract]
Basic net income per share (in dollars per share)	$ 0.41	$ 0.40
Diluted net income per share (in dollars per share)	$ 0.39	$ 0.39
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	111,172	1,100
Exercise price of options, lower range (in dollars per share)	$ 30.31	$ 34.17
Exercise price of options, upper range (in dollars per share)	$ 34.17

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Taxes [Abstract]
Income tax expense (benefit) from continuing operations	$ 4,316,000	$ 2,936,000
Effective income tax rate	36.10%	28.10%
Excess tax benefits on share-based compensation	$ 170,000	$ 391,000

Financial Risk Management and49

Financial Risk Management and Derivatives (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Forward foreign currency exchange contracts included in prepaid and other current assets	$ 1,479,000		$ 427,000
Forward Foreign Currency Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of foreign currency derivatives	26,808,000		$ 26,880,000
Forward Foreign Currency Exchange Contracts [Member] | General and Administrative Expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Forward foreign currency exchange contracts	$ 1,052,000	$ (679,000)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Forward Foreign Currency Exchange Contracts [Member]
Other liabilities [Abstract]
Net gain (loss) on forward foreign currency exchange contracts	$ 1,052,000	$ (679,000)
Supplier Warrant [Member]
Fair value assumptions of warrants [Abstract]
Risk free interest rate	1.03%
Expected life in years	3 months
Expected volatility	27.20%
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	$ 11,879,000	15,643,000
Newly issued	0	0
Total (gain) loss included in net income (loss)	(1,293,000)	(5,589,000)
Exercises/settlements	0	0
Net transfers in (out) of Level 3	0	0
Ending balance	10,586,000	10,054,000
Contingent Consideration [Member]
Change in warrant liability measured at fair value recurring basis using significant unobservable inputs (Level 3) [Rollforward]
Beginning balance	0	330,000
Newly issued	0	0
Total (gain) loss included in net income (loss)	0	(16,000)
Exercises/settlements	0	0
Net transfers in (out) of Level 3	0	0
Ending balance	0	$ 314,000
Recurring [Member]
Short-term investments [Abstract]
Mutual funds	2,407,000		$ 2,140,000
Prepaid expenses and other current assets [Abstract]
Forward foreign currency exchange contracts	1,479,000		427,000
Other current liabilities [Abstract]
Deferred compensation	2,407,000		2,140,000
Other liabilities [Abstract]
Warrant liability	10,586,000		11,879,000
Recurring [Member] | Level 1 [Member]
Short-term investments [Abstract]
Mutual funds	2,407,000		2,140,000
Prepaid expenses and other current assets [Abstract]
Forward foreign currency exchange contracts	0		0
Other current liabilities [Abstract]
Deferred compensation	2,407,000		2,140,000
Other liabilities [Abstract]
Warrant liability	0		0
Recurring [Member] | Level 2 [Member]
Short-term investments [Abstract]
Mutual funds	0		0
Prepaid expenses and other current assets [Abstract]
Forward foreign currency exchange contracts	1,479,000		427,000
Other current liabilities [Abstract]
Deferred compensation	0		0
Other liabilities [Abstract]
Warrant liability	0		0
Recurring [Member] | Level 3 [Member]
Short-term investments [Abstract]
Mutual funds	0		0
Prepaid expenses and other current assets [Abstract]
Forward foreign currency exchange contracts	0		0
Other current liabilities [Abstract]
Deferred compensation	0		0
Other liabilities [Abstract]
Warrant liability	$ 10,586,000		$ 11,879,000

Share-based Payments - Stock Op

Share-based Payments - Stock Options Activity (Details) - Stock Options [Member] - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
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	1.90%	1.39%
Weighted average expected holding period	5 years 9 months 25 days	5 years 10 months 6 days
Weighted average expected volatility	47.36%	47.41%
Weighted average expected dividend yield	0.00%	0.00%
Weighted average fair value of options granted (in dollars per share)	$ 12.69	$ 13.08
Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	1,036,359
Granted (in shares)	163,100	182,800
Exercised (in shares)	(28,951)
Forfeited (in shares)	(667)
Outstanding at end of period (in shares)	1,169,841
Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of period (in dollars per share)	$ 14.92
Granted (in dollars per share)	27.40
Exercised (in dollars per share)	10.15
Forfeited (in dollars per share)	29.66
Outstanding at end of period (in dollars per share)	$ 16.77
Number of stock options unvested (in shares)	359,639
Weighted average exercise price of stock options unvested (in dollars per share)	$ 28.60
Total unrecognized compensation expense	$ 4,338,000
Weighted average vesting period over which compensation expense is expected to be recognized	2 years 3 months 18 days

Share-based Payments - Restrict

Share-based Payments - Restricted Stock Units (Details) - Restricted Stock [Member] - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares)	126,277
Granted (in shares)	60,000	42,876
Vested (in shares)	(43,843)
Forfeited (in shares)	0
Non-vested at end of period (in shares)	142,434
Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at beginning of period (in dollars per share)	$ 28.26
Granted (in dollars per share)	27.40
Vested (in dollars per share)	25.62
Forfeited (in dollars per share)	0
Non-vested at end of period (in dollars per share)	$ 28.71
Estimated fair value of awards granted	$ 1,644,000	$ 1,224,000
Total unrecognized compensation expense	$ 3,532,000
Weighted average vesting period over which compensation expense is expected to be recognized	2 years 3 months 18 days

Accumulated Other Comprehensi53

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ 248,681,000
Other comprehensive income (loss), net of tax	285,000	$ (513,000)
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0
Balance at end of period	255,254,000
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(7,441,000)	(4,852,000)
Balance at end of period	(7,156,000)	(5,365,000)
Unrealized Gain (Loss) on Short-Term Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	528,000	332,000
Other comprehensive income (loss), net of tax	56,000	22,000
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0
Balance at end of period	584,000	354,000
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(7,969,000)	(5,184,000)
Other comprehensive income (loss), net of tax	229,000	(535,000)
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0
Balance at end of period	$ (7,740,000)	$ (5,719,000)

Share Repurchase Program (Detai

Share Repurchase Program (Details) - Common Stock [Member]	3 Months Ended
	Jun. 30, 2017USD ($)shares
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, approved amount	$ 15,000,000
Shares utilized, amount	4,358,000
Shares available for repurchase, amount	$ 10,642,000
Shares repurchased and retired (in shares) | shares	69,261