Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | 22-May-15 | Sep. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PETMED EXPRESS INC | ||
Entity Central Index Key | 1040130 | ||
Trading Symbol | pets | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -28 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 20,259,359 | ||
Entity Public Float | $262.50 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Mar-15 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $35,613 | $18,305 |
Short term investments - available for sale | 15,591 | 15,539 |
Accounts receivable, less allowance for doubtful accounts of $8 and $7, respectively | 1,931 | 1,761 |
Inventories - finished goods | 25,068 | 35,727 |
Prepaid expenses and other current assets | 1,380 | 1,761 |
Deferred tax assets | 817 | 1,062 |
Prepaid income taxes | 54 | |
Total current assets | 80,400 | 74,209 |
Nonurrent assets: | ||
Prepaid expenses | 1,996 | |
Property and equipment, net | 1,569 | 1,310 |
Intangible assets | 860 | 860 |
Deferred tax assets | 23 | |
Total noncurrent assets | 2,452 | 4,166 |
Total assets | 82,852 | 78,375 |
Current liabilities: | ||
Accounts payable | 5,153 | 5,768 |
Accrued expenses and other current liabilities | 2,214 | 2,325 |
Income taxes payable | 50 | |
Total current liabilities | 7,417 | 8,093 |
Deferred tax liabilities | 65 | |
Total liabilities: | 7,417 | 8,158 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, $.001 par value, 5,000 shares authorized; 3 convertible shares issued and outstanding with a liquidation preference of $4 per share | 9 | 9 |
Common stock, $.001 par value, 40,000 shares authorized; 20,262 and 20,190 shares issued and outstanding, respectively | 20 | 20 |
Additional paid-in capital | 3,117 | 1,578 |
Retained earnings | 72,343 | 68,647 |
Accumulated other comprehensive loss | -54 | -37 |
Total shareholders' equity | 75,435 | 70,217 |
Total liabilities and shareholders' equity | $82,852 | $78,375 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts (in dollars) | $8 | $7 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 40,000 | 40,000 |
Common stock, shares issued | 20,262 | 20,190 |
Common stock, shares outstanding | 20,262 | 20,190 |
Convertible Preferred Stock | ||
Preferred stock, shares issued | 3 | 3 |
Preferred stock, shares outstanding | 3 | 3 |
Preferred stock, liquidation preference (in dollars per share) | $4 | $4 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | |||
Sales | $229,395 | $233,391 | $227,829 |
Cost of sales | 153,125 | 155,774 | 150,708 |
Gross profit | 76,270 | 77,617 | 77,121 |
Operating expenses: | |||
General and administrative | 21,101 | 21,352 | 21,592 |
Advertising | 25,182 | 27,180 | 27,433 |
Discontinued project costs | 1,714 | ||
Depreciation | 660 | 867 | 1,091 |
Total operating expenses | 48,657 | 49,399 | 50,116 |
Income from operations | 27,613 | 28,218 | 27,005 |
Other income (expense): | |||
Interest income, net | 184 | 185 | 306 |
Other, net | 1 | -4 | -5 |
Total other income | 185 | 181 | 301 |
Income before provision for income taxes | 27,798 | 28,399 | 27,306 |
Provision for income taxes | 10,345 | 10,427 | 10,141 |
Net income | 17,453 | 17,972 | 17,165 |
Net change in unrealized loss on short term investments | -17 | -35 | -46 |
Comprehensive income | $17,436 | $17,937 | $17,119 |
Net income per common share: | |||
Basic (in dollars per share) | $0.87 | $0.90 | $0.86 |
Diluted (in dollars per share) | $0.87 | $0.90 | $0.86 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 20,015 | 19,901 | 19,926 |
Diluted (in shares) | 20,136 | 20,043 | 20,049 |
Cash dividends declared per common share (in dollars per share) | $0.68 | $0.66 | $1.60 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Other Comprehensive Gain (Loss) | Total |
In Thousands, unless otherwise specified | Convertible | |||||
Balance at Mar. 31, 2012 | $9 | $20 | $81,108 | $44 | $81,181 | |
Balance (in shares) at Mar. 31, 2012 | 3 | 20,338 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of restricted stock, net | ||||||
Issuance of restricted stock, net (in shares) | 168 | |||||
Share based compensation | 1,943 | 1,943 | ||||
Dividends declared | -32,080 | -32,080 | ||||
Repurchased and retired shares | -3,865 | -3,865 | ||||
Repurchased and retired shares (in shares) | -397 | |||||
Deferred tax adjustment related to restricted stock | -284 | -284 | ||||
Allocation of retirement of repurchased shares of additional paid in capital and retained earnings | 2,206 | -2,206 | ||||
Net income | 17,165 | 17,165 | 17,165 | |||
Other comprehensive loss: | ||||||
Net Change in unrealized loss on short term investments | -46 | -46 | ||||
Total comprehensive income | 17,119 | 17,119 | ||||
Balance at Mar. 31, 2013 | 9 | 20 | 63,987 | -2 | 64,014 | |
Balance (in shares) at Mar. 31, 2013 | 3 | 20,109 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of restricted stock, net | ||||||
Issuance of restricted stock, net (in shares) | 81 | |||||
Share based compensation | 1,479 | 1,479 | ||||
Dividends declared | -13,312 | -13,312 | ||||
Deferred tax adjustment related to restricted stock | 99 | 99 | ||||
Net income | 17,972 | 17,972 | 17,972 | |||
Other comprehensive loss: | ||||||
Net Change in unrealized loss on short term investments | -35 | -35 | ||||
Total comprehensive income | 17,937 | 17,937 | ||||
Balance at Mar. 31, 2014 | 9 | 20 | 1,578 | 68,647 | -37 | 70,217 |
Balance (in shares) at Mar. 31, 2014 | 3 | 20,190 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of restricted stock, net | ||||||
Issuance of restricted stock, net (in shares) | 72 | |||||
Share based compensation | 1,481 | 1,481 | ||||
Dividends declared | -13,757 | -13,757 | ||||
Deferred tax adjustment related to restricted stock | 58 | 58 | ||||
Net income | 17,453 | 17,453 | 17,453 | |||
Other comprehensive loss: | ||||||
Net Change in unrealized loss on short term investments | -17 | -17 | ||||
Total comprehensive income | 17,436 | 17,436 | ||||
Balance at Mar. 31, 2015 | $9 | $20 | $3,117 | $72,343 | ($54) | $75,435 |
Balance (in shares) at Mar. 31, 2015 | 3 | 20,262 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | |||
Net income | $17,453 | $17,972 | $17,165 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 660 | 867 | 1,091 |
Share based compensation | 1,481 | 1,479 | 1,943 |
Discontinued project costs | 1,714 | ||
Deferred income taxes | 157 | -183 | -76 |
Bad debt expense | 94 | 95 | 56 |
(Increase) decrease in operating assets and increase (decrease) in liabilities: | |||
Accounts receivable | -264 | -417 | 77 |
Inventories - finished goods | 10,659 | -4,126 | -5,384 |
Prepaid income taxes | 54 | -54 | 199 |
Prepaid expenses and other current assets | 662 | -1,237 | -1,279 |
Accounts payable | -616 | -686 | -165 |
Accrued expenses and other current liabilities | -61 | -42 | -499 |
Income taxes payable | 50 | -162 | 162 |
Net cash provided by operating activities | 32,043 | 13,506 | 13,290 |
Cash flows from investing activities: | |||
Net change in investments | -68 | -84 | -5,189 |
Purchases of property and equipment | -918 | -45 | -626 |
Net cash used in investing activities | -986 | -129 | -5,815 |
Cash flows from financing activities: | |||
Dividends paid | -13,807 | -13,326 | -31,972 |
Purchases of treasury stock | -3,865 | ||
Tax adjustment related to stock compensation | 58 | 99 | -284 |
Net cash used in financing activities | -13,749 | -13,227 | -36,121 |
Net increase (decrease) in cash and cash equivalents | 17,308 | 150 | -28,646 |
Cash and cash equivalents, at beginning of year | 18,305 | 18,155 | 46,801 |
Cash and cash equivalents, at end of year | 35,613 | 18,305 | 18,155 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 10,026 | 10,727 | 10,140 |
Retirement of treasury stock | 3,865 | ||
Dividends payable in accrued expenses | $212 | $262 | $276 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies | ||||||||||||
Organization | |||||||||||||
PetMed Express, Inc. and subsidiaries, d/b/a 1-800-PetMeds (the “Company”), is a leading nationwide pet pharmacy. The Company markets prescription and non-prescription pet medications, health products, and supplies for dogs and cats, direct to the consumer. The Company markets its products through national television, online, and direct mail/print advertising campaigns, which aim to increase the recognition of the “1-800-PetMeds” brand name and “PetMeds” family of trademarks, increase traffic on its website at www.1800petmeds.com, acquire new customers, and maximize repeat purchases. The majority of all of the Company’s sales are to residents in the United States. The Company’s executive offices are located in Pompano Beach, Florida. The Company’s fiscal year end is March 31, and references herein to fiscal 2015, 2014, or 2013 refer to the Company’s fiscal years ended March 31, 2015, 2014, and 2013, respectively. | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company generates revenue by selling pet medication products and pet supplies mainly to retail consumers. The Company’s policy is to recognize revenue from product sales upon shipment, when the rights of ownership and risk of loss have passed to the customer. Outbound shipping and handling fees are included in sales and are billed upon shipment. Shipping expenses are included in cost of sales. The majority of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two to three banking days. Credit card sales minimize the accounts receivable balances relative to sales. The Company maintains an allowance for doubtful accounts for losses that the Company estimates will arise from the customers’ inability to make required payments, arising from either credit card charge-backs or insufficient funds checks. The Company determines its estimates of the uncollectibility of accounts receivable by analyzing historical bad debts and current economic trends. At March 31, 2015 and 2014, the allowance for doubtful accounts was approximately $8,000 and $7,000, respectively. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at March 31, 2015 and 2014 consisted of the Company’s cash accounts and money market accounts with a maturity of three months or less. The carrying amount of cash equivalents approximates fair value. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. | |||||||||||||
Short Term Investments | |||||||||||||
The Company’s short term investments balance consists of short term bond mutual funds. In accordance with ASC Topic 320 (“Accounting for Certain Investments in Debt and Equity Securities”), short term investments are accounted for as available for sale securities with any changes in fair value to be reflected in other comprehensive income (loss). The Company had a short term investments balance of $15.6 million and $15.5 million as of March 31, 2015 and March 31, 2014, respectively. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Inventories | |||||||||||||
Inventories consist of prescription and non-prescription pet medications and pet supplies that are available for sale and are priced at the lower of cost or market value using a weighted average cost method. The Company writes down its inventory for estimated obsolescence. The inventory reserve was approximately $63,000 and $90,000 at March 31, 2015 and 2014, respectively. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The furniture, fixtures, equipment, and computer software are depreciated over periods ranging from three to seven years. Leasehold improvements and assets under capital lease agreements are amortized over the shorter of the underlying lease agreement or the useful life of the asset. | |||||||||||||
Long-lived Assets | |||||||||||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated from the asset. | |||||||||||||
Intangible Assets | |||||||||||||
The intangible asset consists of a toll-free telephone number and an internet domain name. In accordance with the ASC Topic 350 (“Goodwill and Other Intangible Assets”) the intangible assets are not being amortized, and are subject to an annual review for impairment. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying amounts of the Company’s cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. | |||||||||||||
Advertising | |||||||||||||
The Company’s advertising expenses consist primarily of television advertising, online marketing, and direct mail/print advertising. Television advertising costs are expensed as the advertisements are televised. Internet costs are expensed in the month incurred and direct mail/print costs are expensed when the related catalogs, brochures, and postcards are produced, distributed, or superseded. | |||||||||||||
Business Concentrations | |||||||||||||
The Company purchases its products from a variety of sources, including certain manufacturers, domestic distributors, and wholesalers. We have multiple suppliers for each of our products to obtain the lowest cost. There were four suppliers from whom we purchased approximately 50% of all products in fiscal 2015 compared to five suppliers in fiscal 2014. | |||||||||||||
Accounting for Share Based Compensation | |||||||||||||
The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“Share Based Payment”). The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses. | |||||||||||||
Comprehensive Income | |||||||||||||
The Company applies ASC Topic 220 (“Reporting Comprehensive Income”) which requires that all items that are recognized under accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. The items of other comprehensive income that are typically required to be displayed are foreign currency items, minimum pension liability adjustments, and unrealized gains and losses on certain investments in debt and equity securities. For the years ended March 31, 2015, 2014 and 2013 the Company recorded an unrealized loss of $17,000, $35,000 and $46,000 on its short term investments, respectively. | |||||||||||||
The following is a summary of our comprehensive income (in thousands): | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income | $ | 17,453 | $ | 17,972 | $ | 17,165 | |||||||
Net change in unrealized loss on short term investments | (17 | ) | (35 | ) | (46 | ) | |||||||
Comprehensive income | $ | 17,436 | $ | 17,937 | $ | 17,119 | |||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes under the provisions of ASC Topic 740 (“Accounting for Income Taxes”) which generally requires the recognition of deferred tax assets and liabilities for the expected future tax benefits or consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting carrying values and the tax bases of assets and liabilities, and are measured by applying enacted tax rates and laws for the taxable years in which those differences are expected to reverse. As required by “Accounting for Uncertainty in Income Taxes” guidance, which clarifies ASC Topic 740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the Consolidated Financial Statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies “Accounting for Uncertainty in Income Taxes” guidance to all tax positions for which the statute of limitations remained open. The Company files tax returns in the U.S. federal jurisdiction and Florida and Georgia. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ending March 31, 2010. Any interest and penalties related to income taxes will be recorded to other income (expenses). | |||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the fiscal 2015 presentation. These reclassifications had no impact on net income, shareholders’ equity or cash flows as previously reported. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
The Company does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | (2) Fair Value Measurements | ||||||||||||||||
The Company carries various assets at fair value in the Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC Topic 820 (“Fair Value Measurements”) establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: | |||||||||||||||||
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||||||
Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. | |||||||||||||||||
Level 3 - Unobservable inputs which are supported by little or no market activity. | |||||||||||||||||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s cash equivalents and short term investments are classified within Level 1. Assets and liabilities measured at fair value are summarized below (in thousands): | |||||||||||||||||
Fair Value Measurement at March 31, 2015 Using | |||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||
in Active | Other | Significant | |||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
March 31, | Identical Assets | Inputs | Inputs | ||||||||||||||
2015 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Cash and Cash equivalents - money market funds | $ | 35,613 | $ | 35,613 | $ | - | $ | - | |||||||||
Short term investments -bond mutual funds | 15,591 | 15,591 | - | - | |||||||||||||
$ | 51,204 | $ | 51,204 | $ | - | $ | - |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | (3) Property and Equipment | ||||||||
Major classifications of property and equipment consist of the following (in thousands): | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Leasehold improvements | $ | 1,119 | $ | 1,124 | |||||
Computer software | 3,391 | 2,749 | |||||||
Furniture, fixtures and equipment | 4,686 | 5,771 | |||||||
9,196 | 9,644 | ||||||||
Less: accumulated depreciation | (7,627 | ) | (8,334 | ) | |||||
Property and equipment, net | $ | 1,569 | $ | 1,310 |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses and Other Current Liabilities | (4) Accrued Expenses and Other Current Liabilities | ||||||||
Major classifications of accrued expenses and other current liabilities consist of the following (in thousands): | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Accrued sales tax | $ | 465 | $ | 478 | |||||
Accrued credit card fees | 285 | 275 | |||||||
Accrued salaries and benefits | 741 | 754 | |||||||
Accrued professional expenses | 225 | 275 | |||||||
Accrued sales return allowance | 147 | 143 | |||||||
Accrued dividends payable | 212 | 262 | |||||||
Other accrued liabilities | 139 | 138 | |||||||
Accrued expenses and other current liabilities | $ | 2,214 | $ | 2,325 |
Net_Income_Per_Share
Net Income Per Share | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Income Per Share | (5) Net Income Per Share | ||||||||||||
In accordance with the provisions of ASC Topic 260 (“Earnings Per Share”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted stock and the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested restricted stock, and convertible preferred shares issued by the Company represent the only dilutive effect reflected in diluted weighted average shares outstanding. | |||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income (numerator): | |||||||||||||
Net income | $ | 17,453 | $ | 17,972 | $ | 17,165 | |||||||
Shares (denominator) | |||||||||||||
Weighted average number of common shares outstanding used in basic computation | 20,015 | 19,901 | 19,926 | ||||||||||
Common shares issuable upon the vesting of restricted stock | 111 | 132 | 113 | ||||||||||
Common shares issuable upon conversion of preferred shares | 10 | 10 | 10 | ||||||||||
Shares used in diluted computation | 20,136 | 20,043 | 20,049 | ||||||||||
Net income per common share: | |||||||||||||
Basic | $ | 0.87 | $ | 0.9 | $ | 0.86 | |||||||
Diluted | $ | 0.87 | $ | 0.9 | $ | 0.86 | |||||||
At March 31, 2015 and 2014, all restricted stock was included in the diluted net income per common share computation. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | (6) Income Taxes | ||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands): | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued expenses | $ | 545 | $ | 679 | |||||||||
Deferred stock compensation | 246 | 248 | |||||||||||
Net operating loss carryforward | - | 53 | |||||||||||
Bad debt and inventory reserves | 26 | 35 | |||||||||||
Property and equipment | 23 | - | |||||||||||
Total deferred tax assets | 840 | 1,015 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | - | (18 | ) | ||||||||||
Total net deferred taxes | $ | 840 | $ | 997 | |||||||||
At March 31, 2015, the Company had no federal net operating loss carryforwards. | |||||||||||||
The components of the income tax provision consist of the following (in thousands): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current taxes | |||||||||||||
Federal | $ | 9,303 | $ | 9,689 | $ | 9,588 | |||||||
State | 885 | 921 | 913 | ||||||||||
Total current taxes | 10,188 | 10,610 | 10,501 | ||||||||||
Deferred taxes | |||||||||||||
Federal | 143 | (167 | ) | (329 | ) | ||||||||
State | 14 | (16 | ) | (31 | ) | ||||||||
Total deferred taxes | 157 | (183 | ) | (360 | ) | ||||||||
Total provision for income taxes | $ | 10,345 | $ | 10,427 | $ | 10,141 | |||||||
The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Income taxes at U.S. statutory rates | $ | 9,729 | $ | 9,940 | $ | 9,557 | |||||||
State income taxes, net of federal tax benefit | 589 | 583 | 562 | ||||||||||
Permanent differences | (29 | ) | (35 | ) | (74 | ) | |||||||
Other | 56 | (61 | ) | 96 | |||||||||
Total provision for income taxes | $ | 10,345 | $ | 10,427 | $ | 10,141 |
Discontinued_Project_Costs
Discontinued Project Costs | 12 Months Ended |
Mar. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Project Costs | (7) Discontinued Project Costs |
During the quarter ended September 30, 2014 the Company discontinued an information technology project related to a new software platform, which was intended to be put into service and capitalized during the September quarter. The Company expensed a one-time project charge of $1.7 million in the September quarter. The net after tax impact of this one-time charge was $1.1 million, or $0.05 diluted per share. The Company does not expect any additional future expenditures relating to this discontinued project. Management determined that it was not in the best interest of the Company to proceed with this project. The Company decided to continue with, and upgrade, its current software platform. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Equity [Abstract] | |||||||||||
Shareholders' Equity | (8) Shareholders’ Equity | ||||||||||
Preferred Stock | |||||||||||
In April 1998, the Company issued 250,000 shares of its $.001 par value preferred stock at a price of $4.00 per share, less issuance costs of $112,187. Each share of the preferred stock is convertible into approximately 4.05 shares of common stock at the election of the shareholder. The shares have a liquidation value of $4.00 per share and may pay dividends at the sole discretion of the Company. The Company does not anticipate paying dividends to the preferred shareholders in the foreseeable future. Each share of preferred stock is entitled to one vote on all matters submitted to a vote of shareholders of the Company. As of March 31, 2015 and 2014, 2,500 shares of the convertible preferred stock remained unconverted and outstanding. | |||||||||||
Share Repurchase Plan | |||||||||||
On November 8, 2006, the Company’s Board of Directors approved a share repurchase plan of up to $20.0 million. On October 31, 2008, November 1, 2010, and August 1, 2011, the Company’s Board of Directors approved a second, third, and fourth share repurchase plan, respectively, each for an additional $20.0 million. The repurchase plan is intended to be implemented through purchases made from time to time in either the open market or through private transactions at the Company’s discretion, subject to market conditions and other factors, in accordance with Securities and Exchange Commission requirements. There can be no assurances as to the precise number of shares that will be repurchased under the share repurchase plan, and the Company may discontinue the share repurchase plan at any time subject to compliance with applicable regulatory requirements. Shares purchased pursuant to the share repurchase plan will either be cancelled or held in the Company’s treasury. During fiscal 2014 and 2015 the Company had no share repurchases. As of March 31, 2015 the Company had approximately $10.2 million remaining under the Company’s share repurchase plan. | |||||||||||
Dividends | |||||||||||
On August 3, 2009, the Company’s Board of Directors declared its first quarterly dividend of $0.10 per share on its common stock. On August 2, 2010, the Company’s Board of Directors increased the quarterly dividend to $0.125 per share, and then on January 27, 2012, the Company’s Board of Directors increased the quarterly dividend to $0.15 per share. On December 3, 2012, the Company’s Board of Directors declared a special dividend of $1.00 per share on its common stock. On July 26, 2013, the Company’s Board of Directors increased the quarterly dividend to $0.17 per share. The Company intends to continue to pay regular quarterly dividends; however the declaration and payment of future dividends is discretionary and will be subject to a determination by the Board of Directors each quarter following its review of the Company’s financial performance. | |||||||||||
During fiscal 2015, our Board of Directors declared the following dividends: | |||||||||||
Declaration Date | Per Share | Record Date | Total Amount | Payment Date | |||||||
Dividend | (In thousands) | ||||||||||
2-May-14 | $ | 0.17 | 14-May-14 | $ | 3,432 | 23-May-14 | |||||
21-Jul-14 | $ | 0.17 | 4-Aug-14 | $ | 3,446 | 15-Aug-14 | |||||
20-Oct-14 | $ | 0.17 | 3-Nov-14 | $ | 3,445 | 14-Nov-14 | |||||
20-Jan-15 | $ | 0.17 | 3-Feb-15 | $ | 3,445 | 13-Feb-15 |
Restricted_Stock
Restricted Stock | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||
Restricted Stock | (9) Restricted Stock | ||||||||||||
On July 28, 2006, the Company received shareholder approval for the adoption of the 2006 Employee Equity Compensation Restricted Stock Plan (the “Employee Plan”) and the 2006 Outside Director Equity Compensation Restricted Stock Plan (the “Director Plan”). The purpose of the plans is to promote the interests of the Company by securing and retaining both employees and outside directors. The Company had reserved 1.0 million shares of common stock for issuance under the Employee Plan, and 200,000 shares of common stock for issuance under the Director Plan. In July 2012 the Company received shareholder approval to ratify the amendment to the Company’s Director Plan passed by the Board of Directors to increase the number of shares available for issuance under the Director Plan from 200,000 to 400,000. Additionally, the Company received shareholder approval to ratify the amendment passed by the Board of Directors to provide for a 10% automatic increase every year in the amount of shares available for issuance under each of the plans. The value of the restricted stock is determined based on the market value of the stock at the issuance date. The restriction period or forfeiture period is determined by the Company’s Board and is to be no less than 1 year and no more than ten years. The Company had 773,212 restricted common shares issued under the Employee Plan and 242,000 restricted common shares issued under the Director Plan at March 31, 2015, all shares of which were issued subject to a restriction or forfeiture period which will lapse ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized over the three-year restriction period. For both the years ended March 31, 2015 and 2014, the Company recognized compensation expense related to the Employee and Director Plans of $1.5 million, respectively. | |||||||||||||
A summary of the Company’s non-vested restricted stock as of March 31, 2015 is as follows: | |||||||||||||
Employee | Director | Both Plans | |||||||||||
Plan | Plan | Number of | |||||||||||
Number of | Number of | Shares (In | |||||||||||
Shares (In | Shares (In | thousands) | |||||||||||
thousands) | thousands) | ||||||||||||
Non-vested restricted stock outstanding at March 31, 2014 | 170 | 60 | 230 | ||||||||||
Restricted stock granted | 51 | 30 | 81 | ||||||||||
Restricted stock vested | (83 | ) | (30 | ) | (113 | ) | |||||||
Restricted stock forfeited or expired | (10 | ) | - | (10 | ) | ||||||||
Non-vested restricted stock outstanding at March 31, 2015 | 128 | 60 | 188 | ||||||||||
At March 31, 2015 and 2014, there were 188,017 and 229,558 non-vested restricted stock shares outstanding, respectively. During the fiscal years ended March 31, 2015 and 2014, the Company issued, net of forfeitures, 71,858 and 81,500 restricted shares, respectively. At March 31, 2015 and 2014, there were $2.0 million and $2.5 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the remaining weighted average vesting period of 1.5 years and 2.0 years for fiscal 2015 and 2014, respectively. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||
Valuation and Qualifying Accounts | (10) Valuation and Qualifying Accounts | ||||||||||||
Activity in the Company’s valuation and qualifying accounts consists of the following (in thousands): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Allowance for doubtful accounts: | |||||||||||||
Balance at beginning of period | $ | 7 | $ | 5 | $ | 5 | |||||||
Provision for doubtful accounts | 95 | 95 | 56 | ||||||||||
Write-off of uncollectible accounts receivable | (94 | ) | (93 | ) | (56 | ) | |||||||
Balance at end of year | $ | 8 | $ | 7 | $ | 5 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||
Mar. 31, 2015 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Commitments and Contingencies | (11) Commitments and Contingencies | |||||
Legal Matters and Routine Proceedings | ||||||
The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no assurances made that other states will not attempt to take similar actions against the Company in the future. The Company initiates litigation to protect its trade or service marks. There can be no assurance that the Company will be successful in protecting its trade or service marks. Legal costs related to the above matters are expensed as incurred. | ||||||
Employment Agreements | ||||||
On January 25, 2013, the Company amended the existing Executive Employment Agreement of Menderes Akdag, the Company’s President, Chief Executive Officer, and Director, and entered into Amendment No. 4 to the Executive Employment Agreement with Mr. Akdag. The Agreement amended certain provisions of the Executive Employment Agreement as follows: the term of the Agreement is for three years, commencing on March 16, 2013; Mr. Akdag’s salary remained at $550,000 per year throughout the term of the Agreement, and Mr. Akdag was granted 108,000 shares of restricted stock. The restricted stock was granted on March 16, 2013, in accordance with the Company’s 2006 Employee Equity Compensation Restricted Stock Plan and the restrictions lapse ratably over a three-year period. | ||||||
Operating Lease | ||||||
The Company leases its 65,300 square foot executive offices, warehouse facility, and customer service and pharmacy contact centers under a non-cancelable operating lease. On April 30, 2014, the Company entered into a seventh amendment of its operating lease agreement to extend its existing lease until December 1, 2016. The Company is responsible for certain maintenance costs, taxes, and insurance under this lease. | ||||||
The future minimum annual lease payments are as follows: | ||||||
Years Ending March 31, (in thousands) | ||||||
2016 | 781 | |||||
2017 | 519 | |||||
Total lease payments | $ | 1,300 | ||||
Rent expense was $794,000, $785,000, and $767,000 for the years ended March 31, 2015, 2014 and 2013, respectively. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plan | (12) Employee Benefit Plan |
The Company maintains a 401(k) Savings Plan for eligible employees. The plan is a defined contribution plan that is administered by the Company. All regular, full-time employees are eligible for voluntary participation upon completing one year of service and having attained the age of 21. The plan provides for growth in savings through contributions and income from investments. It is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended. Plan participants are allowed to contribute a specified percentage of their base salary. In 2006, the Company adopted a matching plan which is funded subsequent to the calendar year. During the fiscal years ended March 31, 2015 and 2014, the Company charged $187,000 and $181,000, respectively, of 401(k) matching contribution and administration expense to general and administrative expenses. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||
Quarterly Financial Data (Unaudited) | (13) Quarterly Financial Data (Unaudited) | |||||||||||||||||
Summarized unaudited quarterly financial data for fiscal 2015 and 2014 is as follows (in thousands, except for per share amounts): | ||||||||||||||||||
Quarter Ended: | 30-Jun-14 | 30-Sep-14 | 31-Dec-14 | 31-Mar-15 | ||||||||||||||
Sales | $ | 72,541 | $ | 57,576 | $ | 49,284 | $ | 49,994 | ||||||||||
Gross Profit | $ | 23,772 | $ | 18,459 | $ | 17,100 | $ | 16,939 | ||||||||||
Income from operations | $ | 7,838 | $ | 4,290 | $ | 7,666 | $ | 7,819 | ||||||||||
Net income | $ | 4,973 | $ | 2,732 | $ | 4,797 | $ | 4,951 | ||||||||||
Diluted net income per common share | $ | 0.25 | $ | 0.14 | $ | 0.24 | $ | 0.25 | ||||||||||
Quarter Ended: | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | 31-Mar-14 | ||||||||||||||
Sales | $ | 74,194 | $ | 60,479 | $ | 50,086 | $ | 48,632 | ||||||||||
Gross Profit | $ | 24,013 | $ | 19,252 | $ | 16,889 | $ | 17,463 | ||||||||||
Income from operations | $ | 7,497 | $ | 6,532 | $ | 7,047 | $ | 7,142 | ||||||||||
Net income | $ | 4,755 | $ | 4,150 | $ | 4,541 | $ | 4,526 | ||||||||||
Diluted net income per common share | $ | 0.24 | $ | 0.21 | $ | 0.23 | $ | 0.23 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (14) Subsequent Events |
On May 4, 2015, the Company’s Board of Directors declared an increased quarterly dividend of $0.18 per share on its common stock. The $3.6 million dividend was paid on May 22, 2015, to shareholders of record at the close of business on May 15, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. | |||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||
The Company generates revenue by selling pet medication products and pet supplies mainly to retail consumers. The Company’s policy is to recognize revenue from product sales upon shipment, when the rights of ownership and risk of loss have passed to the customer. Outbound shipping and handling fees are included in sales and are billed upon shipment. Shipping expenses are included in cost of sales. The majority of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two to three banking days. Credit card sales minimize the accounts receivable balances relative to sales. The Company maintains an allowance for doubtful accounts for losses that the Company estimates will arise from the customers’ inability to make required payments, arising from either credit card charge-backs or insufficient funds checks. The Company determines its estimates of the uncollectibility of accounts receivable by analyzing historical bad debts and current economic trends. At March 31, 2015 and 2014, the allowance for doubtful accounts was approximately $8,000 and $7,000, respectively. | |||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||
The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at March 31, 2015 and 2014 consisted of the Company’s cash accounts and money market accounts with a maturity of three months or less. The carrying amount of cash equivalents approximates fair value. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. | |||||||||||||
Short Term Investments | Short Term Investments | ||||||||||||
The Company’s short term investments balance consists of short term bond mutual funds. In accordance with ASC Topic 320 (“Accounting for Certain Investments in Debt and Equity Securities”), short term investments are accounted for as available for sale securities with any changes in fair value to be reflected in other comprehensive income (loss). The Company had a short term investments balance of $15.6 million and $15.5 million as of March 31, 2015 and March 31, 2014, respectively. | |||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Inventories | Inventories | ||||||||||||
Inventories consist of prescription and non-prescription pet medications and pet supplies that are available for sale and are priced at the lower of cost or market value using a weighted average cost method. The Company writes down its inventory for estimated obsolescence. The inventory reserve was approximately $63,000 and $90,000 at March 31, 2015 and 2014, respectively. | |||||||||||||
Property and Equipment | Property and Equipment | ||||||||||||
Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The furniture, fixtures, equipment, and computer software are depreciated over periods ranging from three to seven years. Leasehold improvements and assets under capital lease agreements are amortized over the shorter of the underlying lease agreement or the useful life of the asset. | |||||||||||||
Long-lived Assets | Long-lived Assets | ||||||||||||
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated from the asset. | |||||||||||||
Intangible Assets | Intangible Assets | ||||||||||||
The intangible asset consists of a toll-free telephone number and an internet domain name. In accordance with the ASC Topic 350 (“Goodwill and Other Intangible Assets”) the intangible assets are not being amortized, and are subject to an annual review for impairment. | |||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||
The carrying amounts of the Company’s cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. | |||||||||||||
Advertising | Advertising | ||||||||||||
The Company’s advertising expenses consist primarily of television advertising, online marketing, and direct mail/print advertising. Television advertising costs are expensed as the advertisements are televised. Internet costs are expensed in the month incurred and direct mail/print costs are expensed when the related catalogs, brochures, and postcards are produced, distributed, or superseded. | |||||||||||||
Business Concentrations | Business Concentrations | ||||||||||||
The Company purchases its products from a variety of sources, including certain manufacturers, domestic distributors, and wholesalers. We have multiple suppliers for each of our products to obtain the lowest cost. There were four suppliers from whom we purchased approximately 50% of all products in fiscal 2015 compared to five suppliers in fiscal 2014. | |||||||||||||
Accounting for Share Based Compensation | Accounting for Share Based Compensation | ||||||||||||
The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“Share Based Payment”). The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses. | |||||||||||||
Comprehensive Income | Comprehensive Income | ||||||||||||
The Company applies ASC Topic 220 (“Reporting Comprehensive Income”) which requires that all items that are recognized under accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. The items of other comprehensive income that are typically required to be displayed are foreign currency items, minimum pension liability adjustments, and unrealized gains and losses on certain investments in debt and equity securities. For the years ended March 31, 2015, 2014 and 2013 the Company recorded an unrealized loss of $17,000, $35,000 and $46,000 on its short term investments, respectively. | |||||||||||||
The following is a summary of our comprehensive income (in thousands): | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income | $ | 17,453 | $ | 17,972 | $ | 17,165 | |||||||
Net change in unrealized loss on short term investments | (17 | ) | (35 | ) | (46 | ) | |||||||
Comprehensive income | $ | 17,436 | $ | 17,937 | $ | 17,119 | |||||||
Income Taxes | Income Taxes | ||||||||||||
The Company accounts for income taxes under the provisions of ASC Topic 740 (“Accounting for Income Taxes”) which generally requires the recognition of deferred tax assets and liabilities for the expected future tax benefits or consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting carrying values and the tax bases of assets and liabilities, and are measured by applying enacted tax rates and laws for the taxable years in which those differences are expected to reverse. As required by “Accounting for Uncertainty in Income Taxes” guidance, which clarifies ASC Topic 740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the Consolidated Financial Statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies “Accounting for Uncertainty in Income Taxes” guidance to all tax positions for which the statute of limitations remained open. The Company files tax returns in the U.S. federal jurisdiction and Florida and Georgia. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ending March 31, 2010. Any interest and penalties related to income taxes will be recorded to other income (expenses). | |||||||||||||
Reclassifications | Reclassifications | ||||||||||||
Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the fiscal 2015 presentation. These reclassifications had no impact on net income, shareholders’ equity or cash flows as previously reported. | |||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||
The Company does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Schedule of comprehensive income | March 31, | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income | $ | 17,453 | $ | 17,972 | $ | 17,165 | |||||||
Net change in unrealized loss on short term investments | (17 | ) | (35 | ) | (46 | ) | |||||||
Comprehensive income | $ | 17,436 | $ | 17,937 | $ | 17,119 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of assets and liabilities measured at fair value | Fair Value Measurement at March 31, 2015 Using | ||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||
in Active | Other | Significant | |||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
March 31, | Identical Assets | Inputs | Inputs | ||||||||||||||
2015 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | |||||||||||||||||
Cash and Cash equivalents - money market funds | $ | 35,613 | $ | 35,613 | $ | - | $ | - | |||||||||
Short term investments -bond mutual funds | 15,591 | 15,591 | - | - | |||||||||||||
$ | 51,204 | $ | 51,204 | $ | - | $ | - |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of property plant and equipment | March 31, | ||||||||
2015 | 2014 | ||||||||
Leasehold improvements | $ | 1,119 | $ | 1,124 | |||||
Computer software | 3,391 | 2,749 | |||||||
Furniture, fixtures and equipment | 4,686 | 5,771 | |||||||
9,196 | 9,644 | ||||||||
Less: accumulated depreciation | (7,627 | ) | (8,334 | ) | |||||
Property and equipment, net | $ | 1,569 | $ | 1,310 |
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of accrued expenses and other current liabilities | March 31, | ||||||||
2015 | 2014 | ||||||||
Accrued sales tax | $ | 465 | $ | 478 | |||||
Accrued credit card fees | 285 | 275 | |||||||
Accrued salaries and benefits | 741 | 754 | |||||||
Accrued professional expenses | 225 | 275 | |||||||
Accrued sales return allowance | 147 | 143 | |||||||
Accrued dividends payable | 212 | 262 | |||||||
Other accrued liabilities | 139 | 138 | |||||||
Accrued expenses and other current liabilities | $ | 2,214 | $ | 2,325 |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of reconciliation of the numerators and denominators of the basic and diluted net income per share computations | Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income (numerator): | |||||||||||||
Net income | $ | 17,453 | $ | 17,972 | $ | 17,165 | |||||||
Shares (denominator) | |||||||||||||
Weighted average number of common shares outstanding used in basic computation | 20,015 | 19,901 | 19,926 | ||||||||||
Common shares issuable upon the vesting of restricted stock | 111 | 132 | 113 | ||||||||||
Common shares issuable upon conversion of preferred shares | 10 | 10 | 10 | ||||||||||
Shares used in diluted computation | 20,136 | 20,043 | 20,049 | ||||||||||
Net income per common share: | |||||||||||||
Basic | $ | 0.87 | $ | 0.9 | $ | 0.86 | |||||||
Diluted | $ | 0.87 | $ | 0.9 | $ | 0.86 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of deferred tax assets and liabilities | March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued expenses | $ | 545 | $ | 679 | |||||||||
Deferred stock compensation | 246 | 248 | |||||||||||
Net operating loss carryforward | - | 53 | |||||||||||
Bad debt and inventory reserves | 26 | 35 | |||||||||||
Property and equipment | 23 | - | |||||||||||
Total deferred tax assets | 840 | 1,015 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | - | (18 | ) | ||||||||||
Total net deferred taxes | $ | 840 | $ | 997 | |||||||||
Schedule of components of the income tax provision | Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current taxes | |||||||||||||
Federal | $ | 9,303 | $ | 9,689 | $ | 9,588 | |||||||
State | 885 | 921 | 913 | ||||||||||
Total current taxes | 10,188 | 10,610 | 10,501 | ||||||||||
Deferred taxes | |||||||||||||
Federal | 143 | (167 | ) | (329 | ) | ||||||||
State | 14 | (16 | ) | (31 | ) | ||||||||
Total deferred taxes | 157 | (183 | ) | (360 | ) | ||||||||
Total provision for income taxes | $ | 10,345 | $ | 10,427 | $ | 10,141 | |||||||
Schedule of reconciliation of income tax provision | Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Income taxes at U.S. statutory rates | $ | 9,729 | $ | 9,940 | $ | 9,557 | |||||||
State income taxes, net of federal tax benefit | 589 | 583 | 562 | ||||||||||
Permanent differences | (29 | ) | (35 | ) | (74 | ) | |||||||
Other | 56 | (61 | ) | 96 | |||||||||
Total provision for income taxes | $ | 10,345 | $ | 10,427 | $ | 10,141 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Equity [Abstract] | |||||||||||
Schedule of dividend declared | Declaration Date | Per Share | Record Date | Total Amount | Payment Date | ||||||
Dividend | (In thousands) | ||||||||||
2-May-14 | $ | 0.17 | 14-May-14 | $ | 3,432 | 23-May-14 | |||||
21-Jul-14 | $ | 0.17 | 4-Aug-14 | $ | 3,446 | 15-Aug-14 | |||||
20-Oct-14 | $ | 0.17 | 3-Nov-14 | $ | 3,445 | 14-Nov-14 | |||||
20-Jan-15 | $ | 0.17 | 3-Feb-15 | $ | 3,445 | 13-Feb-15 |
Restricted_Stock_Tables
Restricted Stock (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||
Schedule of non-vested restricted stock | Employee | Director | Both Plans | ||||||||||
Plan | Plan | Number of | |||||||||||
Number of | Number of | Shares (In | |||||||||||
Shares (In | Shares (In | thousands) | |||||||||||
thousands) | thousands) | ||||||||||||
Non-vested restricted stock outstanding at March 31, 2014 | 170 | 60 | 230 | ||||||||||
Restricted stock granted | 51 | 30 | 81 | ||||||||||
Restricted stock vested | (83 | ) | (30 | ) | (113 | ) | |||||||
Restricted stock forfeited or expired | (10 | ) | - | (10 | ) | ||||||||
Non-vested restricted stock outstanding at March 31, 2015 | 128 | 60 | 188 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||
Schedule of valuation and qualifying accounts | Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Allowance for doubtful accounts: | |||||||||||||
Balance at beginning of period | $ | 7 | $ | 5 | $ | 5 | |||||||
Provision for doubtful accounts | 95 | 95 | 56 | ||||||||||
Write-off of uncollectible accounts receivable | (94 | ) | (93 | ) | (56 | ) | |||||||
Balance at end of year | $ | 8 | $ | 7 | $ | 5 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||
Mar. 31, 2015 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Schedule of future minimum annual lease payments | Years Ending March 31, (in thousands) | |||||
2016 | 781 | |||||
2017 | 519 | |||||
Total lease payments | $ | 1,300 |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||
Schedule of quarterly financial data (unaudited) | Quarter Ended: | 30-Jun-14 | 30-Sep-14 | 31-Dec-14 | 31-Mar-15 | |||||||||||||
Sales | $ | 72,541 | $ | 57,576 | $ | 49,284 | $ | 49,994 | ||||||||||
Gross Profit | $ | 23,772 | $ | 18,459 | $ | 17,100 | $ | 16,939 | ||||||||||
Income from operations | $ | 7,838 | $ | 4,290 | $ | 7,666 | $ | 7,819 | ||||||||||
Net income | $ | 4,973 | $ | 2,732 | $ | 4,797 | $ | 4,951 | ||||||||||
Diluted net income per common share | $ | 0.25 | $ | 0.14 | $ | 0.24 | $ | 0.25 | ||||||||||
Quarter Ended: | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | 31-Mar-14 | ||||||||||||||
Sales | $ | 74,194 | $ | 60,479 | $ | 50,086 | $ | 48,632 | ||||||||||
Gross Profit | $ | 24,013 | $ | 19,252 | $ | 16,889 | $ | 17,463 | ||||||||||
Income from operations | $ | 7,497 | $ | 6,532 | $ | 7,047 | $ | 7,142 | ||||||||||
Net income | $ | 4,755 | $ | 4,150 | $ | 4,541 | $ | 4,526 | ||||||||||
Diluted net income per common share | $ | 0.24 | $ | 0.21 | $ | 0.23 | $ | 0.23 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Summary of our comprehensive income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | |||||||||||
Net income | $4,951 | $4,797 | $2,732 | $4,973 | $4,526 | $4,541 | $4,150 | $4,755 | $17,453 | $17,972 | $17,165 |
Net change in unrealized loss on short term investments | -17 | -35 | -46 | ||||||||
Comprehensive income | $17,436 | $17,937 | $17,119 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Detail Textuals) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Significant Accounting Policies [Line Items] | |||
Allowance for doubtful accounts (in dollars) | $8,000 | $7,000 | |
Short term investments - available for sale | 15,591,000 | 15,539,000 | |
Inventory reserve | 63,000 | 90,000 | |
Unrealized (loss) on short term investments | ($17,000) | ($35,000) | ($46,000) |
Depreciation method | Straight-line method | ||
Furniture, fixtures and equipment | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | Three to Seven years | ||
Computer software | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | Three to Seven years | ||
Business Concentrations | Cost of goods | |||
Significant Accounting Policies [Line Items] | |||
Number of suppliers | 4 | 5 | |
Percentage products purchased from suppliers | 50.00% | 50.00% |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and liabilities measured at fair value (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Estimate of Fair Value | |
Assets: | |
Cash and cash equivalents - money market funds | $35,613 |
Short term investments - bond mutual funds | 15,591 |
Assets, fair value disclosure | 51,204 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Assets: | |
Cash and cash equivalents - money market funds | 35,613 |
Short term investments - bond mutual funds | 15,591 |
Assets, fair value disclosure | 51,204 |
Significant Other Observable Inputs (Level 2) | |
Assets: | |
Cash and cash equivalents - money market funds | |
Short term investments - bond mutual funds | |
Assets, fair value disclosure | |
Significant Unobservable Inputs (Level 3) | |
Assets: | |
Cash and cash equivalents - money market funds | |
Short term investments - bond mutual funds | |
Assets, fair value disclosure |
Property_and_Equipment_Major_c
Property and Equipment - Major classifications of property and equipment (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $9,196 | $9,644 |
Less: accumulated depreciation | -7,627 | -8,334 |
Property and equipment, net | 1,569 | 1,310 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,119 | 1,124 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,391 | 2,749 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $4,686 | $5,771 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities - Major classifications of accrued expenses and other current liabilities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued sales tax | $465 | $478 |
Accrued credit card fees | 285 | 275 |
Accrued salaries and benefits | 741 | 754 |
Accrued professional expenses | 225 | 275 |
Accrued sales return allowance | 147 | 143 |
Accrued dividends payable | 212 | 262 |
Other accrued liabilities | 139 | 138 |
Accrued expenses and other current liabilities | $2,214 | $2,325 |
Net_Income_Per_Share_Reconcili
Net Income Per Share - Reconciliation of the numerators and denominators of the basic and diluted net income per share computations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Net income (numerator): | |||||||||||
Net income (in dollars) | $4,951 | $4,797 | $2,732 | $4,973 | $4,526 | $4,541 | $4,150 | $4,755 | $17,453 | $17,972 | $17,165 |
Shares (denominator) | |||||||||||
Weighted average number of common shares outstanding used in basic computation | 20,015 | 19,901 | 19,926 | ||||||||
Common shares issuable upon the vesting of restricted stock | 111 | 132 | 113 | ||||||||
Common shares issuable upon conversion of preferred shares | 10 | 10 | 10 | ||||||||
Shares used in diluted computation | 20,136 | 20,043 | 20,049 | ||||||||
Net income per common share: | |||||||||||
Basic (in dollars per share) | $0.87 | $0.90 | $0.86 | ||||||||
Diluted (in dollars per share) | $0.25 | $0.24 | $0.14 | $0.25 | $0.23 | $0.23 | $0.21 | $0.24 | $0.87 | $0.90 | $0.86 |
Income_Taxes_Tax_effects_of_te
Income Taxes - Tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Accrued expenses | $545 | $679 |
Deferred stock compensation | 246 | 248 |
Net operating loss carryforward | 53 | |
Bad debt and inventory reserves | 26 | 35 |
Property and equipment | 23 | |
Total deferred tax assets | 840 | 1,015 |
Deferred tax liabilities: | ||
Property and equipment | -18 | |
Total net deferred taxes | $840 | $997 |
Income_Taxes_Components_of_the
Income Taxes - Components of the income tax provision (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Current taxes | |||
Federal | $9,303 | $9,689 | $9,588 |
State | 885 | 921 | 913 |
Total current taxes | 10,188 | 10,610 | 10,501 |
Deferred taxes | |||
Federal | 143 | -167 | -329 |
State | 14 | -16 | -31 |
Total deferred taxes | 157 | -183 | -360 |
Total provision for income taxes | $10,345 | $10,427 | $10,141 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Income taxes at U.S. statutory rates | $9,729 | $9,940 | $9,557 |
State income taxes, net of federal tax benefit | 589 | 583 | 562 |
Permanent differences | -29 | -35 | -74 |
Other | 56 | -61 | 96 |
Total provision for income taxes | $10,345 | $10,427 | $10,141 |
Discontinued_Project_Costs_Det
Discontinued Project Costs (Detail Textuals) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | |
One-time project charge expense | $1.70 |
Net after tax one-time charge expense | $1.10 |
Diluted per share (in dollars per share) | $0.05 |
Shareholders_Equity_Summary_of
Shareholders' Equity - Summary of dividends declared (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Declaration Date May 2, 2014 | |
Stockholders Equity Note [Line Items] | |
Declaration Date | 2-May-14 |
Per Share Dividend | $0.17 |
Record Date | 14-May-14 |
Total Amount (In thousands) | $3,432 |
Payment Date | 23-May-14 |
Declaration Date July 21, 2014 | |
Stockholders Equity Note [Line Items] | |
Declaration Date | 21-Jul-14 |
Per Share Dividend | $0.17 |
Record Date | 4-Aug-14 |
Total Amount (In thousands) | 3,446 |
Payment Date | 15-Aug-14 |
Declaration Date October 20, 2014 | |
Stockholders Equity Note [Line Items] | |
Declaration Date | 20-Oct-14 |
Per Share Dividend | $0.17 |
Record Date | 3-Nov-14 |
Total Amount (In thousands) | 3,445 |
Payment Date | 14-Nov-14 |
Declaration Date January 20, 2015 | |
Stockholders Equity Note [Line Items] | |
Declaration Date | 20-Jan-15 |
Per Share Dividend | $0.17 |
Record Date | 3-Feb-15 |
Total Amount (In thousands) | $3,445 |
Payment Date | 13-Feb-15 |
Shareholders_Equity_Detail_Tex
Shareholders' Equity (Detail Textuals) (USD $) | 1 Months Ended | ||
Apr. 30, 1998 | Mar. 31, 2015 | Mar. 31, 2014 | |
Equity [Abstract] | |||
Number of preferred shares issued | 250,000 | ||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Preferred shares, issued value (in dollars per share) | $4 | ||
Preferred shares, issuance costs | $112,187 | ||
Number of common stock converted | 4.05 | ||
Liquidation value (in dollars per share) | $4 | ||
Number of voting right | one vote | ||
Number of shares remained unconverted and outstanding | 2,500 | 2,500 |
Shareholders_Equity_Detail_Tex1
Shareholders' Equity (Detail Textuals 1) (Share Repurchase Plan, USD $) | Mar. 31, 2015 | Aug. 01, 2011 | Nov. 01, 2010 | Oct. 31, 2008 | Nov. 08, 2006 |
In Millions, unless otherwise specified | |||||
Share Repurchase Plan | |||||
Stockholders Equity Note [Line Items] | |||||
Amount approved of share repurchase plan | $20 | $20 | $20 | $20 | |
Value of remaining shares | $10.20 |
Shareholders_Equity_Detail_Tex2
Shareholders' Equity (Detail Textuals 2) (USD $) | 12 Months Ended |
Mar. 31, 2015 | |
Declaration Date August 03, 2009 | |
Stockholders Equity Note [Line Items] | |
Dividend declaration date | 3-Aug-09 |
Dividend declared (in dollars per share) | $0.10 |
Declaration Date August 02, 2010 | |
Stockholders Equity Note [Line Items] | |
Dividend declaration date | 2-Aug-10 |
Dividend declared (in dollars per share) | $0.13 |
Declaration Date January 27, 2012 | |
Stockholders Equity Note [Line Items] | |
Dividend declaration date | 27-Jan-12 |
Dividend declared (in dollars per share) | $0.15 |
Declaration Date December 3, 2012 | |
Stockholders Equity Note [Line Items] | |
Dividend declaration date | 3-Dec-12 |
Dividend declared (in dollars per share) | $1 |
Declaration Date July 26, 2013 | |
Stockholders Equity Note [Line Items] | |
Dividend declaration date | 26-Jul-13 |
Dividend declared (in dollars per share) | $0.17 |
Restricted_Stock_Summary_of_no
Restricted Stock - Summary of non-vested restricted stock (Details) (Restricted Stock) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Employee Plan | |
Number of Shares | |
Non-vested restricted stock outstanding at March 31, 2014 | 170 |
Restricted stock granted | 51 |
Restricted stock vested | -83 |
Restricted stock forfeited or expired | -10 |
Non-vested restricted stock outstanding at March 31, 2015 | 128 |
Director Plan | |
Number of Shares | |
Non-vested restricted stock outstanding at March 31, 2014 | 60 |
Restricted stock granted | 30 |
Restricted stock vested | -30 |
Restricted stock forfeited or expired | |
Non-vested restricted stock outstanding at March 31, 2015 | 60 |
Both Plans | |
Number of Shares | |
Non-vested restricted stock outstanding at March 31, 2014 | 230 |
Restricted stock granted | 81 |
Restricted stock vested | -113 |
Restricted stock forfeited or expired | -10 |
Non-vested restricted stock outstanding at March 31, 2015 | 188 |
Restricted_Stock_Detail_Textua
Restricted Stock (Detail Textuals ) (Restricted Stock) | Jul. 01, 2012 | Jul. 28, 2006 |
2006 Employee Equity Compensation Restricted Stock Plan (the "Employee Plan") | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares of common stock reserved for issuance | 1,000,000 | |
2006 Outside Director Equity Compensation Restricted Stock Plan (the "Director Plan") | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares of common stock reserved for issuance | 400,000 | 200,000 |
Restricted_Stock_Detail_Textua1
Restricted Stock (Detail Textuals 1) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of automatic increase in the amount of shares available for issuance | 10.00% | ||
Restriction period or forfeiture period | No less than 1 year and no more than ten years | ||
Compensation expense | $1,481 | $1,479 | $1,943 |
Restricted Stock | Employee Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted common shares issued | 773,212 | ||
Restricted Stock | Director Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted common shares issued | 242,000 |
Restricted_Stock_Detail_Textua2
Restricted Stock (Detail Textuals 2) (Restricted Stock, Employee and director equity compensation plan, USD $) | 12 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restricted Stock | Employee and director equity compensation plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested restricted stock shares outstanding | 188 | 230 |
Issuance of restricted stock, net of forfeitures (in shares) | 72 | 81 |
Unrecognized compensation cost related to non-vested restricted stock awards | $2 | $2.50 |
Weighted average vesting period | 1 year 6 months | 2 years |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts - Activity in the Company's valuation and qualifying accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for doubtful accounts: | |||
Provision for doubtful accounts | $94 | $95 | $56 |
Allowance for Doubtful Accounts | |||
Allowance for doubtful accounts: | |||
Balance at beginning of period | 7 | 5 | 5 |
Provision for doubtful accounts | 95 | 95 | 56 |
Write-off of uncollectible accounts receivable | -94 | -93 | -56 |
Balance at end of year | $8 | $7 | $5 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future minimum annual lease payments (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2016 | $781 |
2017 | 519 |
Total lease payments | $1,300 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Detail Textuals) (USD $) | 12 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 16, 2013 | |
sqft | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Area under operating lease | 65,300 | |||
Rent expense | $794,000 | $785,000 | $767,000 | |
Commitments and Contingencies [Line Items] | ||||
Restriction period | No less than 1 year and no more than ten years | |||
Executive Employment Agreement | Menderes Akdag | ||||
Commitments and Contingencies [Line Items] | ||||
Term of agreement | 3 years | |||
Salary per year throughout the term of the Agreement | $550,000 | |||
Number of shares of restricted stock granted | 108,000 | |||
Restriction period | Three-year period |
Employee_Benefit_Plan_Detail_T
Employee Benefit Plan (Detail Textuals) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Maximum year of service for participating in the plan | 1 year | |
Maximum age for participating in the plan | 21 years | |
Matching contribution and administration expense | $187,000 | $181,000 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Summarized unaudited quarterly financial data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales | $49,994 | $49,284 | $57,576 | $72,541 | $48,632 | $50,086 | $60,479 | $74,194 | $229,395 | $233,391 | $227,829 |
Gross profit | 16,939 | 17,100 | 18,459 | 23,772 | 17,463 | 16,889 | 19,252 | 24,013 | 76,270 | 77,617 | 77,121 |
Income from operations | 7,819 | 7,666 | 4,290 | 7,838 | 7,142 | 7,047 | 6,532 | 7,497 | 27,613 | 28,218 | 27,005 |
Net income | $4,951 | $4,797 | $2,732 | $4,973 | $4,526 | $4,541 | $4,150 | $4,755 | $17,453 | $17,972 | $17,165 |
Diluted net income per common share (in dollars per share) | $0.25 | $0.24 | $0.14 | $0.25 | $0.23 | $0.23 | $0.21 | $0.24 | $0.87 | $0.90 | $0.86 |
Subsequent_Events_Detail_Textu
Subsequent Events (Detail Textuals) (Subsequent Event, Dividend Declared, USD $) | 0 Months Ended |
In Millions, except Per Share data, unless otherwise specified | 4-May-15 |
Subsequent Event | Dividend Declared | |
Subsequent Event [Line Items] | |
Dividend declaration date | 4-May-15 |
Dividend declared (in dollars per share) | $0.18 |
Dividend paid | $3.60 |
Payment date | 22-May-15 |
Record date | 15-May-15 |