Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Apr. 30, 2014 | Sep. 30, 2013 |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'BNNY | ' | ' |
Entity Registrant Name | 'ANNIE'S, INC. | ' | ' |
Entity Central Index Key | '0001431897 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 17,039,792 | ' |
Entity Public Float | ' | ' | $705.60 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net sales | $60,057 | $46,419 | $58,310 | $39,318 | $52,092 | $36,319 | $46,651 | $34,410 | $204,104 | $169,472 | $141,481 |
Cost of sales | 39,037 | 28,228 | 36,932 | 24,278 | 32,027 | 23,267 | 28,786 | 20,486 | 128,475 | 104,566 | 85,877 |
Gross profit | 21,020 | 18,191 | 21,378 | 15,040 | 20,065 | 13,052 | 17,865 | 13,924 | 75,629 | 64,906 | 55,604 |
Selling, general and administrative expenses | ' | 13,421 | 12,575 | 11,364 | 13,024 | 10,687 | 11,539 | 10,211 | 49,509 | 45,461 | 37,790 |
Income from operations | ' | 4,770 | 8,803 | 3,676 | 7,041 | 2,365 | 6,326 | 3,713 | 26,120 | 19,445 | 17,814 |
Interest expense | ' | -80 | -104 | -71 | -48 | -40 | -40 | -40 | -335 | -168 | -161 |
Other income (expense), net | ' | 30 | 32 | 26 | -29 | 31 | 36 | 49 | 41 | 87 | -1,076 |
Income before provision for income taxes | 8,744 | 4,720 | 8,731 | 3,631 | 6,964 | 2,356 | 6,322 | 3,722 | 25,826 | 19,364 | 16,577 |
Provision for income taxes | ' | 1,951 | 3,511 | 1,459 | 3,099 | 934 | 2,558 | 1,521 | 10,537 | 8,112 | 6,541 |
Net income | 5,128 | 2,769 | 5,220 | 2,172 | 3,865 | 1,422 | 3,764 | 2,201 | 15,289 | 11,252 | 10,036 |
Net income attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $15,289 | $11,252 | $303 |
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
-Basic (in dollars per share) | $0.30 | $0.16 | $0.31 | $0.13 | $0.22 | $0.08 | $0.22 | $0.13 | $0.90 | $0.66 | $0.65 |
-Diluted (in dollars per share) | $0.29 | $0.16 | $0.30 | $0.13 | $0.22 | $0.08 | $0.21 | $0.12 | $0.88 | $0.64 | $0.27 |
Weighted average shares of common stock outstanding used in computing earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
-Basic (shares) | 17,005,472 | 16,937,139 | 16,896,227 | 16,869,557 | 17,262,253 | 17,249,536 | 17,070,327 | 16,936,007 | 16,926,827 | 17,129,334 | 469,089 |
-Diluted (shares) | 17,425,573 | 17,398,006 | 17,392,447 | 17,353,222 | 17,724,131 | 17,781,720 | 17,702,516 | 17,600,908 | 17,412,548 | 17,707,839 | 1,111,088 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | ' | ' | |
Cash | $17,308 | $4,930 | |
Accounts receivable | 18,324 | 18,756 | [1] |
Inventory | 18,489 | 15,147 | |
Deferred tax assets | 3,312 | 3,140 | |
Income tax receivable | 0 | 588 | |
Prepaid expenses and other current assets | 4,277 | 5,050 | |
Total current assets | 61,710 | 47,611 | |
Restricted cash | 300 | 0 | |
Property and equipment, net | 6,620 | 6,138 | |
Goodwill | 30,809 | 30,809 | |
Intangible assets, net | 1,055 | 1,116 | |
Deferred tax assets, long-term | 3,039 | 3,704 | |
Other non-current assets | 108 | 157 | |
Total assets | 103,641 | 89,535 | |
CURRENT LIABILITIES: | ' | ' | |
Accounts payable | 7,144 | 4,342 | |
Accrued liabilities | 10,680 | 12,191 | [1] |
Total current liabilities | 17,824 | 16,533 | |
Credit facility | 0 | 7,007 | |
Other non-current liabilities | 905 | 913 | |
Total liabilities | 18,729 | 24,453 | |
Commitments and contingencies (Note 7) | ' | ' | |
STOCKHOLDERS’ EQUITY | ' | ' | |
Common stock, $0.001 par value—30,000,000 shares authorized, 17,039,792 and 16,849,016 shares issued and outstanding | 17 | 17 | |
Additional paid-in capital | 97,731 | 93,190 | |
Accumulated deficit | -12,836 | -28,125 | |
Total stockholders’ equity | 84,912 | 65,082 | |
Total liabilities and stockholders’ equity | $103,641 | $89,535 | |
[1] | Includes an immaterial reclassification between accounts receivable and accrued liabilities. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Common stock, par value per share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common stock, issued | 17,039,792 | 16,849,016 |
Common Stock, Shares, Outstanding | 17,039,792 | 16,849,016 |
Consolidated_Statements_of_Con
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (USD $) | Total | Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning Balance at Mar. 31, 2011 | ($31,438) | $81,373 | $1 | $4,424 | ($35,863) |
Beginning Balance (in shares) at Mar. 31, 2011 | ' | 12,281,553 | 464,994 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Reclassification of convertible preferred stock warrant liability | -431 | ' | ' | -431 | ' |
Issuance of common stock upon exercise of stock options (in shares) | ' | ' | 18,248 | ' | ' |
Issuance of common stock upon exercise of stock options | 50 | ' | ' | 50 | ' |
Stock-based compensation | 801 | ' | ' | 801 | ' |
Excess tax benefit from stock-based compensation | 150 | ' | ' | 150 | ' |
Dividends paid | -13,550 | ' | ' | ' | -13,550 |
Net Income | 10,036 | ' | ' | ' | 10,036 |
Ending Balance at Mar. 31, 2012 | -34,984 | 81,373 | 1 | 4,392 | -39,377 |
Ending Balance (in shares) at Mar. 31, 2012 | ' | 12,281,553 | 483,242 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Reclassification of convertible preferred stock warrant liability | 2,170 | ' | ' | 2,170 | ' |
Conversion of convertible preferred stock into common stock upon consummation of IPO (in shares) | ' | -12,281,553 | 15,221,571 | ' | ' |
Conversion of convertible preferred stock into common stock upon consummation of IPO | 81,373 | -81,373 | 15 | 81,358 | ' |
Shares issued upon consummation of IPO (in shares) | ' | ' | 950,000 | ' | ' |
Shares issued upon consummation of IPO | 11,146 | ' | 1 | 11,145 | ' |
Shares repurchased and retired (in shares) | ' | ' | -500,000 | ' | ' |
Shares repurchased and retired | -19,125 | ' | ' | -19,125 | ' |
Issuance of common stock upon exercise of stock options (in shares) | ' | ' | 631,010 | ' | ' |
Issuance of common stock upon exercise of stock options | 4,073 | ' | ' | 4,073 | ' |
Stock-based compensation | 1,064 | ' | ' | 1,064 | ' |
Excess tax benefit from stock-based compensation | 8,113 | ' | ' | 8,113 | ' |
Net exercise of warrant to purchase shares of common stock | ' | ' | 63,193 | ' | ' |
Net Income | 11,252 | ' | ' | ' | 11,252 |
Ending Balance at Mar. 31, 2013 | 65,082 | 0 | 17 | 93,190 | -28,125 |
Ending Balance (in shares) at Mar. 31, 2013 | ' | 0 | 16,849,016 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Repurchase of stock options for cash | -602 | ' | ' | -602 | ' |
Issuance of common stock upon exercise of stock options (in shares) | 186,919 | ' | 190,776 | ' | ' |
Issuance of common stock upon exercise of stock options | 1,958 | ' | ' | 1,958 | ' |
Stock-based compensation | 465 | ' | ' | 465 | ' |
Excess tax benefit from stock-based compensation | 2,118 | ' | ' | 2,118 | 0 |
Net Income | 15,289 | ' | ' | ' | 15,289 |
Ending Balance at Mar. 31, 2014 | $84,912 | $0 | $17 | $97,731 | ($12,836) |
Ending Balance (in shares) at Mar. 31, 2014 | ' | 0 | 17,039,792 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ||
Net Income | $15,289 | $11,252 | $10,036 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ||
Depreciation and amortization | 1,466 | 1,065 | 845 | ||
Stock-based compensation | 465 | 1,064 | 801 | ||
Excess tax benefit from stock-based compensation | -2,118 | -8,113 | -150 | ||
Accretion of imputed interest on purchase of intangible asset | 142 | 143 | 0 | ||
Change in fair value of convertible preferred stock warrant liability | 0 | 13 | 1,208 | ||
Loss on disposal of property and equipment | 61 | 46 | 0 | ||
Deferred taxes | 493 | 177 | 442 | ||
Changes in operating assets and liabilities: | ' | ' | ' | ||
Accounts receivable | 432 | -7,580 | [1] | -3,114 | [1] |
Inventory | -3,342 | -4,945 | -549 | ||
Income tax receivable | 588 | 3,853 | -164 | ||
Prepaid expenses, other current and non-current assets | 775 | 1,496 | 109 | ||
Accounts payable | 2,801 | 3,356 | -9,499 | ||
Related-party payable | 0 | -1,305 | 1,299 | ||
Accrued expenses and other non-current liabilities | 194 | 8,194 | [1] | 27 | [1] |
Net cash provided by operating activities | 17,246 | 8,716 | 1,291 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ||
Purchase of property and equipment | -1,637 | -2,766 | -3,538 | ||
Restricted cash | -300 | 0 | 0 | ||
Net cash used in investing activities | -1,937 | -2,766 | -3,538 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ||
Proceeds from credit facility | 8,432 | 23,737 | 72,389 | ||
Payments to credit facility | -15,439 | -29,526 | -59,593 | ||
Proceeds from common shares issued in initial public offering, net of issuance costs | 0 | 11,146 | 0 | ||
Dividends paid | 0 | 0 | -13,550 | ||
Payments of initial public offering costs | 0 | 0 | -3,368 | ||
Repurchase of common stock | 0 | -19,125 | 0 | ||
Net repurchase of stock options | 0 | 0 | -602 | ||
Excess tax benefit from stock-based compensation | 2,118 | 8,113 | 150 | ||
Proceeds from exercises of stock options | 1,958 | 4,073 | 50 | ||
Net cash used in financing activities | -2,931 | -1,582 | -4,524 | ||
NET INCREASE (DECREASE) IN CASH | 12,378 | 4,368 | -6,771 | ||
CASH—Beginning of year | 4,930 | 562 | 7,333 | ||
CASH—End of year | 17,308 | 4,930 | 562 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' | ||
Cash paid for interest | 148 | 17 | 67 | ||
Cash paid for income taxes | 5,611 | 247 | 6,153 | ||
NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' | ||
Conversion of convertible preferred stock into common stock | 0 | 81,373 | 0 | ||
Deferred initial public offering costs funded through accounts payable and accrued expenses | 0 | 0 | 1,975 | ||
Intangible asset acquired by financing transaction | $0 | $0 | $1,023 | ||
[1] | Includes an immaterial reclassification between accounts receivable and accrued liabilities. |
Description_of_Business
Description of Business | 12 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business | ' |
Description of Business | |
Annie’s, Inc. (the “Company”), a Delaware corporation incorporated on April 28, 2004, is a natural and organic food company. The Company offers over 145 products in the following three product categories: meals; snacks; and dressings, condiments and other. The Company’s products are sold throughout the U.S. and Canada via a multi-channel distribution network that serves the mainstream grocery, mass merchandiser and natural retailer channels. The Company’s headquarters are located in Berkeley, California. |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ' | |||||||||||||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ||||||||||||||||||||||||
Basis of Presentation and Consolidation | ||||||||||||||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Annie’s Homegrown, Inc., Annie’s Enterprises, Inc., Napa Valley Kitchen, Inc., and Annie’s Baking, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications were made to the Company’s prior financial statements to conform to the current year presentation. | ||||||||||||||||||||||||
Recently Issued Accounting Standard | ||||||||||||||||||||||||
On May 28, 2014, the FASB issued a new financial accounting standard on revenue from contracts with customers. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of this accounting standard. | ||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||
The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company has one business activity, marketing and distribution of natural and organic food products, and operates as one operating segment. The Company’s chief operating decision-maker, its chief executive officer, reviews its operating results on an aggregate basis for purposes of allocating resources and evaluating financial performance. | ||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reported periods. Actual results could differ from those estimates. | ||||||||||||||||||||||||
Sales Recognition and Sales Incentives | ||||||||||||||||||||||||
The Company recognizes revenue when it has a contract or purchase order from a customer with a fixed price, ownership and risk of loss have been transferred to the customer either upon delivery or pick up of products by the customer and there is a reasonable assurance of collection of the sales proceeds. Generally, the Company extends uncollateralized credit to its retailers and distributors ranging up to 30 days and performs ongoing credit evaluation of its customers. The payment terms are typically net-30 with a discount for net-10 payment. The Company recognizes sales net of estimated trade allowances, slotting fees, sales incentives, cash discounts, returns and coupons. The costs of these activities are recognized at the time the related sales are recorded and are classified as a reduction of sales. The cost of these trade allowances, slotting fees and sales incentives is estimated using a number of factors, including estimated units sold, customer participation and redemption rates. The Company has entered into contracts with some retailers granting an allowance for spoils and damaged products. Amounts related to shipping and handling that are billed to customers are reflected in net sales and the related shipping and handling costs are reflected in selling, general and administrative expenses. | ||||||||||||||||||||||||
Cost of Sales | ||||||||||||||||||||||||
Cost of sales consists of the costs of ingredients utilized in the manufacture of products, contract manufacturing fees, packaging and in-bound freight charges. Ingredients account for the largest portion of the cost of sales, followed by contract manufacturing fees and packaging. | ||||||||||||||||||||||||
Product Recall | ||||||||||||||||||||||||
The Company establishes reserves for product recalls on a product-specific basis when circumstances giving rise to the recall become known. The Company, when establishing reserves for a product recall, considers cost estimates for any fees and incentives to customers for their effort to return the product, freight and destruction charges for returned products, warehouse and inspection fees, repackaging materials, point-of-sale materials and other costs including costs incurred by contract manufacturers. Additionally, the Company estimates product returns from consumers and customers across distribution channels, utilizing third-party data and other assumptions. These factors are updated and reevaluated each period and the related reserves are adjusted when these factors indicate that the recall reserves are either insufficient to cover or exceed the estimated product recall expenses. The Company records insurance recoveries upon receipt of positive confirmation from the insurance company that certain recall-related costs have been approved for payment and the Company has reasonable confidence that the insurance company is financially capable of paying the Company. The insurance recoveries are recorded in the net sales, cost of sales or selling, general and administrative, as applicable, in the statement of income. | ||||||||||||||||||||||||
Significant changes in the assumptions used to develop estimates for product recall reserves could affect key financial information, including accounts receivable, inventory, accrued liabilities, net sales, gross profit, operating expenses and net income. In addition, estimating product recall reserves requires a high degree of judgment in areas such as estimating consumer returns, shelf and in-stock inventory at retailers across distribution channels, fees and incentives to be earned by customers for their effort to return the products, future freight rates and consumers’ claims. | ||||||||||||||||||||||||
Freight and Warehousing Costs | ||||||||||||||||||||||||
Freight and warehousing costs are included in selling, general and administrative expenses in the consolidated statements of income. These costs primarily consist of costs associated with moving finished products to customers, including costs associated with the Company’s distribution center, route delivery costs and the cost of shipping products to customers through third-party carriers. Freight and warehousing costs were $7.2 million, $5.7 million and $4.8 million for the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Research and Development (R&D) Costs | ||||||||||||||||||||||||
R&D costs are included in selling, general and administrative expenses in the consolidated statements of income. These costs are incurred to develop new products and are expensed as incurred. R&D costs include consumer research, prototype development, materials and resources to conduct trial production runs, package development and employee-related costs for personnel responsible for product innovation. R&D costs were $2.3 million, $2.8 million and $2.0 million for the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Advertising Costs | ||||||||||||||||||||||||
Advertising costs are included in selling, general and administrative expenses in the consolidated statements of income. These costs include the costs of producing and communicating advertisements. The costs of producing advertisements are expensed as incurred and the costs of communicating advertising are expensed over the period of communication. Total advertising costs were $1.5 million, $0.9 million and $1.2 million, for the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Stock-Based compensation | ||||||||||||||||||||||||
The Company maintains performance incentive plans under which nonqualified stock options, restricted stock units and performance share units are granted to eligible employees and directors. The cost of stock-based transactions is recognized in the financial statements based upon fair value. The fair value of restricted stock units and performance share units is determined based on the number of units granted and the closing price of the Company’s common stock as of the grant date. Additionally, stock-based compensation related to performance share units reflects the estimated probable outcome at the end of the performance period. The fair value of stock options is determined as of the grant date using the Black-Scholes option pricing model. Fair value is recognized as expense on a straight line basis, net of estimated forfeitures, over the requisite service period. | ||||||||||||||||||||||||
The benefits of tax deductions in excess of recognized compensation costs are reported as a credit to additional paid-in capital and as financing cash flows, but only when such excess tax benefits are realized by a reduction to current taxes payable. | ||||||||||||||||||||||||
Income taxes | ||||||||||||||||||||||||
Income taxes are accounted for using the asset and liability method. Deferred tax liabilities or assets are established for temporary differences between financial and tax reporting bases and subsequently adjusted to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. The deferred tax assets are reduced, if necessary, by a valuation allowance to the extent future realization of those tax benefits is uncertain. | ||||||||||||||||||||||||
The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Interest and/or penalties related to uncertain tax positions are recognized in income tax expense. See Note 17 for further information regarding income taxes. | ||||||||||||||||||||||||
Cash and Restricted Cash | ||||||||||||||||||||||||
The Company’s cash primarily consists of funds held in general checking accounts. The Company considers demand deposits and highly liquid investments with insignificant interest rate risk and original maturities of three months or less at the time of acquisition to be cash equivalents. There were no cash equivalents held at March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
The Company’s restricted cash consisted of a deposit held in an escrow account pending the Company’s acquisition of a snack manufacturing plant in Joplin, Missouri (the “Joplin Plant”). | ||||||||||||||||||||||||
Accounts Receivable and Concentration Risk | ||||||||||||||||||||||||
The Company manages credit risk through credit approvals, credit limits and monitoring procedures. The Company performs periodic credit evaluations of its customers and records an allowance for uncollectible accounts receivable based on a specific identification methodology. In addition, management may record an additional allowance based on the Company’s experience with accounts receivable aging categories. Accounts receivable are recorded net of allowances for trade discounts and doubtful accounts. The Company had no allowance for doubtful accounts as of March 31, 2014 and 2013. | ||||||||||||||||||||||||
Customers with 10% or more of the Company’s net sales and accounts receivable consist of the following: | ||||||||||||||||||||||||
Net Sales | Accounts Receivable(1) | |||||||||||||||||||||||
Customer A | Customer B | Customer C | ||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2014 | 22% | 15% | 13% | 58% | ||||||||||||||||||||
2013 | 25% | 17% | 11% | 72% | ||||||||||||||||||||
2012 | 25% | 15% | 11% | — | ||||||||||||||||||||
__________________ | ||||||||||||||||||||||||
— Not presented | ||||||||||||||||||||||||
(1) As of March 31, 2014, three customers represented 31%, 17% and 10% respectively, of accounts receivable. The same three customers represented 36%, 26%, and 10%, respectively, of accounts receivable as of March 31, 2013. | ||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||
Inventories are recorded at the lower of cost (determined under the first-in-first-out method) or market. Write downs are provided for finished goods expected to become nonsaleable due to age and provisions are specifically made for slow-moving or obsolete raw ingredients and packaging material. The Company also adjusts the carrying value of its inventories when it believes that the net realizable value is less than the carrying value. These write-downs are measured as the difference between the cost of the inventory, including estimated costs to complete, and estimated selling prices, including cost of selling. These charges are recorded as a component of cost of sales. | ||||||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life. Maintenance and repairs are charged to expense as incurred. Assets not yet placed in service are not depreciated. | ||||||||||||||||||||||||
The useful lives of the property and equipment are as follows: | ||||||||||||||||||||||||
Equipment and automotive | 3 to 7 years | |||||||||||||||||||||||
Software | 3 to 7 years | |||||||||||||||||||||||
Plates and dies | 3 years | |||||||||||||||||||||||
Leasehold improvements | Shorter of lease term or estimated useful life | |||||||||||||||||||||||
The Company capitalizes certain internal and external costs related to the development and enhancement of the Company’s internal-use software. Capitalized internal-use software development costs are included in property and equipment on the accompanying condensed consolidated balance sheets. The Company had $2.7 million and $2.1 million in capitalized software development costs, net of accumulated amortization, including $1.0 million and $0.4 million in construction-in-progress as of March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Goodwill, Intangible Assets and Long-Lived Assets | ||||||||||||||||||||||||
The Company tests goodwill for impairment annually in its fourth fiscal quarter and whenever events or changes in circumstances indicate the carrying amount may be impaired. In assessing whether events or changes in circumstances have occurred, the Company performs a qualitative assessment as a determinant for whether the two-step annual goodwill impairment test should be performed. In performing the qualitative assessment, the Company considers events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers and changes in the share price of the Company’s common stock. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of the Company’s sole reporting unit is greater than its carrying amount, then the two-step goodwill impairment test is not performed. | ||||||||||||||||||||||||
If the two-step goodwill test is performed, the Company evaluates and tests its goodwill for impairment at the Company’s sole reporting-unit level using expected future cash flows to be generated by the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of goodwill over the calculated fair value of the goodwill. | ||||||||||||||||||||||||
A reporting unit is an operating segment or one level below. The Company has one business activity, marketing and distribution of natural and organic food products, and operates as one operating segment. The Company’s chief operating decision-maker, its chief executive officer, reviews its operating results on an aggregate basis for purposes of allocating resources and evaluating financial performance. | ||||||||||||||||||||||||
In the fourth quarter of fiscal 2014, the Company bypassed the qualitative assessment, and evaluated and tested its goodwill using expected future cash flows to be generated by the Company’s sole reporting unit and determined that the fair value of Company’s sole reporting unit is greater than its carrying amount. Accordingly, there was no indication of impairment. The Company did not recognize any goodwill impairment losses in fiscal 2014, 2013 or 2012. | ||||||||||||||||||||||||
Intangible assets with definite lives are amortized over their estimated useful lives. The Company’s intangible assets consist of acquired product formulas and trademarks, which are amortized on a straight-line basis over their useful lives ranging from five to twenty-five years. | ||||||||||||||||||||||||
The Company reviews long-lived assets, including intangible assets, for impairment whenever events or a change in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of an asset is measured by comparing its carrying value to the total future undiscounted cash flows that the asset is expected to generate. If it is determined that an asset is not recoverable, an impairment loss is recorded in the amount by which the carrying value of the asset exceeds its estimated fair value. There was no impairment of long-lived assets during the years ended March 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||
Concentration of Supply Risk | ||||||||||||||||||||||||
The Company relies on a limited number of suppliers for the ingredients used in manufacturing its products. In order to mitigate any adverse impact from a disruption of supply, the Company attempts to maintain an adequate supply of ingredients and believes that other vendors would be able to provide similar ingredients if supplies were disrupted. The Company outsources the manufacturing of its products to contract manufacturers in the U.S. The Company had two and four vendors that accounted for more than 10% of accounts payable as of March 31, 2014 and 2013, respectively. These two and four vendors accounted for 49% and 75% of accounts payable as of March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: | ||||||||||||||||||||||||
Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||||||
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||||||
The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||||||||||
The carrying amounts of the Company’s financial instruments, including accounts receivable, accounts payable, and accrued liabilities, approximate fair value due to their relatively short maturities. Upon consummation of the Company’s initial public offering (the “IPO”) on April 2, 2012, prior to the automatic conversion of the convertible preferred stock warrant into a common stock warrant, the warrant was remeasured and the change in fair value was recorded as a non-cash charge in other income (expense), net and the related liability was reclassified to additional paid-in capital (see Note 9). | ||||||||||||||||||||||||
Share Repurchases | ||||||||||||||||||||||||
The Company accounts for share repurchases under the cost method, and accordingly charges the excess of the purchase price over the par value per share of common stock entirely to additional paid-in capital. | ||||||||||||||||||||||||
Revision of Financial Statements | ||||||||||||||||||||||||
In finalizing the fiscal 2014 results, the Company determined that the historical methodology for estimating certain trade allowances did not include all related trade promotion costs. Specifically, the methodology did not consider trade promotion activities conducted by the Company’s customers after quarter end related to sales that occurred prior to quarter end. To correct this misstatement, the Company recorded the cumulative impact of $0.7 million to accumulated deficit at April 1, 2011 in its Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity / (Deficit), relating to the correction of trade promotion costs prior to fiscal 2012. Additionally, the Company revised its net sales overstatement of $0.5 million for fiscal 2013 and understatement of $(0.2) million for fiscal 2012. This misstatement did not impact the Company’s reported net cash provided by operating activities. | ||||||||||||||||||||||||
The Company assessed the effect of the above misstatements, individually and in the aggregate, on prior periods’ financial statements in accordance with the SEC’s Staff Accounting Bulletins No. 99 - Materiality and 108 - Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. Based on an analysis of quantitative and qualitative factors, the Company determined that the misstatements were not material to any of the Company’s prior interim and annual financial statements and, therefore, the previously-issued financial statements could continue to be relied upon. The Company also determined that correction of the cumulative amount of the misstatements of $1.4 million as of March 31, 2013 would be material to the fiscal 2014 consolidated financial statements and as such, the Company is revising its previously-issued consolidated financial statements to correct the misstatements. The Company plans to revise its quarterly condensed consolidated financial statements for fiscal 2014 in future filings containing such financial information. The revised unaudited quarterly financial data for fiscal 2014 and 2013 is presented in Note 19. | ||||||||||||||||||||||||
As part of the revision the Company also corrected previously-identified misstatements related to the measurement of the convertible preferred stock warrant liability and stock-based compensation. These corrections were an accumulation of a misstatement that should have been recorded in periods prior to fiscal 2012. The correction relating to the convertible preferred stock warrant liability increased other income (expense) and net income by $0.5 million in the accompanying statement of income during fiscal 2012 and decreased accumulated deficit at April 1, 2011 by $0.4 million. The correction relating to stock-based compensation expense increased selling, general and administrative expenses by $0.3 million and decreased net income by $0.2 million in the accompanying statement of income during fiscal 2012 and increased accumulated deficit at April 1, 2011 by $0.2 million. | ||||||||||||||||||||||||
All financial information contained in the accompanying footnotes to these consolidated financial statements has been revised to reflect the correction of these misstatements. | ||||||||||||||||||||||||
The following table presents the effects of the correction on the Company’s consolidated statement of income for the fiscal year ended March 31, 2013 (in thousands, except share and per share amounts): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, 2013 | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
Net Sales | $ | 169,977 | $ | (505 | ) | $ | 169,472 | |||||||||||||||||
Cost of sales | 104,566 | — | 104,566 | |||||||||||||||||||||
Gross profit | 65,411 | (505 | ) | 64,906 | ||||||||||||||||||||
Selling, general and administrative expenses | 45,461 | — | 45,461 | |||||||||||||||||||||
Income from operations | 19,950 | (505 | ) | 19,445 | ||||||||||||||||||||
Interest expense | (168 | ) | — | (168 | ) | |||||||||||||||||||
Other income (expense), net | 87 | — | 87 | |||||||||||||||||||||
Income before provision for income taxes | 19,869 | (505 | ) | 19,364 | ||||||||||||||||||||
Provision for income taxes | 8,318 | (206 | ) | 8,112 | ||||||||||||||||||||
Net income | $ | 11,551 | $ | (299 | ) | $ | 11,252 | |||||||||||||||||
Earnings per share | ||||||||||||||||||||||||
—Basic | $ | 0.67 | $ | (0.01 | ) | $ | 0.66 | |||||||||||||||||
—Diluted | $ | 0.65 | $ | (0.01 | ) | $ | 0.64 | |||||||||||||||||
Weighted average shares of common stock outstanding used in computing earnings per share | ||||||||||||||||||||||||
—Basic | 17,129,334 | 17,129,334 | ||||||||||||||||||||||
—Diluted | 17,707,839 | 17,707,839 | ||||||||||||||||||||||
The following table presents the effects of the correction on the Company’s consolidated statement of income for the fiscal year ended March 31, 2012 (in thousands, except share and per share amounts): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, 2012 | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
Net Sales | $ | 141,304 | $ | 177 | $ | 141,481 | ||||||||||||||||||
Cost of sales | 85,877 | — | 85,877 | |||||||||||||||||||||
Gross profit | 55,427 | 177 | 55,604 | |||||||||||||||||||||
Selling, general and administrative expenses | 37,495 | 295 | 37,790 | |||||||||||||||||||||
Income from operations | 17,932 | (118 | ) | 17,814 | ||||||||||||||||||||
Interest expense | (161 | ) | — | (161 | ) | |||||||||||||||||||
Other income (expense), net | (1,594 | ) | 518 | (1,076 | ) | |||||||||||||||||||
Income before provision for income taxes | 16,177 | 400 | 16,577 | |||||||||||||||||||||
Provision for income taxes | 6,588 | (47 | ) | 6,541 | ||||||||||||||||||||
Net income | $ | 9,589 | $ | 447 | $ | 10,036 | ||||||||||||||||||
Net income attributable to common stockholders | $ | 290 | $ | 13 | $ | 303 | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||
—Basic | $ | 0.62 | $ | 0.03 | $ | 0.65 | ||||||||||||||||||
—Diluted | $ | 0.26 | $ | 0.01 | $ | 0.27 | ||||||||||||||||||
Weighted average shares of common stock outstanding used in computing earnings per share | ||||||||||||||||||||||||
—Basic | 469,089 | 469,089 | ||||||||||||||||||||||
—Diluted | 1,111,088 | 1,111,088 | ||||||||||||||||||||||
The following table presents the effects of the correction on the impacted line items included in the Company’s consolidated balance sheet as of March 31, 2013 (in thousands): | ||||||||||||||||||||||||
31-Mar-13 | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
Accounts receivable(1) | $ | 20,015 | $ | (1,259 | ) | $ | 18,756 | |||||||||||||||||
Deferred tax assets, current | 2,558 | 582 | 3,140 | |||||||||||||||||||||
Total current assets | 48,288 | (677 | ) | 47,611 | ||||||||||||||||||||
Total assets | 90,212 | (677 | ) | 89,535 | ||||||||||||||||||||
Accrued liabilities(1) | 12,021 | 170 | 12,191 | |||||||||||||||||||||
Total current liabilities | 16,363 | 170 | 16,533 | |||||||||||||||||||||
Total liabilities | 24,283 | 170 | 24,453 | |||||||||||||||||||||
Accumulated deficit | (27,278 | ) | (847 | ) | (28,125 | ) | ||||||||||||||||||
Total stockholders’ equity | 65,929 | (847 | ) | 65,082 | ||||||||||||||||||||
Total liabilities and stockholders’ equity | 90,212 | (677 | ) | 89,535 | ||||||||||||||||||||
_________ | ||||||||||||||||||||||||
(1) Includes an immaterial reclassification between accounts receivable and accrued liabilities. | ||||||||||||||||||||||||
The following tables present the effects of the correction on the impacted line items included in the Company’s consolidated statements of convertible preferred stock and stockholders’ equity / (deficit) for the years ended March 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Accumulated Deficit | Total Stockholders’ Equity / (Deficit) | |||||||||||||||||||||||
Reported | Correction | Revised | Reported | Correction | Revised | |||||||||||||||||||
Balance at March 31, 2011 | $ | (34,868 | ) | $ | (995 | ) | $ | (35,863 | ) | $ | (30,148 | ) | $ | (1,290 | ) | $ | (31,438 | ) | ||||||
Net Income | 9,589 | 447 | 10,036 | 9,589 | 447 | 10,036 | ||||||||||||||||||
Balance at March 31, 2012 | (38,829 | ) | (548 | ) | (39,377 | ) | (34,436 | ) | (548 | ) | (34,984 | ) | ||||||||||||
Net Income | 11,551 | (299 | ) | 11,252 | 11,551 | (299 | ) | 11,252 | ||||||||||||||||
Balance at March 31, 2013 | (27,278 | ) | (847 | ) | (28,125 | ) | 65,929 | (847 | ) | 65,082 | ||||||||||||||
Additional Paid-in Capital | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
Balance at March 31, 2011 | $ | 4,719 | $ | (295 | ) | $ | 4,424 | |||||||||||||||||
Stock-based compensation | 506 | 295 | 801 | |||||||||||||||||||||
Balance at March 31, 2012 | 4,392 | — | 4,392 | |||||||||||||||||||||
Balance at March 31, 2013 | 93,190 | — | 93,190 | |||||||||||||||||||||
The following table presents the effects of the correction on the impacted line items included in the Company’s consolidated statement of cash flows for the year ended March 31, 2013 (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, 2013 | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net Income | $ | 11,551 | $ | (299 | ) | $ | 11,252 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||||||
Deferred taxes | 383 | (206 | ) | 177 | ||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
Accounts receivable(1) | (8,145 | ) | 565 | (7,580 | ) | |||||||||||||||||||
Accrued expenses and other non-current liabilities(1) | 8,254 | (60 | ) | 8,194 | ||||||||||||||||||||
_________ | ||||||||||||||||||||||||
(1) Includes an immaterial reclassification between accounts receivable and accrued expenses and other non-current liabilities. | ||||||||||||||||||||||||
The following table presents the effects of the correction on the impacted line items included in the Company’s consolidated statement of cash flows for the year ended March 31, 2012 (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, 2012 | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net Income | $ | 9,589 | $ | 447 | $ | 10,036 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||||||
Stock-based compensation | 506 | 295 | 801 | |||||||||||||||||||||
Change in fair value of convertible preferred stock warrant liability | 1,726 | (518 | ) | 1,208 | ||||||||||||||||||||
Deferred taxes | 489 | (47 | ) | 442 | ||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
Accounts receivable(1) | (2,742 | ) | (372 | ) | (3,114 | ) | ||||||||||||||||||
Accrued expenses and other non-current liabilities(1) | (168 | ) | 195 | 27 | ||||||||||||||||||||
_________ | ||||||||||||||||||||||||
(1) Includes an immaterial reclassification between accounts receivable and accrued expenses and other non-current liabilities. | ||||||||||||||||||||||||
The above adjustments did not impact the Company’s net cash provided by operating activities. |
Initial_Public_Offering_IPO
Initial Public Offering (IPO) | 12 Months Ended |
Mar. 31, 2014 | |
Initial Public Offering Disclosures [Abstract] | ' |
Initial Public Offering (IPO) | ' |
Initial Public Offering (IPO) | |
On April 2, 2012, the Company closed its IPO, in which it sold 950,000 shares of common stock at an offering price of $19.00 per share and raised $11.1 million in net proceeds after deducting underwriting discounts and commissions of $1.3 million and other offering expenses of $5.6 million. In addition, certain of the Company’s stockholders, including funds affiliated with Solera Capital, LLC, sold 4.8 million shares at the $19.00 offering price in the IPO. The Company sometimes refers to Solera Capital, LLC and its affiliates as Solera in these financial statements. | |
Immediately prior to the closing of the IPO, the outstanding shares of convertible preferred stock were automatically converted into 15,221,571 shares of common stock, the Company’s outstanding convertible preferred stock warrant was automatically converted into a common stock warrant to purchase a total of 80,560 shares of common stock and the related convertible preferred stock warrant liability was reclassified to additional paid-in capital. |
Balance_Sheet_Components
Balance Sheet Components | 12 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Supplemental Balance Sheet Disclosures [Abstract] | ' | |||||||||||||||||||||||||
Balance Sheet Components | ' | |||||||||||||||||||||||||
Balance Sheet Components | ||||||||||||||||||||||||||
Inventory | ||||||||||||||||||||||||||
Inventory is comprised of the following (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Raw materials | $ | 1,442 | $ | 1,391 | ||||||||||||||||||||||
Work in process | 616 | 2,142 | ||||||||||||||||||||||||
Finished goods | 16,431 | 11,614 | ||||||||||||||||||||||||
Inventory | $ | 18,489 | $ | 15,147 | ||||||||||||||||||||||
Property and Equipment, Net | ||||||||||||||||||||||||||
Property and equipment, net are comprised of the following (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Equipment and automotive | $ | 4,004 | $ | 2,959 | ||||||||||||||||||||||
Software | 2,722 | 2,410 | ||||||||||||||||||||||||
Leasehold improvements | 1,381 | 1,195 | ||||||||||||||||||||||||
Plates and dies | 402 | 244 | ||||||||||||||||||||||||
Construction in progress | 1,058 | 1,090 | ||||||||||||||||||||||||
Total property and equipment | 9,567 | 7,898 | ||||||||||||||||||||||||
Less: Accumulated depreciation and amortization | (2,947 | ) | (1,760 | ) | ||||||||||||||||||||||
Property and equipment, net | $ | 6,620 | $ | 6,138 | ||||||||||||||||||||||
Depreciation expense was $1.4 million, $1.0 million and $0.8 million for the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
Intangible Assets, Net | ||||||||||||||||||||||||||
Intangible assets, net are comprised of the following (in thousands): | ||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | Useful | ||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | Lives | ||||||||||||||||||||
Product formulas | $ | 1,023 | $ | (119 | ) | $ | 904 | $ | 1,023 | $ | (68 | ) | $ | 955 | 5 - 25 years | |||||||||||
Other intangible assets | 189 | (38 | ) | 151 | 189 | (28 | ) | 161 | 5 - 25 years | |||||||||||||||||
Total | $ | 1,212 | $ | (157 | ) | $ | 1,055 | $ | 1,212 | $ | (96 | ) | $ | 1,116 | ||||||||||||
In November 2011, the Company acquired product formulas for a purchase price of $2.0 million. The purchase agreement requires the Company to make annual payments of at least $150,000 in each of the first six years of the agreement, with the balance of the $2.0 million payment due at the end of the seven-year term in November 2018. | ||||||||||||||||||||||||||
Amortization expense of intangible assets was $61,000, $60,000 and $27,000 for the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
The estimated future amortization expense relating to intangible assets is anticipated to be $61,000 for each of the next five years from fiscal 2015 through fiscal 2019, totaling $305,000 and $750,000 after fiscal 2019. | ||||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | ||||||||||||||||||||||||||
Prepaid expenses and other current assets as of March 31, 2014 and 2013 include receivables from contract manufacturers and suppliers of $2.7 million and $3.9 million, respectively. | ||||||||||||||||||||||||||
Accrued Liabilities | ||||||||||||||||||||||||||
The following table shows the components of accrued liabilities (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Payroll and employee-related expenses | $ | 2,907 | $ | 3,779 | ||||||||||||||||||||||
Inventory received not invoiced | 2,744 | 4,038 | ||||||||||||||||||||||||
Accrued trade expenses | 1,898 | 2,469 | ||||||||||||||||||||||||
Income tax payable | 1,727 | — | ||||||||||||||||||||||||
Brokerage commissions | 421 | 407 | ||||||||||||||||||||||||
Deferred rent | 244 | 260 | ||||||||||||||||||||||||
Other accrued liabilities | 739 | 1,238 | ||||||||||||||||||||||||
Total accrued liabilities | $ | 10,680 | $ | 12,191 | ||||||||||||||||||||||
Credit_Facility
Credit Facility | 12 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Credit Facility | ' |
Credit Facility | |
In December 2011, the Company entered into a second amended and restated loan agreement (as amended from time to time, the “Credit Agreement”) with Bank of America, N. A. that, among other things, provided for an increase in its revolving credit facility to $20.0 million and an extension of the term through August 2014. In March 2013, the Company amended the Credit Agreement to provide for, among other things, an increase in the credit facility to $40.0 million and an extension of the term through August 2016. On November 5, 2013, the Company amended its Credit Agreement to provide for, among other things, consent for the Company to create a limited liability company and guarantee performance of the limited liability company in the event and to the extent the Company assigns to the limited liability company any of its rights or obligations under the Purchase Agreement dated November 5, 2013 among the Company, Safeway Inc. and Safeway Australia Holdings, LLC (see Note 18). Additionally, the amendment provides for the issuance of letters of credit and revises certain covenants and representations and warranties of the Company under the Credit Agreement. In connection with this amendment, Annie’s Baking, LLC, became a party to the Credit Agreement pursuant to a Joinder Agreement dated November 22, 2013. The credit facility is collateralized by substantially all of the Company’s assets. | |
The Company may select from three interest rate options for borrowings under the credit facility: (i) LIBOR plus 1.25%, (ii) IBOR plus 1.25% or (iii) Prime Rate (as each such term is defined in the Credit Agreement). The interest rate was 1.5% as of March 31, 2013. The Company is required to pay a commitment fee on the unused credit facility commitments, if the outstanding balance is less than half the commitment, at an annual rate ranging from 0.25% to 0.40% depending on the utilization rate. As of March 31, 2014 and 2013, there was $40.0 million and $33.0 million, respectively, of borrowings available under the credit facility. Interest is payable monthly. | |
The Credit Agreement contains restrictions on, among other things, the Company’s ability to incur additional indebtedness, pay dividends or make other distributions and make investments and loans. The Credit Agreement also limits the Company’s ability to make capital expenditures in excess of $15.0 million. The Credit Agreement requires that the Company maintain a Funded Debt to Adjusted EBITDA ratio of not more than 2.75 to 1.0 and a minimum Net Worth equal to at least $50.0 million, plus 30% of earnings after taxes earned each quarter (if positive), beginning with the June 2013 quarterly earnings (as each such term is defined in the Credit Agreement). The Credit Agreement requires the Company to submit interim and annual financial statements by specified dates after each reporting period. The Company was in compliance with the covenants as of March 31, 2014 and 2013. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Agreements with Solera Capital, LLC | |
The Company had an advisory services agreement with Solera requiring the Company to pay Solera an annual advisory fee of $600,000 effective April 1, 2011, which it terminated upon the consummation of the IPO and as such the Company paid Solera a one-time termination fee of $1.3 million in April 2012. | |
Additionally, the Company is a party to an amended and restated registration rights agreement dated as of November 14, 2005, or Registration Rights Agreement, relating to shares of common stock of the Company held by certain affiliates of Solera and certain other stockholders. As discussed further below, on November 18, 2013, Solera completed the sale of its shares entitled to registration under this agreement. | |
On August 6, 2012, the Company closed a secondary public offering, in which certain stockholders, including Solera, sold a portion of shares of common stock of the Company. In addition, on March 18, 2013, Solera sold another portion of its investment in shares of the Company’s common stock, and on November 18, 2013, Solera sold the remaining portion of its investment in shares of the Company’s common stock. The offering expenses incurred by the Company for these secondary public offerings were $0.7 million, $0.5 million and $0.3 million, respectively. The Company did not receive any proceeds from the sale of shares in these secondary public offerings. | |
In conjunction with the secondary public offering that closed on March 18, 2013, the Company repurchased and retired 500,000 shares of its common stock from Solera in a private, non-underwritten transaction at a price of $38.25 per share. The price paid by the Company was equal to the price paid by the underwriters in the secondary public offering. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Lease Commitments | ||||
The Company leases its offices and other equipment under non-cancelable operating leases that expire through fiscal year 2019. Rent expense for the years ended March 31, 2014, 2013 and 2012 was $0.7 million, $0.5 million and $0.5 million, respectively. | ||||
Future minimum lease payments under the non-cancelable operating leases as of March 31, 2014 are as follows (in thousands): | ||||
Lease Payments | ||||
Fiscal Year Ending March 31: | ||||
2015 | $ | 682 | ||
2016 | 680 | |||
2017 | 676 | |||
2018 | 663 | |||
2019 | 586 | |||
Total future minimum lease payments | $ | 3,287 | ||
Purchase Commitments | ||||
In November 2011, the Company entered into an agreement with one of its contract manufacturers for the purchase of product formulas for a purchase price of $2.0 million. The agreement requires annual payments of at least $0.2 million in each of the first six years of the agreement with the unpaid balance due at the end of the seven-year term in November 2018. As of March 31, 2014, the Company’s remaining obligation for product formulas was $1.7 million. | ||||
Indemnifications | ||||
In the normal course of business, the Company enters into contracts that contain a variety of representations and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company has not paid any significant claims or been required to defend any action related to its indemnification obligations, and, accordingly, the Company believes that the estimated fair value of these indemnification obligations is minimal and has not accrued any amounts for these obligations. | ||||
Legal Matters | ||||
On December 6, 2013, a private organization called the Center for Environmental Health (“CEH”) sued the Company and its subsidiary, Annie’s Homegrown, Inc., in Superior Court of the State of California in the County of Alameda under California Health & Safety Code §§ 25249.5 et seq. (commonly referred to as “Proposition 65”). CEH claims that warnings are required in California under Proposition 65 for alleged exposures to lead and lead compounds from cookies that contain ginger or molasses, including Annie’s Gluten-Free Ginger Snap Bunny Cookies. CEH is seeking injunctive relief, civil penalties of $2,500 per violation per day and its attorneys’ fees and costs. The lawsuit, entitled Mondelez International, Inc., et al., Alameda County Superior Court Case No. RG13-677800, names twenty-one other companies that are either suppliers or retailers of ginger- or molasses-containing cookies. As of March 31, 2014, the Company accrued an amount equal to the current estimate of its exposure in this matter. Given the inherent uncertainty associated with legal matters, the actual cost of resolving this litigation may be higher or lower than the estimated accrual. | ||||
Additionally, from time to time, the Company is subject to claims, assessments or other legal proceedings in the ordinary course of business, including product liability claims, employee claims, and other general liability claims. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of these legal proceedings, individually or in the aggregate, will have a material adverse effect on its financial position or results of operations and cash flows. |
Convertible_Preferred_Stock
Convertible Preferred Stock | 12 Months Ended |
Mar. 31, 2014 | |
Convertible Preferred Stock Disclosure [Abstract] | ' |
Convertible Preferred Stock | ' |
Convertible Preferred Stock | |
Immediately prior to the closing of the IPO on April 2, 2012, the outstanding shares of convertible preferred stock were automatically converted into 15,221,571 shares of common stock. No shares of convertible preferred stock were authorized, issued or outstanding at March 31, 2014 or 2013. | |
Dividends | |
During the fiscal year ended March 31, 2012, the Company paid cash dividends to convertible preferred stockholders of $1.07 per share, or approximately $13.1 million in the aggregate, as a result of participating in the common stock dividend. |
Convertible_Preferred_Stock_Wa
Convertible Preferred Stock Warrant | 12 Months Ended |
Mar. 31, 2014 | |
Convertible Preferred Stock Warrant Disclosure [Abstract] | ' |
Convertible Preferred Stock Warrant | ' |
Convertible Preferred Stock Warrant | |
In March 2008, in connection with a prior term loan that was repaid in full in fiscal 2011, the Company had issued a warrant to Hercules Technology II, L.P. (“Hercules”) for the purchase of 80,560 shares of Series A 2005 Convertible Preferred Stock at an exercise price of $8.07 per share. The fair value of the warrant approximated $431,000 (see Note 2). Upon the consummation of the Company’s IPO on April 2, 2012, the warrant became a warrant to purchase 80,560 shares of our common stock. On April 12, 2012, Hercules exercised the warrant to purchase 80,560 shares of the Company’s common stock by surrendering 17,367 shares to pay for the exercise. As a result, the Company issued to Hercules 63,193 shares of common stock. |
Preferred_Stock
Preferred Stock | 12 Months Ended |
Mar. 31, 2014 | |
Preferred Stock Disclosure [Abstract] | ' |
Preferred Stock | ' |
Preferred Stock | |
The Company’s certificate of incorporation authorized 5,000,000 shares of preferred stock, $0.001 par value per share. As of March 31, 2014, no certificate of designations defining the rights and preferences of the preferred stock had been filed and no shares of preferred stock were issued. |
Dividends_on_Common_Stock
Dividends on Common Stock | 12 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Dividends on Common Stock | ' |
Dividends on Common Stock | |
The holders of common stock are entitled to receive dividends if, as and when declared by the Company’s Board of Directors. During the fiscal year ended March 31, 2012, the Company declared and paid common shareholders cash dividends of $0.86 per share, or approximately $408,000 in the aggregate. No dividends were declared or paid during the fiscal years ended March 31, 2014 and 2013. |
Stock_Option_Plans
Stock Option Plans | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Stock Option Plans | ' | |||||||||||||
Stock Option Plans | ||||||||||||||
2004 Stock Option Plan | ||||||||||||||
In November 2004, the Board of Directors of the Company adopted the 2004 Stock Option Plan (the “2004 Plan”). Under the 2004 Plan, incentive and non-qualified stock options could be granted to eligible employees, directors and consultants. Vesting and exercise provisions were determined by the Board of Directors at the time of grant. Options granted generally vest annually on a straight-line basis over a two- to five-year period from the date of grant. Vested options can be exercised at any time and generally expire ten years after the grant date. In the event that an option holder’s continuous service terminates, the option holder generally has three months from the date of termination in which to exercise vested options. | ||||||||||||||
In February 2012, the Company’s compensation committee determined that no further awards would be granted under the 2004 Plan. As of March 31, 2014, eligible participants held options to purchase 551,181 shares of common stock under the 2004 Plan. If outstanding stock options expire or are canceled without having been fully exercised, the underlying shares will not become available for purposes of the 2004 Plan. | ||||||||||||||
Annie’s, Inc. Omnibus Incentive Plan | ||||||||||||||
In February 2012, the Board of Directors adopted and the Company’s shareholders approved the Omnibus Incentive Plan, which became effective upon the completion of the IPO. A total of 867,570 shares of common stock were reserved for future issuance under the Omnibus Incentive Plan. As of March 31, 2014, 3,857 shares have been issued and 2,468 shares have been withheld by the Company for tax withholding obligation under the Plan, 399,748 shares were reserved for issuance pursuant to outstanding awards, and 461,497 shares remained available for future awards. Any shares covered by an award that are forfeited, expired, canceled, settled in cash or otherwise terminated without delivery of shares to the grantee will be available for future grants under the Omnibus Incentive Plan. However, shares surrendered to or withheld by the Company in payment or satisfaction of the exercise price of an award or any tax withholding obligation with respect to an award will not be available for the grant of new awards. The Omnibus Incentive Plan provides for grants of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, other stock-based awards and cash-based incentive awards. | ||||||||||||||
The Company has granted non-qualified stock options, restricted stock units and performance share units to its employees and restricted stock units to the members of its Board of Directors from the Omnibus Incentive Plan. As of March 31, 2014, eligible participants held options to purchase 275,886 shares of common stock, 33,092 restricted stock units and 60,510 performance share units (at target) under the Omnibus Incentive Plan. The options granted under the Omnibus Incentive Plan generally vest over a five-year period from the grant date. The restricted stock units granted to employees vest 50% on the second anniversary of the grant date, and the remaining 50% on the third anniversary of the grant date. The performance share units granted to employees vest based on achievement of required cumulative compounded adjusted diluted earnings per share growth during the three-year period applicable to the grant. The vesting of stock-based awards is subject to continuance of the employment with or service to the Company. | ||||||||||||||
Non-plan Stock Option Awards | ||||||||||||||
The Company granted performance based option awards for the right to purchase 176,615 shares of common stock to certain key management personnel prior to fiscal 2012, all of which were vested in full as of March 31, 2012. Vesting and exercise provisions were determined by the Board of Directors at the time of grant. Options granted vested according to the performance feature underlying the grant. Vested options can be exercised at any time and generally expire five to ten years after the grant date. In the event that an option holder’s continuous service terminates, the option holder generally has three months from the date of termination in which to exercise vested options. As of March 31, 2014, such key management personnel held options to purchase 86,758 shares of common stock under the non-plan stock option awards. | ||||||||||||||
Activity of stock options under our 2004 Plan, non-plan option awards and Omnibus Incentive Plan is set forth below: | ||||||||||||||
Number of Shares | Weighted-Average | Weighted-Average Remaining Contractual Life (in Years) | Aggregate Intrinsic Value | |||||||||||
Exercise Price | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at March 31, 2013 | 1,203,990 | $ | 13.26 | |||||||||||
Granted | 66,690 | 41.8 | ||||||||||||
Forfeited | (169,936 | ) | 25.78 | |||||||||||
Exercised | (186,919 | ) | 10.48 | |||||||||||
Balance at March 31, 2014 | 913,825 | $ | 13.58 | |||||||||||
Vested and expected to vest—March 31, 2014 | 779,907 | $ | 11.09 | 3.9 | $ | 22,692 | ||||||||
Exercisable—March 31, 2014 | 674,565 | $ | 8.87 | 3.2 | $ | 21,128 | ||||||||
The following table summarizes information about stock options outstanding at March 31, 2014: | ||||||||||||||
Options Outstanding | ||||||||||||||
Weighted-Average | ||||||||||||||
Remaining | ||||||||||||||
Stock Options | Contractual Life | Options | ||||||||||||
Exercise Price | Outstanding | (Years) | Exercisable | |||||||||||
$4.93—$6.62 | 376,963 | 1.8 | 376,963 | |||||||||||
$7.30—$8.88 | 192,809 | 3.5 | 192,809 | |||||||||||
$16.94—$19.00 | 244,406 | 7.8 | 96,793 | |||||||||||
$30.01—$35.00 | 40,000 | 8.8 | 8,000 | |||||||||||
$35.01—$40.00 | 22,867 | 9.1 | — | |||||||||||
$40.01—$45.00 | 36,780 | 9.3 | — | |||||||||||
913,825 | 4.6 | 674,565 | ||||||||||||
The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. The valuation model for stock compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation including the expected term (weighted-average period of time that the options granted are expected to be outstanding); volatility of the Company’s common stock and an assumed-risk-free interest rate. | ||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected term (in years) | 5.2 - 6.0 | 5.2 | 5.2 - 6.9 | |||||||||||
Expected volatility | 38.2% - 39.7% | 39.8% - 40.8% | 41.0% - 42.0% | |||||||||||
Risk-free interest rate | 0.7% - 2.1% | 0.8% - 1.1% | 1.1% - 3.1% | |||||||||||
Expected dividend rate | 0% | 0% | 0% | |||||||||||
Fair Value of Common Stock. Under our Omnibus Incentive Plan, the fair value of the shares of common stock underlying the stock options is defined as the closing price of the Company’s common stock on the date of the grant. Prior to the IPO, the fair value of the shares of common stock underlying the stock options had historically been determined by the Board of Directors. Because there had been no public market for the Company’s common stock prior to March 28, 2012, the Board of Directors determined the fair value of the common stock at the time of grant of the option by considering a number of objective and subjective factors including valuation of comparable companies, sales of convertible preferred stock to unrelated third parties, operating and financial performance and general and industry-specific economic outlook. | ||||||||||||||
Weighted-Average Expected Term. The Company derived the expected term using several factors including the ratio of market value to the strike price, volatility, proximity to recent vesting and the remaining option term. In addition, the Company considered behavioral factors including portfolio diversification, liquidity considerations, risk aversion and tax planning in its model to determine the expected term. Additionally, the Company considered historical experience and expected term used by peer group companies for stock option grants having similar vesting terms in determining the expected term. | ||||||||||||||
Volatility. The Company did not have historical data regarding the volatility of its common stock prior to the IPO and since the IPO, it has a limited company-specific historical volatility. Therefore, the Company used the expected volatility based upon the volatility of a group of similar entities, referred to as “guideline” companies. In evaluating similarity, the Company considered factors such as industry, stage of life cycle and size. | ||||||||||||||
Risk-Free Interest Rate. The risk-free interest rate was based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term of the options. | ||||||||||||||
Dividend Yield. Although the Company in the past while it was a privately held company declared dividends, no future dividends are expected to be available to benefit option holders, and, accordingly, the Company used an expected dividend yield of zero in the valuation model. | ||||||||||||||
Forfeitures. The Company used estimated forfeiture rates calculated based on analysis of actual forfeitures, employee turnover and other related factors. The Company used historical data to estimate pre-vesting forfeitures and recorded stock-based compensation expense only for those awards that were expected to vest. To the extent actual forfeitures differed from the estimates, the difference in stock-based compensation expense was recorded as a cumulative adjustment in the period in which the estimates were revised. | ||||||||||||||
The total intrinsic value of stock options exercised was $5.9 million, $21.4 million and $0.6 million during the years ended March 31, 2014, 2013 and 2012, respectively. The intrinsic value was calculated based on the difference between the exercise price and the fair value of the common stock at time of exercise. | ||||||||||||||
The weighted-average grant date fair value of the employee stock options granted was $15.79, $13.93 and $7.62 per share during the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
Stock-based compensation expense included in selling, general and administrative expenses was $0.5 million, $1.1 million and $0.8 million for the years ended March 31, 2014, 2013 and 2012, respectively. The related tax benefit for stock-based compensation was $0.2 million, $0.4 million and $0.3 million for the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
The following table summarizes the activity of unvested restricted stock units and performance share units: | ||||||||||||||
Shares-Based Awards | Shares | Weighted-Average | ||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Unvested at March 31, 2013 | 71,165 | $ | 21.73 | |||||||||||
Granted | 65,352 | 41.36 | ||||||||||||
Vested | (11,017 | ) | 30.19 | |||||||||||
Forfeited | (36,590 | ) | 29.67 | |||||||||||
Unvested at March 31, 2014 | 88,910 | $ | 31.84 | |||||||||||
As of March 31, 2014, there were 60,510 unvested performance share units (at target) outstanding, net of actual forfeitures. As of March 31, 2014, there were no shares estimated to be issued at the end of the performance period(s). The maximum number of total shares that could be issued at the end of performance period(s) is 90,770 shares. | ||||||||||||||
As of March 31, 2014, total unrecognized compensation cost was $2.0 million related to unvested share-based compensation arrangements which is expected to be recognized over a weighted-average period of 3.1 years. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share is calculated by dividing the net income by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by giving effect to all potentially dilutive securities outstanding during the period. The Company utilizes the treasury stock method to calculate potential common shares that underlie its stock options to purchase common stock and restricted stock units. Performance share units are excluded from potential common shares since no shares were issuable as of March 31, 2014, 2013 and 2012. Additionally, the Company utilized the if-converted method and the treasury stock method to calculate potential common shares that underlay its convertible preferred stock and the warrant to purchase its convertible preferred stock, respectively. | ||||||||||||
Net income attributable to common stockholders during the fiscal year ended March 31, 2012 was allocated using the two-class method. The two-class method is an earnings allocation method for calculating earnings per share when a company’s capital structure includes two or more classes of common stock or common stock and participating securities. Under this method, the Company reduced income from operations by the dividends paid to convertible preferred stockholders and the rights of the convertible preferred stockholders to participate in any undistributed earnings. The undistributed earnings were allocated based on the relative percentage of weighted average shares of outstanding convertible preferred stock to the total number of weighted average shares of outstanding common and convertible preferred stock. | ||||||||||||
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted earnings per share of common stock for the periods presented, because including them would have been anti-dilutive: | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Options to purchase common stock | 57,085 | 91,239 | 379,304 | |||||||||
Restricted stock units | 10,651 | — | 16,700 | |||||||||
Convertible preferred stock (on an as-if converted basis) | — | — | 15,221,571 | |||||||||
Convertible preferred stock warrant | — | — | 80,560 | |||||||||
Total | 67,736 | 91,239 | 15,698,135 | |||||||||
A reconciliation of the basic and diluted earnings per share attributable to common stockholders is as follows (in thousands except share and per share amounts): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings per share: | ||||||||||||
Net income | $ | 15,289 | $ | 11,252 | $ | 10,036 | ||||||
Less: Dividends paid to convertible preferred stockholders | — | — | 13,141 | |||||||||
Undistributed loss attributable to convertible preferred stockholders | — | — | (3,408 | ) | ||||||||
Net income attributable to common stockholders | $ | 15,289 | $ | 11,252 | $ | 303 | ||||||
Weighted average shares of common stock outstanding used in computing earnings per share—basic | 16,926,827 | 17,129,334 | 469,089 | |||||||||
Potential dilutive options | 467,146 | 570,210 | 641,999 | |||||||||
Potential dilutive restricted stock units | 18,575 | 8,295 | — | |||||||||
Weighted average shares of common stock outstanding used in computing earnings per share—diluted | 17,412,548 | 17,707,839 | 1,111,088 | |||||||||
Earnings per share | $ | 0.9 | $ | 0.66 | $ | 0.65 | ||||||
—Basic | ||||||||||||
—Diluted | $ | 0.88 | $ | 0.64 | $ | 0.27 | ||||||
Geographic_Areas_and_Product_S
Geographic Areas and Product Sales | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Geographic Areas and Product Sales | ' | |||||||||||
Geographic Areas and Product Sales | ||||||||||||
The Company’s net sales by geographic area, based on the location to which the product was shipped, are summarized as follows (in thousands): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 195,613 | $ | 162,263 | $ | 136,973 | ||||||
Canada | 8,491 | 7,209 | 4,508 | |||||||||
$ | 204,104 | $ | 169,472 | $ | 141,481 | |||||||
The following table sets forth net sales by product category (in thousands): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Meals | $ | 99,004 | $ | 79,006 | $ | 60,680 | ||||||
Snacks | 79,074 | 66,662 | 56,868 | |||||||||
Dressings, condiments and other | 26,026 | 23,804 | 23,933 | |||||||||
$ | 204,104 | $ | 169,472 | $ | 141,481 | |||||||
All of the Company’s long-lived assets are located in the U.S. |
Product_Recall
Product Recall | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Product Recall Disclosure [Abstract] | ' | |||||||
Product Recall | ' | |||||||
Product Recall | ||||||||
In January 2013, the Company announced a voluntary product recall of certified organic and made with organic pizza products due to the possible presence of fragments of flexible metal mesh from a faulty screen at a third-party flour mill. The Company initiated the recall of all lots of pizza product manufactured with this supplier’s flour from its first purchase from the supplier in May 2012. | ||||||||
The Company recorded the estimated customer and consumer returns as a reduction of net sales, related costs associated with product returns, destruction charges, inventory write-off and costs incurred by contract manufacturers as cost of sales, and administrative costs associated with the recall such as legal expenses as selling, general and administrative expenses. The Company recorded $1.9 million and $0.4 million for insurance recoveries in connection with the product recall in the years ended March 31, 2014 and 2013, respectively. The impact of recall-related charges and related insurance recoveries is as follows (in thousands except per share amounts): | ||||||||
Fiscal Year Ended March 31, | ||||||||
2014 | 2013 | |||||||
Benefit to / (reduction of) net sales | $ | 1,071 | $ | (1,096 | ) | |||
Benefit to / (incremental) cost of sales | 628 | (1,080 | ) | |||||
Benefit to / (incremental) selling, general and administrative expenses | (24 | ) | (171 | ) | ||||
Total benefit to / (reduction of) income before income taxes | $ | 1,675 | $ | (2,347 | ) | |||
Benefit to / (reduction of) net income | $ | 992 | $ | (1,364 | ) | |||
Benefit to / (reduction of) net income per diluted share | $ | 0.06 | $ | (0.08 | ) | |||
The Company does not expect any significant further costs or recoveries associated with the voluntary product recall. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
The Company offers a retirement savings plan under Section 401(k) of the Internal Revenue Code. The Company match was increased from 25% to 50% during third quarter of fiscal 2013 up to a maximum of 6% of eligible compensation, not to exceed $4,000 per participant. The Company incurred $0.3 million of matching contribution expense for the year ended March 31, 2014. The contribution expense for the years ended March 31, 2013 or 2012 was not material. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The provision for income taxes was as follows (in thousands): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
Federal | $ | 8,110 | $ | 6,111 | $ | 4,205 | ||||||
State | 1,934 | 1,824 | 1,894 | |||||||||
10,044 | 7,935 | 6,099 | ||||||||||
Deferred | ||||||||||||
Federal | 226 | 504 | 893 | |||||||||
State | 267 | (327 | ) | (451 | ) | |||||||
493 | 177 | 442 | ||||||||||
Provision for income taxes | $ | 10,537 | $ | 8,112 | $ | 6,541 | ||||||
The reconciliation of the statutory federal income tax rate to the Company’s effective tax is presented below: | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax at federal statutory rate | 35 | % | 35 | % | 34.2 | % | ||||||
State income taxes, net of federal benefit | 5.5 | 5 | 5.8 | |||||||||
Non-deductible permanent difference | 0.5 | 2.1 | 2.5 | |||||||||
Effect of tax rate change | — | — | (1.0 | ) | ||||||||
Other | (0.2 | ) | (0.2 | ) | (2.0 | ) | ||||||
40.8 | % | 41.9 | % | 39.5 | % | |||||||
During fiscal 2014, the Company reduced its taxes payable by $2.5 million, as a result of the exercise of non-qualified stock options. The excess tax benefit associated with stock-based compensation of $2.1 million for the fiscal year ended March 31, 2014, was recorded in additional-paid-in-capital. | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets are presented below (in thousands): | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Deferred tax assets | ||||||||||||
Credits and net operating loss carryforwards | $ | 3,287 | $ | 3,749 | $ | 3,975 | ||||||
Share-based compensation expense | 1,134 | 1,332 | 1,441 | |||||||||
Accrued compensation | 934 | 1,211 | 895 | |||||||||
Reserves and allowances | 1,231 | 1,018 | 439 | |||||||||
Capital loss carryforward | — | 428 | 424 | |||||||||
Other, net | 1,021 | 645 | 729 | |||||||||
Gross deferred tax assets | 7,607 | 8,383 | 7,903 | |||||||||
Valuation allowance | — | (428 | ) | (424 | ) | |||||||
Total deferred tax assets | 7,607 | 7,955 | 7,479 | |||||||||
Deferred tax liabilities | ||||||||||||
Property, plant and equipment | (1,256 | ) | (1,111 | ) | (458 | ) | ||||||
Total deferred tax liabilities | (1,256 | ) | (1,111 | ) | (458 | ) | ||||||
Net deferred tax assets | $ | 6,351 | $ | 6,844 | $ | 7,021 | ||||||
As of March 31, 2013, the Company has a $5.1 million state capital loss carryforward resulting from the disposition of Fantastic Foods in fiscal 2009, for which a full valuation allowance was recorded because management believed it was more likely than not that the Company would not generate a capital gain needed to be able to offset the state capital loss. As of March 31, 2014, this capital loss expired and therefore, the associated deferred tax asset and corresponding valuation allowance have been removed from the balance sheet. | ||||||||||||
The Company had the following net operating loss (“NOL”) carryforwards (in thousands): | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal | $ | 8,274 | $ | 9,276 | $ | 9,931 | ||||||
State | 6,605 | 7,165 | 7,686 | |||||||||
These NOL carryforwards are available to offset future federal and state taxable income through 2027 and 2021, respectively. Pursuant to Section 382 of the Internal Revenue Code, if there is a change in stock ownership of the Company exceeding 50% during a three-year period, the utilization of the Company’s NOL carryforwards may be limited. The business acquisitions in fiscal 2005 resulted in a change in stock ownership and, consequently, the Company’s NOLs generated prior to these ownership changes are subject to an annual limitation. | ||||||||||||
The Company files consolidated tax returns for federal income taxes as well as for state income taxes in various state jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities. These audits include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal, state, and local tax laws. Due to net operating loss carryovers, the Company is open for U.S. federal and state income tax examinations for fiscal 1999 until 2007 and then once again for U.S. federal income tax examinations for fiscal 2011 and beyond and for state income tax examinations for fiscal 2010 and beyond. | ||||||||||||
The Company did not have any unrecognized tax positions at March 31, 2014, 2013 and 2012 that if recognized would affect the annual effective tax rate. During the years ended March 31, 2014, 2013 and 2012, the Company did not record any accrued interest or penalties for federal and state income tax purposes. The Company does not expect material changes in the total amount of unrecognized tax benefits within the next 12 months, but the outcome of tax matters is uncertain and unforeseen results can occur. |
Joplin_Acquisition
Joplin Acquisition | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Joplin Acquisition | ' | |||
Joplin Acquisition | ||||
On April 2, 2014, the Company completed its previously announced acquisition of a snack manufacturing plant in Joplin, Missouri (the “Joplin Plant”) from Safeway Inc. and Safeway Australia Holdings, Inc. (together the “Selling Parties”) for $6.0 million of cash, plus the value of inventory and supplies at closing (calculated based on the Selling Parties’ costs). The Company funded the acquisition with approximately $7.4 million in cash on hand and restricted cash of $0.3 million deposited previously in an escrow account. The Joplin Plant has been the primary manufacturer of the Company’s cookie and cracker products for more than ten years. Company products produced in the Joplin Plant currently account for over 40% of its total snacks net sales and represent the majority of the Joplin Plant’s total production volume. In connection with the closing of the acquisition, Annie’s Baking, LLC, the subsidiary of Annie’s that acquired the Joplin Plant, entered into a three-year supply agreement with an affiliate of Safeway Inc., pursuant to which the Company manufactures products for the affiliate. The preliminary allocation of the aggregate cost of acquisition was as follows (in thousands): | ||||
Total Preliminary Purchase Price Allocation | ||||
Machinery and equipment | $ | 4,463 | ||
Inventory | 1,495 | |||
Building and improvement | 920 | |||
Land | 180 | |||
Goodwill | 450 | |||
Total purchase price | $ | 7,508 | ||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data | ' | |||||||||||||||||||||||||||||||||||||||||||||||
9. Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides the selected quarterly financial data for fiscal 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year 2014 | Fiscal Year 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sept. 30 | June 30, | Mar. 31, | Dec. 31, | Sept. 30 | June 30, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | |||||||||||||||||||||||||||||||||||||||||
(in thousands, except for share and per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 60,057 | $ | 46,419 | $ | 58,310 | $ | 39,318 | $ | 52,092 | $ | 36,319 | $ | 46,651 | $ | 34,410 | ||||||||||||||||||||||||||||||||
Cost of sales | 39,037 | 28,228 | 36,932 | 24,278 | 32,027 | 23,267 | 28,786 | 20,486 | ||||||||||||||||||||||||||||||||||||||||
Gross profit | 21,020 | 18,191 | 21,378 | 15,040 | 20,065 | 13,052 | 17,865 | 13,924 | ||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 8,744 | 4,720 | 8,731 | 3,631 | 6,964 | 2,356 | 6,322 | 3,722 | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 5,128 | $ | 2,769 | $ | 5,220 | $ | 2,172 | $ | 3,865 | $ | 1,422 | $ | 3,764 | $ | 2,201 | ||||||||||||||||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | $ | 0.3 | $ | 0.16 | $ | 0.31 | $ | 0.13 | $ | 0.22 | $ | 0.08 | $ | 0.22 | $ | 0.13 | ||||||||||||||||||||||||||||||||
—Diluted | $ | 0.29 | $ | 0.16 | $ | 0.3 | $ | 0.13 | $ | 0.22 | $ | 0.08 | $ | 0.21 | $ | 0.12 | ||||||||||||||||||||||||||||||||
Weighted average shares of common stock outstanding used in computing earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | 17,005,472 | 16,937,139 | 16,896,227 | 16,869,557 | 17,262,253 | 17,249,536 | 17,070,327 | 16,936,007 | ||||||||||||||||||||||||||||||||||||||||
—Diluted | 17,425,573 | 17,398,006 | 17,392,447 | 17,353,222 | 17,724,131 | 17,781,720 | 17,702,516 | 17,600,908 | ||||||||||||||||||||||||||||||||||||||||
In the first, second, third and fourth quarters of fiscal 2014, the Company recorded total benefit to / (reduction of) income before provision for income taxes of $(0.3) million, $1.3 million, 0.4 million and $0.3 million related to the impact of the January 2013 voluntary product recall and related insurance recoveries. | ||||||||||||||||||||||||||||||||||||||||||||||||
In the third and fourth quarters of fiscal 2013, the Company recorded reduction of income before provision for income taxes of $2.3 million and $0.1 million related to the impact of the January 2013 voluntary product recall and related insurance recoveries. | ||||||||||||||||||||||||||||||||||||||||||||||||
In the second and fourth quarters of fiscal 2013, the Company recorded $0.7 million and $0.5 million for secondary offering costs, respectively. Additionally, in the first quarter of fiscal 2013, the Company recorded non-cash charge of $13,000 due to the increase in fair value of the convertible preferred stock warrant. | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides the quarterly financial data for fiscal 2014, and includes the effect of the aforementioned revisions (see Note 2) to the Company's Consolidated Statements of Income and certain other immaterial corrections for the fiscal quarters presented: | ||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2014 Quarters | ||||||||||||||||||||||||||||||||||||||||||||||||
First | Second | Third | ||||||||||||||||||||||||||||||||||||||||||||||
Reported | Correction | Revised | Reported | Correction | Revised | Reported | Correction | Revised | ||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 39,040 | $ | 278 | $ | 39,318 | $ | 58,650 | $ | (340 | ) | $ | 58,310 | $ | 46,177 | $ | 242 | $ | 46,419 | |||||||||||||||||||||||||||||
Cost of sales | 24,278 | — | 24,278 | 36,749 | 183 | 36,932 | 27,951 | 277 | 28,228 | |||||||||||||||||||||||||||||||||||||||
Gross profit | 14,762 | 278 | 15,040 | 21,901 | (523 | ) | 21,378 | 18,226 | (35 | ) | 18,191 | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 11,327 | 37 | 11,364 | 12,538 | 37 | 12,575 | 13,421 | — | 13,421 | |||||||||||||||||||||||||||||||||||||||
Income from operations | 3,435 | 241 | 3,676 | 9,363 | (560 | ) | 8,803 | 4,805 | (35 | ) | 4,770 | |||||||||||||||||||||||||||||||||||||
Interest expense | (71 | ) | — | (71 | ) | (104 | ) | — | (104 | ) | (80 | ) | — | (80 | ) | |||||||||||||||||||||||||||||||||
Other income (expense), net | 26 | — | 26 | 32 | — | 32 | 30 | — | 30 | |||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 3,390 | 241 | 3,631 | 9,291 | (560 | ) | 8,731 | 4,755 | (35 | ) | 4,720 | |||||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,361 | 98 | 1,459 | 3,739 | (228 | ) | 3,511 | 1,966 | (15 | ) | 1,951 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 2,029 | $ | 143 | $ | 2,172 | $ | 5,552 | $ | (332 | ) | $ | 5,220 | $ | 2,789 | $ | (20 | ) | $ | 2,769 | ||||||||||||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | $ | 0.12 | $ | 0.01 | $ | 0.13 | $ | 0.33 | $ | (0.02 | ) | $ | 0.31 | $ | 0.16 | $ | — | $ | 0.16 | |||||||||||||||||||||||||||||
—Diluted | $ | 0.12 | $ | 0.01 | $ | 0.13 | $ | 0.32 | $ | (0.02 | ) | $ | 0.3 | $ | 0.16 | $ | — | $ | 0.16 | |||||||||||||||||||||||||||||
Weighted average shares of common stock outstanding used in computing earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | 16,869,557 | 16,869,557 | 16,869,557 | 16,896,227 | 16,896,227 | 16,896,227 | 16,937,139 | 16,937,139 | 16,937,139 | |||||||||||||||||||||||||||||||||||||||
—Diluted | 17,353,222 | 17,353,222 | 17,353,222 | 17,392,447 | 17,392,447 | 17,392,447 | 17,398,006 | 17,398,006 | 17,398,006 | |||||||||||||||||||||||||||||||||||||||
The following table provides the quarterly financial data for fiscal 2013 and includes the effect of the aforementioned revisions (see Note 2) to the Company's Consolidated Statements of Income for the fiscal quarters presented: | ||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||||||||||||||||||||||||||||||
Reported | Correction | Revised | Reported | Correction | Revised | Reported | Correction | Revised | Reported | Correction | Revised | |||||||||||||||||||||||||||||||||||||
Net Sales | $ | 34,293 | $ | 117 | $ | 34,410 | $ | 46,686 | $ | (35 | ) | $ | 46,651 | $ | 36,283 | $ | 36 | $ | 36,319 | $ | 52,715 | $ | (623 | ) | $ | 52,092 | ||||||||||||||||||||||
Cost of sales | 20,486 | — | 20,486 | 28,786 | — | 28,786 | 23,267 | — | 23,267 | 32,027 | — | 32,027 | ||||||||||||||||||||||||||||||||||||
Gross profit | 13,807 | 117 | 13,924 | 17,900 | (35 | ) | 17,865 | 13,016 | 36 | 13,052 | 20,688 | (623 | ) | 20,065 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 10,211 | — | 10,211 | 11,539 | — | 11,539 | 10,687 | — | 10,687 | 13,024 | — | 13,024 | ||||||||||||||||||||||||||||||||||||
Income from operations | 3,596 | 117 | 3,713 | 6,361 | (35 | ) | 6,326 | 2,329 | 36 | 2,365 | 7,664 | (623 | ) | 7,041 | ||||||||||||||||||||||||||||||||||
Interest expense | (40 | ) | — | (40 | ) | (40 | ) | — | (40 | ) | (40 | ) | — | (40 | ) | (48 | ) | — | (48 | ) | ||||||||||||||||||||||||||||
Other income (expense), net | 49 | — | 49 | 36 | — | 36 | 31 | — | 31 | (29 | ) | — | (29 | ) | ||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 3,605 | 117 | 3,722 | 6,357 | (35 | ) | 6,322 | 2,320 | 36 | 2,356 | 7,587 | (623 | ) | 6,964 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,474 | 47 | 1,521 | 2,572 | (14 | ) | 2,558 | 919 | 15 | 934 | 3,353 | (254 | ) | 3,099 | ||||||||||||||||||||||||||||||||||
Net income | $ | 2,131 | $ | 70 | $ | 2,201 | $ | 3,785 | $ | (21 | ) | $ | 3,764 | $ | 1,401 | $ | 21 | $ | 1,422 | $ | 4,234 | $ | (369 | ) | $ | 3,865 | ||||||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | $ | 0.13 | $ | — | $ | 0.13 | $ | 0.22 | $ | — | $ | 0.22 | $ | 0.08 | $ | — | $ | 0.08 | $ | 0.25 | $ | (0.02 | ) | $ | 0.22 | |||||||||||||||||||||||
—Diluted | $ | 0.12 | $ | — | $ | 0.12 | $ | 0.21 | $ | — | $ | 0.21 | $ | 0.08 | $ | — | $ | 0.08 | $ | 0.24 | $ | (0.02 | ) | $ | 0.22 | |||||||||||||||||||||||
Weighted average shares of common stock outstanding | ` | |||||||||||||||||||||||||||||||||||||||||||||||
used in computing earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | 16,936,007 | 16,936,007 | 16,936,007 | 17,070,327 | 17,070,327 | 17,070,327 | 17,249,536 | 17,249,536 | 17,249,536 | 17,262,253 | 17,262,253 | 17,262,253 | ||||||||||||||||||||||||||||||||||||
—Diluted | 17,600,908 | 17,600,908 | 17,600,908 | 17,702,516 | 17,702,516 | 17,702,516 | 17,781,720 | 17,781,720 | 17,781,720 | 17,724,131 | 17,724,131 | 17,724,131 | ||||||||||||||||||||||||||||||||||||
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Basis of Presentation and Consolidation | ' | |||||||
Basis of Presentation and Consolidation | ||||||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Annie’s Homegrown, Inc., Annie’s Enterprises, Inc., Napa Valley Kitchen, Inc., and Annie’s Baking, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications were made to the Company’s prior financial statements to conform to the current year presentation. | ||||||||
Recently Issued Accounting Standard | ' | |||||||
Recently Issued Accounting Standard | ||||||||
On May 28, 2014, the FASB issued a new financial accounting standard on revenue from contracts with customers. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of this accounting standard. | ||||||||
Segment Reporting | ' | |||||||
Segment Reporting | ||||||||
The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company has one business activity, marketing and distribution of natural and organic food products, and operates as one operating segment. The Company’s chief operating decision-maker, its chief executive officer, reviews its operating results on an aggregate basis for purposes of allocating resources and evaluating financial performance. | ||||||||
Use of Estimates | ' | |||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reported periods. Actual results could differ from those estimates. | ||||||||
Sales Recognition and Sales Incentives | ' | |||||||
Sales Recognition and Sales Incentives | ||||||||
The Company recognizes revenue when it has a contract or purchase order from a customer with a fixed price, ownership and risk of loss have been transferred to the customer either upon delivery or pick up of products by the customer and there is a reasonable assurance of collection of the sales proceeds. Generally, the Company extends uncollateralized credit to its retailers and distributors ranging up to 30 days and performs ongoing credit evaluation of its customers. The payment terms are typically net-30 with a discount for net-10 payment. The Company recognizes sales net of estimated trade allowances, slotting fees, sales incentives, cash discounts, returns and coupons. The costs of these activities are recognized at the time the related sales are recorded and are classified as a reduction of sales. The cost of these trade allowances, slotting fees and sales incentives is estimated using a number of factors, including estimated units sold, customer participation and redemption rates. The Company has entered into contracts with some retailers granting an allowance for spoils and damaged products. Amounts related to shipping and handling that are billed to customers are reflected in net sales and the related shipping and handling costs are reflected in selling, general and administrative expenses. | ||||||||
Cost of Sales | ' | |||||||
Cost of Sales | ||||||||
Cost of sales consists of the costs of ingredients utilized in the manufacture of products, contract manufacturing fees, packaging and in-bound freight charges. Ingredients account for the largest portion of the cost of sales, followed by contract manufacturing fees and packaging. | ||||||||
Product Recall | ' | |||||||
Product Recall | ||||||||
The Company establishes reserves for product recalls on a product-specific basis when circumstances giving rise to the recall become known. The Company, when establishing reserves for a product recall, considers cost estimates for any fees and incentives to customers for their effort to return the product, freight and destruction charges for returned products, warehouse and inspection fees, repackaging materials, point-of-sale materials and other costs including costs incurred by contract manufacturers. Additionally, the Company estimates product returns from consumers and customers across distribution channels, utilizing third-party data and other assumptions. These factors are updated and reevaluated each period and the related reserves are adjusted when these factors indicate that the recall reserves are either insufficient to cover or exceed the estimated product recall expenses. The Company records insurance recoveries upon receipt of positive confirmation from the insurance company that certain recall-related costs have been approved for payment and the Company has reasonable confidence that the insurance company is financially capable of paying the Company. The insurance recoveries are recorded in the net sales, cost of sales or selling, general and administrative, as applicable, in the statement of income. | ||||||||
Significant changes in the assumptions used to develop estimates for product recall reserves could affect key financial information, including accounts receivable, inventory, accrued liabilities, net sales, gross profit, operating expenses and net income. In addition, estimating product recall reserves requires a high degree of judgment in areas such as estimating consumer returns, shelf and in-stock inventory at retailers across distribution channels, fees and incentives to be earned by customers for their effort to return the products, future freight rates and consumers’ claims. | ||||||||
Freight and Warehousing Costs | ' | |||||||
Freight and Warehousing Costs | ||||||||
Freight and warehousing costs are included in selling, general and administrative expenses in the consolidated statements of income. These costs primarily consist of costs associated with moving finished products to customers, including costs associated with the Company’s distribution center, route delivery costs and the cost of shipping products to customers through third-party carriers. | ||||||||
Research and Development (R&D) Costs | ' | |||||||
Research and Development (R&D) Costs | ||||||||
R&D costs are included in selling, general and administrative expenses in the consolidated statements of income. These costs are incurred to develop new products and are expensed as incurred. R&D costs include consumer research, prototype development, materials and resources to conduct trial production runs, package development and employee-related costs for personnel responsible for product innovation. | ||||||||
Advertising Costs | ' | |||||||
Advertising Costs | ||||||||
Advertising costs are included in selling, general and administrative expenses in the consolidated statements of income. These costs include the costs of producing and communicating advertisements. The costs of producing advertisements are expensed as incurred and the costs of communicating advertising are expensed over the period of communication. | ||||||||
Stock-Based Compensation | ' | |||||||
Stock-Based compensation | ||||||||
The Company maintains performance incentive plans under which nonqualified stock options, restricted stock units and performance share units are granted to eligible employees and directors. The cost of stock-based transactions is recognized in the financial statements based upon fair value. The fair value of restricted stock units and performance share units is determined based on the number of units granted and the closing price of the Company’s common stock as of the grant date. Additionally, stock-based compensation related to performance share units reflects the estimated probable outcome at the end of the performance period. The fair value of stock options is determined as of the grant date using the Black-Scholes option pricing model. Fair value is recognized as expense on a straight line basis, net of estimated forfeitures, over the requisite service period. | ||||||||
The benefits of tax deductions in excess of recognized compensation costs are reported as a credit to additional paid-in capital and as financing cash flows, but only when such excess tax benefits are realized by a reduction to current taxes payable. | ||||||||
Income Taxes | ' | |||||||
Income taxes | ||||||||
Income taxes are accounted for using the asset and liability method. Deferred tax liabilities or assets are established for temporary differences between financial and tax reporting bases and subsequently adjusted to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. The deferred tax assets are reduced, if necessary, by a valuation allowance to the extent future realization of those tax benefits is uncertain. | ||||||||
The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Interest and/or penalties related to uncertain tax positions are recognized in income tax expense. See Note 17 for further information regarding income taxes. | ||||||||
Cash and Restricted Cash | ' | |||||||
Cash and Restricted Cash | ||||||||
The Company’s cash primarily consists of funds held in general checking accounts. The Company considers demand deposits and highly liquid investments with insignificant interest rate risk and original maturities of three months or less at the time of acquisition to be cash equivalents. There were no cash equivalents held at March 31, 2014 and 2013, respectively. | ||||||||
The Company’s restricted cash consisted of a deposit held in an escrow account pending the Company’s acquisition of a snack manufacturing plant in Joplin, Missouri (the “Joplin Plant”). | ||||||||
Accounts Receivable | ' | |||||||
Accounts Receivable and Concentration Risk | ||||||||
The Company manages credit risk through credit approvals, credit limits and monitoring procedures. The Company performs periodic credit evaluations of its customers and records an allowance for uncollectible accounts receivable based on a specific identification methodology. In addition, management may record an additional allowance based on the Company’s experience with accounts receivable aging categories. Accounts receivable are recorded net of allowances for trade discounts and doubtful accounts. | ||||||||
Concentration Risk | ' | |||||||
Concentration Risk | ||||||||
The Company manages credit risk through credit approvals, credit limits and monitoring procedures. The Company performs periodic credit evaluations of its customers and records an allowance for uncollectible accounts receivable based on a specific identification methodology. In addition, management may record an additional allowance based on the Company’s experience with accounts receivable aging categories. Accounts receivable are recorded net of allowances for trade discounts and doubtful accounts. The Company had no allowance for doubtful accounts as of March 31, 2014 and 2013. | ||||||||
Customers with 10% or more of the Company’s net sales and accounts receivable consist of the following: | ||||||||
Net Sales | Accounts Receivable(1) | |||||||
Customer A | Customer B | Customer C | ||||||
Fiscal Year Ended March 31, | ||||||||
2014 | 22% | 15% | 13% | 58% | ||||
2013 | 25% | 17% | 11% | 72% | ||||
2012 | 25% | 15% | 11% | — | ||||
__________________ | ||||||||
— Not presented | ||||||||
(1) As of March 31, 2014, three customers represented 31%, 17% and 10% respectively, of accounts receivable. The same three customers represented 36%, 26%, and 10%, respectively, of accounts receivable as of March 31, 2013. | ||||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are recorded at the lower of cost (determined under the first-in-first-out method) or market. Write downs are provided for finished goods expected to become nonsaleable due to age and provisions are specifically made for slow-moving or obsolete raw ingredients and packaging material. The Company also adjusts the carrying value of its inventories when it believes that the net realizable value is less than the carrying value. These write-downs are measured as the difference between the cost of the inventory, including estimated costs to complete, and estimated selling prices, including cost of selling. These charges are recorded as a component of cost of sales. | ||||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life. Maintenance and repairs are charged to expense as incurred. Assets not yet placed in service are not depreciated. | ||||||||
The useful lives of the property and equipment are as follows: | ||||||||
Equipment and automotive | 3 to 7 years | |||||||
Software | 3 to 7 years | |||||||
Plates and dies | 3 years | |||||||
Leasehold improvements | Shorter of lease term or estimated useful life | |||||||
The Company capitalizes certain internal and external costs related to the development and enhancement of the Company’s internal-use software. Capitalized internal-use software development costs are included in property and equipment on the accompanying condensed consolidated balance sheets. | ||||||||
Goodwill, Intangible Assets an Long-Lived Assets | ' | |||||||
Goodwill, Intangible Assets and Long-Lived Assets | ||||||||
The Company tests goodwill for impairment annually in its fourth fiscal quarter and whenever events or changes in circumstances indicate the carrying amount may be impaired. In assessing whether events or changes in circumstances have occurred, the Company performs a qualitative assessment as a determinant for whether the two-step annual goodwill impairment test should be performed. In performing the qualitative assessment, the Company considers events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers and changes in the share price of the Company’s common stock. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of the Company’s sole reporting unit is greater than its carrying amount, then the two-step goodwill impairment test is not performed. | ||||||||
If the two-step goodwill test is performed, the Company evaluates and tests its goodwill for impairment at the Company’s sole reporting-unit level using expected future cash flows to be generated by the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of goodwill over the calculated fair value of the goodwill. | ||||||||
A reporting unit is an operating segment or one level below. The Company has one business activity, marketing and distribution of natural and organic food products, and operates as one operating segment. The Company’s chief operating decision-maker, its chief executive officer, reviews its operating results on an aggregate basis for purposes of allocating resources and evaluating financial performance. | ||||||||
In the fourth quarter of fiscal 2014, the Company bypassed the qualitative assessment, and evaluated and tested its goodwill using expected future cash flows to be generated by the Company’s sole reporting unit and determined that the fair value of Company’s sole reporting unit is greater than its carrying amount. Accordingly, there was no indication of impairment. The Company did not recognize any goodwill impairment losses in fiscal 2014, 2013 or 2012. | ||||||||
Intangible assets with definite lives are amortized over their estimated useful lives. The Company’s intangible assets consist of acquired product formulas and trademarks, which are amortized on a straight-line basis over their useful lives ranging from five to twenty-five years. | ||||||||
The Company reviews long-lived assets, including intangible assets, for impairment whenever events or a change in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of an asset is measured by comparing its carrying value to the total future undiscounted cash flows that the asset is expected to generate. If it is determined that an asset is not recoverable, an impairment loss is recorded in the amount by which the carrying value of the asset exceeds its estimated fair value. | ||||||||
Concentration of Supply Risk | ' | |||||||
Concentration of Supply Risk | ||||||||
The Company relies on a limited number of suppliers for the ingredients used in manufacturing its products. In order to mitigate any adverse impact from a disruption of supply, the Company attempts to maintain an adequate supply of ingredients and believes that other vendors would be able to provide similar ingredients if supplies were disrupted. The Company outsources the manufacturing of its products to contract manufacturers in the U.S. | ||||||||
Fair Value of Financial Instruments | ' | |||||||
Fair Value of Financial Instruments | ||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: | ||||||||
Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||||||||
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||
The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. | ||||||||
The carrying amounts of the Company’s financial instruments, including accounts receivable, accounts payable, and accrued liabilities, approximate fair value due to their relatively short maturities. Upon consummation of the Company’s initial public offering (the “IPO”) on April 2, 2012, prior to the automatic conversion of the convertible preferred stock warrant into a common stock warrant, the warrant was remeasured and the change in fair value was recorded as a non-cash charge in other income (expense), net and the related liability was reclassified to additional paid-in capital (see Note 9). | ||||||||
Share Repurchases | ' | |||||||
Share Repurchases | ||||||||
The Company accounts for share repurchases under the cost method, and accordingly charges the excess of the purchase price over the par value per share of common stock entirely to additional paid-in capital. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Customers with 10% or more of net sales | ' | |||||||||||||||||||||||
Customers with 10% or more of the Company’s net sales and accounts receivable consist of the following: | ||||||||||||||||||||||||
Net Sales | Accounts Receivable(1) | |||||||||||||||||||||||
Customer A | Customer B | Customer C | ||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2014 | 22% | 15% | 13% | 58% | ||||||||||||||||||||
2013 | 25% | 17% | 11% | 72% | ||||||||||||||||||||
2012 | 25% | 15% | 11% | — | ||||||||||||||||||||
__________________ | ||||||||||||||||||||||||
— Not presented | ||||||||||||||||||||||||
(1) As of March 31, 2014, three customers represented 31%, 17% and 10% respectively, of accounts receivable. The same three customers represented 36%, 26%, and 10%, respectively, of accounts receivable as of March 31, 2013. | ||||||||||||||||||||||||
Useful lives of property and equipment | ' | |||||||||||||||||||||||
The useful lives of the property and equipment are as follows: | ||||||||||||||||||||||||
Equipment and automotive | 3 to 7 years | |||||||||||||||||||||||
Software | 3 to 7 years | |||||||||||||||||||||||
Plates and dies | 3 years | |||||||||||||||||||||||
Leasehold improvements | Shorter of lease term or estimated useful life | |||||||||||||||||||||||
Property and equipment, net are comprised of the following (in thousands): | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Equipment and automotive | $ | 4,004 | $ | 2,959 | ||||||||||||||||||||
Software | 2,722 | 2,410 | ||||||||||||||||||||||
Leasehold improvements | 1,381 | 1,195 | ||||||||||||||||||||||
Plates and dies | 402 | 244 | ||||||||||||||||||||||
Construction in progress | 1,058 | 1,090 | ||||||||||||||||||||||
Total property and equipment | 9,567 | 7,898 | ||||||||||||||||||||||
Less: Accumulated depreciation and amortization | (2,947 | ) | (1,760 | ) | ||||||||||||||||||||
Property and equipment, net | $ | 6,620 | $ | 6,138 | ||||||||||||||||||||
Effects of the Corrections on the Financial Statements | ' | |||||||||||||||||||||||
The following table presents the effects of the correction on the Company’s consolidated statement of income for the fiscal year ended March 31, 2013 (in thousands, except share and per share amounts): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, 2013 | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
Net Sales | $ | 169,977 | $ | (505 | ) | $ | 169,472 | |||||||||||||||||
Cost of sales | 104,566 | — | 104,566 | |||||||||||||||||||||
Gross profit | 65,411 | (505 | ) | 64,906 | ||||||||||||||||||||
Selling, general and administrative expenses | 45,461 | — | 45,461 | |||||||||||||||||||||
Income from operations | 19,950 | (505 | ) | 19,445 | ||||||||||||||||||||
Interest expense | (168 | ) | — | (168 | ) | |||||||||||||||||||
Other income (expense), net | 87 | — | 87 | |||||||||||||||||||||
Income before provision for income taxes | 19,869 | (505 | ) | 19,364 | ||||||||||||||||||||
Provision for income taxes | 8,318 | (206 | ) | 8,112 | ||||||||||||||||||||
Net income | $ | 11,551 | $ | (299 | ) | $ | 11,252 | |||||||||||||||||
Earnings per share | ||||||||||||||||||||||||
—Basic | $ | 0.67 | $ | (0.01 | ) | $ | 0.66 | |||||||||||||||||
—Diluted | $ | 0.65 | $ | (0.01 | ) | $ | 0.64 | |||||||||||||||||
Weighted average shares of common stock outstanding used in computing earnings per share | ||||||||||||||||||||||||
—Basic | 17,129,334 | 17,129,334 | ||||||||||||||||||||||
—Diluted | 17,707,839 | 17,707,839 | ||||||||||||||||||||||
The following table presents the effects of the correction on the Company’s consolidated statement of income for the fiscal year ended March 31, 2012 (in thousands, except share and per share amounts): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, 2012 | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
Net Sales | $ | 141,304 | $ | 177 | $ | 141,481 | ||||||||||||||||||
Cost of sales | 85,877 | — | 85,877 | |||||||||||||||||||||
Gross profit | 55,427 | 177 | 55,604 | |||||||||||||||||||||
Selling, general and administrative expenses | 37,495 | 295 | 37,790 | |||||||||||||||||||||
Income from operations | 17,932 | (118 | ) | 17,814 | ||||||||||||||||||||
Interest expense | (161 | ) | — | (161 | ) | |||||||||||||||||||
Other income (expense), net | (1,594 | ) | 518 | (1,076 | ) | |||||||||||||||||||
Income before provision for income taxes | 16,177 | 400 | 16,577 | |||||||||||||||||||||
Provision for income taxes | 6,588 | (47 | ) | 6,541 | ||||||||||||||||||||
Net income | $ | 9,589 | $ | 447 | $ | 10,036 | ||||||||||||||||||
Net income attributable to common stockholders | $ | 290 | $ | 13 | $ | 303 | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||
—Basic | $ | 0.62 | $ | 0.03 | $ | 0.65 | ||||||||||||||||||
—Diluted | $ | 0.26 | $ | 0.01 | $ | 0.27 | ||||||||||||||||||
Weighted average shares of common stock outstanding used in computing earnings per share | ||||||||||||||||||||||||
—Basic | 469,089 | 469,089 | ||||||||||||||||||||||
—Diluted | 1,111,088 | 1,111,088 | ||||||||||||||||||||||
The following table presents the effects of the correction on the impacted line items included in the Company’s consolidated balance sheet as of March 31, 2013 (in thousands): | ||||||||||||||||||||||||
31-Mar-13 | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
Accounts receivable(1) | $ | 20,015 | $ | (1,259 | ) | $ | 18,756 | |||||||||||||||||
Deferred tax assets, current | 2,558 | 582 | 3,140 | |||||||||||||||||||||
Total current assets | 48,288 | (677 | ) | 47,611 | ||||||||||||||||||||
Total assets | 90,212 | (677 | ) | 89,535 | ||||||||||||||||||||
Accrued liabilities(1) | 12,021 | 170 | 12,191 | |||||||||||||||||||||
Total current liabilities | 16,363 | 170 | 16,533 | |||||||||||||||||||||
Total liabilities | 24,283 | 170 | 24,453 | |||||||||||||||||||||
Accumulated deficit | (27,278 | ) | (847 | ) | (28,125 | ) | ||||||||||||||||||
Total stockholders’ equity | 65,929 | (847 | ) | 65,082 | ||||||||||||||||||||
Total liabilities and stockholders’ equity | 90,212 | (677 | ) | 89,535 | ||||||||||||||||||||
_________ | ||||||||||||||||||||||||
(1) Includes an immaterial reclassification between accounts receivable and accrued liabilities. | ||||||||||||||||||||||||
The following tables present the effects of the correction on the impacted line items included in the Company’s consolidated statements of convertible preferred stock and stockholders’ equity / (deficit) for the years ended March 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Accumulated Deficit | Total Stockholders’ Equity / (Deficit) | |||||||||||||||||||||||
Reported | Correction | Revised | Reported | Correction | Revised | |||||||||||||||||||
Balance at March 31, 2011 | $ | (34,868 | ) | $ | (995 | ) | $ | (35,863 | ) | $ | (30,148 | ) | $ | (1,290 | ) | $ | (31,438 | ) | ||||||
Net Income | 9,589 | 447 | 10,036 | 9,589 | 447 | 10,036 | ||||||||||||||||||
Balance at March 31, 2012 | (38,829 | ) | (548 | ) | (39,377 | ) | (34,436 | ) | (548 | ) | (34,984 | ) | ||||||||||||
Net Income | 11,551 | (299 | ) | 11,252 | 11,551 | (299 | ) | 11,252 | ||||||||||||||||
Balance at March 31, 2013 | (27,278 | ) | (847 | ) | (28,125 | ) | 65,929 | (847 | ) | 65,082 | ||||||||||||||
Additional Paid-in Capital | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
Balance at March 31, 2011 | $ | 4,719 | $ | (295 | ) | $ | 4,424 | |||||||||||||||||
Stock-based compensation | 506 | 295 | 801 | |||||||||||||||||||||
Balance at March 31, 2012 | 4,392 | — | 4,392 | |||||||||||||||||||||
Balance at March 31, 2013 | 93,190 | — | 93,190 | |||||||||||||||||||||
The following table presents the effects of the correction on the impacted line items included in the Company’s consolidated statement of cash flows for the year ended March 31, 2013 (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, 2013 | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net Income | $ | 11,551 | $ | (299 | ) | $ | 11,252 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||||||
Deferred taxes | 383 | (206 | ) | 177 | ||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
Accounts receivable(1) | (8,145 | ) | 565 | (7,580 | ) | |||||||||||||||||||
Accrued expenses and other non-current liabilities(1) | 8,254 | (60 | ) | 8,194 | ||||||||||||||||||||
_________ | ||||||||||||||||||||||||
(1) Includes an immaterial reclassification between accounts receivable and accrued expenses and other non-current liabilities. | ||||||||||||||||||||||||
The following table presents the effects of the correction on the impacted line items included in the Company’s consolidated statement of cash flows for the year ended March 31, 2012 (in thousands): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, 2012 | ||||||||||||||||||||||||
Reported | Correction | Revised | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net Income | $ | 9,589 | $ | 447 | $ | 10,036 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||||||
Stock-based compensation | 506 | 295 | 801 | |||||||||||||||||||||
Change in fair value of convertible preferred stock warrant liability | 1,726 | (518 | ) | 1,208 | ||||||||||||||||||||
Deferred taxes | 489 | (47 | ) | 442 | ||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
Accounts receivable(1) | (2,742 | ) | (372 | ) | (3,114 | ) | ||||||||||||||||||
Accrued expenses and other non-current liabilities(1) | (168 | ) | 195 | 27 | ||||||||||||||||||||
_________ | ||||||||||||||||||||||||
(1) Includes an immaterial reclassification between accounts receivable and accrued expenses and other non-current liabilities. |
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Supplemental Balance Sheet Disclosures [Abstract] | ' | |||||||||||||||||||||||||
Inventory | ' | |||||||||||||||||||||||||
Inventory is comprised of the following (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Raw materials | $ | 1,442 | $ | 1,391 | ||||||||||||||||||||||
Work in process | 616 | 2,142 | ||||||||||||||||||||||||
Finished goods | 16,431 | 11,614 | ||||||||||||||||||||||||
Inventory | $ | 18,489 | $ | 15,147 | ||||||||||||||||||||||
Components of property and equipment | ' | |||||||||||||||||||||||||
The useful lives of the property and equipment are as follows: | ||||||||||||||||||||||||||
Equipment and automotive | 3 to 7 years | |||||||||||||||||||||||||
Software | 3 to 7 years | |||||||||||||||||||||||||
Plates and dies | 3 years | |||||||||||||||||||||||||
Leasehold improvements | Shorter of lease term or estimated useful life | |||||||||||||||||||||||||
Property and equipment, net are comprised of the following (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Equipment and automotive | $ | 4,004 | $ | 2,959 | ||||||||||||||||||||||
Software | 2,722 | 2,410 | ||||||||||||||||||||||||
Leasehold improvements | 1,381 | 1,195 | ||||||||||||||||||||||||
Plates and dies | 402 | 244 | ||||||||||||||||||||||||
Construction in progress | 1,058 | 1,090 | ||||||||||||||||||||||||
Total property and equipment | 9,567 | 7,898 | ||||||||||||||||||||||||
Less: Accumulated depreciation and amortization | (2,947 | ) | (1,760 | ) | ||||||||||||||||||||||
Property and equipment, net | $ | 6,620 | $ | 6,138 | ||||||||||||||||||||||
Intangible assets, net | ' | |||||||||||||||||||||||||
Intangible assets, net are comprised of the following (in thousands): | ||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | Useful | ||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | Lives | ||||||||||||||||||||
Product formulas | $ | 1,023 | $ | (119 | ) | $ | 904 | $ | 1,023 | $ | (68 | ) | $ | 955 | 5 - 25 years | |||||||||||
Other intangible assets | 189 | (38 | ) | 151 | 189 | (28 | ) | 161 | 5 - 25 years | |||||||||||||||||
Total | $ | 1,212 | $ | (157 | ) | $ | 1,055 | $ | 1,212 | $ | (96 | ) | $ | 1,116 | ||||||||||||
Components of accrued liabilities | ' | |||||||||||||||||||||||||
The following table shows the components of accrued liabilities (in thousands): | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Payroll and employee-related expenses | $ | 2,907 | $ | 3,779 | ||||||||||||||||||||||
Inventory received not invoiced | 2,744 | 4,038 | ||||||||||||||||||||||||
Accrued trade expenses | 1,898 | 2,469 | ||||||||||||||||||||||||
Income tax payable | 1,727 | — | ||||||||||||||||||||||||
Brokerage commissions | 421 | 407 | ||||||||||||||||||||||||
Deferred rent | 244 | 260 | ||||||||||||||||||||||||
Other accrued liabilities | 739 | 1,238 | ||||||||||||||||||||||||
Total accrued liabilities | $ | 10,680 | $ | 12,191 | ||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future Minimum Lease Payments under Non-cancelable Operating Leases | ' | |||
Future minimum lease payments under the non-cancelable operating leases as of March 31, 2014 are as follows (in thousands): | ||||
Lease Payments | ||||
Fiscal Year Ending March 31: | ||||
2015 | $ | 682 | ||
2016 | 680 | |||
2017 | 676 | |||
2018 | 663 | |||
2019 | 586 | |||
Total future minimum lease payments | $ | 3,287 | ||
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of Activity of Stock Options | ' | |||||||||||||
Activity of stock options under our 2004 Plan, non-plan option awards and Omnibus Incentive Plan is set forth below: | ||||||||||||||
Number of Shares | Weighted-Average | Weighted-Average Remaining Contractual Life (in Years) | Aggregate Intrinsic Value | |||||||||||
Exercise Price | ||||||||||||||
(in thousands) | ||||||||||||||
Balance at March 31, 2013 | 1,203,990 | $ | 13.26 | |||||||||||
Granted | 66,690 | 41.8 | ||||||||||||
Forfeited | (169,936 | ) | 25.78 | |||||||||||
Exercised | (186,919 | ) | 10.48 | |||||||||||
Balance at March 31, 2014 | 913,825 | $ | 13.58 | |||||||||||
Vested and expected to vest—March 31, 2014 | 779,907 | $ | 11.09 | 3.9 | $ | 22,692 | ||||||||
Exercisable—March 31, 2014 | 674,565 | $ | 8.87 | 3.2 | $ | 21,128 | ||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||||||
The following table summarizes information about stock options outstanding at March 31, 2014: | ||||||||||||||
Options Outstanding | ||||||||||||||
Weighted-Average | ||||||||||||||
Remaining | ||||||||||||||
Stock Options | Contractual Life | Options | ||||||||||||
Exercise Price | Outstanding | (Years) | Exercisable | |||||||||||
$4.93—$6.62 | 376,963 | 1.8 | 376,963 | |||||||||||
$7.30—$8.88 | 192,809 | 3.5 | 192,809 | |||||||||||
$16.94—$19.00 | 244,406 | 7.8 | 96,793 | |||||||||||
$30.01—$35.00 | 40,000 | 8.8 | 8,000 | |||||||||||
$35.01—$40.00 | 22,867 | 9.1 | — | |||||||||||
$40.01—$45.00 | 36,780 | 9.3 | — | |||||||||||
913,825 | 4.6 | 674,565 | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected term (in years) | 5.2 - 6.0 | 5.2 | 5.2 - 6.9 | |||||||||||
Expected volatility | 38.2% - 39.7% | 39.8% - 40.8% | 41.0% - 42.0% | |||||||||||
Risk-free interest rate | 0.7% - 2.1% | 0.8% - 1.1% | 1.1% - 3.1% | |||||||||||
Expected dividend rate | 0% | 0% | 0% | |||||||||||
Summary of Activity of Unvested Restricted Stock Units and Performance Share Units | ' | |||||||||||||
The following table summarizes the activity of unvested restricted stock units and performance share units: | ||||||||||||||
Shares-Based Awards | Shares | Weighted-Average | ||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Unvested at March 31, 2013 | 71,165 | $ | 21.73 | |||||||||||
Granted | 65,352 | 41.36 | ||||||||||||
Vested | (11,017 | ) | 30.19 | |||||||||||
Forfeited | (36,590 | ) | 29.67 | |||||||||||
Unvested at March 31, 2014 | 88,910 | $ | 31.84 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Income Per Share of Common Stock | ' | |||||||||||
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted earnings per share of common stock for the periods presented, because including them would have been anti-dilutive: | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Options to purchase common stock | 57,085 | 91,239 | 379,304 | |||||||||
Restricted stock units | 10,651 | — | 16,700 | |||||||||
Convertible preferred stock (on an as-if converted basis) | — | — | 15,221,571 | |||||||||
Convertible preferred stock warrant | — | — | 80,560 | |||||||||
Total | 67,736 | 91,239 | 15,698,135 | |||||||||
Reconciliation of Basic and Diluted Net Income Per Share Attributable to Common Stockholders | ' | |||||||||||
A reconciliation of the basic and diluted earnings per share attributable to common stockholders is as follows (in thousands except share and per share amounts): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings per share: | ||||||||||||
Net income | $ | 15,289 | $ | 11,252 | $ | 10,036 | ||||||
Less: Dividends paid to convertible preferred stockholders | — | — | 13,141 | |||||||||
Undistributed loss attributable to convertible preferred stockholders | — | — | (3,408 | ) | ||||||||
Net income attributable to common stockholders | $ | 15,289 | $ | 11,252 | $ | 303 | ||||||
Weighted average shares of common stock outstanding used in computing earnings per share—basic | 16,926,827 | 17,129,334 | 469,089 | |||||||||
Potential dilutive options | 467,146 | 570,210 | 641,999 | |||||||||
Potential dilutive restricted stock units | 18,575 | 8,295 | — | |||||||||
Weighted average shares of common stock outstanding used in computing earnings per share—diluted | 17,412,548 | 17,707,839 | 1,111,088 | |||||||||
Earnings per share | $ | 0.9 | $ | 0.66 | $ | 0.65 | ||||||
—Basic | ||||||||||||
—Diluted | $ | 0.88 | $ | 0.64 | $ | 0.27 | ||||||
Geographic_Areas_and_Product_S1
Geographic Areas and Product Sales (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Net Sales by Geographic Area | ' | |||||||||||
The Company’s net sales by geographic area, based on the location to which the product was shipped, are summarized as follows (in thousands): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 195,613 | $ | 162,263 | $ | 136,973 | ||||||
Canada | 8,491 | 7,209 | 4,508 | |||||||||
$ | 204,104 | $ | 169,472 | $ | 141,481 | |||||||
Net Sales by Product Category | ' | |||||||||||
The following table sets forth net sales by product category (in thousands): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Meals | $ | 99,004 | $ | 79,006 | $ | 60,680 | ||||||
Snacks | 79,074 | 66,662 | 56,868 | |||||||||
Dressings, condiments and other | 26,026 | 23,804 | 23,933 | |||||||||
$ | 204,104 | $ | 169,472 | $ | 141,481 | |||||||
Product_Recall_Tables
Product Recall (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Product Recall Disclosure [Abstract] | ' | |||||||
Impact of the Recall-Related Charges and Related Insurance Recoveries | ' | |||||||
The impact of recall-related charges and related insurance recoveries is as follows (in thousands except per share amounts): | ||||||||
Fiscal Year Ended March 31, | ||||||||
2014 | 2013 | |||||||
Benefit to / (reduction of) net sales | $ | 1,071 | $ | (1,096 | ) | |||
Benefit to / (incremental) cost of sales | 628 | (1,080 | ) | |||||
Benefit to / (incremental) selling, general and administrative expenses | (24 | ) | (171 | ) | ||||
Total benefit to / (reduction of) income before income taxes | $ | 1,675 | $ | (2,347 | ) | |||
Benefit to / (reduction of) net income | $ | 992 | $ | (1,364 | ) | |||
Benefit to / (reduction of) net income per diluted share | $ | 0.06 | $ | (0.08 | ) | |||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Provision for Income Taxes | ' | |||||||||||
The provision for income taxes was as follows (in thousands): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
Federal | $ | 8,110 | $ | 6,111 | $ | 4,205 | ||||||
State | 1,934 | 1,824 | 1,894 | |||||||||
10,044 | 7,935 | 6,099 | ||||||||||
Deferred | ||||||||||||
Federal | 226 | 504 | 893 | |||||||||
State | 267 | (327 | ) | (451 | ) | |||||||
493 | 177 | 442 | ||||||||||
Provision for income taxes | $ | 10,537 | $ | 8,112 | $ | 6,541 | ||||||
Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Tax | ' | |||||||||||
The reconciliation of the statutory federal income tax rate to the Company’s effective tax is presented below: | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax at federal statutory rate | 35 | % | 35 | % | 34.2 | % | ||||||
State income taxes, net of federal benefit | 5.5 | 5 | 5.8 | |||||||||
Non-deductible permanent difference | 0.5 | 2.1 | 2.5 | |||||||||
Effect of tax rate change | — | — | (1.0 | ) | ||||||||
Other | (0.2 | ) | (0.2 | ) | (2.0 | ) | ||||||
40.8 | % | 41.9 | % | 39.5 | % | |||||||
Tax Effects of Temporary Differences | ' | |||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets are presented below (in thousands): | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Deferred tax assets | ||||||||||||
Credits and net operating loss carryforwards | $ | 3,287 | $ | 3,749 | $ | 3,975 | ||||||
Share-based compensation expense | 1,134 | 1,332 | 1,441 | |||||||||
Accrued compensation | 934 | 1,211 | 895 | |||||||||
Reserves and allowances | 1,231 | 1,018 | 439 | |||||||||
Capital loss carryforward | — | 428 | 424 | |||||||||
Other, net | 1,021 | 645 | 729 | |||||||||
Gross deferred tax assets | 7,607 | 8,383 | 7,903 | |||||||||
Valuation allowance | — | (428 | ) | (424 | ) | |||||||
Total deferred tax assets | 7,607 | 7,955 | 7,479 | |||||||||
Deferred tax liabilities | ||||||||||||
Property, plant and equipment | (1,256 | ) | (1,111 | ) | (458 | ) | ||||||
Total deferred tax liabilities | (1,256 | ) | (1,111 | ) | (458 | ) | ||||||
Net deferred tax assets | $ | 6,351 | $ | 6,844 | $ | 7,021 | ||||||
Net Operating Loss Carryforwards for Tax Purposes | ' | |||||||||||
The Company had the following net operating loss (“NOL”) carryforwards (in thousands): | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal | $ | 8,274 | $ | 9,276 | $ | 9,931 | ||||||
State | 6,605 | 7,165 | 7,686 | |||||||||
Joplin_Acquisition_Tables
Joplin Acquisition (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Preliminary Allocation of Aggregate Cost | ' | |||
The preliminary allocation of the aggregate cost of acquisition was as follows (in thousands): | ||||
Total Preliminary Purchase Price Allocation | ||||
Machinery and equipment | $ | 4,463 | ||
Inventory | 1,495 | |||
Building and improvement | 920 | |||
Land | 180 | |||
Goodwill | 450 | |||
Total purchase price | $ | 7,508 | ||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data | ' | |||||||||||||||||||||||||||||||||||||||||||||||
The following table provides the quarterly financial data for fiscal 2014, and includes the effect of the aforementioned revisions (see Note 2) to the Company's Consolidated Statements of Income and certain other immaterial corrections for the fiscal quarters presented: | ||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2014 Quarters | ||||||||||||||||||||||||||||||||||||||||||||||||
First | Second | Third | ||||||||||||||||||||||||||||||||||||||||||||||
Reported | Correction | Revised | Reported | Correction | Revised | Reported | Correction | Revised | ||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 39,040 | $ | 278 | $ | 39,318 | $ | 58,650 | $ | (340 | ) | $ | 58,310 | $ | 46,177 | $ | 242 | $ | 46,419 | |||||||||||||||||||||||||||||
Cost of sales | 24,278 | — | 24,278 | 36,749 | 183 | 36,932 | 27,951 | 277 | 28,228 | |||||||||||||||||||||||||||||||||||||||
Gross profit | 14,762 | 278 | 15,040 | 21,901 | (523 | ) | 21,378 | 18,226 | (35 | ) | 18,191 | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 11,327 | 37 | 11,364 | 12,538 | 37 | 12,575 | 13,421 | — | 13,421 | |||||||||||||||||||||||||||||||||||||||
Income from operations | 3,435 | 241 | 3,676 | 9,363 | (560 | ) | 8,803 | 4,805 | (35 | ) | 4,770 | |||||||||||||||||||||||||||||||||||||
Interest expense | (71 | ) | — | (71 | ) | (104 | ) | — | (104 | ) | (80 | ) | — | (80 | ) | |||||||||||||||||||||||||||||||||
Other income (expense), net | 26 | — | 26 | 32 | — | 32 | 30 | — | 30 | |||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 3,390 | 241 | 3,631 | 9,291 | (560 | ) | 8,731 | 4,755 | (35 | ) | 4,720 | |||||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,361 | 98 | 1,459 | 3,739 | (228 | ) | 3,511 | 1,966 | (15 | ) | 1,951 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 2,029 | $ | 143 | $ | 2,172 | $ | 5,552 | $ | (332 | ) | $ | 5,220 | $ | 2,789 | $ | (20 | ) | $ | 2,769 | ||||||||||||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | $ | 0.12 | $ | 0.01 | $ | 0.13 | $ | 0.33 | $ | (0.02 | ) | $ | 0.31 | $ | 0.16 | $ | — | $ | 0.16 | |||||||||||||||||||||||||||||
—Diluted | $ | 0.12 | $ | 0.01 | $ | 0.13 | $ | 0.32 | $ | (0.02 | ) | $ | 0.3 | $ | 0.16 | $ | — | $ | 0.16 | |||||||||||||||||||||||||||||
Weighted average shares of common stock outstanding used in computing earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | 16,869,557 | 16,869,557 | 16,869,557 | 16,896,227 | 16,896,227 | 16,896,227 | 16,937,139 | 16,937,139 | 16,937,139 | |||||||||||||||||||||||||||||||||||||||
—Diluted | 17,353,222 | 17,353,222 | 17,353,222 | 17,392,447 | 17,392,447 | 17,392,447 | 17,398,006 | 17,398,006 | 17,398,006 | |||||||||||||||||||||||||||||||||||||||
The following table provides the quarterly financial data for fiscal 2013 and includes the effect of the aforementioned revisions (see Note 2) to the Company's Consolidated Statements of Income for the fiscal quarters presented: | ||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | |||||||||||||||||||||||||||||||||||||||||||||
Reported | Correction | Revised | Reported | Correction | Revised | Reported | Correction | Revised | Reported | Correction | Revised | |||||||||||||||||||||||||||||||||||||
Net Sales | $ | 34,293 | $ | 117 | $ | 34,410 | $ | 46,686 | $ | (35 | ) | $ | 46,651 | $ | 36,283 | $ | 36 | $ | 36,319 | $ | 52,715 | $ | (623 | ) | $ | 52,092 | ||||||||||||||||||||||
Cost of sales | 20,486 | — | 20,486 | 28,786 | — | 28,786 | 23,267 | — | 23,267 | 32,027 | — | 32,027 | ||||||||||||||||||||||||||||||||||||
Gross profit | 13,807 | 117 | 13,924 | 17,900 | (35 | ) | 17,865 | 13,016 | 36 | 13,052 | 20,688 | (623 | ) | 20,065 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 10,211 | — | 10,211 | 11,539 | — | 11,539 | 10,687 | — | 10,687 | 13,024 | — | 13,024 | ||||||||||||||||||||||||||||||||||||
Income from operations | 3,596 | 117 | 3,713 | 6,361 | (35 | ) | 6,326 | 2,329 | 36 | 2,365 | 7,664 | (623 | ) | 7,041 | ||||||||||||||||||||||||||||||||||
Interest expense | (40 | ) | — | (40 | ) | (40 | ) | — | (40 | ) | (40 | ) | — | (40 | ) | (48 | ) | — | (48 | ) | ||||||||||||||||||||||||||||
Other income (expense), net | 49 | — | 49 | 36 | — | 36 | 31 | — | 31 | (29 | ) | — | (29 | ) | ||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 3,605 | 117 | 3,722 | 6,357 | (35 | ) | 6,322 | 2,320 | 36 | 2,356 | 7,587 | (623 | ) | 6,964 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,474 | 47 | 1,521 | 2,572 | (14 | ) | 2,558 | 919 | 15 | 934 | 3,353 | (254 | ) | 3,099 | ||||||||||||||||||||||||||||||||||
Net income | $ | 2,131 | $ | 70 | $ | 2,201 | $ | 3,785 | $ | (21 | ) | $ | 3,764 | $ | 1,401 | $ | 21 | $ | 1,422 | $ | 4,234 | $ | (369 | ) | $ | 3,865 | ||||||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | $ | 0.13 | $ | — | $ | 0.13 | $ | 0.22 | $ | — | $ | 0.22 | $ | 0.08 | $ | — | $ | 0.08 | $ | 0.25 | $ | (0.02 | ) | $ | 0.22 | |||||||||||||||||||||||
—Diluted | $ | 0.12 | $ | — | $ | 0.12 | $ | 0.21 | $ | — | $ | 0.21 | $ | 0.08 | $ | — | $ | 0.08 | $ | 0.24 | $ | (0.02 | ) | $ | 0.22 | |||||||||||||||||||||||
Weighted average shares of common stock outstanding | ` | |||||||||||||||||||||||||||||||||||||||||||||||
used in computing earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | 16,936,007 | 16,936,007 | 16,936,007 | 17,070,327 | 17,070,327 | 17,070,327 | 17,249,536 | 17,249,536 | 17,249,536 | 17,262,253 | 17,262,253 | 17,262,253 | ||||||||||||||||||||||||||||||||||||
—Diluted | 17,600,908 | 17,600,908 | 17,600,908 | 17,702,516 | 17,702,516 | 17,702,516 | 17,781,720 | 17,781,720 | 17,781,720 | 17,724,131 | 17,724,131 | 17,724,131 | ||||||||||||||||||||||||||||||||||||
The following table provides the selected quarterly financial data for fiscal 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year 2014 | Fiscal Year 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sept. 30 | June 30, | Mar. 31, | Dec. 31, | Sept. 30 | June 30, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | |||||||||||||||||||||||||||||||||||||||||
(in thousands, except for share and per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 60,057 | $ | 46,419 | $ | 58,310 | $ | 39,318 | $ | 52,092 | $ | 36,319 | $ | 46,651 | $ | 34,410 | ||||||||||||||||||||||||||||||||
Cost of sales | 39,037 | 28,228 | 36,932 | 24,278 | 32,027 | 23,267 | 28,786 | 20,486 | ||||||||||||||||||||||||||||||||||||||||
Gross profit | 21,020 | 18,191 | 21,378 | 15,040 | 20,065 | 13,052 | 17,865 | 13,924 | ||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 8,744 | 4,720 | 8,731 | 3,631 | 6,964 | 2,356 | 6,322 | 3,722 | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 5,128 | $ | 2,769 | $ | 5,220 | $ | 2,172 | $ | 3,865 | $ | 1,422 | $ | 3,764 | $ | 2,201 | ||||||||||||||||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | $ | 0.3 | $ | 0.16 | $ | 0.31 | $ | 0.13 | $ | 0.22 | $ | 0.08 | $ | 0.22 | $ | 0.13 | ||||||||||||||||||||||||||||||||
—Diluted | $ | 0.29 | $ | 0.16 | $ | 0.3 | $ | 0.13 | $ | 0.22 | $ | 0.08 | $ | 0.21 | $ | 0.12 | ||||||||||||||||||||||||||||||||
Weighted average shares of common stock outstanding used in computing earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||
—Basic | 17,005,472 | 16,937,139 | 16,896,227 | 16,869,557 | 17,262,253 | 17,249,536 | 17,070,327 | 16,936,007 | ||||||||||||||||||||||||||||||||||||||||
—Diluted | 17,425,573 | 17,398,006 | 17,392,447 | 17,353,222 | 17,724,131 | 17,781,720 | 17,702,516 | 17,600,908 | ||||||||||||||||||||||||||||||||||||||||
Description_of_Business_Detail
Description of Business (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Product | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Incorporation date | 28-Apr-04 |
Number of products offered | 145 |
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies - Concentration risk (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Concentration Risk [Line Items] | ' | ' | ' |
Number Of Major Customer | 3 | 3 | ' |
Accounts Receivable | Credit Concentration Risk | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk, percentage | 58.00% | 72.00% | ' |
Customer A | Sales Revenue, Goods, Net | Customer Concentration Risk | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk, percentage | 22.00% | 25.00% | 25.00% |
Customer B | Sales Revenue, Goods, Net | Customer Concentration Risk | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk, percentage | 15.00% | 17.00% | 15.00% |
Customer C | Sales Revenue, Goods, Net | Customer Concentration Risk | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk, percentage | 13.00% | 11.00% | 11.00% |
Customer C | Accounts Receivable | Credit Concentration Risk | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk, percentage | 10.00% | 10.00% | ' |
Major Customer Two | Accounts Receivable | Credit Concentration Risk | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk, percentage | 17.00% | 26.00% | ' |
Major Customer One | Accounts Receivable | Credit Concentration Risk | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk, percentage | ' | 36.00% | ' |
Major Customer | Accounts Receivable | Credit Concentration Risk | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk, percentage | 31.00% | ' | ' |
Supplier One | Accounts Payable | Supplier Concentration Risk | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Number of Major Suppliers | 2 | 2 | ' |
Concentration risk, percentage | 49.00% | 49.00% | ' |
Supplier Two | Accounts Payable | Supplier Concentration Risk | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Number of Major Suppliers | 4 | 4 | ' |
Concentration risk, percentage | 75.00% | 75.00% | ' |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Allowance for doubtful accounts | $0 | $0 | ' | ' |
Capitalized software development costs, net of accumulated amortization | 2,700,000 | 2,100,000 | ' | ' |
Construction in progress | 1,000,000 | 400,000 | ' | ' |
Shipping and handling costs | 7,200,000 | 5,700,000 | 4,800,000 | ' |
Research and development cost | 2,300,000 | 2,800,000 | 2,000,000 | ' |
Advertising costs | 1,500,000 | 900,000 | 1,200,000 | ' |
Estimated Amount of Overstatement (Understatement) Prior To Adjustment | ' | 500,000 | -200,000 | ' |
Error Correction Cumulative Effect of Restatement on Net Assets | ' | 1,400,000 | ' | 700,000 |
Correction Relating to Convertible Preferred Stock Warrant Liability | Accumulated Deficit | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Quantifying misstatement in financial statements, amount | ' | ' | 400,000 | ' |
Correction Relating to Convertible Preferred Stock Warrant Liability | Other Income (Expense) and Net Income | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Quantifying misstatement in financial statements, amount | ' | ' | 500,000 | ' |
Correction Relating to Stock-Based Compensation | Accumulated Deficit | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Quantifying misstatement in financial statements, amount | ' | ' | 200,000 | ' |
Correction Relating to Stock-Based Compensation | Selling, General and Administrative Expenses | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Quantifying misstatement in financial statements, amount | ' | ' | 300,000 | ' |
Correction Relating to Stock-Based Compensation | Net Income | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Quantifying misstatement in financial statements, amount | ' | ' | $200,000 | ' |
Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Useful life of intangible assets | '5 years | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Useful life of intangible assets | '25 years | ' | ' | ' |
Equipment and automotive | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Useful life of property and equipment | '3 years | ' | ' | ' |
Equipment and automotive | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Useful life of property and equipment | '7 years | ' | ' | ' |
Software | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Useful life of property and equipment | '3 years | ' | ' | ' |
Software | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Useful life of property and equipment | '7 years | ' | ' | ' |
Plates and dies | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Useful life of property and equipment | '3 years | ' | ' | ' |
Basis_of_Presentation_and_Summ5
Basis of Presentation and Summary of Significant Accounting Policies - Effects of the Corrections on the Financial Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | ||||
Net sales | $60,057 | $46,419 | $58,310 | $39,318 | $52,092 | $36,319 | $46,651 | $34,410 | $204,104 | $169,472 | $141,481 | ' | ||||
Cost of sales | 39,037 | 28,228 | 36,932 | 24,278 | 32,027 | 23,267 | 28,786 | 20,486 | 128,475 | 104,566 | 85,877 | ' | ||||
Gross profit | 21,020 | 18,191 | 21,378 | 15,040 | 20,065 | 13,052 | 17,865 | 13,924 | 75,629 | 64,906 | 55,604 | ' | ||||
Selling, general and administrative expenses | ' | 13,421 | 12,575 | 11,364 | 13,024 | 10,687 | 11,539 | 10,211 | 49,509 | 45,461 | 37,790 | ' | ||||
Income from operations | ' | 4,770 | 8,803 | 3,676 | 7,041 | 2,365 | 6,326 | 3,713 | 26,120 | 19,445 | 17,814 | ' | ||||
Interest expense | ' | -80 | -104 | -71 | -48 | -40 | -40 | -40 | -335 | -168 | -161 | ' | ||||
Other income (expense), net | ' | 30 | 32 | 26 | -29 | 31 | 36 | 49 | 41 | 87 | -1,076 | ' | ||||
Income before provision for income taxes | 8,744 | 4,720 | 8,731 | 3,631 | 6,964 | 2,356 | 6,322 | 3,722 | 25,826 | 19,364 | 16,577 | ' | ||||
Provision for income taxes | ' | 1,951 | 3,511 | 1,459 | 3,099 | 934 | 2,558 | 1,521 | 10,537 | 8,112 | 6,541 | ' | ||||
Net Income | 5,128 | 2,769 | 5,220 | 2,172 | 3,865 | 1,422 | 3,764 | 2,201 | 15,289 | 11,252 | 10,036 | ' | ||||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 465 | 1,064 | 801 | ' | ||||
Net income attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 15,289 | 11,252 | 303 | ' | ||||
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
-Basic (in dollars per share) | $0.30 | $0.16 | $0.31 | $0.13 | $0.22 | $0.08 | $0.22 | $0.13 | $0.90 | $0.66 | $0.65 | ' | ||||
-Diluted (in dollars per share) | $0.29 | $0.16 | $0.30 | $0.13 | $0.22 | $0.08 | $0.21 | $0.12 | $0.88 | $0.64 | $0.27 | ' | ||||
Weighted average shares of common stock outstanding used in computing earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
-Basic (shares) | 17,005,472 | 16,937,139 | 16,896,227 | 16,869,557 | 17,262,253 | 17,249,536 | 17,070,327 | 16,936,007 | 16,926,827 | 17,129,334 | 469,089 | ' | ||||
-Diluted (shares) | 17,425,573 | 17,398,006 | 17,392,447 | 17,353,222 | 17,724,131 | 17,781,720 | 17,702,516 | 17,600,908 | 17,412,548 | 17,707,839 | 1,111,088 | ' | ||||
Accounts receivable | 18,324 | ' | ' | ' | 18,756 | [1] | ' | ' | ' | 18,324 | 18,756 | [1] | ' | ' | ||
Deferred tax assets | 3,312 | ' | ' | ' | 3,140 | ' | ' | ' | 3,312 | 3,140 | ' | ' | ||||
Total current assets | 61,710 | ' | ' | ' | 47,611 | ' | ' | ' | 61,710 | 47,611 | ' | ' | ||||
Total assets | 103,641 | ' | ' | ' | 89,535 | ' | ' | ' | 103,641 | 89,535 | ' | ' | ||||
Accrued liabilities | 10,680 | ' | ' | ' | 12,191 | [1] | ' | ' | ' | 10,680 | 12,191 | [1] | ' | ' | ||
Accrued expenses and other non-current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 194 | 8,194 | [1] | 27 | [1] | ' | ||
Total current liabilities | 17,824 | ' | ' | ' | 16,533 | ' | ' | ' | 17,824 | 16,533 | ' | ' | ||||
Liabilities | 18,729 | ' | ' | ' | 24,453 | ' | ' | ' | 18,729 | 24,453 | ' | ' | ||||
Accumulated deficit | -12,836 | ' | ' | ' | -28,125 | ' | ' | ' | -12,836 | -28,125 | -39,377 | -35,863 | ||||
Additional paid-in capital | 97,731 | ' | ' | ' | 93,190 | ' | ' | ' | 97,731 | 93,190 | 4,392 | 4,424 | ||||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 465 | 1,064 | 801 | ' | ||||
Total stockholders’ equity | 84,912 | ' | ' | ' | 65,082 | ' | ' | ' | 84,912 | 65,082 | -34,984 | -31,438 | ||||
Total liabilities and stockholders’ equity | 103,641 | ' | ' | ' | 89,535 | ' | ' | ' | 103,641 | 89,535 | ' | ' | ||||
Deferred taxes | ' | ' | ' | ' | ' | ' | ' | ' | 493 | 177 | 442 | ' | ||||
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | 432 | -7,580 | [1] | -3,114 | [1] | ' | ||
Change in fair value of convertible preferred stock warrant liability | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 13 | 1,208 | ' | ||||
Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | ' | 46,177 | 58,650 | 39,040 | 52,715 | 36,283 | 46,686 | 34,293 | ' | 169,977 | 141,304 | ' | ||||
Cost of sales | ' | 27,951 | 36,749 | 24,278 | 32,027 | 23,267 | 28,786 | 20,486 | ' | 104,566 | 85,877 | ' | ||||
Gross profit | ' | 18,226 | 21,901 | 14,762 | 20,688 | 13,016 | 17,900 | 13,807 | ' | 65,411 | 55,427 | ' | ||||
Selling, general and administrative expenses | ' | 13,421 | 12,538 | 11,327 | 13,024 | 10,687 | 11,539 | 10,211 | ' | 45,461 | 37,495 | ' | ||||
Income from operations | ' | 4,805 | 9,363 | 3,435 | 7,664 | 2,329 | 6,361 | 3,596 | ' | 19,950 | 17,932 | ' | ||||
Interest expense | ' | -80 | -104 | -71 | -48 | -40 | -40 | -40 | ' | -168 | -161 | ' | ||||
Other income (expense), net | ' | 30 | 32 | 26 | -29 | 31 | 36 | 49 | ' | 87 | -1,594 | ' | ||||
Income before provision for income taxes | ' | 4,755 | 9,291 | 3,390 | 7,587 | 2,320 | 6,357 | 3,605 | ' | 19,869 | 16,177 | ' | ||||
Provision for income taxes | ' | 1,966 | 3,739 | 1,361 | 3,353 | 919 | 2,572 | 1,474 | ' | 8,318 | 6,588 | ' | ||||
Net Income | ' | 2,789 | 5,552 | 2,029 | 4,234 | 1,401 | 3,785 | 2,131 | ' | 11,551 | 9,589 | ' | ||||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 506 | ' | ||||
Net income attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 290 | ' | ||||
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
-Basic (in dollars per share) | ' | $0.16 | $0.33 | $0.12 | $0.25 | $0.08 | $0.22 | $0.13 | ' | $0.67 | $0.62 | ' | ||||
-Diluted (in dollars per share) | ' | $0.16 | $0.32 | $0.12 | $0.24 | $0.08 | $0.21 | $0.12 | ' | $0.65 | $0.26 | ' | ||||
Weighted average shares of common stock outstanding used in computing earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
-Basic (shares) | ' | 16,937,139 | 16,896,227 | 16,869,557 | 17,262,253 | 17,249,536 | 17,070,327 | 16,936,007 | ' | 17,129,334 | 469,089 | ' | ||||
-Diluted (shares) | ' | 17,398,006 | 17,392,447 | 17,353,222 | 17,724,131 | 17,781,720 | 17,702,516 | 17,600,908 | ' | 17,707,839 | 1,111,088 | ' | ||||
Accounts receivable | ' | ' | ' | ' | 20,015 | [1] | ' | ' | ' | ' | 20,015 | [1] | ' | ' | ||
Deferred tax assets | ' | ' | ' | ' | 2,558 | ' | ' | ' | ' | 2,558 | ' | ' | ||||
Total current assets | ' | ' | ' | ' | 48,288 | ' | ' | ' | ' | 48,288 | ' | ' | ||||
Total assets | ' | ' | ' | ' | 90,212 | ' | ' | ' | ' | 90,212 | ' | ' | ||||
Accrued liabilities | ' | ' | ' | ' | 12,021 | [1] | ' | ' | ' | ' | 12,021 | [1] | ' | ' | ||
Accrued expenses and other non-current liabilities | ' | ' | ' | ' | ' | ' | ' | -168 | [1] | ' | 8,254 | [1] | ' | ' | ||
Total current liabilities | ' | ' | ' | ' | 16,363 | ' | ' | ' | ' | 16,363 | ' | ' | ||||
Liabilities | ' | ' | ' | ' | 24,283 | ' | ' | ' | ' | 24,283 | ' | ' | ||||
Accumulated deficit | ' | ' | ' | ' | -27,278 | ' | ' | ' | ' | -27,278 | -38,829 | -34,868 | ||||
Additional paid-in capital | ' | ' | ' | ' | 93,190 | ' | ' | ' | ' | 93,190 | 4,392 | 4,719 | ||||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 506 | ' | ||||
Total stockholders’ equity | ' | ' | ' | ' | 65,929 | ' | ' | ' | ' | 65,929 | -34,436 | -30,148 | ||||
Total liabilities and stockholders’ equity | ' | ' | ' | ' | 90,212 | ' | ' | ' | ' | 90,212 | ' | ' | ||||
Deferred taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 383 | 489 | ' | ||||
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,145 | [1] | -2,742 | [1] | ' | ||
Change in fair value of convertible preferred stock warrant liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,726 | ' | ||||
Correction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales | ' | 242 | -340 | 278 | -623 | 36 | -35 | 117 | ' | -505 | 177 | ' | ||||
Cost of sales | ' | 277 | 183 | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | ' | ||||
Gross profit | ' | -35 | -523 | 278 | -623 | 36 | -35 | 117 | ' | -505 | 177 | ' | ||||
Selling, general and administrative expenses | ' | 0 | 37 | 37 | 0 | 0 | 0 | 0 | ' | 0 | 295 | ' | ||||
Income from operations | ' | -35 | -560 | 241 | -623 | 36 | -35 | 117 | ' | -505 | -118 | ' | ||||
Interest expense | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | ' | ||||
Other income (expense), net | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | 0 | 518 | ' | ||||
Income before provision for income taxes | ' | -35 | -560 | 241 | -623 | 36 | -35 | 117 | ' | -505 | 400 | ' | ||||
Provision for income taxes | ' | -15 | -228 | 98 | -254 | 15 | -14 | 47 | ' | -206 | -47 | ' | ||||
Net Income | ' | -20 | -332 | 143 | -369 | 21 | -21 | 70 | ' | -299 | 447 | ' | ||||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 295 | ' | ||||
Net income attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ||||
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
-Basic (in dollars per share) | ' | $0 | ($0.02) | $0.01 | ($0.02) | $0 | $0 | $0 | ' | ($0.01) | $0.03 | ' | ||||
-Diluted (in dollars per share) | ' | $0 | ($0.02) | $0.01 | ($0.02) | $0 | $0 | $0 | ' | ($0.01) | $0.01 | ' | ||||
Weighted average shares of common stock outstanding used in computing earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
-Basic (shares) | ' | 16,937,139 | 16,896,227 | 16,869,557 | 17,262,253 | 17,249,536 | 17,070,327 | 16,936,007 | ' | ' | ' | ' | ||||
-Diluted (shares) | ' | 17,398,006 | 17,392,447 | 17,353,222 | 17,724,131 | 17,781,720 | 17,702,516 | 17,600,908 | ' | ' | ' | ' | ||||
Accounts receivable | ' | ' | ' | ' | -1,259 | [1] | ' | ' | ' | ' | -1,259 | [1] | ' | ' | ||
Deferred tax assets | ' | ' | ' | ' | 582 | ' | ' | ' | ' | 582 | ' | ' | ||||
Total current assets | ' | ' | ' | ' | -677 | ' | ' | ' | ' | -677 | ' | ' | ||||
Total assets | ' | ' | ' | ' | -677 | ' | ' | ' | ' | -677 | ' | ' | ||||
Accrued liabilities | ' | ' | ' | ' | 170 | [1] | ' | ' | ' | ' | 170 | [1] | ' | ' | ||
Accrued expenses and other non-current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -60 | [1] | 195 | [1] | ' | ||
Total current liabilities | ' | ' | ' | ' | 170 | ' | ' | ' | ' | 170 | ' | ' | ||||
Liabilities | ' | ' | ' | ' | 170 | ' | ' | ' | ' | 170 | ' | ' | ||||
Accumulated deficit | ' | ' | ' | ' | -847 | ' | ' | ' | ' | -847 | -548 | -995 | ||||
Additional paid-in capital | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | -295 | ||||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 295 | ' | ||||
Total stockholders’ equity | ' | ' | ' | ' | -847 | ' | ' | ' | ' | -847 | -548 | -1,290 | ||||
Total liabilities and stockholders’ equity | ' | ' | ' | ' | -677 | ' | ' | ' | ' | -677 | ' | ' | ||||
Deferred taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -206 | -47 | ' | ||||
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 565 | [1] | -372 | [1] | ' | ||
Change in fair value of convertible preferred stock warrant liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($518) | ' | ||||
[1] | Includes an immaterial reclassification between accounts receivable and accrued liabilities. |
Initial_Public_Offering_IPO_De
Initial Public Offering (IPO) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2013 | Sep. 30, 2012 | Apr. 02, 2012 | Apr. 02, 2012 |
IPO | ||||
Class of Stock [Line Items] | ' | ' | ' | ' |
Sale of stock, transaction date | ' | ' | ' | 2-Apr-12 |
Number of shares sold by the Company | ' | ' | ' | 950,000 |
Common stock, offering price | ' | ' | ' | $19 |
Net proceeds from IPO | ' | ' | ' | $11.10 |
Underwriting discounts and commissions | ' | ' | ' | 1.3 |
Offering expenses | $0.50 | $0.70 | ' | $5.60 |
Number of shares sold to shareholders | ' | ' | ' | 4,800,000 |
Outstanding shares of convertible preferred stock converted into number of shares of common stock | ' | ' | 15,221,571 | ' |
Reclassified common stock and the related convertible preferred stock warrant liability to additional paid-in capital | ' | ' | 80,560 | ' |
Balance_Sheet_Components_Inven
Balance Sheet Components - Inventory (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Balance Sheet Disclosures [Abstract] | ' | ' |
Raw materials | $1,442 | $1,391 |
Work in process | 616 | 2,142 |
Finished goods | 16,431 | 11,614 |
Inventory | $18,489 | $15,147 |
Balance_Sheet_Components_Prope
Balance Sheet Components - Property and Equipment, Net (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $9,567 | $7,898 |
Less: Accumulated depreciation and amortization | -2,947 | -1,760 |
Property and equipment, net | 6,620 | 6,138 |
Equipment and automotive | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 4,004 | 2,959 |
Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 2,722 | 2,410 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 1,381 | 1,195 |
Plates and dies | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 402 | 244 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $1,058 | $1,090 |
Balance_Sheet_Components_Intan
Balance Sheet Components - Intangible Assets, Net (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Product formulas | Product formulas | Other intangible assets | Other intangible assets | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | ||
Product formulas | Other intangible assets | Product formulas | Other intangible assets | |||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross carrying amount | $1,212 | $1,212 | $1,023 | $1,023 | $189 | $189 | ' | ' | ' | ' | ' | ' |
Accumulated amortization | -157 | -96 | -119 | -68 | -38 | -28 | ' | ' | ' | ' | ' | ' |
Net carrying amount | $1,055 | $1,116 | $904 | $955 | $151 | $161 | ' | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | ' | ' | ' | ' | '5 years | '5 years | '5 years | '25 years | '25 years | '25 years |
Balance_Sheet_Components_Compo
Balance Sheet Components - Components of Accrued Liabilities (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Accrued Liabilities [Abstract] | ' | ' | |
Payroll and employee-related expenses | $2,907 | $3,779 | |
Inventory received not invoiced | 2,744 | 4,038 | |
Accrued trade expenses | 1,898 | 2,469 | |
Income tax payable | 1,727 | 0 | |
Brokerage commissions | 421 | 407 | |
Deferred rent | 244 | 260 | |
Other accrued liabilities | 739 | 1,238 | |
Total accrued liabilities | $10,680 | $12,191 | [1] |
[1] | Includes an immaterial reclassification between accounts receivable and accrued liabilities. |
Balance_Sheet_Components_Addit
Balance Sheet Components - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Nov. 30, 2011 | |
Balance Sheet Details [Line Items] | ' | ' | ' | ' |
Depreciation expense incurred | $1,400,000 | $1,000,000 | $800,000 | ' |
Product formula purchase price | 2,000,000 | ' | ' | 2,000,000 |
Product formula purchase agreement period | '7 years | ' | ' | ' |
Annual payment for product formula purchases | 150,000 | ' | ' | ' |
Number of years annual payment is required | '6 years | ' | ' | ' |
Amortization expense | 61,000 | 60,000 | 27,000 | ' |
Future Amortization Expense 2015 | 61,000 | ' | ' | ' |
Future Amortization Expense 2016 | 61,000 | ' | ' | ' |
Future Amortization Expense 2017 | 61,000 | ' | ' | ' |
Future Amortization Expense 2018 | 61,000 | ' | ' | ' |
Future Amortization Expense 2019 | 61,000 | ' | ' | ' |
Future Amortization Expense, next five years | 305,000 | ' | ' | ' |
Amortization expense thereafter | 750,000 | ' | ' | ' |
Prepaid expenses and other current assets | 4,277,000 | 5,050,000 | ' | ' |
Contract manufacturers and suppliers | ' | ' | ' | ' |
Balance Sheet Details [Line Items] | ' | ' | ' | ' |
Prepaid expenses and other current assets | $2,700,000 | $3,900,000 | ' | ' |
Credit_Facility_Additional_Inf
Credit Facility - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' | ' |
Loans and letter of credit, maximum borrowing capacity | $20 | ' | $40 |
Line of credit facility, expiration date | 'August 2014 | ' | 'August 2016 |
Weighted average interest rate | ' | ' | 1.50% |
Line of credit facility, available borrowing capacity | ' | 40 | 33 |
Borrowing capacity for revolving loans with Bank of America | ' | 15 | ' |
Funded Debt to Adjusted EBITDA | ' | 275.00% | ' |
Minimum net worth | ' | $50 | ' |
Percentage of earnings after taxes | ' | 30.00% | ' |
Minimum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, unused line fee | ' | 0.25% | ' |
Maximum | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, unused line fee | ' | 0.40% | ' |
Rate Option One | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit, interest rate | ' | 1.25% | ' |
Rate Option Two | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit, interest rate | ' | 1.25% | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2013 | Sep. 30, 2012 | Nov. 18, 2013 | Mar. 18, 2013 | Aug. 06, 2012 | Apr. 30, 2012 | Mar. 31, 2012 | |
Secondary Public Offering | Secondary Public Offering | Secondary Public Offering | Solera Partners, L.P | Solera Partners, L.P | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Annual advisory fee | ' | ' | ' | ' | ' | ' | $600,000 |
Contract termination, fee | ' | ' | ' | ' | ' | 1,300,000 | ' |
Sale of stock, transaction date | ' | ' | ' | ' | 6-Aug-12 | ' | ' |
Offering expenses | $500,000 | $700,000 | $300,000 | $500,000 | $700,000 | ' | ' |
Shares repurchased and retired (in shares) | ' | ' | ' | 500,000 | ' | ' | ' |
Common stock price | ' | ' | ' | $38.25 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Lease Payments under Non-cancelable Operating Leases (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2015 | $682 |
2016 | 680 |
2017 | 676 |
2018 | 663 |
2019 | 586 |
Total future minimum lease payments | $3,287 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Nov. 30, 2011 | |
Other_Defendants | ||||
Contingencies And Commitments [Line Items] | ' | ' | ' | ' |
Rent expense | $700,000 | $500,000 | $500,000 | ' |
Product formula purchase price | 2,000,000 | ' | ' | 2,000,000 |
Annual payment for product formula purchases | 150,000 | ' | ' | ' |
Number of years annual payment is required | '6 years | ' | ' | ' |
Product formula purchase agreement period | '7 years | ' | ' | ' |
Product Formula Purchase Agreement Period End Date | '2018-11 | ' | ' | ' |
Amount the plaintiff may seek per violation per day | 2,500 | ' | ' | ' |
Number of Other Companies Named As Defendants | 21 | ' | ' | ' |
Product formulas | ' | ' | ' | ' |
Contingencies And Commitments [Line Items] | ' | ' | ' | ' |
Remaining obligation | $1,700,000 | ' | ' | ' |
Convertible_Preferred_Stock_De
Convertible Preferred Stock (Detail) (USD $) | Mar. 31, 2014 | Apr. 02, 2012 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, except Share data, unless otherwise specified | Common Stock | Convertible Preferred Stock | Convertible Preferred Stock | Convertible Preferred Stock | |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock shares issued | ' | 15,221,571 | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | ' | ' | $1.07 | ' | ' |
Preferred stock, shares authorized | 5,000,000 | ' | ' | 0 | 0 |
Preferred Stock, Shares Issued | ' | ' | ' | 0 | 0 |
Preferred Stock, Shares Outstanding | ' | ' | ' | 0 | 0 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | ' | ' | $13.10 | ' | ' |
Convertible_Preferred_Stock_Wa1
Convertible Preferred Stock Warrant - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2008 | Mar. 31, 2008 | Apr. 02, 2012 | Apr. 12, 2012 | Apr. 02, 2012 | Mar. 31, 2013 | Mar. 31, 2012 |
Series A Convertible Preferred Stock | Common Stock | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | ||||
Hercules | Hercules | Hercules | |||||||
Convertible Preferred Stock Warrants [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of warrants | ' | ' | ' | 80,560 | ' | 80,560 | 80,560 | ' | ' |
Conversion of warrants exercise price | ' | ' | $8.07 | ' | ' | ' | ' | ' | ' |
Reclassification of convertible preferred stock warrant liability (Note 2) | ($2,170) | $431 | ' | ' | ' | ' | ' | ($2,170) | $431 |
Shares surrendered | ' | ' | ' | ' | ' | 17,367 | ' | ' | ' |
Common stock shares issued | ' | ' | ' | ' | 15,221,571 | 63,193 | ' | ' | ' |
Preferred_Stock_Additional_Inf
Preferred Stock - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
Preferred Stock Disclosure [Abstract] | ' |
Preferred stock, shares authorized | 5,000,000 |
Preferred stock par value | $0.00 |
Dividends_on_Common_Stock_Addi
Dividends on Common Stock - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Equity [Abstract] | ' | ' | ' |
Common stock dividends declared and paid (per share) | ' | ' | $0.86 |
Common stock dividends declared and paid | $0 | $0 | $408,000 |
Stock_Option_Plans_Additional_
Stock Option Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Stock Options | Performance Shares | Minimum | Maximum | Maximum | 2004 Stock Option Plan | Omnibus Incentive Plan | Omnibus Incentive Plan | Omnibus Incentive Plan | Omnibus Incentive Plan | Omnibus Incentive Plan | Second anniversary | Third Anniversary | Prior to fiscal 2012 | Prior to fiscal 2012 | Prior to fiscal 2012 | ||||
Stock Options | Stock Options | Performance Shares | Stock Options | Restricted Stock Units | Performance Shares | Omnibus Incentive Plan | Omnibus Incentive Plan | Stock Options | Minimum | Maximum | ||||||||||||
Restricted Stock Units | Restricted Stock Units | Stock Options | Stock Options | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '5 years | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Stock options, expiration period (in years) | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years |
Options outstanding | 913,825 | 1,203,990 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 551,181 | 275,886 | ' | ' | ' | ' | ' | ' | 176,615 | ' | ' |
Number of shares authorized under plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 867,570 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, issued | 17,039,792 | 16,849,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,857 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withheld for tax withholding obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,468 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 461,497 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested shares outstanding | 88,910 | 71,165 | ' | ' | ' | ' | ' | 60,510 | ' | ' | 90,770 | ' | ' | ' | ' | 33,092 | 60,510 | ' | ' | ' | ' | ' |
Shares estimated to be issued | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' |
Performance period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Option exercise period, post employment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' |
Exercisable, Shares | 674,565 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,758 | ' | ' |
Total intrinsic value of stock options exercised during the period | $5.90 | $21.40 | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value of the employee stock options | $15.79 | $13.93 | $7.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | 0.5 | 1.1 | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related tax benefit for stock-based compensation | 0.2 | 0.4 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated number of shares to be issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 399,748 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to unvested share-based compensation | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost, expected to be recognized over a weighted average period | '3 years 1 month 7 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Option_Plans_Activity_of
Stock Option Plans - Activity of Stock Options (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Beginning balance, shares | 1,203,990 |
Granted, shares | 66,690 |
Forfeited, shares | -169,936 |
Exercised, shares | -186,919 |
Ending balance, shares | 913,825 |
Beginning balance, weighted average exercise price | $13.26 |
Granted, Weighted-Average Exercise Price | $41.80 |
Forfeited, Weighted-Average Exercise Price | $25.78 |
Exercised, Weighted Average Exercise Price | $10.48 |
Ending Balance, Weighted-Average Exercise Price | $13.58 |
Vested and expected to vest, Shares | 779,907 |
Vested and expected to vest, Weighted Average Exercise Price | $11.09 |
Vested and expected to vest, Weighted Average Remaining Contractual Term | '3 years 10 months 24 days |
Vested and expected to vest, Aggregate Intrinsic Value | $22,692 |
Exercisable, Shares | 674,565 |
Exercisable, Weighted Average Exercise Price | $8.87 |
Exercisable, Weighted Average Remaining Contractual Term | '3 years 2 months 12 days |
Exercisable, Intrinsic Value | $21,128 |
Stock_Option_Plans_Stock_Optio
Stock Option Plans - Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock Options Outstanding, shares | 913,825 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '4 years 7 months 6 days |
Options Exercisable, shares | 674,565 |
$4.93—$6.62 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | 4.93 |
Exercise Price Range, Upper Range Limit | 6.62 |
Stock Options Outstanding, shares | 376,963 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '1 year 9 months 18 days |
Options Exercisable, shares | 376,963 |
$7.30—$8.88 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | 7.3 |
Exercise Price Range, Upper Range Limit | 8.88 |
Stock Options Outstanding, shares | 192,809 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '3 years 6 months |
Options Exercisable, shares | 192,809 |
$16.94—$19.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | 16.94 |
Exercise Price Range, Upper Range Limit | 19 |
Stock Options Outstanding, shares | 244,406 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '7 years 9 months 18 days |
Options Exercisable, shares | 96,793 |
$30.01—$35.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | 30.01 |
Exercise Price Range, Upper Range Limit | 35 |
Stock Options Outstanding, shares | 40,000 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '8 years 9 months 18 days |
Options Exercisable, shares | 8,000 |
$35.01—$40.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | 35.01 |
Exercise Price Range, Upper Range Limit | 40 |
Stock Options Outstanding, shares | 22,867 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '9 years 1 month 6 days |
Options Exercisable, shares | 0 |
$40.01—$45.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | 40.01 |
Exercise Price Range, Upper Range Limit | 45 |
Stock Options Outstanding, shares | 36,780 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '9 years 3 months 18 days |
Options Exercisable, shares | 0 |
Stock_Option_Plans_Valuation_A
Stock Option Plans - Valuation Assumptions (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term (in years) | ' | '5 years 2 months 12 days | ' |
Expected volatility, minimum | 38.20% | 39.80% | 41.00% |
Expected volatility, maximum | 39.70% | 40.80% | 42.00% |
Risk-free interest rate, minimum | 0.70% | 0.80% | 1.10% |
Risk-free interest rate, maximum | 2.10% | 1.10% | 3.10% |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term (in years) | '5 years 2 months 12 days | ' | '5 years 2 months 12 days |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term (in years) | '6 years | ' | '6 years 10 months 24 days |
Stock_Option_Plans_Activity_of1
Stock Option Plans - Activity of Unvested Restricted Stock Units and Performance Share Units (Detail) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' |
Beginning balance, unvested shares | 71,165 |
Granted, shares | 65,352 |
Vested, shares | -11,017 |
Forfeited, shares | -36,590 |
Ending balance, unvested shares | 88,910 |
Beginning balance, weighted-average grant date fair value of unvested shares | $21.73 |
Granted, weighted-average grant date fair value | $41.36 |
Vested, weighted-average grant date fair value | $30.19 |
Forfeited, weighted-average grant date fair value | $29.67 |
Ending balance, weighted-average grant date fair value of unvested shares | $31.84 |
Earnings_Per_Share_Outstanding
Earnings Per Share - Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Income Per Share of Common Stock (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net income per share of common stock | 67,736 | 91,239 | 15,698,135 |
Stock Options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net income per share of common stock | 57,085 | 91,239 | 379,304 |
Restricted Stock Units | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net income per share of common stock | 10,651 | 0 | 16,700 |
Convertible Preferred Stock | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net income per share of common stock | 0 | 0 | 15,221,571 |
Convertible Preferred Stock Warrant | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net income per share of common stock | 0 | 0 | 80,560 |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net income per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | $5,128 | $2,769 | $5,220 | $2,172 | $3,865 | $1,422 | $3,764 | $2,201 | $15,289 | $11,252 | $10,036 |
Preferred Stock Dividends, Income Statement Impact | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 13,141 |
Other Preferred Stock Dividends and Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -3,408 |
Net income attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $15,289 | $11,252 | $303 |
Weighted average shares of common stock outstanding used in computing net income-basic | 17,005,472 | 16,937,139 | 16,896,227 | 16,869,557 | 17,262,253 | 17,249,536 | 17,070,327 | 16,936,007 | 16,926,827 | 17,129,334 | 469,089 |
Weighted average shares of common stock outstanding used in computing net income-diluted | 17,425,573 | 17,398,006 | 17,392,447 | 17,353,222 | 17,724,131 | 17,781,720 | 17,702,516 | 17,600,908 | 17,412,548 | 17,707,839 | 1,111,088 |
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
-Basic (in dollars per share) | $0.30 | $0.16 | $0.31 | $0.13 | $0.22 | $0.08 | $0.22 | $0.13 | $0.90 | $0.66 | $0.65 |
-Diluted (in dollars per share) | $0.29 | $0.16 | $0.30 | $0.13 | $0.22 | $0.08 | $0.21 | $0.12 | $0.88 | $0.64 | $0.27 |
Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 467,146 | 570,210 | 641,999 |
Restricted Stock Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 18,575 | 8,295 | 0 |
Geographic_Areas_and_Product_S2
Geographic Areas and Product Sales - Net Sales by Geographic Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $60,057 | $46,419 | $58,310 | $39,318 | $52,092 | $36,319 | $46,651 | $34,410 | $204,104 | $169,472 | $141,481 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 195,613 | 162,263 | 136,973 |
CANADA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $8,491 | $7,209 | $4,508 |
Geographic_Areas_and_Product_S3
Geographic Areas and Product Sales - Net Sales by Product (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $60,057 | $46,419 | $58,310 | $39,318 | $52,092 | $36,319 | $46,651 | $34,410 | $204,104 | $169,472 | $141,481 |
Meals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 99,004 | 79,006 | 60,680 |
Snacks | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 79,074 | 66,662 | 56,868 |
Dressings, Condiments and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $26,026 | $23,804 | $23,933 |
Product_Recall_Additional_Info
Product Recall - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
Product Recall Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Amount recovered from the submitted claim | $0.30 | $0.40 | $1.30 | ($0.30) | $0.10 | $2.30 | $1.90 | $0.40 |
Product_Recall_Impact_of_the_R
Product Recall - Impact of the Recall-Related Charges and Related Insurance Recoveries (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Product Recall Disclosure [Abstract] | ' | ' |
Benefit to / (reduction of) net sales | $1,071 | ($1,096) |
Benefit to / (incremental) cost of sales | 628 | -1,080 |
Benefit to / (incremental) selling, general and administrative expenses | -24 | -171 |
Total benefit to / (reduction of) income before income taxes | 1,675 | -2,347 |
Benefit to / (reduction of) net income | $992 | ($1,364) |
Benefit to / (reduction of) net income per diluted share | $0.06 | ($0.08) |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2012 | Mar. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | 50.00% |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | ' | 6.00% |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | ' | $4,000 |
Defined contribution plan, expense for period | ' | $300,000 |
Income_Taxes_Provision_for_Ben
Income Taxes - Provision for (Benefit from) Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | $8,110 | $6,111 | $4,205 |
State | ' | ' | ' | ' | ' | ' | ' | 1,934 | 1,824 | 1,894 |
Current income tax provision | ' | ' | ' | ' | ' | ' | ' | 10,044 | 7,935 | 6,099 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | 226 | 504 | 893 |
State | ' | ' | ' | ' | ' | ' | ' | 267 | -327 | -451 |
Deferred income tax provision | ' | ' | ' | ' | ' | ' | ' | 493 | 177 | 442 |
Provision for income taxes | $1,951 | $3,511 | $1,459 | $3,099 | $934 | $2,558 | $1,521 | $10,537 | $8,112 | $6,541 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax at federal statutory rate | 35.00% | 35.00% | 34.20% |
State income taxes, net of federal benefit | 5.50% | 5.00% | 5.80% |
Non-deductible permanent difference | 0.50% | 2.10% | 2.50% |
Effect of tax rate change | 0.00% | 0.00% | -1.00% |
Other | -0.20% | -0.20% | -2.00% |
Effective income tax rate | 40.80% | 41.90% | 39.50% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Capital loss carryforward | $0 | $428,000 | $424,000 |
Reduction to taxes payable due to stock-based compensation | 2,500,000 | ' | ' |
Excess tax benefit from stock-based compensation | 2,118,000 | 8,113,000 | 150,000 |
Additional Paid-in Capital | ' | ' | ' |
Excess tax benefit from stock-based compensation | 2,118,000 | 8,113,000 | 150,000 |
Fiscal 2009 | ' | ' | ' |
Capital loss carryforward | ' | $5,100,000 | ' |
Income_Taxes_Tax_Effects_of_Te
Income Taxes - Tax Effects of Temporary Difference (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets | ' | ' | ' |
Credits and net operating loss carryforwards | $3,287 | $3,749 | $3,975 |
Share-based compensation expense | 1,134 | 1,332 | 1,441 |
Accrued compensation | 934 | 1,211 | 895 |
Reserves and allowances | 1,231 | 1,018 | 439 |
Capital loss carryforward | 0 | 428 | 424 |
Other, net | 1,021 | 645 | 729 |
Gross deferred tax assets | 7,607 | 8,383 | 7,903 |
Valuation allowance | 0 | -428 | -424 |
Total deferred tax assets | 7,607 | 7,955 | 7,479 |
Deferred tax liabilities | ' | ' | ' |
Property, plant and equipment | -1,256 | -1,111 | -458 |
Total deferred tax liabilities | -1,256 | -1,111 | -458 |
Net deferred tax assets | $6,351 | $6,844 | $7,021 |
Income_Taxes_Net_Operating_Los
Income Taxes - Net Operating Loss Carryforwards for Tax Purpose (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | |||
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal | $8,274 | $9,276 | $9,931 |
State | $6,605 | $7,165 | $7,686 |
Joplin_Acquisition_Detail
Joplin Acquisition (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 02, 2014 |
Subsequent Event | |||
Joplin Plant | |||
Business Acquisition [Line Items] | ' | ' | ' |
Business acquisition, cash paid | ' | ' | $6,000,000 |
Cash | 17,308,000 | 4,930,000 | 7,400,000 |
Restricted cash | 300,000 | 0 | 300,000 |
Number of years the plant produced as primary manufacturer | ' | ' | '10 years |
Production supply accounted by the plant currently | ' | ' | 40.00% |
Duration of supply agreement, in years | ' | ' | '3 years |
Preliminary Allocation of Aggregate Cost | ' | ' | ' |
Machinery and equipment | ' | ' | 4,463,000 |
Inventory | ' | ' | 1,495,000 |
Building and improvement | ' | ' | 920,000 |
Goodwill | 30,809,000 | 30,809,000 | 450,000 |
Land | ' | ' | 180,000 |
Total purchase price | ' | ' | $7,508,000 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net sales | $60,057 | $46,419 | $58,310 | $39,318 | $52,092 | $36,319 | $46,651 | $34,410 | $204,104 | $169,472 | $141,481 |
Cost of sales | 39,037 | 28,228 | 36,932 | 24,278 | 32,027 | 23,267 | 28,786 | 20,486 | 128,475 | 104,566 | 85,877 |
Gross profit | 21,020 | 18,191 | 21,378 | 15,040 | 20,065 | 13,052 | 17,865 | 13,924 | 75,629 | 64,906 | 55,604 |
Selling, general and administrative expenses | ' | 13,421 | 12,575 | 11,364 | 13,024 | 10,687 | 11,539 | 10,211 | 49,509 | 45,461 | 37,790 |
Income from operations | ' | 4,770 | 8,803 | 3,676 | 7,041 | 2,365 | 6,326 | 3,713 | 26,120 | 19,445 | 17,814 |
Interest expense | ' | -80 | -104 | -71 | -48 | -40 | -40 | -40 | -335 | -168 | -161 |
Other income (expense), net | ' | 30 | 32 | 26 | -29 | 31 | 36 | 49 | 41 | 87 | -1,076 |
Income before provision for income taxes | 8,744 | 4,720 | 8,731 | 3,631 | 6,964 | 2,356 | 6,322 | 3,722 | 25,826 | 19,364 | 16,577 |
Provision for income taxes | ' | 1,951 | 3,511 | 1,459 | 3,099 | 934 | 2,558 | 1,521 | 10,537 | 8,112 | 6,541 |
Net Income | 5,128 | 2,769 | 5,220 | 2,172 | 3,865 | 1,422 | 3,764 | 2,201 | 15,289 | 11,252 | 10,036 |
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
-Basic (in dollars per share) | $0.30 | $0.16 | $0.31 | $0.13 | $0.22 | $0.08 | $0.22 | $0.13 | $0.90 | $0.66 | $0.65 |
-Diluted (in dollars per share) | $0.29 | $0.16 | $0.30 | $0.13 | $0.22 | $0.08 | $0.21 | $0.12 | $0.88 | $0.64 | $0.27 |
Weighted average shares of common stock outstanding used in computing earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
-Basic (shares) | 17,005,472 | 16,937,139 | 16,896,227 | 16,869,557 | 17,262,253 | 17,249,536 | 17,070,327 | 16,936,007 | 16,926,827 | 17,129,334 | 469,089 |
-Diluted (shares) | 17,425,573 | 17,398,006 | 17,392,447 | 17,353,222 | 17,724,131 | 17,781,720 | 17,702,516 | 17,600,908 | 17,412,548 | 17,707,839 | 1,111,088 |
Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | 46,177 | 58,650 | 39,040 | 52,715 | 36,283 | 46,686 | 34,293 | ' | 169,977 | 141,304 |
Cost of sales | ' | 27,951 | 36,749 | 24,278 | 32,027 | 23,267 | 28,786 | 20,486 | ' | 104,566 | 85,877 |
Gross profit | ' | 18,226 | 21,901 | 14,762 | 20,688 | 13,016 | 17,900 | 13,807 | ' | 65,411 | 55,427 |
Selling, general and administrative expenses | ' | 13,421 | 12,538 | 11,327 | 13,024 | 10,687 | 11,539 | 10,211 | ' | 45,461 | 37,495 |
Income from operations | ' | 4,805 | 9,363 | 3,435 | 7,664 | 2,329 | 6,361 | 3,596 | ' | 19,950 | 17,932 |
Interest expense | ' | -80 | -104 | -71 | -48 | -40 | -40 | -40 | ' | -168 | -161 |
Other income (expense), net | ' | 30 | 32 | 26 | -29 | 31 | 36 | 49 | ' | 87 | -1,594 |
Income before provision for income taxes | ' | 4,755 | 9,291 | 3,390 | 7,587 | 2,320 | 6,357 | 3,605 | ' | 19,869 | 16,177 |
Provision for income taxes | ' | 1,966 | 3,739 | 1,361 | 3,353 | 919 | 2,572 | 1,474 | ' | 8,318 | 6,588 |
Net Income | ' | 2,789 | 5,552 | 2,029 | 4,234 | 1,401 | 3,785 | 2,131 | ' | 11,551 | 9,589 |
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
-Basic (in dollars per share) | ' | $0.16 | $0.33 | $0.12 | $0.25 | $0.08 | $0.22 | $0.13 | ' | $0.67 | $0.62 |
-Diluted (in dollars per share) | ' | $0.16 | $0.32 | $0.12 | $0.24 | $0.08 | $0.21 | $0.12 | ' | $0.65 | $0.26 |
Weighted average shares of common stock outstanding used in computing earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
-Basic (shares) | ' | 16,937,139 | 16,896,227 | 16,869,557 | 17,262,253 | 17,249,536 | 17,070,327 | 16,936,007 | ' | 17,129,334 | 469,089 |
-Diluted (shares) | ' | 17,398,006 | 17,392,447 | 17,353,222 | 17,724,131 | 17,781,720 | 17,702,516 | 17,600,908 | ' | 17,707,839 | 1,111,088 |
Correction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | 242 | -340 | 278 | -623 | 36 | -35 | 117 | ' | -505 | 177 |
Cost of sales | ' | 277 | 183 | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 |
Gross profit | ' | -35 | -523 | 278 | -623 | 36 | -35 | 117 | ' | -505 | 177 |
Selling, general and administrative expenses | ' | 0 | 37 | 37 | 0 | 0 | 0 | 0 | ' | 0 | 295 |
Income from operations | ' | -35 | -560 | 241 | -623 | 36 | -35 | 117 | ' | -505 | -118 |
Interest expense | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 |
Other income (expense), net | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | 0 | 518 |
Income before provision for income taxes | ' | -35 | -560 | 241 | -623 | 36 | -35 | 117 | ' | -505 | 400 |
Provision for income taxes | ' | -15 | -228 | 98 | -254 | 15 | -14 | 47 | ' | -206 | -47 |
Net Income | ' | ($20) | ($332) | $143 | ($369) | $21 | ($21) | $70 | ' | ($299) | $447 |
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
-Basic (in dollars per share) | ' | $0 | ($0.02) | $0.01 | ($0.02) | $0 | $0 | $0 | ' | ($0.01) | $0.03 |
-Diluted (in dollars per share) | ' | $0 | ($0.02) | $0.01 | ($0.02) | $0 | $0 | $0 | ' | ($0.01) | $0.01 |
Weighted average shares of common stock outstanding used in computing earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
-Basic (shares) | ' | 16,937,139 | 16,896,227 | 16,869,557 | 17,262,253 | 17,249,536 | 17,070,327 | 16,936,007 | ' | ' | ' |
-Diluted (shares) | ' | 17,398,006 | 17,392,447 | 17,353,222 | 17,724,131 | 17,781,720 | 17,702,516 | 17,600,908 | ' | ' | ' |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount recovered from the submitted claim | $300,000 | $400,000 | $1,300,000 | ($300,000) | $100,000 | $2,300,000 | ' | $1,900,000 | $400,000 |
Offering expenses | ' | ' | ' | ' | 500,000 | ' | 700,000 | ' | ' |
Increase in Fair Value of Convertible Preferred Stock Warrant | ' | ' | ' | ' | $13,000 | ' | ' | ' | ' |