Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2015 | Nov. 12, 2015 | |
Entity Registrant Name | Cyanotech Corp | |
Entity Central Index Key | 768,408 | |
Trading Symbol | cyan | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 5,596,797 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 2,062 | $ 2,226 | |
Accounts receivable, net of allowance for doubtful accounts of $28 at September 30, 2015 and $6 at March 31, 2015 | 4,226 | 3,258 | |
Inventories, net | 6,169 | 5,678 | |
Deferred tax assets | 315 | 315 | |
Prepaid expenses and other current assets | 463 | 317 | |
Total current assets | 13,235 | 11,794 | |
Equipment and leasehold improvements, net | $ 17,534 | 14,754 | |
Restricted cash | 486 | ||
Deferred tax assets | $ 3,373 | 3,035 | |
Other assets | 778 | 846 | |
Total assets | 34,920 | 30,915 | |
Current liabilities: | |||
Current maturities of long-term debt | 560 | 234 | |
Customer deposits | 97 | 31 | |
Accounts payable | 3,994 | 2,926 | |
Accrued expenses | 1,160 | 1,124 | |
Total current liabilities | 5,811 | 4,315 | |
Long-term debt, excluding current maturities | 7,335 | 5,109 | |
Deferred rent | 7 | 8 | |
Total liabilities | 13,153 | 9,432 | |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Common stock of $0.02 par value, shares authorized 50,000,000; 5,580,099 shares issued and outstanding at September 30, 2015 and 5,564,799 shares at March 31, 2015 | 112 | 111 | |
Additional paid-in capital | 31,221 | 30,846 | |
Accumulated deficit | (9,566) | (9,474) | |
Total stockholders’ equity | 21,767 | 21,483 | |
Total liabilities and stockholders’ equity | $ 34,920 | $ 30,915 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2015 | Mar. 31, 2015 |
Accounts receivable, allowance for doubtful accounts | $ 28 | $ 6 |
Common stock, par value (in dollars per share) | $ 0.02 | $ 0.02 |
Common stock, authorized shares (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued shares (in shares) | 5,580,099 | 5,564,799 |
Common stock, outstanding shares (in shares) | 5,580,099 | 5,564,799 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
NET SALES | $ 8,516 | $ 7,946 | $ 16,110 | $ 15,570 |
COST OF SALES | 5,416 | 4,011 | 10,086 | 8,576 |
Gross profit | 3,100 | 3,935 | 6,024 | 6,994 |
OPERATING EXPENSES: | ||||
General and administrative | 1,486 | 2,170 | 2,696 | 4,917 |
Sales and marketing | 1,616 | 1,462 | 3,348 | 2,696 |
Research and development | 166 | 105 | 343 | 221 |
(Gain) loss on disposal of equipment and leasehold improvements | (29) | 3 | (29) | 13 |
Total operating expenses | 3,239 | 3,740 | 6,358 | 7,847 |
Income (loss) from operations | (139) | 195 | (334) | (853) |
Interest expense, net | (51) | (23) | (75) | (49) |
Income (loss) before income tax | (190) | 172 | (409) | (902) |
INCOME TAX EXPENSE (BENEFIT) | (204) | 109 | (318) | (584) |
NET INCOME (LOSS) | $ 14 | $ 63 | $ (91) | $ (318) |
NET INCOME (LOSS) PER SHARE: | ||||
Basic (in dollars per share) | $ 0 | $ 0.01 | $ (0.02) | $ (0.06) |
Diluted (in dollars per share) | $ 0 | $ 0.01 | $ (0.02) | $ (0.06) |
SHARES USED IN CALCULATION OF NET INCOME (LOSS) PER SHARE: | ||||
Basic (in shares) | 5,568 | 5,493 | 5,566 | 5,491 |
Diluted (in shares) | 6,047 | 5,668 | 5,566 | 5,491 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (91,000) | $ (318,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
(Gain) loss on disposal of equipment and leasehold improvements | (29,000) | 13,000 |
Depreciation and amortization | 637,000 | 582,000 |
Amortization of debt issue costs and other assets | 29,000 | 24,000 |
Share based compensation expense | 324,000 | $ 431,000 |
Provision for doubtful accounts | 22,000 | |
Deferred income tax benefit | (338,000) | $ (584,000) |
Net (increase) decrease in assets: | ||
Accounts receivable | (990,000) | (300,000) |
Inventories | (491,000) | (716,000) |
Prepaid expenses | (146,000) | $ (107,000) |
Other assets | 39,000 | |
Net increase (decrease) in liabilities: | ||
Customer deposits | 66,000 | $ 4,000 |
Accounts payable | 1,068,000 | 1,053,000 |
Accrued expenses | 36,000 | $ 258,000 |
Deferred rent | (1,000) | |
Net cash provided by operating activities | 135,000 | $ 340,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from restricted cash | 486,000 | 277,000 |
Investment in equipment and leasehold improvements | (3,214,000) | (2,001,000) |
Net cash used in investing activities | (2,728,000) | $ (1,724,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from short term notes payable | 500,000 | |
Payment of short term notes payable | (500,000) | |
Proceeds from long-term debt, net of costs | 2,580,000 | |
Capitalized leases | (174,000) | |
Payments for debt issuance costs | 94,000 | |
Principal payments on long-term debt | (122,000) | $ (102,000) |
Proceeds from stock options exercised | 51,000 | 32,000 |
Net cash provided by (used in) financing activities | 2,429,000 | (70,000) |
Net decrease in cash and cash equivalents | (164,000) | (1,454,000) |
Cash and cash equivalents at beginning of period | 2,226,000 | 4,312,000 |
Cash and cash equivalents at end of period | 2,062,000 | 2,858,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 180,000 | 149,000 |
Income taxes | $ 21,000 | $ 5,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (SEC). These interim condensed consolidated financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to present fairly the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, and Condensed Consolidated Statements of Cash Flows for the periods presented in accordance with GAAP. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. The Condensed Consolidated Balance Sheet as of March 31, 2015 was derived from the audited consolidated financial statements. These condensed consolidated financial statements and notes should be read in conjunction with the Company’s audited consolidated financial statements for the year ended March 31, 2015, contained in the Company’s annual report on Form 10-K as filed with the SEC on July 15, 2015, as amended by Amendment No. 1 to the Company’s annual report on Form 10-K/A, filed August 27, 2015 (as amended, the “Company’s 10-K”). The accompanying condensed consolidated financial statements include the accounts of Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. (“Nutrex Hawaii” or “Nutrex”, collectively the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of any contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Management reviews these estimates and assumptions periodically and reflects the effect of revisions in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions. Recent Accounting Pronouncements In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date We are currently reviewing the revised guidance and assessing the potential impact on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Inventory: Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU No. 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, " Revenue from Contracts with Customers Other recently issued accounting pronouncements did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Note 2 - Inventories
Note 2 - Inventories | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2. INVENTORIES Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. Inventories consist of the following: September 30, 201 5 March 31, 201 5 (in thousands) Raw materials $ 273 $ 931 Work in process 2,787 1,509 Finished goods(1) 2,859 2,895 Supplies 250 343 $ 6,169 $ 5,678 (1) Net of reserve for obsolescence of $4,000 and $4,000 at September 30, 2015 and March 31, 2015, respectively. The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. $83,000 of non-inventoriable fixed costs and $225,000 in extraction operations start-up costs were charged to cost of sales for the three months ended September 30, 2015. $395,000 of extraction operations start-up costs and $127,000 of non-inventoriable fixed costs were charged to cost of sales for the six months ended September 30, 2015. There were no abnormal production costs charged to cost of sales for the three months ended September 30, 2014. For the six months ended September 30, 2014, there were $64,000 of abnormal production costs and $17,000 of non-inventoriable fixed costs charged to cost of sales. |
Note 3 - Equipment and Leasehol
Note 3 - Equipment and Leasehold Improvements, Net | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET Equipment and leasehold improvements are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment and furniture and fixtures, or the shorter of the land lease term or estimated useful lives for leasehold improvements as follows: Years Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 Equipment and leasehold improvements consist of the following: September 30, 201 5 March 31, 201 5 (in thousands) Equipment $ 10,832 $ 9,782 Leasehold improvements 10,372 10,216 Furniture and fixtures 349 298 21,553 20,296 Less accumulated depreciation and amortization (13,186 ) (12,549 ) Construction-in-progress 9,167 7,007 Equipment and leasehold improvements, net $ 17,534 $ 14,754 The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amount to forecasted undiscounted future cash flows expected to be generated by the asset. If the carrying amount exceeds its estimated future cash flows, then an impairment charge is recognized to the extent that the carrying amount exceeds the asset’s fair value. Management has determined no asset impairment existed as of September 30, 2015. The Company recognized a gain on disposal of assets in the amount of $29,000 for the three and six months ended September 30, 2015, respectively. The Company recognized a loss on disposal of assets in the amount of $3,000 and $13,000 for the three and six months ended September 30, 2014, respectively. The Company has capitalized $78,000 and $137,000 of interest for the three and six months ended September 30, 2015, respectively. $57,000 and $112,000 of interest was capitalized for the three and six month period ended September 30, 2014. |
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 4 . ACCRUED EXPENSES Accrued expenses consist of the following: September 30, 201 5 March 31, 201 5 (in thousands) Wages, bonus and profit sharing $ 933 $ 930 Customer rebates 74 74 Other expenses 153 120 $ 1,160 $ 1,124 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 5 . LONG-TERM DEBT Long-term debt consists of the following: September 30, 201 5 March 31, 201 5 (in thousands) Term loans $ 7,721 $ 5,343 Capital lease 174 — Less current maturities (560 ) (234 ) Long-term debt, excluding current maturities $ 7,335 $ 5,109 Term Loan Agreements The Company executed a loan agreement with a lender providing for $2,500,000 in aggregate credit facilities (the “2015 Loan”) secured by substantially all the Company’s assets, pursuant to a Term Loan Agreement dated July 30, 2015 (the “2015 Loan Agreement”). The 2015 Loan Agreement is evidenced by a promissory note in the amount of $2,500,000, the repayment of which is partially guaranteed under the provisions of a United States Department of Agriculture (“USDA”) Rural Development Guarantee program. The proceeds of the 2015 Loan were used to pay off a $500,000 short term note payable that matured on September 18, 2015 and acquire new processing equipment and leasehold improvements at its Kona, Hawaii facility. The provisions of the 2015 Loan require the payment of principal and interest until its maturity on September 1, 2022, the obligation fully amortizes over seven (7) years. Interest on the 2015 Loan accrues on the outstanding principal balance at an annual variable rate equal to the published Wall Street Journal prime rate (3.25% at September 30, 2015) plus 2.0% and is adjustable on the first day of each calendar quarter and fixed for that quarter. At no time shall the annual interest rate be less than 6.00%. The 2015 Loan has a prepayment penalty of 5% for any prepayment made prior to the first anniversary of the date of the 2015 Loan Agreement, which penalty is reduced by 1% each year thereafter until the fifth anniversary of such date, after which there is no prepayment penalty. The balance under the 2015 Loan was $2,500,000 at September 30, 2015. The 2015 Loan includes a one-time origination and guaranty fee totaling $113,900 and an annual renewal fee payable in the amount of 0.50% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year, beginning December 31, 2015. The USDA has guaranteed 80% of all amounts owing under the 2015 Loan. The Company is subject to financial covenants and customary affirmative and negative covenants. The Company was in compliance with these financial covenants at September 30, 2015. The Company executed a loan agreement with a lender providing for $5,500,000 in aggregate credit facilities (the “2012 Loan”) secured by substantially all the Company’s assets, pursuant to a Term Loan Agreement dated August 14, 2012 (the “2012 Loan Agreement”). The 2012 Loan Agreement is evidenced by promissory notes in the amounts of $2,250,000 and $3,250,000, the repayment of which is partially guaranteed under the provisions of a USDA Rural Development Guarantee program. The proceeds of the 2012 Loan were used to acquire new processing equipment and leasehold improvements at its Kona, Hawaii facility. The provisions of the 2012 Loan require the payment of interest only for the first 12 months of the term; thereafter, and until its maturity on August 14, 2032, the obligation fully amortizes over nineteen (19) years. Interest on the 2012 Loan accrues on the outstanding principal balance at an annual variable rate equal to the published Wall Street Journal prime rate (3.25% at September 30, 2015) plus 1.0% and is adjustable on the first day of each calendar quarter and fixed for that quarter. At no time shall the annual interest rate be less than 5.50%. The 2012 Loan has a prepayment penalty of 5% for any prepayment made prior to the first anniversary of the date of the 2012 Loan Agreement, which penalty is reduced by 1% each year thereafter until the fifth anniversary of such date, after which there is no prepayment penalty. The balance under the 2012 Loan was $5,144,000 at September 30, 2015. Proceeds from the 2012 Loan were classified as restricted cash until they were drawn upon to acquire new processing equipment and leasehold improvements. The 2012 Loan includes a one-time origination and guaranty fee totaling $214,500 and an annual renewal fee payable in the amount of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year, beginning December 31, 2012. The USDA has guaranteed 80% of all amounts owing under the 2012 Loan. The Company is subject to financial covenants and customary affirmative and negative covenants. The Company was in compliance with these financial covenants at September 30, 2015. Capital Lease In July 2015, the Company executed a capital lease agreement with Huntington Technology Finance providing for $174,000 in equipment, secured by the equipment financed. The capital lease matures in March 2018 and is payable in 60 equal monthly payments. The interest rate under this capital lease is 6.57%. The balance under this lease was $167,000 and $0 at September 30, 2015 and March 31, 2015, respectively. In March 2015, the Company executed a capital lease agreement with Thermo Fisher Financial providing for $86,000 in equipment, secured by the equipment financed. The capital lease matures in March 2018 and is payable in 36 equal monthly payments. The interest rate under this capital lease is 6.5%. The balance under this lease was $73,000 and $84,000 at September 30, 2015 and March 31, 2015, respectively. Future principal payments under the term loans and capital lease agreements as of September 30, 2015 are as follows: Payments Due (in thousands) Next 12 Months $ 560 Year 2 581 Year 3 600 Year 4 620 Year 5 650 Thereafter 4,884 Total principal payments $ 7,895 |
Note 6 - Operating Leases
Note 6 - Operating Leases | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 6 . OPERATING LEASES The Company leases facilities, equipment and land under operating leases expiring through 2035. The land lease provides for contingent rentals in excess of minimum rental commitments based on a percentage of the Company’s sales. Management has accrued for the estimated contingent rent as of September 30, 2015. Future minimum lease payments under all non-cancelable operating leases at September 30, 2015 are as follows: Payments Due (in thousands) Next 12 Months $ 462 Year 2 406 Year 3 401 Year 4 403 Year 5 361 Thereafter 4,563 Total minimum lease payments $ 6,596 |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7 . SHARE-BASED COMPENSATION The Company accounts for share-based payment arrangements using fair value. If an award vests or becomes exercisable based on the achievement of a condition other than service, such as for meeting certain performance or market conditions, the award is classified as a liability. Liability-classified awards are remeasured to fair value at each balance sheet date until the award is settled. The Company currently has no liability-classified awards. Equity-classified awards, including grants of employee stock options, are measured at the grant-date fair value of the award and are not subsequently remeasured unless an award is modified. The cost of equity-classified awards is recognized in the statement of operations over the period during which an employee is required to provide the service in exchange for the award, or the vesting period. All of the Company’s stock options are service-based awards, and because the Company’s stock options are “plain vanilla,” as defined by the U.S. Securities and Exchange Commission in Staff Accounting Bulletin No. 107, they are reflected only in equity and compensation expense accounts. Stock Options As of September 30, 2015, the Company had three equity-based compensation plans: the Independent Director Stock Option and Restricted Stock Grant Plan (the “2014 Directors Plan”); the 2005 Stock Option Plan (the “2005 Plan”); and the 2004 Independent Director Stock Option and Stock Grant Plan (the “2004 Directors Plan”). The Company’s equity based compensation plans provide for the awarding of stock options and shares of restricted common stock for eligible employees, certain outside consultants and independent directors. On August 28, 2014, the Company’s shareholders approved the 2014 Directors Plan. This plan authorizes the Board of Directors to provide additional incentive to the Company’s independent directors through equity based compensation in the form of stock options and restricted stock. Awards under the 2014 Directors Plan are limited to the authorized amount of 350,000 shares. As of September 30, 2015, there were 333,439 shares available for grant under the 2014 Directors Plan. The 2005 Plan terminated on August 21, 2015. As a result, no additional awards will be issued under this plan. The 2004 Directors Plan was terminated on August 28, 2014. As a result, no additional awards will be issued under this plan. The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans: As of September 30, 201 5 Authorized Available Outstanding 2014 Plan 350,000 333,439 — 2005 Plan 1,402,916 — 1,402,916 2004 Directors Plan 12,000 — 12,000 Total 1,764,916 333,439 1,414,916 All stock option grants made under equity-based compensation plans were issued at exercise prices no less than the Company’s closing stock price on the date of grant. Options under the 2005 Plan and 2014 Directors Plan were determined by the Board of Directors or the Stock Option and Compensation Committee of the Board in accordance with the provisions of the respective plans. The terms of each option grant include vesting, exercise, and other conditions are set forth in a Stock Option Agreement evidencing each grant. No option can have a life in excess of ten (10) years. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. The model requires various assumptions, including a risk-free interest rate, the expected term of the options, the expected stock price volatility over the expected term of the options and the expected dividend yield. Compensation expense for employee stock options is recognized ratably over the vesting term. Compensation expense recognized for options issued under the 2005 Plan was $161,000 and $324,000 for the three and six months ended September 30, 2015, respectively. Compensation expense recognized for options issued under the 2005 Plan was $160,000 and $353,000 for the three and six months ended September 30, 2014, respectively. No compensation expense was recognized under the 2014 Directors Plan for the three and six months ended September 30, 2015. Compensation expense recognized for restricted stock issued under the 2014 Directors Plan was $78,000 for the three and six months ended September 30, 2014. All share-based compensation has been classified as general and administrative expense in the consolidated statement of operations. A summary of option activity under the Company’s stock plans for the six months ended September 30, 2015 is presented below: Option Activity Shares Weighted Average Weighted Average (in Years) Aggregate Outstanding at March 31, 2015 1,433,216 $ 4.08 6.4 $ 6,221,909 Granted — — Exercised (15,300 ) 3.27 - 45,330 Forfeited or expired (3,000 ) 5.84 - 12,180 Outstanding at September 30, 2015 1,414,916 4.08 5.9 2,754,604 Exercisable at September 30, 2015 881,750 3.86 5.7 1,889,940 The aggregate intrinsic value in the table above is before applicable income taxes and represents the excess amount over the exercise price optionees would have received if all options had been exercised on the last business day of the period indicated, based on the Company’s closing stock price of $5.94 for such day. A summary of the Company’s non-vested options for the six months ended September 30, 2015 is presented below: Nonvested Options Shares Weighted Nonvested at March 31, 2015 614,416 $ 3.25 Granted — — Vested (78,250 ) 3.45 Forfeited or expired (3,000 ) 4.04 Nonvested at September 30, 2015 533,166 3.22 The following table summarizes the weighted average characteristics of outstanding stock options as of September 30, 2015: Outstanding Options Exercisable Options Range of Exercise Prices Number Remaining Weighted Number of Weighted $1.60 - 3.70 383,720 5.0 $ 2.93 383,720 $ 2.93 $3.71 - 4.42 693,696 5.9 3.82 316,780 3.82 $4.43 - 5.40 117,500 7.4 5.00 56,000 5.05 $5.41 - 7.08 220,000 6.8 6.43 125,250 6.26 Total stock options 1,414,916 5.9 4.08 881,750 3.86 There were no stock options and restricted shares granted during the three and six months ended September 30, 2015. There were 45,000 stock options and 16,561 restricted shares granted during the three and six months ended September 30, 2014. There were 13,198 restricted shares issued on October 19, 2015. The range of fair value assumptions related to options granted during the year ended March 31, 2015 were as follows: 2015 Exercise Price $ 4.72 Volatility 64.00 % Risk Free Rate 1.74 % Vesting Period (years) 3 Forfeiture Rate 4.51 % Expected Life (in years) 5.73 Dividend Rate 0 % As of September 30, 2015, total unrecognized stock-based compensation expense related to all unvested stock options was $1,240,000, which is expected to be expensed over a weighted average period of 2.3 years. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 . INCOME TAXES We utilize our estimated annual effective tax rate to determine our provision (benefit) for income taxes for interim periods. The income tax provision (benefit) is computed by multiplying the estimated annual effective tax rate by the year to date pre-tax book income (loss). Our effective tax rate differs from the statutory rate of 34% as a result of non deductible stock option expense and the state taxes (net of federal benefit) and permanent differences. Our effective tax rate was 107.4% and 77.8% for the three and six months ended September 30, 2015, respectively, and 63.4% and 64.7% for the three and six months ended September 30, 2014, respectively. The Company is subject to taxation in the United States and two state jurisdictions. The preparation of tax returns requires management to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by the Company. Management, in consultation with its tax advisors, files its tax returns based on interpretations that are believed to be reasonable under the circumstances. The income tax returns, however, are subject to routine reviews by the various taxing authorities. As part of these reviews, a taxing authority may disagree with respect to the tax positions taken by management (“uncertain tax positions”) and therefore may require the Company to pay additional taxes. Management evaluates the requirement for additional tax accruals, including interest and penalties, which the Company could incur as a result of the ultimate resolution of its uncertain tax positions. Management reviews and updates the accrual for uncertain tax positions as more definitive information becomes available from taxing authorities, completion of tax audits, expiration of statute of limitations, or upon occurrence of other events. As of September 30, 2015, there was no liability for income tax associated with unrecognized tax benefits. The Company recognizes accrued interest related to unrecognized tax benefits as well as any related penalties in interest income or expense in its consolidated condensed statements of operations, which is consistent with the recognition of these items in prior reporting periods. With few exceptions, the Company is no longer subject to U.S. federal, state, local, and non-U.S. income tax examination by tax authorities for tax years before 2010. |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. EARNINGS PER SHARE Basic earnings per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the potentially dilutive effect of outstanding stock options using the “treasury stock” method. Reconciliations between the numerator and the denominator of the basic and diluted earnings per share computations for the three months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, 201 5 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 14 5,568 $ 0.00 Effect of dilutive securities—Common stock options — 479 — Diluted income per share $ 14 6,047 $ 0.00 Three Months Ended September 30, 2014 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 63 5,493 $ 0.01 Effect of dilutive securities — Common stock options — 175 — Diluted income per share $ 63 5,668 $ 0.01 Reconciliations between the numerator and the denominator of the basic and diluted earnings per share computations for the six months ended September 30, 2014 and 2013 are as follows: Six Months Ended September 30, 2015 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic loss per share $ (91 ) 5,566 $ (0.02 ) Effect of dilutive securities—Common stock options — — — Diluted loss per share $ (91 ) 5,566 $ (0.02 ) Six Months Ended September 30, 201 4 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic loss per share $ (318 ) 5,491 $ (0.06 ) Effect of dilutive securities — Common stock options — — — Diluted loss per share $ (318 ) 5,491 $ (0.06 ) Basic and diluted earnings per share are the same in periods of a net loss, because common share equivalents are anti-dilutive when a net loss is recorded. Diluted earnings per share does not include the impact of common stock options totaling 134,063 and 632,642 for the three months ended September 30, 2015 and 2014, respectively, and 105,000 and 632,642 for the six months ended September 30, 2015 and 2014, respectively, as the effect of their inclusion would be anti-dilutive. |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 201 5 March 31, 201 5 (in thousands) Raw materials $ 273 $ 931 Work in process 2,787 1,509 Finished goods(1) 2,859 2,895 Supplies 250 343 $ 6,169 $ 5,678 |
Note 3 - Equipment and Leaseh16
Note 3 - Equipment and Leasehold Improvements, Net (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Property, Plant, and Equipment, Estimated Useful Lives [Table Text Block] | Years Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 |
Property, Plant and Equipment [Table Text Block] | September 30, 201 5 March 31, 201 5 (in thousands) Equipment $ 10,832 $ 9,782 Leasehold improvements 10,372 10,216 Furniture and fixtures 349 298 21,553 20,296 Less accumulated depreciation and amortization (13,186 ) (12,549 ) Construction-in-progress 9,167 7,007 Equipment and leasehold improvements, net $ 17,534 $ 14,754 |
Note 4 - Accrued Expenses (Tabl
Note 4 - Accrued Expenses (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 201 5 March 31, 201 5 (in thousands) Wages, bonus and profit sharing $ 933 $ 930 Customer rebates 74 74 Other expenses 153 120 $ 1,160 $ 1,124 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 201 5 March 31, 201 5 (in thousands) Term loans $ 7,721 $ 5,343 Capital lease 174 — Less current maturities (560 ) (234 ) Long-term debt, excluding current maturities $ 7,335 $ 5,109 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Payments Due (in thousands) Next 12 Months $ 560 Year 2 581 Year 3 600 Year 4 620 Year 5 650 Thereafter 4,884 Total principal payments $ 7,895 |
Note 6 - Operating Leases (Tabl
Note 6 - Operating Leases (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Payments Due (in thousands) Next 12 Months $ 462 Year 2 406 Year 3 401 Year 4 403 Year 5 361 Thereafter 4,563 Total minimum lease payments $ 6,596 |
Note 7 - Share-based Compensa20
Note 7 - Share-based Compensation (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block] | As of September 30, 201 5 Authorized Available Outstanding 2014 Plan 350,000 333,439 — 2005 Plan 1,402,916 — 1,402,916 2004 Directors Plan 12,000 — 12,000 Total 1,764,916 333,439 1,414,916 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Option Activity Shares Weighted Average Weighted Average (in Years) Aggregate Outstanding at March 31, 2015 1,433,216 $ 4.08 6.4 $ 6,221,909 Granted — — Exercised (15,300 ) 3.27 - 45,330 Forfeited or expired (3,000 ) 5.84 - 12,180 Outstanding at September 30, 2015 1,414,916 4.08 5.9 2,754,604 Exercisable at September 30, 2015 881,750 3.86 5.7 1,889,940 |
Schedule of Nonvested Share Activity [Table Text Block] | Nonvested Options Shares Weighted Nonvested at March 31, 2015 614,416 $ 3.25 Granted — — Vested (78,250 ) 3.45 Forfeited or expired (3,000 ) 4.04 Nonvested at September 30, 2015 533,166 3.22 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Outstanding Options Exercisable Options Range of Exercise Prices Number Remaining Weighted Number of Weighted $1.60 - 3.70 383,720 5.0 $ 2.93 383,720 $ 2.93 $3.71 - 4.42 693,696 5.9 3.82 316,780 3.82 $4.43 - 5.40 117,500 7.4 5.00 56,000 5.05 $5.41 - 7.08 220,000 6.8 6.43 125,250 6.26 Total stock options 1,414,916 5.9 4.08 881,750 3.86 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2015 Exercise Price $ 4.72 Volatility 64.00 % Risk Free Rate 1.74 % Vesting Period (years) 3 Forfeiture Rate 4.51 % Expected Life (in years) 5.73 Dividend Rate 0 % |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, 201 5 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 14 5,568 $ 0.00 Effect of dilutive securities—Common stock options — 479 — Diluted income per share $ 14 6,047 $ 0.00 Three Months Ended September 30, 2014 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 63 5,493 $ 0.01 Effect of dilutive securities — Common stock options — 175 — Diluted income per share $ 63 5,668 $ 0.01 Six Months Ended September 30, 2015 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic loss per share $ (91 ) 5,566 $ (0.02 ) Effect of dilutive securities—Common stock options — — — Diluted loss per share $ (91 ) 5,566 $ (0.02 ) Six Months Ended September 30, 201 4 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic loss per share $ (318 ) 5,491 $ (0.06 ) Effect of dilutive securities — Common stock options — — — Diluted loss per share $ (318 ) 5,491 $ (0.06 ) |
Note 2 - Inventories (Details T
Note 2 - Inventories (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | |
Inventory Abnormal Production Costs | $ 225,000 | $ 0 | $ 395,000 | $ 64,000 | |
Inventory Valuation Reserves | 4,000 | 4,000 | $ 4,000 | ||
Non Inventoriable Fixed Costs | $ 83,000 | $ 127,000 | $ 17,000 |
Note 2 - Components of Inventor
Note 2 - Components of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Mar. 31, 2015 | |
Raw materials | $ 273 | $ 931 | |
Work in process | 2,787 | 1,509 | |
Finished goods(1) | [1] | 2,859 | 2,895 |
Supplies | 250 | 343 | |
Total | $ 6,169 | $ 5,678 | |
[1] | Net of reserve for obsolescence of $4,000 and $4,000 at September 30, 2015 and March 31, 2015, respectively. |
Note 3 - Equipment and Leaseh24
Note 3 - Equipment and Leasehold Improvements, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Gain (Loss) on Disposition of Assets | $ 29,000 | $ (3,000) | $ 29,000 | $ (13,000) |
Impairment of Long-Lived Assets Held-for-use | 0 | |||
Interest Costs Capitalized | $ 78,000 | $ 57,000 | $ 137,000 | $ 112,000 |
Note 3 - Estimated Useful Lives
Note 3 - Estimated Useful Lives (Details) | 6 Months Ended |
Sep. 30, 2015 | |
Minimum [Member] | Equipment [Member] | |
Estimated useful lives | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Estimated useful lives | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Estimated useful lives | 10 years |
Maximum [Member] | Equipment [Member] | |
Estimated useful lives | 10 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Estimated useful lives | 7 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Estimated useful lives | 25 years |
Note 3 - Components of Equipmen
Note 3 - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Mar. 31, 2015 |
Equipment [Member] | ||
Equipment and leasehold improvements, gross | $ 10,832 | $ 9,782 |
Leasehold Improvements [Member] | ||
Equipment and leasehold improvements, gross | 10,372 | 10,216 |
Furniture and Fixtures [Member] | ||
Equipment and leasehold improvements, gross | 349 | 298 |
Equipment and leasehold improvements, gross | 21,553 | 20,296 |
Less accumulated depreciation and amortization | (13,186) | (12,549) |
Construction-in-progress | 9,167 | 7,007 |
Equipment and leasehold improvements, net | $ 17,534 | $ 14,754 |
Note 4 - Components of Accrued
Note 4 - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Mar. 31, 2015 |
Wages, bonus and profit sharing | $ 933 | $ 930 |
Customer rebates | 74 | 74 |
Other expenses | 153 | 120 |
Accrued expenses | $ 1,160 | $ 1,124 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) | Aug. 14, 2012USD ($) | Jul. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Mar. 01, 2015USD ($) |
2015 Loan Agreement [Member] | Prime Rate [Member] | |||||||
Debt Instrument Reference Rate | 3.25% | 3.25% | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||
2015 Loan Agreement [Member] | Minimum [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||||
2015 Loan Agreement [Member] | |||||||
Proceeds from Issuance of Debt | $ 2,500,000 | ||||||
Debt Instrument, Term | 7 years | ||||||
Debt Instrument Prepayment Penalty Percentage | 5.00% | 5.00% | |||||
Debt Instrument Prepayment Penalty Percentage Reduction During Each Year | 1.00% | 1.00% | |||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 2,500,000 | $ 2,500,000 | |||||
Debt Instrument One Time Origination and Guaranty Fees | $ 113,900 | ||||||
Debt Instrument Annual Renewal Fee Payable Percentage | 0.50% | 0.50% | |||||
Debt Instrument Guaranteed Portion | 80.00% | 80.00% | |||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | Minimum [Member] | |||||||
Debt Instrument, Interest Rate During Period | 5.50% | ||||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | |||||||
Proceeds from Issuance of Debt | $ 5,500,000 | ||||||
Debt Instrument Reference Rate | 3.25% | 3.25% | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
Debt Instrument Prepayment Penalty Percentage | 5.00% | 5.00% | |||||
Debt Instrument Prepayment Penalty Percentage Reduction During Each Year | 1.00% | 1.00% | |||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 5,144,000 | $ 5,144,000 | |||||
Debt Instrument One Time Origination and Guaranty Fees | $ 214,500 | ||||||
Debt Instrument Annual Renewal Fee Payable Percentage | 0.25% | 0.25% | |||||
Debt Instrument Guaranteed Portion | 80.00% | 80.00% | |||||
Debt Instrument Interest Payment Period | 1 year | ||||||
Debt Instrument Amortization Period | 19 years | ||||||
Term Loan Agreement, Promissory Note One [Member] | |||||||
Proceeds from Issuance of Debt | $ 2,250,000 | ||||||
Term Loan Agreement, Promissory Note Two [Member] | |||||||
Proceeds from Issuance of Debt | $ 3,250,000 | ||||||
Hungtington Technology Finance [Member] | Capital Lease Obligations [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.57% | ||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 174,000 | $ 0 | $ 167,000 | $ 167,000 | |||
Debt Instrument Periodic Payments Number | 60 | ||||||
Thermo Fisher Financial [Member] | Capital Lease Obligations [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 84,000 | 73,000 | 73,000 | $ 86,000 | |||
Debt Instrument Periodic Payments Number | 36 | ||||||
Repayments of Notes Payable | $ 500,000 | 500,000 | |||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 7,895,000 | $ 7,895,000 |
Note 5 - Summary of Long-Term D
Note 5 - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Mar. 31, 2015 |
Term loans | $ 7,721 | $ 5,343 |
Capital lease | 174 | |
Less current maturities | (560) | $ (234) |
Long-term debt, excluding current maturities | $ 7,335 | $ 5,109 |
Note 5 - Future Payments (Detai
Note 5 - Future Payments (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Next 12 Months | $ 560 |
Year 2 | 581 |
Year 3 | 600 |
Year 4 | 620 |
Year 5 | 650 |
Thereafter | 4,884 |
Total principal payments | $ 7,895 |
Note 6 - Summary of Future Mini
Note 6 - Summary of Future Minimum Lease Payments under Non-Cancelable Operating Leases (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Next 12 Months | $ 462 |
Year 2 | 406 |
Year 3 | 401 |
Year 4 | 403 |
Year 5 | 361 |
Thereafter | 4,563 |
Total minimum lease payments | $ 6,596 |
Note 7 - Share-based Compensa32
Note 7 - Share-based Compensation (Details Textual) | Oct. 19, 2015shares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)shares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)shares | Aug. 28, 2015shares |
2014 Directors Plan [Member] | ||||||
Allocated Share-based Compensation Expense | $ | $ 0 | $ 78,000 | $ 0 | $ 78,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 | 350,000 | 350,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 333,439 | 333,439 | ||||
2005 Plan [Member] | ||||||
Allocated Share-based Compensation Expense | $ | $ 161,000 | $ 160,000 | $ 324,000 | $ 353,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,402,916 | 1,402,916 | ||||
Restricted Stock [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 13,198 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 0 | 16,561 | 0 | 16,561 | ||
Employee Stock Option [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 45,000 | 0 | 45,000 | ||
Number of Shareholder Approved Share-based Compensation Plans | 3 | 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,764,916 | 1,764,916 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 333,439 | 333,439 | ||||
Share Price | $ / shares | $ 5.94 | $ 5.94 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 1,240,000 | $ 1,240,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days |
Note 7 - Shares Authorized, Ava
Note 7 - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details) | Sep. 30, 2015shares |
2014 Directors Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 333,439 |
2005 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,402,916 |
Outstanding (in shares) | 1,402,916 |
2004 Directors Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 12,000 |
Outstanding (in shares) | 12,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,764,916 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 333,439 |
Outstanding (in shares) | 1,414,916 |
Note 7 - Summary of Option Acti
Note 7 - Summary of Option Activity Under Stock Plans (Details) | 6 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Outstanding at March 31, 2015 (in shares) | shares | 1,433,216 |
Outstanding at March 31, 2015 (in dollars per share) | $ 4.08 |
Outstanding at March 31, 2015 | 6 years 146 days |
Outstanding at March 31, 2015 | $ | $ 6,221,909 |
Exercised (in shares) | shares | (15,300) |
Exercised (in dollars per share) | $ 3.27 |
Exercised | $ | $ 45,330 |
Forfeited or expired (in shares) | shares | (3,000) |
Forfeited or expired (in dollars per share) | $ 5.84 |
Forfeited or expired | $ | $ 12,180 |
Outstanding at September 30, 2015 (in shares) | shares | 1,414,916 |
Outstanding at September 30, 2015 (in dollars per share) | $ 4.08 |
Outstanding at September 30, 2015 | $ | $ 2,754,604 |
Exercisable at September 30, 2015 (in shares) | shares | 881,750 |
Exercisable at September 30, 2015 (in dollars per share) | $ 3.86 |
Exercisable at September 30, 2015 | 5 years 255 days |
Exercisable at September 30, 2015 | $ | $ 1,889,940 |
Note 7 - Summary of Non-Vested
Note 7 - Summary of Non-Vested Options (Details) | 6 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Nonvested (in shares) | shares | 614,416 |
Nonvested (in dollars per share) | $ 3.25 |
Vested (in shares) | shares | (78,250) |
Vested (in dollars per share) | $ 3.45 |
Forfeited or expired (in shares) | shares | (3,000) |
Forfeited or expired (in dollars per share) | $ 4.04 |
Nonvested (in shares) | shares | 533,166 |
Nonvested (in dollars per share) | $ 3.22 |
Note 7 - Summary of the Weighte
Note 7 - Summary of the Weighted-Average Characteristics of Outstanding Stock Options (Details) | 6 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Range 01 [Member] | |
Lower Range of Exercise Prices (in dollars per share) | $ 1.60 |
Upper Range of Exercise Prices (in dollars per share) | $ 3.70 |
Outstanding Options Numberof Shares (in shares) | shares | 383,720 |
Outstanding Options Remaining Life | 5 years |
Outstanding Options Weighted Average Price (in dollars per share) | $ 2.93 |
Exercisable Options Number of Shares (in shares) | shares | 383,720 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.93 |
Range 02 [Member] | |
Lower Range of Exercise Prices (in dollars per share) | 3.71 |
Upper Range of Exercise Prices (in dollars per share) | $ 4.42 |
Outstanding Options Numberof Shares (in shares) | shares | 693,696 |
Outstanding Options Remaining Life | 5 years 328 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 3.82 |
Exercisable Options Number of Shares (in shares) | shares | 316,780 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 3.82 |
Range 03 [Member] | |
Lower Range of Exercise Prices (in dollars per share) | 4.43 |
Upper Range of Exercise Prices (in dollars per share) | $ 5.40 |
Outstanding Options Numberof Shares (in shares) | shares | 117,500 |
Outstanding Options Remaining Life | 7 years 146 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 5 |
Exercisable Options Number of Shares (in shares) | shares | 56,000 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 5.05 |
Range 04 [Member] | |
Lower Range of Exercise Prices (in dollars per share) | 5.41 |
Upper Range of Exercise Prices (in dollars per share) | $ 7.08 |
Outstanding Options Numberof Shares (in shares) | shares | 220,000 |
Outstanding Options Remaining Life | 6 years 292 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 6.43 |
Exercisable Options Number of Shares (in shares) | shares | 125,250 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 6.26 |
Outstanding Options Numberof Shares (in shares) | shares | 1,414,916 |
Outstanding Options Remaining Life | 5 years 328 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 4.08 |
Exercisable Options Number of Shares (in shares) | shares | 881,750 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 3.86 |
Note 7 - Summary of Valuation A
Note 7 - Summary of Valuation Assumptions Related to Options Granted (Details) | 6 Months Ended |
Sep. 30, 2015$ / shares | |
Exercise Price (in dollars per share) | $ 4.72 |
Volatility | 64.00% |
Risk Free Rate | 1.74% |
Vesting Period (years) | 3 years |
Forfeiture Rate | 4.51% |
Expected Life (in years) | 5 years 266 days |
Dividend Rate | 0.00% |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Unrecognized Tax Benefits | $ 0 | $ 0 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |||
Effective Income Tax Rate Reconciliation, Percent | 107.40% | 63.40% | 77.80% | 64.70% |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 134,063 | 632,642 | 105,000 | 632,642 |
Note 9 - Summary of Reconciliat
Note 9 - Summary of Reconciliations between the Numerator and the Denominator of the Basic and Diluted Earnings Per Share Computations (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic income per share | $ 14 | $ 63 | $ (91) | $ (318) |
Basic income per share (in shares) | 5,568 | 5,493 | 5,566 | 5,491 |
Basic income per share (in dollars per share) | $ 0 | $ 0.01 | $ (0.02) | $ (0.06) |
Effect of dilutive securities—Common stock options (in shares) | 479 | 175 | ||
Diluted income per share | $ 14 | $ 63 | $ (91) | $ (318) |
Diluted income per share (in shares) | 6,047 | 5,668 | 5,566 | 5,491 |
Diluted income per share (in dollars per share) | $ 0 | $ 0.01 | $ (0.02) | $ (0.06) |