Disposition of Product Line

9 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposition of Product Line

DISPOSITION OF PRODUCT LINE

On September 5, 2012, the Company and its Paper Magic subsidiary sold the Halloween portion of Paper Magic’s business and certain Paper Magic assets relating to such business, including certain tangible and intangible assets associated with the Halloween portion of Paper Magic’s business, to Gemmy Industries (HK) Limited ("Gemmy"). Paper Magic’s remaining Halloween assets, including accounts receivable and inventory, were excluded from the sale. The sale price of $2,281,000 was paid to Paper Magic at closing. In connection with the sale, the Company recorded a restructuring reserve of $3,998,000 during the second quarter of fiscal 2013, consisting of severance of 49 employees of $1,282,000, facility closure costs of $1,375,000 and professional fees and other costs of $1,341,000 ($523,000 were costs of the transaction).

During the three- and nine months ended December 31, 2014, the Company recorded cash payments, net of sub-lease income, of $89,000 and $85,000, respectively. Additionally, a reduction in the restructuring accrual of $118,000 was recorded in the nine months ended December 31, 2014 related to sub-lease income that was greater than originally estimated. As of December 31, 2014, $21,000 of the remaining liability was classified in other current liabilities in the accompanying condensed consolidated balance sheet and will be paid through December 2015.

Selected information relating to the aforementioned restructuring follows (in thousands):

	Facility Costs			Professional Fees and Other Costs			Total
Restructuring reserve as of March 31, 2014	$	112		$	112		$	224
Cash paid, net of sub-lease income	27			(112		)	(85		)
Non-cash adjustments	(118		)	—			(118		)
Restructuring reserve as of December 31, 2014	$	21		$	—		$	21