Form 10-Q

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0001193125-13-060190.txt : 20130214 0001193125-13-060190.hdr.sgml : 20130214 20130214161709 ACCESSION NUMBER: 0001193125-13-060190 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130214 DATE AS OF CHANGE: 20130214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMERSON RADIO CORP CENTRAL INDEX KEY: 0000032621 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD AUDIO & VIDEO EQUIPMENT [3651] IRS NUMBER: 223285224 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07731 FILM NUMBER: 13614085 BUSINESS ADDRESS: STREET 1: 85 OXFORD DRIVE CITY: MOONACHIE STATE: NJ ZIP: 07074 BUSINESS PHONE: 9738845800 MAIL ADDRESS: STREET 1: 85 OXFORD DRIVE CITY: MOONACHIE STATE: NJ ZIP: 07074 FORMER COMPANY: FORMER CONFORMED NAME: MAJOR ELECTRONICS CORP DATE OF NAME CHANGE: 19770921 10-Q 1 d468886d10q.htm FORM 10-Q Form 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2012

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-07731

EMERSON RADIO CORP.

(Exact name of registrant as specified in its charter)


DELAWARE		22-3285224
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

3 University Plaza, Suite 405, Hackensack, NJ		07601
(Address of principal executive offices)		(Zip code)

(973) 428-2000

(Registrant’s telephone number, including area code)

(Former name, former address, and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every interactive data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨ Yes x No

Indicate the number of shares outstanding of common stock as of February 14, 2013: 27,129,832.

TABLE OF CONTENTS


PART I — FINANCIAL INFORMATION
Item 1. Financial Statements			3
Item 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition			11
Item 3. Quantitative and Qualitative Disclosures About Market Risk			18
Item 4. Controls and Procedures			18

PART II — OTHER INFORMATION
Item 1. Legal Proceedings			19
Item 1A. Risk Factors			19
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			19
Item 3. Defaults Upon Senior Securities			19
Item 4. Mine Safety Disclosure			19
Item 5. Other Information			19
Item 6. Exhibits			19

SIGNATURES			20

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

EMERSON RADIO CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except earnings per share data)


	Three Months Ended December 31				Nine Months Ended December 31
	2012		2011		2012		2011
Net Revenues:
Net product sales	$	22,608	$	41,274	$	99,783	$	131,590
Licensing revenue		2,046		2,177		5,597		4,765

Net revenues		24,654		43,451		105,380		136,355
Costs and expenses:
Cost of sales		20,484		36,657		88,759		119,257
Other operating costs and expenses		253		306		1,046		995
Selling, general and administrative expenses		1,926		2,025		5,671		6,094
Impairment of trademark		—		—		1,326		—

		22,663		38,988		96,802		126,346
Operating income		1,991		4,463		8,578		10,009
Other income:
Interest income, net		132		10		230		40
Gain on sale of building		—		347		—		347
Realized gain on sale of marketable security		—		—		—		828

Income before income taxes		2,123		4,820		8,808		11,224
Provision for income taxes		430		1,649		1,328		2,953

Net income	$	1,693	$	3,171	$	7,480	$	8,271

Net income per share:
Basic	$	.06	$	.12	$	.28	$	.30
Diluted	$	.06	$	.12	$	.28	$	.30
Weighted average shares outstanding:
Basic		27,130		27,130		27,130		27,130
Diluted		27,130		27,130		27,130		27,130

The accompanying notes are an integral part of the interim consolidated financial statements.

EMERSON RADIO CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands except share data)


	December 31, 2012			March 31, 2012(A)
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	23,288		$	44,960
Restricted cash		102			215
Short term investments		35,040			—
Accounts receivable, net		5,945			12,134
Other receivables		1,820			1,193
Due from affiliates		—			1
Inventory, net		12,928			11,269
Prepaid expenses and other current assets		5,420			2,873
Deferred tax assets		2,343			2,304

Total current assets		86,886			74,949
Property, plant and equipment, net		288			260
Trademarks, net		219			1,545
Deferred tax assets		1,453			1,668
Other assets		34			262

Total assets	$	88,880		$	78,684

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term borrowings		42			64
Accounts payable and other current liabilities		11,627			9,152
Due to affiliates		—			11
Accrued sales returns		1,105			1,201
Income taxes payable		494			107

Total current liabilities		13,268			10,535
Long-term borrowings		41			72
Deferred tax liabilities		189			177

Total liabilities		13,498			10,784
Shareholders’ equity:
Preferred shares -$.01 par value, 10,000,000 shares authorized at December 31, 2012 and March 31, 2012, respectively; 3,677 shares issued and outstanding at December 31, 2012 and March 31, 2012, respectively; liquidation preference of $3,677,000 at December 31, 2012 and March 31, 2012, respectively		3,310			3,310
Common shares — $.01 par value, 75,000,000 shares authorized, 52,965,797 shares issued at December 31, 2012 and March 31, 2012, respectively; 27,129,832 shares outstanding at December 31, 2012 and March 31, 2012, respectively		529			529
Capital in excess of par value		98,785			98,785
Accumulated other comprehensive income (losses)		345			(82	)
Accumulated deficit		(3,363	)		(10,418	)
Treasury stock, at cost, 25,835,965 shares		(24,224	)		(24,224	)

Total shareholders’ equity		75,382			67,900

Total liabilities and shareholders’ equity	$	88,880		$	78,684

(A)	Reference is made to the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2012 filed with the Securities and Exchange Commission on July 13, 2012.

The accompanying notes are an integral part of the interim consolidated financial statements.

EMERSON RADIO CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Nine Months Ended December 31
	2012			2011
Cash flows from operating activities:
Net income	$	7,480		$	8,271
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation and amortization		76			247
Deferred tax expense		188			2,149
Asset allowances, reserves and other		(862	)		(1,407	)
Gain on sale of building		—			(347	)
Gain on sale of marketable security		—			(828	)
Impairment of trademark		1,326			—
Changes in assets and liabilities:
Accounts receivable		7,045			(2,171	)
Other receivables		(627	)		(84	)
Due from affiliates		1			(1	)
Inventories		(1,747	)		(8,416	)
Prepaid expenses and other current assets		(2,547	)		(1,682	)
Other assets		228			77
Accounts payable and other current liabilities		2,475			1,477
Due to affiliates		(11	)		(1	)
Interest and income taxes payable		387			(65	)

Net cash provided (used) by operating activities		13,412			(2,781	)

Cash flows from investing activities:
Short term investment		(35,040	)		—
Proceeds from sale of marketable security		—			4,725
Decrease in restricted cash		113			56
Additions to property and equipment		(111	)		(33	)
Disposals of property and equipment		7			—
Proceeds from sale of building		—			2,749

Net cash (used) provided by investing activities		(35,031	)		7,497

Cash flows from financing activities:
Repayments of short-term borrowings		(22	)		(2,470	)
Repayments of capital lease and other rental obligations		(31	)		(44	)

Net cash used by financing activities		(53	)		(2,514	)

Net (decrease) increase in cash and cash equivalents		(21,672	)		2,202
Cash and cash equivalents at beginning of period		44,960			39,796

Cash and cash equivalents at end of period	$	23,288		$	41,998

Cash paid during the period for:
Interest	$	12		$	18
Income taxes	$	606		$	1,492

The accompanying notes are an integral part of the interim consolidated financial statements.

EMERSON RADIO CORP. AND SUBSIDIARIES

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 — BACKGROUND AND BASIS OF PRESENTATION

The consolidated financial statements include the accounts of Emerson Radio Corp. (“Emerson”, consolidated — the “Company”), and its subsidiaries. The Company designs, sources, imports and markets a variety of houseware and consumer electronic products, and licenses the Company’s trademarks for a variety of products domestically and internationally.

The unaudited interim consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the Company’s consolidated financial position as of December 31, 2012 and the results of operations for the three and nine month periods ended December 31, 2012 and December 31, 2011. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary in order to make the financial statements not misleading have been included. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of the unaudited interim consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes; actual results could materially differ from those estimates. The unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and accordingly do not include all of the disclosures normally made in the Company’s annual consolidated financial statements. Accordingly, these unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended March 31, 2012 (“fiscal 2012”), included in the Company’s annual report on Form 10-K, as amended, for fiscal 2012.

The results of operations for the three and nine month periods ended December 31, 2012 are not necessarily indicative of the results of operations that may be expected for any other interim periods or for the full year ended March 31, 2013 (“fiscal 2013”).

Certain reclassifications may have been made to conform the prior year’s financial statements to the current presentation.

Unless otherwise disclosed in the notes to these financial statements, the estimated fair value of the financial assets and liabilities approximates the carrying value.

Subsequent events have been evaluated through February 14, 2013.

Stock-Based Compensation

The Company measures compensation cost for stock-based compensation arrangements based on grant date fair value. The computed fair value is expensed ratably over the requisite vesting period as required by ASC Topic 718 “Compensation — Stock Compensation”. All outstanding stock based compensation arrangements issued by the Company were fully vested as of November 30, 2009. Consequently, the Company recorded no compensation costs during either of the three or nine month periods ended December 31, 2012 and December 31, 2011.

Sales Allowance and Marketing Support Expenses

Sales allowances, marketing support programs, promotions and other volume-based incentives which are provided to retailers and distributors are accounted for on an accrual basis as a reduction to net revenues in the period in which the related sales are recognized in accordance with ASC topic 605, “Revenue Recognition”, subtopic 50 “Customer Payments and Incentives” and Securities and Exchange Commission Staff Accounting Bulletins 101 “Revenue Recognition in Financial Statements,” and 104 “Revenue Recognition, corrected copy” (“SAB’s 101 and 104”).

At the time of sale, the Company reduces recognized gross revenue by allowances to cover, in addition to estimated sales returns as required by ASC topic 605, “Revenue Recognition”, subtopic 15 “Products”, (i) sales incentives offered to customers that meet the criteria for accrual under ASC topic 605, subtopic 50 and (ii) under SAB’s 101 and 104, an estimated amount to recognize additional non-offered deductions it anticipates and can reasonably estimate will be taken by customers which it does not expect to recover. Accruals for the estimated amount of future non-offered deductions are required to be made as contra-revenue items because that percentage of shipped revenue fails to meet the collectability criteria within SAB 104’s and 101’s four revenue recognition criteria, all of which are required to be met in order to recognize revenue.

If additional marketing support programs, promotions and other volume-based incentives are required to promote the Company’s products subsequent to the initial sale, then additional reserves may be required and are accrued for when such support is offered.

NOTE 2 — COMPREHENSIVE INCOME

Comprehensive income for the three and nine months ended December 31, 2012 and December 31, 2011 are as follows (in thousands):


	Three months ended December 31				Nine months ended December 31
	2012		2011		2012		2011
Net income	$	1,693	$	3,171	$	7,480	$	8,271
Foreign currency translation adjustment		—		—		427		—

Comprehensive income	$	1,693	$	3,171	$	7,907	$	8,271

NOTE 3 — NET EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Three months ended December 31,				Nine months ended December 31,
	2012		2011		2012		2011
Numerator:
Net income	$	1,693	$	3,171	$	7,480	$	8,271

Denominator:
Denominator for basic earnings per share — weighted average shares		27,130		27,130		27,130		27,130
Effect of dilutive securities on denominator:
Options (computed using the treasury stock method)		—		—		—		—

Denominator for diluted earnings per share — weighted average shares and assumed conversions		27,130		27,130		27,130		27,130

Basic and diluted earnings per share	$	.06	$	.12	$	.28	$	.30

NOTE 4 — SHAREHOLDERS’ EQUITY

Outstanding capital stock at December 31, 2012 consisted of common stock and Series A preferred stock. The Series A preferred stock is non-voting, has no dividend preferences and has not been convertible since March 31, 2002; however, it retains a liquidation preference.

At December 31, 2012, the Company had approximately 50,000 options outstanding and exercisable, all of which were non-dilutive for the three and nine month periods ending December 31, 2012 and December 31, 2011, with exercise prices ranging from $3.07 to $3.19. 25,000 of these options expire in January 2016 and 25,000 of these options expire in November 2016.

NOTE 5 — INVENTORY

Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method. As of December 31, 2012 and March 31, 2012, inventories consisted of the following (in thousands):


	December 31, 2012			March 31, 2012
	(Unaudited)
Finished goods	$	13,095		$	11,347
Less inventory allowances		(167	)		(78	)

Net inventory	$	12,928		$	11,269

NOTE 6 — INCOME TAXES

The Company has no U.S. federal net operating loss carry forwards and some U.S. state net operating loss carry forwards included in net deferred tax assets that are available to offset future taxable income and can be carried forward for 20 years. Although realization is not assured, management believes it is more likely than not that all of the net deferred tax assets will be realized through tax planning strategies available in future periods and through future profitable operating results. The amount of the deferred tax asset considered realizable could be reduced or eliminated if certain tax planning strategies are not successfully executed or estimates of future taxable income during the carry forward period are reduced. If management determines that the Company would not be able to realize all or part of the net deferred tax asset in the future, an adjustment to the deferred tax asset would be charged to income in the period such determination was made.

The Company’s effective tax rate differs from the federal statutory rate primarily due to expenses that are not deductible for federal income tax purposes, income and losses incurred in foreign jurisdictions and taxed at locally applicable tax rates, and state income taxes.

The Company is subject to examination and assessment by tax authorities in numerous jurisdictions. A summary of the Company’s open tax years is as follows as of December 31, 2012:


Jurisdiction	Open tax years
U.S. federal		2008-2011
States		2007-2011

Based on the outcome of tax examinations or due to the expiration of statutes of limitations, it is reasonably possible that the unrecognized tax benefits related to uncertain tax positions taken in previously filed returns may be different from the liabilities that have been recorded for these unrecognized tax benefits. As a result, the Company may be subject to additional tax expense.

Taxability of March 2010 Dividend

As previously disclosed, on March 2, 2010, the Board of Directors of the Company (the “Board”) declared an extraordinary dividend of $1.10 per common share, which was paid on March 24, 2010. In connection with the Company’s determination as to the taxability of the dividend, the Board relied upon information and research provided to it by the Company’s tax advisors and, in reliance on the “stock-for-debt” exception in the Internal Revenue Code Sections 108(e)(8) and (e)(10), concluded that 4.9% of such dividend paid was taxable to the recipients.

In August 2012, the Company received a Form 886-A from the Internal Revenue Service (the “IRS”) which challenges the Company’s conclusions and determines that the Company does not qualify for the above-referenced exception. Accordingly, the IRS has concluded that 100% of the dividend paid was taxable to the recipients. The Company is defending its position and calculations and is contesting the position asserted by the IRS. The Company prepared and, on October 25, 2012, delivered its rebuttal to the IRS contesting the IRS determination.

In the event that the Company is not successful in establishing with the IRS that the Company’s calculations were correct, then the shareholders who received the dividend likely will be subject to and liable for an assessment of additional taxes due. Moreover, the Company may be contingently liable for taxes due by its shareholders resulting from the dividend paid by the Company.

NOTE 7 — RELATED PARTY TRANSACTIONS

From time to time, Emerson engages in business transactions with its controlling shareholder, The Grande Holdings Limited (Provisional Liquidators Appointed) (“Grande”), and one or more of Grande’s direct and indirect subsidiaries. Set forth below is a summary of such transactions.

Controlling Shareholder

Grande has, together with S&T International Distribution Limited (“S&T”), a subsidiary of Grande, Grande N.A.K.S. Ltd. and Christopher Ho (Chairman of Grande’s and Emerson’s Boards of Directors) (together with Grande, the “Reporting Persons”) filed, on July 5, 2012, a Schedule 13D/A with the Securities and Exchange Commission (“SEC”) stating that, as of the filing date, the Reporting Persons (except Christopher Ho) had the shared power to vote and direct the disposition of 15,243,283 shares, or approximately 56.2%, of the outstanding common stock of Emerson, subject only to the rights granted to Deutsche Bank AG (“Deutsche Bank”) pursuant to a security agreement entered into between S&T and Deutsche Bank on January 20, 2010 in which S&T granted a security interest in an aggregate of 3,780,600 shares in Emerson common stock (the “Pledged Shares”) owned by S&T but pledged to Deutsche Bank for the purposes of securing obligations owing from Grande to Deutsche Bank (the “Secured Obligations”).

The aforementioned Schedule 13D/A also states that, as of the filing date, the Reporting Persons are aware only of the sale of 391,199 of the Pledged Shares by Deutsche Bank and that they have not yet been able to verify whether, or to what extent, Deutsche Bank has taken any other actions in respect of the Pledged Shares. The Reporting Persons also are of the view that the Secured Obligations have already been settled and, therefore, S&T reportedly is seeking clarification of the basis on which Deutsche Bank has claimed beneficial ownership of the remaining 3,380,079 shares out of the remaining 3,389,401 Pledged Shares. On February 11, 2011, Deutsche Bank filed a Schedule 13G with the SEC stating that it had sole voting and sole dispositive power over the Pledged Shares, which represent approximately 12.5% of the Company’s outstanding common stock. On January 9, 2012, Deutsche Bank filed with the SEC a Form 4 Statement of Changes in Beneficial Ownership stating that, after sales by it of certain of the Pledged Shares, it beneficially owned 3,380,079 shares of Emerson’s common stock, and on February 10, 2012, Deutsche Bank filed with the SEC a Schedule 13G stating that it was the beneficial owner with sole voting and sole dispositive power of such shares. In a letter to the Board dated February 8, 2013, S&T asserts that it is negotiating a settlement of its outstanding obligations to Deutsche Bank and that upon discharge of such obligations it will recover unencumbered interest in the 3,380,079 shares.

On May 31, 2011, upon application of a major creditor, the High Court of Hong Kong appointed Fok Hei Yu (who is also known by the anglicized name Vincent Fok), a current director, and Roderick John Sutton, both of FTI Consulting (Hong Kong) Limited (“FTI”), as Joint and Several Provisional Liquidators over Grande. Accordingly, as of May 31, 2011, the directors of Grande no longer have the ability to exercise control over Grande or the power to direct the voting and disposition of the 15,243,283 shares claimed to be owned by Grande. Instead, Mr. Fok, as a Provisional Liquidator over Grande, has such power.

Related Party Transactions

Rented Office Space in Hong Kong

The Company is billed for service charges from Brighton Marketing Limited, a subsidiary of Grande, in connection with the Company’s rented office space in Hong Kong. These charges totaled approximately $1,000 for the three month period ended December 31, 2012 and approximately $5,000 for the three month period ended December 31, 2011. For the nine month periods ended December 31, 2012 and December 31, 2011, these charges totaled approximately $4,000 and $30,000, respectively. Emerson owed Brighton Marketing Limited nil at December 31, 2012 and approximately $1,000 at December 31, 2011 pertaining to these charges.

During the three month and nine month periods ended December 31, 2012, the Company was also billed for service charges from The Grande Properties Management Limited, a related party to Christopher Ho, in connection with the Company’s rented office space in Hong Kong, in the amounts of approximately $11,000 and approximately $31,000, respectively. During the three month and nine month periods ended December 31, 2011, the Company was billed for service charges from The Grande Group (HK) Ltd., a related party to Christopher Ho, in connection with the Company’s rented office space in Hong Kong, in the amounts of approximately $9,000 and approximately $18,000, respectively. The Company owed nil to The Grande Properties Management Limited related to these charges at December 31, 2012 and the Company owed nil to The Grande Group (HK) Ltd. related to these charges at December 31, 2011. Beginning July 3, 2012, the Company entered into a rental agreement with Lafe Strategic Services Limited (“Lafe”), which is a related party of Christopher Ho, whereby the Company is leasing out excess space within its rented office space in Hong Kong to Lafe. The rental agreement is on a month-by-month basis, cancellable by either the Company or Lafe on one month’s written notice. During the three and nine month periods ended December 31, 2012, the Company earned rental income of approximately $9,000 and $18,000, respectively, from this arrangement. At December 31, 2012, Lafe owed Emerson nil in rental payable from this arrangement, and Emerson owed Lafe an amount of approximately $6,000 for a security deposit paid to the Company by Lafe at the inception of the agreement.

Consulting Services Provided to Emerson by one of its Directors

During the three months ended December 31, 2012 and December 31, 2011, Emerson paid consulting fees of approximately $31,000 and $20,000, respectively, to Mr. Eduard Will, a director of Emerson, for work performed by Mr. Will related to strategy for the Kayne Litigation as more fully described in Note 9 – “Legal Proceedings – Kayne Litigation” and merger and acquisition research. In addition, during each of the three months ended December 31, 2012 and December 31, 2011, Emerson paid expense reimbursements and advances, in the aggregate, of approximately $12,000 and $7,000 to Mr. Will, respectively, related to this consulting work and his service as a director of Emerson.

During the nine months ended December 31, 2012 and December 31, 2011, Emerson paid consulting fees of approximately $93,000 and $33,000, respectively, to Mr. Eduard Will, a director of Emerson, for work performed by Mr. Will related to strategy for the Kayne Litigation as more fully described in Note 9 – “Legal Proceedings – Kayne Litigation”, merger and acquisition research, as well as work related to the strategy for a shareholder derivative lawsuit that the Company settled in January 2011. In addition, during the nine months ended December 31, 2012 and December 31, 2011, Emerson paid expense reimbursements and advances, in the aggregate, of approximately $12,000 and approximately $18,000, respectively, to Mr. Will, related to this consulting work and his service as a director of Emerson.

At December 31, 2012, the Company owed Mr. Will nil and at December 31, 2011, Mr. Will owed the Company approximately $1,000 in the form of unused travel advances previously paid to him for which the travel had not yet occurred.

Dividend-Related Issues with S&T

On March 2, 2010, the Board declared an extraordinary dividend of $1.10 per common share, which was paid on March 24, 2010. In connection with the Company’s determination as to the taxability of the dividend, the Board relied upon information and research provided to it by the Company’s tax advisors and, in reliance on the “stock-for-debt” exception in the Internal Revenue Code Sections 108(e)(8) and (e)(10), concluded that 4.9% of such dividend paid was taxable to the recipients.

Initially, the Company withheld from the dividend funds allocated to the tax liability associated with such dividend. As previously disclosed, on April 7, 2010, upon a request made to the Company by S&T, the Company entered into an agreement with S&T (the “Agreement”), whereby the Company returned to S&T on April 7, 2010 that portion of the funds withheld for taxes from the dividend paid on March 24, 2010 to S&T, which the Company believes is not subject to U.S. tax based on the Company’s good-faith estimate of its accumulated earnings and profits. The Agreement includes provisions pursuant to which S&T agreed to indemnify the Company for any liability imposed on it as a result of the Company’s agreement not to withhold such funds for S&T’s possible tax liability and a pledge of stock as collateral. The Company continues to assert that such dividend is not subject to U.S. tax based on the Company’s good-faith estimate of its accumulated earnings and profits. In addition, the Company also continues to assert that this transaction results in an off-balance sheet arrangement and a possible contingent tax liability of the Company, which, if recognized, would be offset in part by the calling by the Company on S&T of the indemnification provisions of the Agreement.

Per the terms of the Agreement, Emerson invoiced S&T in June 2010 approximately $42,000 for reimbursement of legal fees incurred by Emerson with regard to the Agreement and approximately $33,000 as a transaction fee for having entered into the Agreement. In January 2011, Emerson agreed, upon the request of S&T, to waive approximately $5,000 of the legal charges that had been invoiced to S&T in June 2010. S&T paid the full amount owed to Emerson of approximately $70,000 in February 2011.

In March 2011, upon the request of S&T to the Company, the Company and S&T agreed that the collateral pledged as a part of the Agreement would no longer be required and such collateral was returned by the Company to S&T in March 2011 and the Agreement was amended and restated to remove the collateral requirement but retain the indemnification provisions. The Agreement, as amended (the “Amended Agreement”), remains in effect as of today. In the event that (i) the Company is not successful in establishing with the IRS that the Company’s calculations were correct and (ii) S&T is unable or unwilling to pay the additional taxes due or indemnify Emerson under the terms of the Amended Agreement, the Company may be liable to pay such additional taxes which would have a material adverse effect on the Company’s financial condition and operations.

Other

During the three months ended December 31, 2012 and December 31, 2011, Emerson invoiced Vigers Appraisal & Consulting Ltd. (“Vigers”), a related party of Christopher Ho, approximately $1,000 and $1,000, respectively, for usage of telephone and data lines maintained by Emerson. During the nine months ended December 31, 2012 and December 31, 2011, Emerson invoiced Vigers approximately $3,000 and $3,000, respectively, for usage of telephone and data lines maintained by Emerson. Vigers owed Emerson nil at both December 31, 2012 and December 31, 2011 related to this activity.

NOTE 8 — BORROWINGS

Short-term Borrowings

Letters of Credit — The Company uses Hang Seng Bank to issue letters of credit on behalf of the Company, as needed, on a 100% cash collateralized basis. At December 31, 2012, the Company had outstanding letters of credit totaling $102,000. A like amount of cash, which was posted by the Company as collateral against these outstanding letters of credit, at December 31, 2012, has been classified by the Company as Restricted Cash on the balance sheet.

Long-term Borrowings

At December 31, 2012 and March 31, 2012, borrowings under long-term facilities consisted of the following (in thousands):


	December 31, 2012			March 31, 2012
	(Unaudited)
Capitalized lease obligations		83			136
Less current maturities		(42	)		(64	)

Long term debt	$	41		$	72

NOTE 9 — LEGAL PROCEEDINGS

Kayne Litigation — On July 7, 2011, the Company was served with an amended complaint (the “Complaint”) filed in the United States District Court for the Central District of California alleging, among other things, that the Company, certain of its present and former directors and other entities or individuals now or previously associated with Grande, intentionally interfered with the ability of the plaintiffs to collect on a judgment (now approximately $47 million) they had against Grande by engaging in transactions (such as the dividend paid to all shareholders in March 2010) which transferred assets out of the United States. The Complaint also asserts claims under the civil RICO statute and for alter ego liability. In the Company’s opinion, the claims appear to be devoid of merit. Accordingly, on September 27, 2011, Emerson moved to dismiss the action for failure to state a claim (the “Motion”). On or about February 27, 2012, the Court dismissed the intentional interference claim and portions of the Civil RICO claim with leave to re-plead, but denied the Motion to dismiss the alter ego claim. On March 19, 2012, the plaintiffs filed a Second Amended Complaint setting forth the same claims as the Complaint. On April 20, 2012, the Company moved to dismiss the re-pleaded intentional interference and RICO claims, and oral arguments on this motion were held on June 18, 2012. On September 6, 2012, the Court dismissed the RICO claim, but granted the plaintiffs leave to re-plead. On September 17, 2012, the plaintiffs filed a Third Amended Complaint setting forth the same claims as the Complaint. The Company’s response to the Third Amended Complaint was due and filed on October 4, 2012, which joined in a co-defendants’ motion to dismiss the alter ego claim and the RICO claim. The Court heard oral argument on December 17, 2012, but has not yet issued its decision. In the interim, the parties have exchanged document discovery requests and responses and plaintiffs and defendants, including the Company, have produced documents. Several depositions have been taken with more scheduled to take place in February. This matter has now been scheduled for a July 2, 2013 trial date. Emerson is defending the action vigorously.

Except for the litigation matter described above, the Company is not currently a party to any legal proceedings other than litigation matters, in most cases involving ordinary and routine claims incidental to our business. Management cannot estimate with certainty the Company’s ultimate legal and financial liability with respect to such pending litigation matters. However, management believes, based on our examination of such matters, that the Company’s ultimate liability will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

NOTE 10 — MARKETABLE SECURITIES

As of December 31, 2012 and March 31, 2012, the Company had no marketable securities.

During Fiscal 2012, the Company sold for cash proceeds its last remaining student loan auction rate security for $4.7 million and realized a gain of $0.8 million as a result.

NOTE 11 — TRADEMARKS

During the nine months ended December 31, 2012, upon completion of an analysis which showed the absence of future expected cash flows, the Company determined that the value of one of its non-strategic trademarks was fully impaired. Thus, the Company recorded an impairment charge of $1.3 million in September 2012 to write off this trademark. The Company does not anticipate any future material adverse financial impacts arising from this impairment.

NOTE 12 — SHORT TERM INVESTMENTS

During August and December 2012, the Company invested $35.0 million in certificates of deposit with durations in excess of three months. $20.0 million of these certificates mature in February 2013 and bear an interest rate of 1.89% per annum, and $15.0 million of these certificates mature in June 2013 and bear an interest rate of 1.35% per annum.

Item 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition.

The following discussion of the Company’s operations and financial condition should be read in conjunction with the Financial Statements and notes thereto included elsewhere in this Quarterly Report.

In the following discussions, most percentages and dollar amounts have been rounded to aid presentation. Accordingly, all amounts are approximations.

Forward-Looking Information

This report contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are statements that could be forward-looking statements. The reader can identify these forward-looking statements through the Company’s use of words such as “may,” “will,” “can,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “seek,” “estimate,” “continue,” “plan,” “project,” “predict,” “could,” “intend,” “target,” “potential,” and other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation:

•

the impact, if any, on the Company’s business, financial condition and results of operation arising from the appointment of the Provisional Liquidators over Grande;

•

the decline in, and any further deterioration of, consumer spending for retail products, such as the Company’s products;

•

the Company’s inability to resist price increases from its suppliers or pass through such increases to its customers;

•

the loss of any of the Company’s key customers or reduction in the purchase of the Company’s products by any such customers;

•

conflicts of interest that exist based on the Company’s relationship with Grande;

•

the Company’s inability to improve and maintain effective internal controls or the failure by its personnel to comply with such internal controls;

•

the Company’s inability to maintain its relationships with its licensees and distributors, renew existing licenses, or the failure to obtain new licensees or distribution relationships on favorable terms;

•

cash generated by operating activities represents the Company’s principal source of funding and therefore the Company depends on its ability to successfully manage its operating cash flows to fund its operations;

•

the Company’s inability to anticipate market trends, enhance existing products or achieve market acceptance of new products;

•

the Company’s dependence on a limited number of suppliers for its components and raw materials;

•

the Company’s dependence on third party manufacturers to manufacture and deliver its products;

•

changes in consumer spending and economic conditions;

•

the failure of third party sales representatives to adequately promote, market and sell the Company’s products;

•

the Company’s inability to protect its intellectual property;

•

the effects of competition;

•

changes in foreign laws and regulations and changes in the political and economic conditions in the foreign countries in which the Company operates;

•

changes in accounting policies, rules and practices;

•

the effects of the continuing appreciation of the renminbi and increases in costs of production in China; and

•

the other factors listed under “Risk Factors” in the Company’s Form 10-K, as amended, for the fiscal year ended March 31, 2012 and other filings with the Securities and Exchange Commission (the “SEC”).

All forward-looking statements are expressly qualified in their entirety by this cautionary notice. The reader is cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this report or the date of the document incorporated by reference into this report. The Company has no obligation, and expressly disclaims any obligation, to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise. Management has expressed its expectations, beliefs and projections in good faith and it believes it has a reasonable basis for them. However, management cannot assure the reader that its expectations, beliefs or projections will be achieved or accomplished.

Results of Operations

The following table summarizes certain financial information for the three and nine month periods ended December 31, 2012 (fiscal 2013) and December 31, 2011 (fiscal 2012) (in thousands):


	Three months ended December 31				Nine months ended December 31
	2012		2011		2012		2011
Net product sales	$	22,608	$	41,274	$	99,783	$	131,590
Licensing revenue		2,046		2,177		5,597		4,765

Net revenues		24,654		43,451		105,380		136,355
Cost of sales		20,484		36,657		88,759		119,257
Other operating costs and expenses		253		306		1,046		995
Selling, general and administrative expenses		1,926		2,025		5,671		6,094
Impairment of trademark		—		—		1,326		—

Operating income		1,991		4,463		8,578		10,009
Interest income, net		132		10		230		40
Gain on sale of building		—		347		—		347
Realized gain on sale of marketable security		—		—		—		828

Income before income taxes		2,123		4,820		8,808		11,224
Provision for income taxes		430		1,649		1,328		2,953

Net income	$	1,693	$	3,171	$	7,480	$	8,271

Net product sales — Net product sales for the third quarter of fiscal 2013 were $22.6 million as compared to $41.3 million for the third quarter of fiscal 2012, a decrease of $18.7 million or 45.2%. For the nine month period of fiscal 2013, net product sales were $99.8 million as compared to $131.6 million for the nine month period of fiscal 2012, a decrease of $31.8 million or 24.2%. The Company’s net product sales were lower on a year-over-year basis for both the third quarter of fiscal 2013 and the nine month period of fiscal 2013 due to pricing pressures, intense competitive activity and a challenging retail sales environment. The Company’s sales during the nine month periods of fiscal 2013 and fiscal 2012 were highly concentrated among the Company’s two largest customers, as to which gross product sales comprised approximately 94.1% and 90.4%, respectively, of the Company’s total gross product sales. Net product sales may be periodically impacted by adjustments made to the Company’s sales allowance and marketing support accrual to record unanticipated customer deductions from accounts receivable or to reduce the accrual by any amounts which were accrued in the past but not taken by customers through deductions from accounts receivable within a certain time period. In the aggregate, these adjustments had the effect of increasing net product sales and operating income by approximately $0.3 million and $0.2 million for the third quarters of fiscal 2013 and fiscal 2012, respectively, and approximately $0.8 million and $0.8 million for the nine month periods of fiscal 2013 and fiscal 2012, respectively. The Company confronts increasing pricing pressure which is a trend that management expects to continue.

Net product sales are comprised primarily of the sales of houseware products which bear the Emerson^® brand name. The major elements which contributed to the overall decrease in net product sales were as follows:

Houseware product net sales decreased $17.0 million, or 44.2%, to $21.5 million in the third quarter of fiscal 2013 as compared to $38.5 million in the third quarter of fiscal 2012, principally driven by a decrease in sales of all products offered by the Company in the category, which is comprised of microwave ovens, compact refrigerators and wine coolers. For the nine month period of fiscal 2013, houseware products net sales were $96.6 million, a decrease of $26.5 million or 21.5%, from $123.1 million for the nine month period of fiscal 2012, principally driven by a decrease in sales of all products offered by the Company in the category, which is comprised of microwave ovens, compact refrigerators and wine coolers; and

ii)

Audio product net sales were $1.1 million in the third quarter of fiscal 2013 as compared to $2.8 million in the third quarter of fiscal 2012, a decrease of $1.7 million, or 59.7%, resulting from decreased sales of all products offered by the Company in the category, which is comprised of clock radios and portable audio products. For the nine month period of fiscal 2013, audio product net sales were $3.1 million, a decrease of $5.4 million, or 63.0%, from $8.5 million in the nine month period of fiscal 2012, resulting from decreased sales of all products offered by the Company in the category, which is comprised of clock radios and portable audio products.

As reported by the Company in a Form 8-K filed with the SEC on October 19, 2012, the Company has been informed by its customer Wal-Mart, which accounted for approximately 48% of the Company’s net revenues during the year ended March 31, 2012 (“Fiscal 2012”), that, commencing with the Spring of 2013, it will discontinue purchasing from Emerson two microwave oven products currently sold by the Company to Wal-Mart. During Fiscal 2012, these two microwave oven products comprised, in the aggregate, approximately $48.4 million, or 31%, of the Company’s net product sales. Currently, it is anticipated that Emerson will continue shipping these products throughout the remainder of Fiscal 2013 (the year ending March 31, 2013), with sales of such products declining through the fourth quarter of Fiscal 2013. Emerson anticipates that the full impact of Wal-Mart’s decision will be realized by the Company in Fiscal 2014, which begins on April 1, 2013. As previously disclosed by the Company, the complete loss of, or significant reduction in, business with either of the Company’s key customers will have a material adverse effect on the Company’s business and results of operations. Accordingly, Wal-Mart’s decision will have a material adverse effect on the Company’s business and results of operations. The Company is considering various strategic initiatives, including a complete analysis of its current and prospective product lines and pricing strategies. There can be no assurance that the Company will be able to increase sales of such products at levels sufficient to offset the adverse impact of Wal-Mart’s decision, if at all.

Licensing revenue — Licensing revenue in the third quarter of fiscal 2013 was $2.0 million compared to $2.2 million in the third quarter of fiscal 2012, a decrease of $0.2 million or 6.0%. Licensing revenue for the nine month period of fiscal 2013 was $5.6 million as compared to $4.8 million for the nine month period of fiscal 2012, an increase of $0.8 million or 17.5%. The increase in year-over-year licensing revenue for the nine month period of fiscal 2013 was due to approximately $1.3 million of higher year-over-year licensing revenue earned from the Company’s largest licensee, Funai Corporation, Inc. (“Funai”), on higher year-over-year sales by Funai of products bearing the Emerson^® brand name, partially offset by lower aggregate year-over-year licensing revenues earned by the Company due to a lower year-over-year number of licensees as well as lower year-over-year sales of products bearing the Emerson^® brand name by its active licensees other than Funai.

The Company’s largest license agreement is with Funai, which accounted for approximately 86% and 88% of the Company’s total licensing revenue for the third quarter and nine month period of fiscal 2013, respectively, and which was amended during December 2012 to extend the term of the agreement until March 31, 2015. The agreement provides that Funai will manufacture, market, sell and distribute specified products bearing the Emerson^® trademark to customers in the U.S. and Canadian markets. Under the terms of the agreement, the Company receives non-refundable minimum annual royalty payments of $3.75 million each calendar year and a license fee on sales of product subject to the agreement in excess of the minimum annual royalties.

Net revenues — As a result of the foregoing factors, the Company’s net revenues were $24.7 million in the third quarter of fiscal 2013 as compared to $43.5 million in the third quarter of fiscal 2012, a decrease of $18.8 million, or 43.3%, and $105.4 million in the nine month period of fiscal 2013 as compared to $136.4 million in the nine month period of fiscal 2012, a decrease of $31.0 million, or 22.7%.

Cost of Sales — In absolute terms, cost of sales decreased $16.2 million, or 44.1%, to $20.5 million in the third quarter of fiscal 2013 as compared to $36.7 million in the third quarter of fiscal 2012. Cost of sales, as a percentage of net revenues was 83.1% in the third quarter of fiscal 2013 as compared to 84.4% in the third quarter of fiscal 2012. Cost of sales, as a percentage of net product sales was 90.6% in the third quarter of fiscal 2013 as compared to 88.8% in the third quarter of fiscal 2012. The decrease in absolute terms for the third quarter of fiscal 2013 as compared to the third quarter of fiscal 2012 was primarily related to the reduced net product sales, partially offset higher year-over-year cost of sales as a percentage of sales.

In absolute terms, cost of sales decreased $30.5 million, or 25.6%, to $88.8 million in the nine month period of fiscal 2013 as compared to $119.3 million in the nine month period of fiscal 2012. Cost of sales, as a percentage of net revenues was 84.2% in the nine month period of fiscal 2013 as compared to 87.5% in the nine month period of fiscal 2012. Cost of sales, as a percentage of net product sales was 89.0% in the nine month period of fiscal 2013 as compared to 90.6% in the nine month period of fiscal 2012. The decrease in absolute terms for the nine month period of fiscal 2013 as compared to the nine month period of fiscal 2012 was primarily related to the reduced net product sales and lower year-over-year cost of sales as a percentage of sales, partially offset by the impact of an inventory valuation reserve reduction that occurred in the nine month period of fiscal 2012 that did not repeat in the nine month period of fiscal 2013. The improved margins for the nine month period ended December 31, 2012 are not anticipated to continue for the remainder of fiscal 2013 and are not indicative of results expected to be achieved in subsequent quarters.

The Company purchases the products it sells from a limited number of factory suppliers. For the third quarter of fiscal 2013 and fiscal 2012, 90% and 85%, respectively, of such purchases were from the Company’s two largest suppliers. For the nine month period of fiscal 2013 and fiscal 2012, 78% and 79%, respectively, of such purchases were from the Company’s two largest suppliers.

Other Operating Costs and Expenses — As a percentage of net revenues, other operating costs and expenses were 1.0% in the third quarter of fiscal 2013 and 0.7% in the third quarter of fiscal 2012. In absolute terms, other operating costs and expenses were $0.3 million for the third quarter of fiscal 2013 as compared to $0.3 million in the third quarter of fiscal 2012 as a result of higher warranty and returns processing costs. For the nine month period of fiscal 2013, other operating costs were 1.0% of net revenues as compared to 0.7% of net revenues for the nine month period of fiscal 2012. In absolute terms, other operating costs and expenses were $1.0 million for the nine month period of fiscal 2013 as compared to $1.0 million for the nine month period of fiscal 2012 also resulting from higher warranty and returns processing costs.

Selling, General and Administrative Expenses (“S,G&A”) — S,G&A, as a percentage of net revenues, was 7.8% in the third quarter of fiscal 2013 as compared to 4.7% in the third quarter of fiscal 2012. S,G&A, in absolute terms, decreased slightly by $0.1 million, or 4.9%, to $1.9 million for the third quarter of fiscal 2013 as compared to $2.0 million for the third quarter of fiscal 2012. For the nine month period of fiscal 2013, S,G&A was 5.4% of net revenues as compared to 4.5% for the nine month period of fiscal 2012. In absolute terms, S,G&A decreased $0.4 million, or 6.9%, to $5.7 million for the nine month period of fiscal 2013 as compared to $6.1 million in the nine month period of fiscal 2012. The decreases in S,G&A in absolute terms between the third quarters of fiscal 2013 and fiscal 2012, and the nine month periods of fiscal 2013 and fiscal 2012, respectively, were primarily due to lower compensation and consulting costs, partially offset by higher legal fees.

Impairment of trademark — During the nine months ended December 31, 2012, upon completion of an analysis which showed the absence of future expected cash flows, the Company determined that the value of one of its non-strategic trademarks was fully impaired. Thus, the Company recorded an impairment charge of $1.3 million in September 2012 to write off this trademark. The Company does not anticipate any future material adverse financial impacts arising from this impairment.

Interest income, net — Interest income, net, was $132,000 in the third quarter of fiscal 2013 as compared to $10,000 in the third quarter of fiscal 2012, an increase of $122,000. Interest income, net, was $230,000 in the nine month period of fiscal 2013 as compared to $40,000 in the nine month period of fiscal 2012, an increase of $190,000.

Realized Gain on Sale of Marketable Security — Realized gain on sale of marketable security was nil in both the third quarter and nine month period of fiscal 2013 and nil in the third quarter of fiscal 2012 and $828,000 in the nine month period of fiscal 2012. The realized gain resulted from the sale in May 2011 of the Company’s last remaining auction rate security (see Note 10 – “Marketable Securities”).

Provision for Income Taxes — In the third quarter and nine month period of fiscal 2013, the Company recorded income tax expense of $0.4 million and $1.3 million, respectively, as compared to $1.6 million and $3.0 million, respectively, in the third quarter and nine month period of fiscal 2012.

Net income — As a result of the foregoing factors, the Company realized net income of $1.7 million in the third quarter of fiscal 2013 as compared to $3.2 million in the third quarter of fiscal 2012, a decrease of $1.5 million, or 46.6%. For the nine month period of fiscal 2013, the Company realized net income of $7.5 million as compared to $8.3 million in the nine month period of fiscal 2012, a decrease of $0.8 million, or 9.6%.

Liquidity and Capital Resources

General

As of December 31, 2012, the Company had cash and cash equivalents of approximately $23.3 million, as compared to approximately $42.0 million at December 31, 2011. Working capital increased to $73.6 million at December 31, 2012 as compared to $63.0 million at December 31, 2011. The decrease in cash and cash equivalents of approximately $18.7 million was primarily due to an increase in short term investments, an increase in prepaid expenses and a decrease in accounts payable, partially offset by net income generated by the Company, a decrease in accounts receivable and a decrease in inventory during the twelve months ended December 31, 2012.

Cash flow provided by operating activities was $13.4 million for the nine months ended December 31, 2012, resulting primarily from the net income generated during the period, decreases in accounts receivable and increases in accounts payable partially offset by increases in prepaid expenses and inventory.

Net cash used by investing activities was $35.0 million for the nine months ended December 31, 2012, primarily due to short term investments in certificates of deposit and additions to property, plant and equipment, partially offset by a reduction in restricted cash.

Net cash used by financing activities was $53,000 for the nine months ended December 31, 2012, resulting from payments made on the Company’s capital lease and rental obligations.

Other Events and Circumstances Pertaining to Liquidity

Provisional Liquidation of the Company’s controlling shareholder

As previously disclosed, on May 31, 2011, upon application of a major creditor, the High Court of Hong Kong appointed Provisional Liquidators over Grande, which is the Company’s controlling stockholder. Following the appointment of the Provisional Liquidators over Grande, certain major factory suppliers, including Midea, which is the Company’s largest factory supplier, have significantly reduced the maximum amount of open credit lines available to the Company. The Company relies on its cash on hand and cash generated by ongoing operations to manage its business.

Taxability of March 2010 Dividend

As previously disclosed, on March 2, 2010, the Board declared an extraordinary dividend of $1.10 per common share, which was paid on March 24, 2010. In connection with the Company’s determination as to the taxability of the dividend, the Board relied upon information and research provided to it by the Company’s tax advisors and, in reliance on the “stock-for-debt” exception in the Internal Revenue Code Sections 108(e)(8) and (e)(10), concluded that 4.9% of such dividend paid was taxable to the recipients.

Initially, the Company withheld from the dividend funds allocated to the tax liability associated with such dividend. As previously disclosed, on April 7, 2010, upon a request made to the Company by its foreign controlling shareholder, S&T, the Company entered into an agreement with S&T (the “Agreement”), whereby the Company returned to S&T on April 7, 2010 that portion of the funds withheld for taxes from the dividend paid on March 24, 2010 to S&T, which the Company believes is not subject to U.S. tax based on the Company’s good-faith estimate of its accumulated earnings and profits. The Agreement includes provisions pursuant to which S&T agreed to indemnify the Company for any liability imposed on it as a result of the Company’s agreement not to withhold such funds for S&T’s possible tax liability and a pledge of stock as collateral. The Company continues to assert that such dividend is not subject to U.S. tax based on the Company’s good-faith estimate of its accumulated earnings and profits. In addition, the Company also continues to assert that this transaction results in an off-balance sheet arrangement and a possible contingent tax liability of the Company, which, if recognized, would be offset in part by the calling by the Company on S&T of the indemnification provisions of the Agreement.

Credit Arrangements

Letters of Credit — The Company utilizes Hang Seng Bank to issue letters of credit on behalf of the Company, as needed, on a 100% cash collateralized basis. At December 31, 2012, the Company had outstanding letters of credit totaling $102,000. A like amount of cash, which was posted by the Company as collateral against these outstanding letters of credit, at December 31, 2012, has been classified by the Company as Restricted Cash on the balance sheet.

Short-term Liquidity

During the three and nine months ended December 31, 2012, products representing approximately 33% and 49% of net sales, respectively, were imported directly to the Company’s customers. The direct importation of product by the Company to its customers significantly benefits the Company’s liquidity because this inventory does not need to be financed by the Company.

The Company’s principal existing sources of cash are generated from operations. The Company believes that its existing cash balance and sources of cash will be sufficient to support existing operations over the next 12 months.

Recently Issued Accounting Pronouncements

There were no Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board during the three months ended December 31, 2012 which relate to or could relate to the Company as concerns the Company’s normal ongoing operations or the industry in which the Company operates.

Inflation, Foreign Currency, and Interest Rates

The Company’s exposure to currency fluctuations has been minimized by the use of U.S. dollar denominated purchase orders. The Company purchases virtually all of its products from manufacturers located in China.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

(a) Disclosure controls and procedures

The Company maintains disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d — 15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in its Exchange Act reports are recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to management, including the Company’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Due to the inherent limitations of control systems, not all misstatements may be detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons; by collusion of two or more people, or by management override of the control. Our controls and procedures can only provide reasonable, not absolute, assurance that the above objectives have been met.

The Company’s management concluded that disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of December 31, 2012, are effective to reasonably ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to management, including the Company’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting that occurred during the fiscal quarter ended December 31, 2012 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

Item 1A. Risk Factors.

There were no material changes in any risk factors previously disclosed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on July 13, 2012.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

(a) None

(b) None

Item 4. Mine Safety Disclosure.

Not applicable.

Item 5. Other Information.

None

Item 6. Exhibits.



31.1		Certification of the Company’s Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2		Certification of the Company’s Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*



32		Certification of the Company’s Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

101.1+		XBRL Instance Document. ***

101.2+		XBRL Taxonomy Extension Schema Document. ***

101.3+		XBRL Taxonomy Extension Calculation Linkbase Document. ***

101.4+		XBRL Taxonomy Extension Definition Linkbase Document. ***

101.5+		XBRL Taxonomy Extension Label Linkbase Document. ***

101.6+		XBRL Taxonomy Extension Presentation Linkbase Document. ***

*	filed herewith

**	furnished herewith

***	The XBRL information is being furnished and not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any registration statement under the Securities Act of 1933, as amended.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


				EMERSON RADIO CORP.
				(Registrant)

				/s/ Duncan Hon
Date: February 14, 2013				Duncan Hon
				Chief Executive Officer (Principal Executive Officer)

				/s/ Andrew L. Davis
Date: February 14, 2013				Andrew L. Davis
				Chief Financial Officer (Principal Financial and Accounting Officer)

EX-31.1 2 d468886dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

Certification

Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002

I, Duncan Hon, certify that:

I have reviewed this quarterly report on Form 10-Q of Emerson Radio Corp.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: February 14, 2013		/s/ Duncan Hon
		Duncan Hon
		Chief Executive Officer

A signed original of this written statement required by Section 302 has been provided to Emerson Radio Corp. and will be retained by Emerson Radio Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-31.2 3 d468886dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

Certification

Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002

I, Andrew L. Davis, certify that:

I have reviewed this quarterly report on Form 10-Q of Emerson Radio Corp.;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: February 14, 2013		/s/ Andrew L. Davis
		Andrew L. Davis
		Chief Financial Officer

EX-32 4 d468886dex32.htm EX-32 EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Emerson Radio Corp. (the “Company”) on Form 10-Q for the period ended December 31, 2012, filed with the Securities and Exchange Commission, Duncan Hon, Chief Executive Officer, and Andrew L. Davis, Chief Financial Officer, of the Company each hereby certifies pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the consolidated financial condition of the Company as of the dates presented and the consolidated result of operations of the Company for the periods presented.


Dated: February 14, 2013

	By:	/s/ Duncan Hon
		Duncan Hon
		Chief Executive Officer

	By:	/s/ Andrew L. Davis
		Andrew L. Davis
		Chief Financial Officer

The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Emerson Radio Corp. and will be retained by Emerson Radio Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

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MSN EMERSON RADIO CORP false Smaller Reporting Company Q3 2013 10-Q 2012-12-31 0000032621 --03-31

<div> The unaudited interim consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the Company’s consolidated financial position as of December 31, 2012 and the results of operations for the three and nine month periods ended December 31, 2012 and December 31, 2011. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary in order to make the financial statements not misleading have been included. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of the unaudited interim consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes; actual results could materially differ from those estimates. The unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and accordingly do not include all of the disclosures normally made in the Company’s annual consolidated financial statements. Accordingly, these unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended March 31, 2012 (“fiscal 2012”), included in the Company’s annual report on Form 10-K, as amended, for fiscal 2012. </div>

96802000

<div> NOTE 4 — SHAREHOLDERS’ EQUITY Outstanding capital stock at December 31, 2012 consisted of common stock and Series A preferred stock. The Series A preferred stock is non-voting, has no dividend preferences and has not been convertible since March 31, 2002; however, it retains a liquidation preference. At December 31, 2012, the Company had approximately 50,000 options outstanding and exercisable, all of which were non-dilutive for the three and nine month periods ending December 31, 2012 and December 31, 2011, with exercise prices ranging from $3.07 to $3.19. 25,000 of these options expire in January 2016 and 25,000 of these options expire in November 2016. </div>

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<div> At the time of sale, the Company reduces recognized gross revenue by allowances to cover, in addition to estimated sales returns as required by ASC topic 605, “Revenue Recognition”, subtopic 15 “Products”, (i) sales incentives offered to customers that meet the criteria for accrual under ASC topic 605, subtopic 50 and (ii) under SAB’s 101 and 104, an estimated amount to recognize additional non-offered deductions it anticipates and can reasonably estimate will be taken by customers which it does not expect to recover. Accruals for the estimated amount of future non-offered deductions are required to be made as contra-revenue items because that percentage of shipped revenue fails to meet the collectability criteria within SAB 104’s and 101’s four revenue recognition criteria, all of which are required to be met in order to recognize revenue. </div>

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<div> NOTE 3 — NET EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr> <td width="68%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">Three months ended December 31,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">Nine months ended December 31,</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Numerator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,693</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,171</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,480</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,271</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Denominator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Denominator for basic earnings per share — weighted average shares </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Effect of dilutive securities on denominator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Options (computed using the treasury stock method) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Denominator for diluted earnings per share — weighted average shares and assumed conversions </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Basic and diluted earnings per share </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">.06</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">.12</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">.28</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">.30</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> A summary of the Company’s open tax years is as follows as of December 31, 2012:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom" nowrap="nowrap">Jurisdiction</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Open tax years</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> U.S. federal </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2008-2011</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> States </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2007-2011</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> </div>

0.28

2475000

-113000

0.28

88759000

<div> NOTE 7 — RELATED PARTY TRANSACTIONS From time to time, Emerson engages in business transactions with its controlling shareholder, The Grande Holdings Limited (Provisional Liquidators Appointed) (“Grande”), and one or more of Grande’s direct and indirect subsidiaries. Set forth below is a summary of such transactions. Controlling Shareholder Grande has, together with S&T International Distribution Limited (“S&T”), a subsidiary of Grande, Grande N.A.K.S. Ltd. and Christopher Ho (Chairman of Grande’s and Emerson’s Boards of Directors) (together with Grande, the “Reporting Persons”) filed, on July 5, 2012, a Schedule 13D/A with the Securities and Exchange Commission (“SEC”) stating that, as of the filing date, the Reporting Persons (except Christopher Ho) had the shared power to vote and direct the disposition of 15,243,283 shares, or approximately 56.2%, of the outstanding common stock of Emerson, subject only to the rights granted to Deutsche Bank AG (“Deutsche Bank”) pursuant to a security agreement entered into between S&T and Deutsche Bank on January 20, 2010 in which S&T granted a security interest in an aggregate of 3,780,600 shares in Emerson common stock (the “Pledged Shares”) owned by S&T but pledged to Deutsche Bank for the purposes of securing obligations owing from Grande to Deutsche Bank (the “Secured Obligations”). The aforementioned Schedule 13D/A also states that, as of the filing date, the Reporting Persons are aware only of the sale of 391,199 of the Pledged Shares by Deutsche Bank and that they have not yet been able to verify whether, or to what extent, Deutsche Bank has taken any other actions in respect of the Pledged Shares. The Reporting Persons also are of the view that the Secured Obligations have already been settled and, therefore, S&T reportedly is seeking clarification of the basis on which Deutsche Bank has claimed beneficial ownership of the remaining 3,380,079 shares out of the remaining 3,389,401 Pledged Shares. On February 11, 2011, Deutsche Bank filed a Schedule 13G with the SEC stating that it had sole voting and sole dispositive power over the Pledged Shares, which represent approximately 12.5% of the Company’s outstanding common stock. On January 9, 2012, Deutsche Bank filed with the SEC a Form 4 Statement of Changes in Beneficial Ownership stating that, after sales by it of certain of the Pledged Shares, it beneficially owned 3,380,079 shares of Emerson’s common stock, and on February 10, 2012, Deutsche Bank filed with the SEC a Schedule 13G stating that it was the beneficial owner with sole voting and sole dispositive power of such shares. In a letter to the Board dated February 8, 2013, S&T asserts that it is negotiating a settlement of its outstanding obligations to Deutsche Bank and that upon discharge of such obligations it will recover unencumbered interest in the 3,380,079 shares.   On May 31, 2011, upon application of a major creditor, the High Court of Hong Kong appointed Fok Hei Yu (who is also known by the anglicized name Vincent Fok), a current director, and Roderick John Sutton, both of FTI Consulting (Hong Kong) Limited (“FTI”), as Joint and Several Provisional Liquidators over Grande. Accordingly, as of May 31, 2011, the directors of Grande no longer have the ability to exercise control over Grande or the power to direct the voting and disposition of the 15,243,283 shares claimed to be owned by Grande. Instead, Mr. Fok, as a Provisional Liquidator over Grande, has such power. Related Party Transactions Rented Office Space in Hong Kong The Company is billed for service charges from Brighton Marketing Limited, a subsidiary of Grande, in connection with the Company’s rented office space in Hong Kong. These charges totaled approximately $1,000 for the three month period ended December 31, 2012 and approximately $5,000 for the three month period ended December 31, 2011. For the nine month periods ended December 31, 2012 and December 31, 2011, these charges totaled approximately $4,000 and $30,000, respectively. Emerson owed Brighton Marketing Limited nil at December 31, 2012 and approximately $1,000 at December 31, 2011 pertaining to these charges. During the three month and nine month periods ended December 31, 2012, the Company was also billed for service charges from The Grande Properties Management Limited, a related party to Christopher Ho, in connection with the Company’s rented office space in Hong Kong, in the amounts of approximately $11,000 and approximately $31,000, respectively. During the three month and nine month periods ended December 31, 2011, the Company was billed for service charges from The Grande Group (HK) Ltd., a related party to Christopher Ho, in connection with the Company’s rented office space in Hong Kong, in the amounts of approximately $9,000 and approximately $18,000, respectively. The Company owed nil to The Grande Properties Management Limited related to these charges at December 31, 2012 and the Company owed nil to The Grande Group (HK) Ltd. related to these charges at December 31, 2011. Beginning July 3, 2012, the Company entered into a rental agreement with Lafe Strategic Services Limited (“Lafe”), which is a related party of Christopher Ho, whereby the Company is leasing out excess space within its rented office space in Hong Kong to Lafe. The rental agreement is on a month-by-month basis, cancellable by either the Company or Lafe on one month’s written notice. During the three and nine month periods ended December 31, 2012, the Company earned rental income of approximately $9,000 and $18,000, respectively, from this arrangement. At December 31, 2012, Lafe owed Emerson nil in rental payable from this arrangement, and Emerson owed Lafe an amount of approximately $6,000 for a security deposit paid to the Company by Lafe at the inception of the agreement. Consulting Services Provided to Emerson by one of its Directors During the three months ended December 31, 2012 and December 31, 2011, Emerson paid consulting fees of approximately $31,000 and $20,000, respectively, to Mr. Eduard Will, a director of Emerson, for work performed by Mr. Will related to strategy for the Kayne Litigation as more fully described in Note 9 – “Legal Proceedings – Kayne Litigation” and merger and acquisition research. In addition, during each of the three months ended December 31, 2012 and December 31, 2011, Emerson paid expense reimbursements and advances, in the aggregate, of approximately $12,000 and $7,000 to Mr. Will, respectively, related to this consulting work and his service as a director of Emerson. During the nine months ended December 31, 2012 and December 31, 2011, Emerson paid consulting fees of approximately $93,000 and $33,000, respectively, to Mr. Eduard Will, a director of Emerson, for work performed by Mr. Will related to strategy for the Kayne Litigation as more fully described in Note 9 – “Legal Proceedings – Kayne Litigation”, merger and acquisition research, as well as work related to the strategy for a shareholder derivative lawsuit that the Company settled in January 2011. In addition, during the nine months ended December 31, 2012 and December 31, 2011, Emerson paid expense reimbursements and advances, in the aggregate, of approximately $12,000 and approximately $18,000, respectively, to Mr. Will, related to this consulting work and his service as a director of Emerson. At December 31, 2012, the Company owed Mr. Will nil and at December 31, 2011, Mr. Will owed the Company approximately $1,000 in the form of unused travel advances previously paid to him for which the travel had not yet occurred.   Dividend-Related Issues with S&T On March 2, 2010, the Board declared an extraordinary dividend of $1.10 per common share, which was paid on March 24, 2010. In connection with the Company’s determination as to the taxability of the dividend, the Board relied upon information and research provided to it by the Company’s tax advisors and, in reliance on the “stock-for-debt” exception in the Internal Revenue Code Sections 108(e)(8) and (e)(10), concluded that 4.9% of such dividend paid was taxable to the recipients. In August 2012, the Company received a Form 886-A from the Internal Revenue Service (the “IRS”) which challenges the Company’s conclusions and determines that the Company does not qualify for the above-referenced exception. Accordingly, the IRS has concluded that 100% of the dividend paid was taxable to the recipients. The Company is defending its position and calculations and is contesting the position asserted by the IRS. The Company prepared and, on October 25, 2012, delivered its rebuttal to the IRS contesting the IRS determination. In the event that the Company is not successful in establishing with the IRS that the Company’s calculations were correct, then the shareholders who received the dividend likely will be subject to and liable for an assessment of additional taxes due. Moreover, the Company may be contingently liable for taxes due by its shareholders resulting from the dividend paid by the Company. Initially, the Company withheld from the dividend funds allocated to the tax liability associated with such dividend. As previously disclosed, on April 7, 2010, upon a request made to the Company by S&T, the Company entered into an agreement with S&T (the “Agreement”), whereby the Company returned to S&T on April 7, 2010 that portion of the funds withheld for taxes from the dividend paid on March 24, 2010 to S&T, which the Company believes is not subject to U.S. tax based on the Company’s good-faith estimate of its accumulated earnings and profits. The Agreement includes provisions pursuant to which S&T agreed to indemnify the Company for any liability imposed on it as a result of the Company’s agreement not to withhold such funds for S&T’s possible tax liability and a pledge of stock as collateral. The Company continues to assert that such dividend is not subject to U.S. tax based on the Company’s good-faith estimate of its accumulated earnings and profits. In addition, the Company also continues to assert that this transaction results in an off-balance sheet arrangement and a possible contingent tax liability of the Company, which, if recognized, would be offset in part by the calling by the Company on S&T of the indemnification provisions of the Agreement. Per the terms of the Agreement, Emerson invoiced S&T in June 2010 approximately $42,000 for reimbursement of legal fees incurred by Emerson with regard to the Agreement and approximately $33,000 as a transaction fee for having entered into the Agreement. In January 2011, Emerson agreed, upon the request of S&T, to waive approximately $5,000 of the legal charges that had been invoiced to S&T in June 2010. S&T paid the full amount owed to Emerson of approximately $70,000 in February 2011. In March 2011, upon the request of S&T to the Company, the Company and S&T agreed that the collateral pledged as a part of the Agreement would no longer be required and such collateral was returned by the Company to S&T in March 2011 and the Agreement was amended and restated to remove the collateral requirement but retain the indemnification provisions. The Agreement, as amended (the “Amended Agreement”), remains in effect as of today. In the event that (i) the Company is not successful in establishing with the IRS that the Company’s calculations were correct and (ii) S&T is unable or unwilling to pay the additional taxes due or indemnify Emerson under the terms of the Amended Agreement, the Company may be liable to pay such additional taxes which would have a material adverse effect on the Company’s financial condition and operations. Other During the three months ended December 31, 2012 and December 31, 2011, Emerson invoiced Vigers Appraisal & Consulting Ltd. (“Vigers”), a related party of Christopher Ho, approximately $1,000 and $1,000, respectively, for usage of telephone and data lines maintained by Emerson. During the nine months ended December 31, 2012 and December 31, 2011, Emerson invoiced Vigers approximately $3,000 and $3,000, respectively, for usage of telephone and data lines maintained by Emerson. Vigers owed Emerson nil at both December 31, 2012 and December 31, 2011 related to this activity. </div>

13412000

-35031000

606000

111000

<div> As of December 31, 2012 and March 31, 2012, inventories consisted of the following (in thousands):   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr> <td width="66%"></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">December 31, 2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">March 31, 2012</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">(Unaudited)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Finished goods </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,095</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,347</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Less inventory allowances </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(167</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(78</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Net inventory </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,928</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,269</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

-21672000

-228000

2547000

<div> NOTE 2 — COMPREHENSIVE INCOME Comprehensive income for the three and nine months ended December 31, 2012 and December 31, 2011 are as follows (in thousands):   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr> <td width="72%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">Three months  ended December 31</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">Nine months ended December 31</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,693</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,171</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,480</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,271</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Foreign currency translation adjustment </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">427</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Comprehensive income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,693</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,171</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,907</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,271</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

27130000

<div> NOTE 11 — TRADEMARKS During the nine months ended December 31, 2012, upon completion of an analysis which showed the absence of future expected cash flows, the Company determined that the value of one of its non-strategic trademarks was fully impaired. Thus, the Company recorded an impairment charge of $1.3 million in September 2012 to write off this trademark. The Company does not anticipate any future material adverse financial impacts arising from this impairment. </div>

105380000

-7045000

8808000

0.28

5597000

-11000

-53000

<div> NOTE 9 — LEGAL PROCEEDINGS Kayne Litigation — On July 7, 2011, the Company was served with an amended complaint (the “Complaint”) filed in the United States District Court for the Central District of California alleging, among other things, that the Company, certain of its present and former directors and other entities or individuals now or previously associated with Grande, intentionally interfered with the ability of the plaintiffs to collect on a judgment (now approximately $47 million) they had against Grande by engaging in transactions (such as the dividend paid to all shareholders in March 2010) which transferred assets out of the United States. The Complaint also asserts claims under the civil RICO statute and for alter ego liability. In the Company’s opinion, the claims appear to be devoid of merit. Accordingly, on September 27, 2011, Emerson moved to dismiss the action for failure to state a claim (the “Motion”). On or about February 27, 2012, the Court dismissed the intentional interference claim and portions of the Civil RICO claim with leave to re-plead, but denied the Motion to dismiss the alter ego claim. On March 19, 2012, the plaintiffs filed a Second Amended Complaint setting forth the same claims as the Complaint. On April 20, 2012, the Company moved to dismiss the re-pleaded intentional interference and RICO claims, and oral arguments on this motion were held on June 18, 2012. On September 6, 2012, the Court dismissed the RICO claim, but granted the plaintiffs leave to re-plead. On September 17, 2012, the plaintiffs filed a Third Amended Complaint setting forth the same claims as the Complaint. The Company’s response to the Third Amended Complaint was due and filed on October 4, 2012, which joined in a co-defendants’ motion to dismiss the alter ego claim and the RICO claim. The Court heard oral argument on December 17, 2012, but has not yet issued its decision. In the interim, the parties have exchanged document discovery requests and responses and plaintiffs and defendants, including the Company, have produced documents. Several depositions have been taken with more scheduled to take place in February. This matter has now been scheduled for a July 2, 2013 trial date. Emerson is defending the action vigorously. Except for the litigation matter described above, the Company is not currently a party to any legal proceedings other than litigation matters, in most cases involving ordinary and routine claims incidental to our business. Management cannot estimate with certainty the Company’s ultimate legal and financial liability with respect to such pending litigation matters. However, management believes, based on our examination of such matters, that the Company’s ultimate liability will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. </div>

230000

27130000

<div> NOTE 6 — INCOME TAXES The Company has no U.S. federal net operating loss carry forwards and some U.S. state net operating loss carry forwards included in net deferred tax assets that are available to offset future taxable income and can be carried forward for 20 years. Although realization is not assured, management believes it is more likely than not that all of the net deferred tax assets will be realized through tax planning strategies available in future periods and through future profitable operating results. The amount of the deferred tax asset considered realizable could be reduced or eliminated if certain tax planning strategies are not successfully executed or estimates of future taxable income during the carry forward period are reduced. If management determines that the Company would not be able to realize all or part of the net deferred tax asset in the future, an adjustment to the deferred tax asset would be charged to income in the period such determination was made. The Company’s effective tax rate differs from the federal statutory rate primarily due to expenses that are not deductible for federal income tax purposes, income and losses incurred in foreign jurisdictions and taxed at locally applicable tax rates, and state income taxes. The Company is subject to examination and assessment by tax authorities in numerous jurisdictions. A summary of the Company’s open tax years is as follows as of December 31, 2012:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr> <td width="83%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom" nowrap="nowrap">Jurisdiction</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">Open tax years</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> U.S. federal </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2008-2011</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> States </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2007-2011</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> Based on the outcome of tax examinations or due to the expiration of statutes of limitations, it is reasonably possible that the unrecognized tax benefits related to uncertain tax positions taken in previously filed returns may be different from the liabilities that have been recorded for these unrecognized tax benefits. As a result, the Company may be subject to additional tax expense. Taxability of March 2010 Dividend As previously disclosed, on March 2, 2010, the Board of Directors of the Company (the “Board”) declared an extraordinary dividend of $1.10 per common share, which was paid on March 24, 2010. In connection with the Company’s determination as to the taxability of the dividend, the Board relied upon information and research provided to it by the Company’s tax advisors and, in reliance on the “stock-for-debt” exception in the Internal Revenue Code Sections 108(e)(8) and (e)(10), concluded that 4.9% of such dividend paid was taxable to the recipients. In August 2012, the Company received a Form 886-A from the Internal Revenue Service (the “IRS”) which challenges the Company’s conclusions and determines that the Company does not qualify for the above-referenced exception. Accordingly, the IRS has concluded that 100% of the dividend paid was taxable to the recipients. The Company is defending its position and calculations and is contesting the position asserted by the IRS. The Company prepared and, on October 25, 2012, delivered its rebuttal to the IRS contesting the IRS determination. In the event that the Company is not successful in establishing with the IRS that the Company’s calculations were correct, then the shareholders who received the dividend likely will be subject to and liable for an assessment of additional taxes due. Moreover, the Company may be contingently liable for taxes due by its shareholders resulting from the dividend paid by the Company. </div>

<div> The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr> <td width="68%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">Three months ended December 31,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">Nine months ended December 31,</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Numerator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,693</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,171</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,480</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,271</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Denominator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Denominator for basic earnings per share — weighted average shares </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Effect of dilutive securities on denominator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Options (computed using the treasury stock method) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Denominator for diluted earnings per share — weighted average shares and assumed conversions </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,130</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr> <td valign="top"> Basic and diluted earnings per share </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">.06</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">.12</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">.28</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">.30</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

1747000

1046000

<div> Sales allowances, marketing support programs, promotions and other volume-based incentives which are provided to retailers and distributors are accounted for on an accrual basis as a reduction to net revenues in the period in which the related sales are recognized in accordance with ASC topic 605, “Revenue Recognition”, subtopic 50 “Customer Payments and Incentives” and Securities and Exchange Commission Staff Accounting Bulletins 101 “Revenue Recognition in Financial Statements,” and 104 “Revenue Recognition, corrected copy” (“SAB’s 101 and 104”). </div>

<div> NOTE 5 — INVENTORY Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method. As of December 31, 2012 and March 31, 2012, inventories consisted of the following (in thousands):   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr> <td width="66%"></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">December 31, 2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">March 31, 2012</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">(Unaudited)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Finished goods </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,095</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,347</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Less inventory allowances </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(167</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(78</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Net inventory </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,928</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,269</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> NOTE 8 — BORROWINGS Short-term Borrowings Letters of Credit — The Company uses Hang Seng Bank to issue letters of credit on behalf of the Company, as needed, on a 100% cash collateralized basis. At December 31, 2012, the Company had outstanding letters of credit totaling $102,000. A like amount of cash, which was posted by the Company as collateral against these outstanding letters of credit, at December 31, 2012, has been classified by the Company as Restricted Cash on the balance sheet. Long-term Borrowings At December 31, 2012 and March 31, 2012, borrowings under long-term facilities consisted of the following (in thousands):   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr> <td width="66%"></td> <td valign="bottom" width="15%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="15%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">December 31, 2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">March 31, 2012</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">(Unaudited)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Capitalized lease obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">83</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">136</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Less current maturities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(42</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(64</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Long term debt </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">41</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">72</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

12000

<div> The Company measures compensation cost for stock-based compensation arrangements based on grant date fair value. The computed fair value is expensed ratably over the requisite vesting period as required by ASC Topic 718 “Compensation — Stock Compensation”. All outstanding stock based compensation arrangements issued by the Company were fully vested as of November 30, 2009. Consequently, the Company recorded no compensation costs during either of the three or nine month periods ended December 31, 2012 and December 31, 2011. </div>

188000

7480000

5671000

627000

1328000

<div> NOTE 1 — BACKGROUND AND BASIS OF PRESENTATION The consolidated financial statements include the accounts of Emerson Radio Corp. (“Emerson”, consolidated — the “Company”), and its subsidiaries. The Company designs, sources, imports and markets a variety of houseware and consumer electronic products, and licenses the Company’s trademarks for a variety of products domestically and internationally. The unaudited interim consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the Company’s consolidated financial position as of December 31, 2012 and the results of operations for the three and nine month periods ended December 31, 2012 and December 31, 2011. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary in order to make the financial statements not misleading have been included. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of the unaudited interim consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes; actual results could materially differ from those estimates. The unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and accordingly do not include all of the disclosures normally made in the Company’s annual consolidated financial statements. Accordingly, these unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended March 31, 2012 (“fiscal 2012”), included in the Company’s annual report on Form 10-K, as amended, for fiscal 2012. The results of operations for the three and nine month periods ended December 31, 2012 are not necessarily indicative of the results of operations that may be expected for any other interim periods or for the full year ended March 31, 2013 (“fiscal 2013”). Certain reclassifications may have been made to conform the prior year’s financial statements to the current presentation. Unless otherwise disclosed in the notes to these financial statements, the estimated fair value of the financial assets and liabilities approximates the carrying value. Subsequent events have been evaluated through February 14, 2013. Stock-Based Compensation The Company measures compensation cost for stock-based compensation arrangements based on grant date fair value. The computed fair value is expensed ratably over the requisite vesting period as required by ASC Topic 718 “Compensation — Stock Compensation”. All outstanding stock based compensation arrangements issued by the Company were fully vested as of November 30, 2009. Consequently, the Company recorded no compensation costs during either of the three or nine month periods ended December 31, 2012 and December 31, 2011. Sales Allowance and Marketing Support Expenses Sales allowances, marketing support programs, promotions and other volume-based incentives which are provided to retailers and distributors are accounted for on an accrual basis as a reduction to net revenues in the period in which the related sales are recognized in accordance with ASC topic 605, “Revenue Recognition”, subtopic 50 “Customer Payments and Incentives” and Securities and Exchange Commission Staff Accounting Bulletins 101 “Revenue Recognition in Financial Statements,” and 104 “Revenue Recognition, corrected copy” (“SAB’s 101 and 104”). At the time of sale, the Company reduces recognized gross revenue by allowances to cover, in addition to estimated sales returns as required by ASC topic 605, “Revenue Recognition”, subtopic 15 “Products”, (i) sales incentives offered to customers that meet the criteria for accrual under ASC topic 605, subtopic 50 and (ii) under SAB’s 101 and 104, an estimated amount to recognize additional non-offered deductions it anticipates and can reasonably estimate will be taken by customers which it does not expect to recover. Accruals for the estimated amount of future non-offered deductions are required to be made as contra-revenue items because that percentage of shipped revenue fails to meet the collectability criteria within SAB 104’s and 101’s four revenue recognition criteria, all of which are required to be met in order to recognize revenue. If additional marketing support programs, promotions and other volume-based incentives are required to promote the Company’s products subsequent to the initial sale, then additional reserves may be required and are accrued for when such support is offered. </div>

<div> NOTE 10 — MARKETABLE SECURITIES As of December 31, 2012 and March 31, 2012, the Company had no marketable securities. During Fiscal 2012, the Company sold for cash proceeds its last remaining student loan auction rate security for $4.7 million and realized a gain of $0.8 million as a result. </div>

<div> Comprehensive income for the three and nine months ended December 31, 2012 and December 31, 2011 are as follows (in thousands):   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr> <td width="72%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">Three months  ended December 31</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center">Nine months ended December 31</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2012</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,693</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,171</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,480</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,271</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Foreign currency translation adjustment </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">427</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Comprehensive income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,693</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,171</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,907</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,271</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

-7000

<div> NOTE 12 — SHORT TERM INVESTMENTS During August and December 2012, the Company invested $35.0 million in certificates of deposit with durations in excess of three months. $20.0 million of these certificates mature in February 2013 and bear an interest rate of 1.89% per annum, and $15.0 million of these certificates mature in June 2013 and bear an interest rate of 1.35% per annum. </div> <div> At December 31, 2012 and March 31, 2012, borrowings under long-term facilities consisted of the following (in thousands):   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr> <td width="66%"></td> <td valign="bottom" width="15%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="15%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">December 31, 2012</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">March 31, 2012</td> <td valign="bottom"> </td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">(Unaudited)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2"> </td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Capitalized lease obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">83</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">136</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Less current maturities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(42</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(64</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Long term debt </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">41</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">72</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div> 862000 387000 35040000 31000 P20Y

2008

2007

2011

31000 4000

18000

P1M 6000

93000

12000

3000

2016-01 2016-11 70000

42000

33000 5000

38988000

4463000

41274000

3171000

0.12

36657000

27130000

43451000

4820000

0.12

2177000

10000

27130000

306000

347000

3171000

2025000

1649000

9000 5000

20000

7000

1000

22663000

1991000

22608000

1693000

0.06

20484000

27130000

24654000

2123000

0.06

2046000

132000

27130000

253000

1693000

1926000

430000

11000 1000

9000

31000

12000

1000

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Long Term Borrowings (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Mar. 31, 2012
Borrowings [Line Items]
Capitalized lease obligations	$ 83	$ 136
Less current maturities	(42)	(64)
Long term debt	$ 41	$ 72

- Definition

Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid more than one year (or one operating cycle, if longer) after the balance sheet date.

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Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011
Other Comprehensive Income (Loss) [Line Items]
Net income	$ 1,693	$ 3,171	$ 7,480	$ 8,271
Foreign currency translation adjustment			427
Comprehensive income	$ 1,693	$ 3,171	$ 7,907	$ 8,271

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Income Taxes - Additional Information (Detail) (USD $)	9 Months Ended
Income Taxes - Additional Information (Detail) (USD $)	Dec. 31, 2012	Aug. 31, 2012	Mar. 02, 2010
Schedule Of Income Taxes [Line Items]
Tax net operating loss can be carried forward	20 years
Extraordinary dividend declared			$ 1.10
Company's assertion as to the percent of the dividend that is taxable to the recipient			4.90%
Internal Revenue Service's assertion as to the percent of the dividend that is taxable to the recipient, which the company is refuting		100.00%

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Inventory (Detail) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Mar. 31, 2012

Schedule of Inventory [Line Items]

Finished goods

$ 13,095

$ 11,347

Less inventory allowances

(167)

(78)

Net inventory

$ 12,928

$ 11,269

^[1]

[1]	Reference is made to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2012 filed with the Securities and Exchange Commission on July 13, 2012.

- Definition

The amount of the valuation account as of the balance sheet date which reduces the carrying amount of inventory to net realizable value; takes into consideration such factors as market value, excessive quantities based on expected sales, technological obsolescence, and shrinkage. May also provide for estimated product returns or price concessions pertaining to product cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Paragraph 14

-Chapter 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 6

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-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Article 12

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-Section S99

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+ Details

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Summary of Open Tax Years (Detail)	9 Months Ended
Summary of Open Tax Years (Detail)	Dec. 31, 2012
U.S. federal \| Maximum
Income Tax Examination [Line Items]
Open tax years	2011
U.S. federal \| Minimum
Income Tax Examination [Line Items]
Open tax years	2008
States \| Maximum
Income Tax Examination [Line Items]
Open tax years	2011
States \| Minimum
Income Tax Examination [Line Items]
Open tax years	2007

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Related Party Transactions - Additional Information (Detail) (USD $)	1 Months Ended								3 Months Ended		9 Months Ended			3 Months Ended	9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended
	Feb. 28, 2011	Jan. 31, 2011	Jun. 30, 2010	Aug. 31, 2012	Jul. 05, 2012	Mar. 02, 2010	Jan. 20, 2010 Deutsche Bank and S & T International Distribution Limited	Dec. 31, 2012 Deutsche Bank	Dec. 31, 2012 Brighton Marketing Limited and the Grande Properties Management Limited	Dec. 31, 2011 Brighton Marketing Limited and the Grande Properties Management Limited	Dec. 31, 2012 Brighton Marketing Limited and the Grande Properties Management Limited	Dec. 31, 2011 Brighton Marketing Limited and the Grande Properties Management Limited	Dec. 31, 2011 Amount owed from Emerson to Brighton Marketing Limited	Dec. 31, 2012 Lafe Strategic Services Limited	Dec. 31, 2012 Lafe Strategic Services Limited	Dec. 31, 2011 Lafe Strategic Services Limited	Dec. 31, 2012 Mr. Eduard Will, a director of Emerson	Dec. 31, 2011 Mr. Eduard Will, a director of Emerson	Dec. 31, 2012 Mr. Eduard Will, a director of Emerson	Dec. 31, 2011 Mr. Eduard Will, a director of Emerson	Dec. 31, 2012 Vigers Appraisal & Consulting Ltd	Dec. 31, 2011 Vigers Appraisal & Consulting Ltd	Dec. 31, 2012 Vigers Appraisal & Consulting Ltd	Dec. 31, 2011 Vigers Appraisal & Consulting Ltd	Dec. 31, 2012 Grande Properties Management Limited	Dec. 31, 2011 Grande Properties Management Limited	Dec. 31, 2012 Grande Properties Management Limited	Dec. 31, 2011 Grande Properties Management Limited
Related Party Transaction [Line Items]
Grande's (Provisional Liquidator Appointed) Ownership Interest in Emerson number of shares					15,243,283
Grande's (Provisional Liquidator Appointed) Ownership Interest Percentage					56.20%
Number of securities pledged by major shareholder							3,780,600
Number of pledged shares sold by pledged								391,199
Pledged Shares, Net								3,380,079
Pledged Shares, Gross								3,389,401
Percentage of Pledged Shares, Gross								12.50%
Accounts Payable Related Party									$ 1,000	$ 5,000	$ 4,000	$ 30,000													$ 11,000	$ 9,000	$ 31,000	$ 18,000
Related Service Charges Related to Rented Office Space in Hong Kong													1,000
Rental income														9,000	18,000
Security deposit paid at inception of agreement															6,000
Notice period to cancel rental agreement															1 month
Consulting fees paid to Mr. Eduard Will, a director of Emerson			42,000														31,000	20,000	93,000	33,000
Expense reimbursements and advances paid to Mr. Will, a director of Emerson, related to this consulting work and his service as a director of Emerson																	12,000	7,000	12,000	18,000
Amount owed between Emerson and Mr. Will in the form of unused travel advances																		1,000		1,000
Extraordinary dividend declared						$ 1.10
Company's assertion as to the percent of the dividend that is taxable to the recipient						4.90%
Internal Revenue Service's assertion as to the percent of the dividend that is taxable to the recipient, which the company is refuting				100.00%
Agreement transaction fees			33,000
Waive of legal charges		5,000
Receipts from related party for amount owned	70,000
Usage of telephone and data lines maintained by Emerson																					1,000	1,000	3,000	3,000
Amount owed to Emerson from Vigers Appraisal & Consulting Ltd

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Net Earnings Per Share

9 Months Ended

Dec. 31, 2012

Net Earnings Per Share

NOTE 3 — NET EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Three months ended December 31,				Nine months ended December 31,
	2012		2011		2012		2011
Numerator:
Net income	$	1,693	$	3,171	$	7,480	$	8,271

Denominator:
Denominator for basic earnings per share — weighted average shares		27,130		27,130		27,130		27,130
Effect of dilutive securities on denominator:
Options (computed using the treasury stock method)		—		—		—		—

Denominator for diluted earnings per share — weighted average shares and assumed conversions		27,130		27,130		27,130		27,130

Basic and diluted earnings per share	$	.06	$	.12	$	.28	$	.30

- Definition

The entire disclosure for earnings per share.

+ References+ Details

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Borrowings - Additional Information (Detail) (USD $)	Dec. 31, 2012
Credit Facility Short Term Borrowings [Line Items]
Outstanding letters of credit	$ 102,000
Letters of credit issued percentage of cash collateralized basis	100.00%

XML 23 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011
Net Revenues:
Net product sales	$ 22,608	$ 41,274	$ 99,783	$ 131,590
Licensing revenue	2,046	2,177	5,597	4,765
Net revenues	24,654	43,451	105,380	136,355
Costs and expenses:
Cost of sales	20,484	36,657	88,759	119,257
Other operating costs and expenses	253	306	1,046	995
Selling, general and administrative expenses	1,926	2,025	5,671	6,094
Impairment of trademark			1,326
Total costs and expenses	22,663	38,988	96,802	126,346
Operating income	1,991	4,463	8,578	10,009
Other income:
Interest income, net	132	10	230	40
Gain on sale of building		347		347
Realized gain on sale of marketable security				828
Income before income taxes	2,123	4,820	8,808	11,224
Provision for income taxes	430	1,649	1,328	2,953
Net income	$ 1,693	$ 3,171	$ 7,480	$ 8,271
Net income per share:
Basic	$ 0.06	$ 0.12	$ 0.28	$ 0.30
Diluted	$ 0.06	$ 0.12	$ 0.28	$ 0.30
Weighted average shares outstanding:
Basic	27,130	27,130	27,130	27,130
Diluted	27,130	27,130	27,130	27,130

XML 24 R6.htm IDEA: XBRL DOCUMENT

Background and Basis of Presentation

9 Months Ended

Dec. 31, 2012

Background and Basis of Presentation

NOTE 1 — BACKGROUND AND BASIS OF PRESENTATION

Certain reclassifications may have been made to conform the prior year’s financial statements to the current presentation.

Unless otherwise disclosed in the notes to these financial statements, the estimated fair value of the financial assets and liabilities approximates the carrying value.

Subsequent events have been evaluated through February 14, 2013.

Stock-Based Compensation

Sales Allowance and Marketing Support Expenses

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 2-6

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Marketable Securities - Additional Information (Detail) (USD $)	9 Months Ended
	Dec. 31, 2011	Dec. 31, 2012	Mar. 31, 2012
Schedule Of Marketable Securities [Line Items]
Marketable securities		$ 0	$ 0
Proceeds from Sale	4,725,000
Realized gain on sale of marketable security	$ 828,000

- Definition

Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale.

+ References+ Details

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Income Taxes (Tables)

9 Months Ended

Dec. 31, 2012

Summary of Open Tax Years

A summary of the Company’s open tax years is as follows as of December 31, 2012:


Jurisdiction	Open tax years
U.S. federal		2008-2011
States		2007-2011

- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

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Trademarks - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Dec. 31, 2012
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment charge to write off trademark	$ 1,326

- Definition

The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.

+ References+ Details

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Background and Basis of Presentation - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011
Basis of Presentation [Line Items]
Stock based compensation costs	$ 0	$ 0	$ 0	$ 0

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Comprehensive Income

9 Months Ended

Dec. 31, 2012

Comprehensive Income

NOTE 2 — COMPREHENSIVE INCOME

Comprehensive income for the three and nine months ended December 31, 2012 and December 31, 2011 are as follows (in thousands):


	Three months ended December 31				Nine months ended December 31
	2012		2011		2012		2011
Net income	$	1,693	$	3,171	$	7,480	$	8,271
Foreign currency translation adjustment		—		—		427		—

Comprehensive income	$	1,693	$	3,171	$	7,907	$	8,271

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

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-Publisher FASB

-Name Accounting Standards Codification

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-SubTopic 10

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-Name Statement of Financial Accounting Standard (FAS)

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-Paragraph 14-26

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-Glossary Reclassification Adjustments

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2012

Mar. 31, 2012

Current assets:

Cash and cash equivalents

$ 23,288

$ 44,960

^[1]

Restricted cash

102

215

^[1]

Short term investments

35,040

Accounts receivable, net

5,945

12,134

^[1]

Other receivables

1,820

1,193

^[1]

Due from affiliates

^[1]

Inventory, net

12,928

11,269

^[1]

Prepaid expenses and other current assets

5,420

2,873

^[1]

Deferred tax assets

2,343

2,304

^[1]

Total current assets

86,886

74,949

^[1]

Property, plant and equipment, net

288

260

^[1]

Trademarks, net

219

1,545

^[1]

Deferred tax assets

1,453

1,668

^[1]

Other assets

262

^[1]

Total assets

88,880

78,684

^[1]

Current liabilities:

Current maturities of long-term borrowings

^[1]

Accounts payable and other current liabilities

11,627

9,152

^[1]

Due to affiliates

^[1]

Accrued sales returns

1,105

1,201

^[1]

Income taxes payable

494

107

^[1]

Total current liabilities

13,268

10,535

^[1]

Long-term borrowings

^[1]

Deferred tax liabilities

189

177

^[1]

Total liabilities

13,498

10,784

^[1]

Shareholders' equity:

Preferred shares -$.01 par value, 10,000,000 shares authorized at December 31, 2012 and March 31, 2012, respectively; 3,677 shares issued and outstanding at December 31, 2012 and March 31, 2012, respectively; liquidation preference of $3,677,000 at December 31, 2012 and March 31, 2012, respectively

3,310

^[1]

Common shares - $.01 par value, 75,000,000 shares authorized, 52,965,797 shares issued at December 31, 2012 and March 31, 2012, respectively; 27,129,832 shares outstanding at December 31, 2012 and March 31, 2012, respectively

529

^[1]

Capital in excess of par value

98,785

^[1]

Accumulated other comprehensive income (losses)

345

(82)

^[1]

Accumulated deficit

(3,363)

(10,418)

^[1]

Treasury stock, at cost, 25,835,965 shares

(24,224)

^[1]

Total shareholders' equity

75,382

67,900

^[1]

Total liabilities and shareholders' equity

$ 88,880

$ 78,684

^[1]

[1]	Reference is made to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2012 filed with the Securities and Exchange Commission on July 13, 2012.

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Short Term Investments	9 Months Ended
Short Term Investments	Dec. 31, 2012
Short Term Investments	NOTE 12 — SHORT TERM INVESTMENTS During August and December 2012, the Company invested $35.0 million in certificates of deposit with durations in excess of three months. $20.0 million of these certificates mature in February 2013 and bear an interest rate of 1.89% per annum, and $15.0 million of these certificates mature in June 2013 and bear an interest rate of 1.35% per annum.

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Document and Entity Information	9 Months Ended
Document and Entity Information	Dec. 31, 2012	Feb. 14, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Trading Symbol	MSN
Entity Registrant Name	EMERSON RADIO CORP
Entity Central Index Key	0000032621
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		27,129,832

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Background and Basis of Presentation (Policies)	9 Months Ended
Background and Basis of Presentation (Policies)	Dec. 31, 2012
Preparation of Financial Statements	The unaudited interim consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the Company’s consolidated financial position as of December 31, 2012 and the results of operations for the three and nine month periods ended December 31, 2012 and December 31, 2011. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary in order to make the financial statements not misleading have been included. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of the unaudited interim consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes; actual results could materially differ from those estimates. The unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and accordingly do not include all of the disclosures normally made in the Company’s annual consolidated financial statements. Accordingly, these unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended March 31, 2012 (“fiscal 2012”), included in the Company’s annual report on Form 10-K, as amended, for fiscal 2012.
Stock-Based Compensation	The Company measures compensation cost for stock-based compensation arrangements based on grant date fair value. The computed fair value is expensed ratably over the requisite vesting period as required by ASC Topic 718 “Compensation — Stock Compensation”. All outstanding stock based compensation arrangements issued by the Company were fully vested as of November 30, 2009. Consequently, the Company recorded no compensation costs during either of the three or nine month periods ended December 31, 2012 and December 31, 2011.
Sales Allowance and Marketing Support Expenses	Sales allowances, marketing support programs, promotions and other volume-based incentives which are provided to retailers and distributors are accounted for on an accrual basis as a reduction to net revenues in the period in which the related sales are recognized in accordance with ASC topic 605, “Revenue Recognition”, subtopic 50 “Customer Payments and Incentives” and Securities and Exchange Commission Staff Accounting Bulletins 101 “Revenue Recognition in Financial Statements,” and 104 “Revenue Recognition, corrected copy” (“SAB’s 101 and 104”).
Revenue Recognition	At the time of sale, the Company reduces recognized gross revenue by allowances to cover, in addition to estimated sales returns as required by ASC topic 605, “Revenue Recognition”, subtopic 15 “Products”, (i) sales incentives offered to customers that meet the criteria for accrual under ASC topic 605, subtopic 50 and (ii) under SAB’s 101 and 104, an estimated amount to recognize additional non-offered deductions it anticipates and can reasonably estimate will be taken by customers which it does not expect to recover. Accruals for the estimated amount of future non-offered deductions are required to be made as contra-revenue items because that percentage of shipped revenue fails to meet the collectability criteria within SAB 104’s and 101’s four revenue recognition criteria, all of which are required to be met in order to recognize revenue.

- Definition

Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References+ Details

- Definition

Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.

+ References+ Details

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)

Dec. 31, 2012

Mar. 31, 2012

Preferred shares, par value

$ 0.01

^[1]

Preferred shares, shares authorized

10,000,000

^[1]

Preferred shares, shares issued

3,677

^[1]

Preferred shares, shares outstanding

3,677

^[1]

Preferred shares, liquidation preference

$ 3,677,000

^[1]

Common shares, par value

$ 0.01

^[1]

Common shares, shares authorized

75,000,000

^[1]

Common shares, shares issued

52,965,797

^[1]

Common shares, shares outstanding

27,129,832

^[1]

Treasury stock, shares

25,835,965

^[1]

[1]	Reference is made to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2012 filed with the Securities and Exchange Commission on July 13, 2012.

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Related Party Transactions

9 Months Ended

Dec. 31, 2012

Related Party Transactions

NOTE 7 — RELATED PARTY TRANSACTIONS

Controlling Shareholder

Related Party Transactions

Rented Office Space in Hong Kong

Consulting Services Provided to Emerson by one of its Directors

Dividend-Related Issues with S&T

Other

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Income Taxes

9 Months Ended

Dec. 31, 2012

Income Taxes

NOTE 6 — INCOME TAXES

The Company is subject to examination and assessment by tax authorities in numerous jurisdictions. A summary of the Company’s open tax years is as follows as of December 31, 2012:


Jurisdiction	Open tax years
U.S. federal		2008-2011
States		2007-2011

Taxability of March 2010 Dividend

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Borrowings (Tables)

9 Months Ended

Dec. 31, 2012

Long Term Borrowings

At December 31, 2012 and March 31, 2012, borrowings under long-term facilities consisted of the following (in thousands):


	December 31, 2012			March 31, 2012
	(Unaudited)
Capitalized lease obligations		83			136
Less current maturities		(42	)		(64	)

Long term debt	$	41		$	72

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Comprehensive Income (Tables)

9 Months Ended

Dec. 31, 2012

Comprehensive Income

Comprehensive income for the three and nine months ended December 31, 2012 and December 31, 2011 are as follows (in thousands):


	Three months ended December 31				Nine months ended December 31
	2012		2011		2012		2011
Net income	$	1,693	$	3,171	$	7,480	$	8,271
Foreign currency translation adjustment		—		—		427		—

Comprehensive income	$	1,693	$	3,171	$	7,907	$	8,271

- Definition

Tabular disclosure of components of comprehensive income (loss) including, but not limited to: (a) foreign currency translation adjustments; (b) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (c) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (d) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (e) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (f) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (g) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

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Marketable Securities	9 Months Ended
Marketable Securities	Dec. 31, 2012
Marketable Securities	NOTE 10 — MARKETABLE SECURITIES As of December 31, 2012 and March 31, 2012, the Company had no marketable securities. During Fiscal 2012, the Company sold for cash proceeds its last remaining student loan auction rate security for $4.7 million and realized a gain of $0.8 million as a result.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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-Name Accounting Standards Codification

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-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 3, 19, 20, 21, 22, 137

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Glossary Equity Security

-URI http://asc.fasb.org/extlink&oid=6511694

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-Name Accounting Standards Codification

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Borrowings

9 Months Ended

Dec. 31, 2012

Borrowings

NOTE 8 — BORROWINGS

Short-term Borrowings

Long-term Borrowings

At December 31, 2012 and March 31, 2012, borrowings under long-term facilities consisted of the following (in thousands):


	December 31, 2012			March 31, 2012
	(Unaudited)
Capitalized lease obligations		83			136
Less current maturities		(42	)		(64	)

Long term debt	$	41		$	72

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Legal Proceedings

9 Months Ended

Dec. 31, 2012

Legal Proceedings

NOTE 9 — LEGAL PROCEEDINGS

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Trademarks

9 Months Ended

Dec. 31, 2012

Trademarks

NOTE 11 — TRADEMARKS

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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Legal Proceedings - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified

Jul. 07, 2011

Commitments and Contingencies Disclosure [Line Items]

Reference to approximate value of previous judgment that plaintiff had against Grande $ 47

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Amount of consideration the entity has agreed to pay to settle a legal matter.

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

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Inventory (Tables)
9 Months Ended

Dec. 31, 2012

Reconciliation of Inventory

As of December 31, 2012 and March 31, 2012, inventories consisted of the following (in thousands):

 December 31, 2012 March 31, 2012

 (Unaudited)

Finished goods
 $ 13,095 $ 11,347

Less inventory allowances
 (167 ) (78 )



Net inventory
 $ 12,928 $ 11,269



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Computation of Basic and Diluted Earnings Per Share (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Numerator:

Net income $ 1,693 $ 3,171 $ 7,480 $ 8,271

Denominator:

Denominator for basic earnings per share - weighted average shares 27,130 27,130 27,130 27,130

Effect of dilutive securities on denominator:

Options (computed using the treasury stock method)

Denominator for diluted earnings per share - weighted average shares and assumed conversions 27,130 27,130 27,130 27,130

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
9 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Cash flows from operating activities:

Net income $ 7,480 $ 8,271

Adjustments to reconcile net income to net cash used by operating activities:

Depreciation and amortization 76 247

Deferred tax expense 188 2,149

Asset allowances, reserves and other (862) (1,407)

Gain on sale of building (347)

Gain on sale of marketable security (828)

Impairment of trademark 1,326

Changes in assets and liabilities:

Accounts receivable 7,045 (2,171)

Other receivables (627) (84)

Due from affiliates 1 (1)

Inventories (1,747) (8,416)

Prepaid expenses and other current assets (2,547) (1,682)

Other assets 228 77

Accounts payable and other current liabilities 2,475 1,477

Due to affiliates (11) (1)

Interest and income taxes payable 387 (65)

Net cash provided (used) by operating activities 13,412 (2,781)

Cash flows from investing activities:

Short term investment (35,040)

Proceeds from sale of marketable security 4,725

Decrease in restricted cash 113 56

Additions to property and equipment (111) (33)

Disposals of property and equipment 7

Proceeds from sale of building 2,749

Net cash (used) provided by investing activities (35,031) 7,497

Cash flows from financing activities:

Repayments of short-term borrowings (22) (2,470)

Repayments of capital lease and other rental obligations (31) (44)

Net cash used by financing activities (53) (2,514)

Net (decrease) increase in cash and cash equivalents (21,672) 2,202

Cash and cash equivalents at beginning of period 44,960 ^[1] 39,796

Cash and cash equivalents at end of period 23,288 41,998

Cash paid during the period for:

Interest 12 18

Income taxes $ 606 $ 1,492

[1] Reference is made to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2012 filed with the Securities and Exchange Commission on July 13, 2012.

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Stock Options 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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 Three months ended
December 31, Nine months ended
December 31,

 2012 2011 2012 2011

Numerator:


Net income
 $ 1,693 $ 3,171 $ 7,480 $ 8,271









Denominator:


Denominator for basic earnings per share — weighted average shares
 27,130 27,130 27,130 27,130

Effect of dilutive securities on denominator:


Options (computed using the treasury stock method)
 — — — —









Denominator for diluted earnings per share — weighted average shares and assumed conversions
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Large accelerated filer

Accelerated filer

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¨ (Do not check if a smaller reporting company)

Smaller reporting company

Legal Proceedings - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	Jul. 07, 2011
Commitments and Contingencies Disclosure [Line Items]
Reference to approximate value of previous judgment that plaintiff had against Grande	$ 47

Shareholders' Equity - Additional Information (Detail) (USD $)	9 Months Ended
	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	50,000
Minimum
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Stock Options 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	25,000
Option outstanding, expiration period	2016-01
Stock Options 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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