10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

AMENDMENT NO. 1

(Mark one)

[X]              ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2014

Or

[  ]              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: 000-13251

MEDICAL ACTION INDUSTRIES INC.

(Exact name of registrant as specified in its charter)

Delaware	11-2421849
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
500 Expressway Drive South, Brentwood, New York	11717
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (631) 231-4600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Stock ($0.001 par value)	The NASDAQ Global Select Stock Market

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes [  ]  No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [  ]  No [X]

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.    Yes [X]  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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  [X]  No [  ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  [X]

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.

Large accelerated filer [  ]	Accelerated filer [X]	Non-accelerated filer [  ]	Smaller reporting company [  ]
		(Do not check if a smaller reporting company)

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

The aggregate market value of the registrant’s Common Stock held by non-affiliates of the registrant as of September 30, 2013, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $108,834,000, based on the $6.64 closing sale price of the Common Stock on such date. Shares of Common Stock held by each officer and director of the registrant and by each person who may otherwise be deemed to be an affiliate have been excluded.

As of June 13, 2014, 16,390,628 shares of the registrant’s Common Stock were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive proxy statement for its 2014 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days following the registrant’s fiscal year ended March 31, 2014, are incorporated by reference into Part III of this Form 10-K.

EXPLANATORY NOTE

Our company is filing this Amendment No. 1 on Form 10-K/A (the “Amendment”) to our annual report on Form 10-K for the period ended March 31, 2014 (the “Form 10-K”), filed with the Securities and Exchange Commission on June 16, 2014 (the “Original Filing Date”), to furnish Exhibit 101 to the Form 10-K in accordance with Rule 405 of Regulation S-T. Exhibit 101 consists of the following materials from our Form 10-K, formatted in XBRL (eXtensible Business Reporting Language):

101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Schema
101.CAL	XBRL Taxonomy Calculation Linkbase
101.DEF	XBRL Taxonomy Definition Linkbase
101.LAB	XBRL Taxonomy Label Linkbase
101.PRE	XBRL Taxonomy Presentation Linkbase

This Amendment speaks as of the Original Filing Date, does not reflect events that may have occurred subsequent to the Original Filing Date, and does not modify or update in any way disclosures made in the Form 10-K. No other changes have been made to the Form 10-K.

Pursuant to Rule 406T of Regulation S-T, the interactive data files attached as Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the certifications required pursuant to the rules promulgated under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, which were included as exhibits to the Original Report, have been amended, restated and re-executed as of the date of this Amendment No. 1 and are included as Exhibits 23.1, 23.2, 31.1, 31.2, and 32.1 hereto.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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 on this 16th day of June, 2014.

MEDICAL ACTION INDUSTRIES INC.

By:	/s/ Paul D. Meringolo
	Paul D. Meringolo Chief Executive Officer (Principal Executive Officer and Duly Authorized Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on June 16, 2014 by the following persons in the capacities indicated:

/s/ Paul D. Meringolo	Director and Chief Executive Officer
Paul D. Meringolo	(Principal Executive Officer)
/s / Paul Chapman	Director, President and Chief Operating Officer
Paul Chapman
/s/ Brian Baker	Chief Financial Officer and Corporate Secretary
Brian Baker	(Principal Financial and Accounting Officer)
/s/ Kenneth W. Davidson	Chairman of the Board
Kenneth W. Davidson
/s/ William W. Burke	Lead Director
William W. Burke
/s/ Kenneth R. Newsome	Director
Kenneth R. Newsome
/s/ Pamela R. Levy	Director
Pamela R. Levy
/s/ Henry A. Berling	Director
Henry A. Berling

EXHIBIT INDEX

Exhibit No.	Description
2.1	Agreement and Plan of Merger, dated August 27, 2010, by and among Medical Action Industries Inc., MA Acquisition Inc., AVID Medical, Inc. and Michael Sahady as Stockholder Representative (Exhibit 2.1 to Medical Action Industries Inc.’s Current Report on Form 8-K filed on August 30, 2010, SEC File No. 000-13251)
2.2	Purchase Agreement, dated as of March 12, 2014, by and among Medical Action Industries Inc., as seller, Medira Inc., as buyer, and Inteplast Group, Ltd., solely for purposes of Sections 5.1(b) and 11.20 thereof (Exhibit 2.1 Medical Action Industries Inc.’s Current Report on Form 8-K filed on March 13, 2014, SEC File No. 000-13251)
3.1	Certificate of Incorporation (Exhibit 3.1 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2002, SEC File No. 000-13251)
3.2	Amended and Restated Bylaws (Exhibit 3.2 to Medical Action Industries Inc.’s Current Report on Form 8-K filed on November 7, 2011, SEC File No. 000-13251)
10.1	Credit Agreement, dated May 17, 2013, by and among Medical Action Industries Inc., the lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (Exhibit 10.1 to Medical Action Industries Inc. Current Report on Form 8-K filed on May 22, 2013, SEC File No. 000-13251)
10.2	First Amendment to Credit Agreement and Guaranty and Security Agreement, dated June 2, 2014, by and among Medical Action Industries Inc., Wells Fargo Bank, National Association and the guarantors party thereto (Exhibit 10.1 to Medical Action Industries Inc. Current Report on Form 8-K filed on June 3, 2014, SEC File No. 000-13251)
10.3+	1996 Non-Employee Director Stock Option Plan, as amended (Exhibit 10.1 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2007, SEC File No. 000-13251)
10.4+	Form of Stock Option Award Agreement under the 1996 Non-Employee Director Stock Option Plan (Exhibit 10.4 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2013, SEC File No. 000-13251)
10.5+	1989 Non-Qualified Stock Option Plan, as amended (Exhibit 10.2 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2007, SEC File No. 000-13251)

10.6+	Form of Stock Option Award Agreement under the 1989 Non-Qualified Stock Option Plan (Exhibit 10.6 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2013, SEC File No. 000-13251)
10.7+	1994 Stock Incentive Plan, as amended (Exhibit 10.3 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2007, SEC File No. 000-13251)
10.8+	Form of Stock Option Award Agreement under the 1994 Stock Incentive Plan (Exhibit 10.8 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2013, SEC File No. 000-13251)
10.10+	Form of Amended and Restated Change in Control Agreement dated December 31, 2010 (Exhibit 10.1 to Medical Action Industries Inc.’s Current Report on Form 8-K filed on January 6, 2011, SEC File No. 000-13251)
10.11+	Medical Action Industries Inc. Summary of Non-Employee Director Compensation (as of June 2013)(Exhibit 10.13 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2013, SEC File No. 000-13251)
10.12+	Amendment to the Medical Action Industries Inc. Stock Option Plan for Non-Employee Directors dated August 13, 2009 (Exhibit A to Medical Action Industries, Inc.’s Definitive Proxy Statement on Schedule 14A filed June 19, 2009, SEC File No. 000-13251)
10.13+	Medical Action Industries Inc. Summary of Annual Performance Based Bonus Program (Exhibit 10.15 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2013, SEC File No. 000-13251)
10.14+	Separation Agreement, effective July 12, 2013, by and between Medical Action Industries Inc. and John Sheffield (Exhibit 10.1 to Medical Action Industries Inc.’s Current Report on 8-K filed on July 17, 2013 SEC File No. 000-13251)
10.15+	Offer Letter dated May 20, 2013 by and between Medical Action Industries Inc. and Paul Chapman (Exhibit 10.17 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2013, SEC File No. 000-13251)
10.16+	Summary of Compensation Letter dated June 14, 2012 by and between Medical Action Industries Inc. and Paul D. Meringolo (Exhibit 10.18 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2013, SEC File No. 000-13251)

10.17+	Summary of Compensation Letter dated June 14, 2012 by and between Medical Action Industries Inc. and John Sheffield (Exhibit 10.19 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2013, SEC File No. 000-13251)
10.18+	Transaction and Performance Bonus Agreement, dated March 3, 2014 by and between Medical Action Industries Inc. and Charles L. Kelly Jr.
10.19+	Summary of Compensation Letter dated June 14, 2012 by and between Medical Action Industries Inc. and Eric Liu (Exhibit 10.21 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2013, SEC File No. 000-13251)
10.20+	Summary of Compensation Letter dated June 14, 2012 by and between Medical Action Industries Inc. and Richard Setian (Exhibit 10.22 to Medical Action Industries Inc.’s Annual Report on Form 10-K for the year ended March 31, 2013, SEC File No. 000-13251)
10.21+	Promotion Letter dated July 1, 2013 by and between Medical Action Industries Inc. and Brian Baker (Exhibit 10.1 to Medical Action Industries Inc. Current Report on Form 8-K filed on July 2, 2013, SEC File No. 000-13251)
21.1	Subsidiaries of Medical Action Industries Inc.
23.1*	Consent of KPMG LLP, Independent Registered Public Accounting Firm
23.2*	Consent of Grant Thornton LLP, Independent Registered Public Accounting Firm
31.1*	Certification of Chief Executive Officer as required by Rule 13a – 14(a) of the Securities Exchange Act of 1934
31.2*	Certification of Chief Financial Officer as required by Rule 13a – 14(a) of the Securities Exchange Act of 1934
32.1**	Certification of Chief Executive Officer and Chief Financial  Officer pursuant to 18 U.S.C. 1350
101.INS#	XBRL Instance Document
101.SCH#	XBRL Taxonomy Extension Schema Document

101.CAL#	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF#	XBRL Taxonomy Definition Linkbase Document
101.LAB#	XBRL Taxonomy Extension Label Linkbase Document

*	Filed herewith
**	Furnished herewith
+	Identifies management contracts and compensatory plans and arrangements
#	Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under those sections.

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Stockholders

Medical Action Industries Inc.:

We consent to the incorporation by reference in the registration statements (Nos. 333-138400, 333-138401 and 333-138402) on Form S-8 of Medical Action Industries Inc. and subsidiaries of our reports dated June 16, 2014, with respect to the consolidated balance sheets of Medical Action Industries Inc. and subsidiaries as of March 31, 2014 and 2013, and the related consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows for the years then ended, and the related financial statement schedule, and the effectiveness of internal control over financial reporting as of March 31, 2014, which reports appear in the March 31, 2014  annual report on Form 10-K of Medical Action Industries Inc.

Our report on the consolidated financial statements refers to our audit of the adjustments that were applied to the consolidated statement of operations for the year ended March 31, 2012 to present the Medical Action Industries Inc.’s Patient Care business unit as discontinued operations as more fully described in Note 3 to the consolidated financial statements.  However, we were not engaged to audit, review, or apply any procedures to the 2012 consolidated financial statements other than with respect to such adjustments.

/s/ KPMG LLP

Melville, New York

June 16, 2014

EX-23.2

EXHIBIT 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Stockholders

Medical Action Industries Inc.

We have issued our report dated June 16, 2012, with respect to the consolidated financial statements and schedule, before the effects of the adjustments to retrospectively apply the change in accounting described in Note 3, of Medical Action Industries Inc. and subsidiaries for the year ended March 31, 2012.  Our report is included in the Annual Report of Medical Action Industries Inc. and subsidiaries on Form 10-K for the year ended March 31, 2014.  We hereby consent to the incorporation by reference of said report in the Registration Statements of Medical Action Industries Inc. and subsidiaries on Form S-8 (File Nos. 333-138400, 333-138401 and 333-138402, effective November 3, 2006).

/s/ Grant Thornton LLP

New York, New York

June 16, 2014

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Paul D. Meringolo, certify that:

I have reviewed this Annual Report on Form 10-K of Medical Action Industries Inc. (the “registrant”);

1.	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;
2.	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;
3.	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
4.	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 the 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:  June 16, 2014

/s/ Paul D. Meringolo

Paul D. Meringolo

Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Brian Baker, certify that:

I have reviewed this Annual Report on Form 10-K of Medical Action Industries Inc. (the “registrant”);

1.	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;
2.	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;
3.	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
4.	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 the 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:  June 16, 2014

/s/ Brian Baker

Brian Baker

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

UNDER SECTION 906 OF THE

SARBANES OXLEY ACT OF 2002, 18 U.S.C. § 1350

In connection with the Annual Report on Form 10-K of Medical Action Industries Inc. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Paul D. Meringolo, Chief Executive Officer of the Company, and Brian Baker, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

(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 financial condition and results of operations of the Company.

/s/ Paul D. Meringolo

Chief Executive Officer

Date:  June 16, 2014

/s/ Brian Baker

Chief Financial Officer

Date:  June 16, 2014

XML

Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Property, Plant and Equipment, Net (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Property, Plant and Equipment [Line Items]
Fixed assets	$ 43,715	$ 83,029
Less accumulated depreciation and amortization	17,554	38,069
Property, plant and equipment, net	26,161	44,960
Land and Building [Member]
Property, Plant and Equipment [Line Items]
Fixed assets	19,079	29,751
Property Under Capital Lease [Member]
Property, Plant and Equipment [Line Items]
Fixed assets	11,409	11,409
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Fixed assets	8,520	36,326
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Fixed assets	3,161	3,351
Computer Hardware And Software [Member]
Property, Plant and Equipment [Line Items]
Fixed assets	$ 1,546	$ 2,192

XML

Note 6 - Accrued Expenses (Details) - Accrued Expenses (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Note 6 - Accrued Expenses (Details) - Accrued Expenses [Line Items]
Accrued accounts payable	$ 6,219	$ 7,488
Accrued bonuses	4,109	1,825
Employee compensation and benefits	3,025	3,022
Other accrued liabilities	2,291	1,887
Accrued distributor fees	2,011	3,608
Group purchasing organization fees	1,977	1,569
Freight and duty	901	1,270
Professional fees	767	1,178
Commissions	624	768
Book cash overdraft	5,690	5,372
Total accrued expenses	21,924	25,106
Book Cash Overdraft [Member]
Note 6 - Accrued Expenses (Details) - Accrued Expenses [Line Items]
Book cash overdraft		$ 2,491

XML

Note 4 - Inventories, Net (Details) - Inventory, Stated At Lower of Cost (First-In, First-Out) or Market (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Inventory, Stated At Lower of Cost (First-In, First-Out) or Market [Abstract]
Finished goods, net	$ 15,582	$ 30,531
Raw materials, net	10,367	17,766
Work in progress, net	6,769	4,717
Total, net	$ 32,718	$ 53,014

XML

Note 11 - Stockholders' Equity and Stock Plans (Details) - Summary of Changes in Non-Vested Stock Options (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Note 11 - Stockholders' Equity and Stock Plans (Details) - Summary of Changes in Non-Vested Stock Options [Line Items]
Non-vested shares at April 1, 2013	1,479,000	1,348,437	1,328,937
Granted	511,000	327,500	30,000
Granted	$ 4.37	$ 1.99	$ 2.99
Non-vested shares at March 31, 2014	1,692,750	1,479,000	1,348,437
Non-Vested Stock Options [Member]
Note 11 - Stockholders' Equity and Stock Plans (Details) - Summary of Changes in Non-Vested Stock Options [Line Items]
Non-vested shares at April 1, 2013	540,063
Non-vested shares at April 1, 2013	$ 4.09
Granted	511,000
Granted	$ 4.37
Forfeited	(90,000)
Forfeited	$ 3.11
Vested	(213,813)
Vested	$ 5.04
Non-vested shares at March 31, 2014	747,250
Non-vested shares at March 31, 2014	$ 4.13

XML

Note 7 - Leases and Related Party Transactions (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014 acre	Mar. 31, 2013	Mar. 31, 2012
Note 7 - Leases and Related Party Transactions (Details) [Line Items]
Area of Real Estate Property (in Square Feet)	25
EffectiveRateOnCapitalLeaseObligation	9.90%
Capital Leases, Income Statement, Amortization Expense	$ 614
Operating Leases, Rent Expense	628	579	488
AVID Facility - Manufacturing and Warehouse Building [Member]
Note 7 - Leases and Related Party Transactions (Details) [Line Items]
Area of Real Estate Property (in Square Feet)	185,000
AVID Facility - Land [Member]
Note 7 - Leases and Related Party Transactions (Details) [Line Items]
Area of Land (in Acres)	12
AVID Facility [Member]
Note 7 - Leases and Related Party Transactions (Details) [Line Items]
Capital Lease, Monthly Payment	129
Increment In Capital Lease Payments Per Year	2.00%
Selling, General and Administrative [Member]
Note 7 - Leases and Related Party Transactions (Details) [Line Items]
Capital Leases, Income Statement, Amortization Expense	141
Cost of Sales [Member]
Note 7 - Leases and Related Party Transactions (Details) [Line Items]
Capital Leases, Income Statement, Amortization Expense	$ 473

XML

Note 12 - Retirement Plans (Details) - Weighted-Average Asset Allocation by Asset Category	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash [Member]
Note 12 - Retirement Plans (Details) - Weighted-Average Asset Allocation by Asset Category [Line Items]
Low Target Range	0.00%
High Target Range	20.00%
Actual plan asset allocations	2.00%	2.00%
Debt Securities [Member]
Note 12 - Retirement Plans (Details) - Weighted-Average Asset Allocation by Asset Category [Line Items]
Low Target Range	10.00%
High Target Range	70.00%
Actual plan asset allocations	63.00%	63.00%
Equity Securities [Member]
Note 12 - Retirement Plans (Details) - Weighted-Average Asset Allocation by Asset Category [Line Items]
Low Target Range	30.00%
High Target Range	90.00%
Actual plan asset allocations	35.00%	35.00%
Total [Member]
Note 12 - Retirement Plans (Details) - Weighted-Average Asset Allocation by Asset Category [Line Items]
Actual plan asset allocations	100.00%	100.00%

XML

Note 3 - Discontinued Operations (Details) - Results of Discontinued Operations (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Results of Discontinued Operations [Abstract]
Net sales	$ 145,882	$ 156,830	$ 164,588
Cost of sales	125,476	135,358	143,771
Selling, general and administrative expenses	15,584	16,122	18,185
Income from discontinued operations before income taxes	4,822	5,350	2,632
Income tax	1,737	2,152	989
Income from discontinued operations, net of income taxes	$ 3,085	$ 3,198	$ 1,643

XML

Note 8 - Long-Term Debt (Tables)

12 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

	March 31,
	2014		2013
Revolving loans	$	29,976	$	4,700
Term loan		10,136		48,000
Total outstanding	$	40,112	$	52,700
Less: current portion		40,112		1,370
Total long-term debt	$	-	$	51,330

XML

Note 12 - Retirement Plans (Details) - Future Benefit Payments Under the Plan (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014
Future Benefit Payments Under the Plan [Abstract]
2015	$ 60
2016	67
2017	71
2018	74
2019	77
2020 - 2023	527
	$ 876

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Note 12 - Retirement Plans (Details) - Plan’s Funded Status and Amount Recognized in the Company’s Financial Statements (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Note 12 - Retirement Plans (Details) - Plan’s Funded Status and Amount Recognized in the Company’s Financial Statements [Line Items]
Fair value of plan assets at beginning of year	$ 1,143
Fair value of plan assets at end of year	1,223	1,143
Funded status at end of the year	(655)	(751)
Amounts recognized on the balance sheet consist of:
Current liabilities	(655)	(751)
Accumulated other comprehensive loss	651	773
Net amount recognized	(4)	22
Interest cost	76	78	81
Benefits paid	58	56
Period Begin [Member]
Note 12 - Retirement Plans (Details) - Plan’s Funded Status and Amount Recognized in the Company’s Financial Statements [Line Items]
Benefit obligation at beginning of year	1,894	1,761
Benefit obligation at end of year		1,894
Fair value of plan assets at beginning of year	1,143	1,029
Fair value of plan assets at end of year		1,143
Amounts recognized on the balance sheet consist of:
Interest cost	76	78
Actuarial (gain) loss	(34)	111
Benefits paid	(58)	(56)
Actual return on plan assets	58	66
Employer contributions	80	104
Period End [Member]
Note 12 - Retirement Plans (Details) - Plan’s Funded Status and Amount Recognized in the Company’s Financial Statements [Line Items]
Benefit obligation at end of year	1,878	1,894
Fair value of plan assets at end of year	$ 1,223	$ 1,143

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Note 7 - Leases and Related Party Transactions (Details) - Future Minimum Annual Rental Payments of Non-Cancelable Operating Leases and Capital Leases for Equipment (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Future Minimum Annual Rental Payments of Non-Cancelable Operating Leases and Capital Leases for Equipment [Abstract]
2015	$ 1,549
2015	1,030
2016	1,580
2016	791
2017	1,611
2017	75
2018	1,643
2018	63
2019	1,676
2019	30
Thereafter	18,722
Total minimum lease payments	26,781
Total minimum lease payments	1,989
Less: Amounts representing interest	(13,310)
Present value of minimum lease payments	13,471
Less: Current portion of capital lease obligations	(226)	(176)
Long-term portion of capital lease obligations	$ 13,245	$ 13,475

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Note 12 - Retirement Plans (Details) - Weighted-Average Assumptions Used To Determine Benefit Obligations	Mar. 31, 2014	Mar. 31, 2013
Weighted-Average Assumptions Used To Determine Benefit Obligations [Abstract]
Discount rate	4.25%	4.07%
Rate of compensation increase	0.00%	0.00%

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Note 14 - Other Matters (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014 acre
Note 14 - Other Matters (Details) [Line Items]
Change in Control of Beneficial Ownership	20.00%
Executive Termination Severance Payment Multiplier	2.99
Area of Real Estate Property (in Acres)	25
Loss Contingency Accrual	$ 4,200
Future Event December 7, 2014 Through December 7, 2017 [Member] | Indemnitor [Member]
Note 14 - Other Matters (Details) [Line Items]
Letters of Credit Outstanding, Amount	1,000
Indemnitor [Member]
Note 14 - Other Matters (Details) [Line Items]
Letters of Credit Outstanding, Amount	2,000
Seven Executive Officers and a Vice President [Member] | Employee Severance [Member]
Note 14 - Other Matters (Details) [Line Items]
Employee-related Liabilities	$ 12,556

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Note 12 - Retirement Plans (Details) - Weighted-Average Assumptions Used To Determine Net Periodic Benefit Cost	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Weighted-Average Assumptions Used To Determine Net Periodic Benefit Cost [Abstract]
Discount rate	4.07%	4.49%
Expected long-term return on plan assets	6.00%	6.00%
Rate of compensation increase	0.00%	0.00%

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Note 11 - Stockholders' Equity and Stock Plans (Details) - Options and Bonus Shares Available for Future Issuance	Mar. 31, 2014
1989 Non Qualified Option Plan [Member] | Authorized by Directors and Stockholders [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	3,975,000
1989 Non Qualified Option Plan [Member] | Options Previously Exercised [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	(3,214,687)
1989 Non Qualified Option Plan [Member] | Options Outstanding [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	(436,000)
1989 Non Qualified Option Plan [Member] | Remaining For Future Issuance [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	324,313
1994 Stock Incentive Plan [Member] | Authorized by Directors and Stockholders [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	3,525,000
1994 Stock Incentive Plan [Member] | Options Previously Exercised [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	(2,025,187)
1994 Stock Incentive Plan [Member] | Bonus Shares Previously Granted [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	(93,750)
1994 Stock Incentive Plan [Member] | Options Outstanding [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	(1,051,750)
1994 Stock Incentive Plan [Member] | Remaining For Future Issuance [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	354,313
1996 Directors Stock Option Plan [Member] | Authorized by Directors and Stockholders [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	750,000
1996 Directors Stock Option Plan [Member] | Options Previously Exercised [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	(100,000)
1996 Directors Stock Option Plan [Member] | Options Outstanding [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	(205,000)
1996 Directors Stock Option Plan [Member] | Remaining For Future Issuance [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	445,000
Authorized by Directors and Stockholders [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	8,250,000
Options Previously Exercised [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	(5,339,874)
Bonus Shares Previously Granted [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	(93,750)
Options Outstanding [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	(1,692,750)
Remaining For Future Issuance [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Options and Bonus Shares available for future issuance	1,123,626

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Mar. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Description	Balance at Beginning of Year		Gross Amount Charged to Cost and Expenses			Charged to Other Accounts			Other Charges/ (Deductions)			Balance at End of Year
Year Ended March 31, 2014
Allowance for doubtful accounts	$	793	$	(292	)	$	-		$	-		$	501
Reserve for slowing moving, excess and obsolete inventory		1,091		1,011			(786	)(c)		(363	)(b)		953
Valuation allowance on deferred tax assets		1,037		(20	)		-			-			1,017
	$	2,921	$	699		$	(786	)	$	(363	)	$	2,471
Year Ended March 31, 2013
Allowance for doubtful accounts	$	781	$	12		$	-		$	-		$	793
Reserve for slowing moving, excess and obsolete inventory		1,015		540			-			(464	)(b)		1,091
Valuation allowance on deferred tax assets		758		279			-			-			1,037
	$	2,554	$	831		$	-		$	(464	)	$	2,921
Year Ended March 31, 2012
Allowance for doubtful accounts	$	804	$	72		$	-		$	(95	)(a)	$	781
Reserve for slowing moving, excess and obsolete inventory		1,415		252			-			(652	)(b)		1,015
Valuation allowance on deferred tax assets		-		758			-			-			758
	$	2,219	$	1,082		$	-		$	(747	)	$	2,554

(a) Write off of uncollected accounts

(b) Disposal of slow moving and obsolete inventory

(c) Represents amounts related to assets held for sale

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Note 5 - Income Taxes (Details) - Income Tax Expense (Benefit) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Income Tax Expense (Benefit) [Abstract]
Federal	$ 1,064	$ (20,627)
State	601	(1,124)
Deferred	(503)		283
	$ 1,162	$ (21,751)	$ 283

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Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Estimated Amortization Expense of Other Intangible Assets (Other Intangible Assets [Member], USD $) In Thousands, unless otherwise specified	Mar. 31, 2014
Other Intangible Assets [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Estimated Amortization Expense of Other Intangible Assets [Line Items]
2015	$ 1,795
2016	1,550
2017	1,375
2018	1,375
2019	$ 1,375

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Note 12 - Retirement Plans (Details) - Net Periodic Pension Cost (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Net Periodic Pension Cost [Abstract]
Interest cost on projected benefit obligation	$ 76	$ 78	$ 81
Expected investment income	(70)	(64)	(59)
Net amortization and deferral	64	53	26
Net periodic pension cost	$ 70	$ 67	$ 48

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Note 16 - Summary of Unaudited Quarterly Financial Data (Tables)

12 Months Ended

Mar. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

	Fiscal 2014 Quarter Ended
	30-Jun		30-Sep		31-Dec		31-Mar
Net sales	$	71,526	$	71,320	$	72,521	$	72,482
Gross profit		13,384		13,271		13,896		14,465
Income after income taxes
Continuing operations		90		205		305		507
Discontinued operations		189		893		1,606		397
Net income	$	279	$	1,098	$	1,911	$	904
Basic earnings per common share:
Net income from continuing operations	$	0.01	$	0.02	$	0.02	$	0.03
Net income from discontinued operations	$	0.01	$	0.05	$	0.10	$	0.03
Total	$	0.02	$	0.07	$	0.12	$	0.06
Diluted earnings per common share:
Net income from continuing operations	$	0.01	$	0.02	$	0.02	$	0.03
Net income from discontinued operations	$	0.01	$	0.05	$	0.10	$	0.02
Total	$	0.02	$	0.07	$	0.12	$	0.05

	Fiscal 2013 Quarter Ended
	30-Jun			30-Sep			31-Dec			31-Mar
Net sales	$	70,177		$	72,393		$	72,824		$	69,369
Gross profit		12,214			12,366			13,558			12,759
Income (loss) after income taxes
Continuing operations		(387	)		(507	)		(56,536	)		(624	)
Discontinued operations		250			572			1,033			1,343
Net income (loss)	$	(137	)	$	65		$	(55,503	)	$	719
Basic earnings per common share:
Net income (loss) from continuing operations	$	(0.03	)	$	(0.03	)	$	(3.45	)	$	(0.04	)
Net income from discontinued operations	$	0.02		$	0.03		$	0.06		$	0.08
Total	$	(0.01	)	$	-		$	(3.39	)	$	0.04
Diluted earnings per common share:
Net income (loss) from continuing operations	$	(0.03	)	$	(0.03	)	$	(3.45	)	$	(0.04	)
Net income from discontinued operations	$	0.02		$	0.03		$	0.06		$	0.08
Total	$	(0.01	)	$	-		$	(3.39	)	$	0.04

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Note 5 - Income Taxes (Details) - Components of Deferred Tax Assets and Deferred Tax Liabilities (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Components of Deferred Tax Assets and Deferred Tax Liabilities [Abstract]
Stock-based compensation	$ 2,553	$ 2,209
Inventory reserve	844	567
Allowance for doubtful accounts	250	333
Accrued expenses	440	720
Net state operating loss carryforwards of acquired company	1,288	1,037
Capital leases	5,483	5,396
	10,858	10,262
Valuation allowance	(1,017)	(1,037)
Total deferred tax assets	9,841	9,225
Goodwill	8,127	6,356
Depreciation and amortization	6,995	7,874
Total deferred tax liabilities	15,122	14,230
Net deferred tax liability	$ 5,281	$ 5,005

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Note 11 - Stockholders' Equity and Stock Plans (Details) - Allocation of Stock-Based Compensation Expense (Before Deferred Income Tax Benefits) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense before income tax benefits	$ 852	$ 990	$ 577
Cost of Sales [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense before income tax benefits	4	16	11
Selling, General and Administrative Expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense before income tax benefits	$ 848	$ 974	$ 566

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Note 9 - Fair Value Measurements (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014
Fair Value Disclosures [Abstract]
Capital Lease Obligations	$ 13,471
Capital Lease Obligations, Fair Value	$ 15,479

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Note 4 - Inventories, Net (Details) (USD $) In Thousands, unless otherwise specified				12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014 Patient Care Divestiture [Member]	Mar. 31, 2013 Overstatement Related With Prior Years [Member]
Note 4 - Inventories, Net (Details) [Line Items]
Disposal Group, Including Discontinued Operation, Inventory			$ 18,369
Inventory, Gross			19,156
Inventory Valuation Reserves	953	1,091	787
Inventory Write-down				$ 829

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Note 1 - Organization and Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

COMPANY BACKGROUND AND DESCRIPTION OF BUSINESS

Medical Action Industries Inc. (“Medical Action” or the “Company”) was incorporated under the laws of the State of New York on April 1, 1977, and re-incorporated under the laws of the State of Delaware on November 5, 1987.  Headquartered in Brentwood, New York, Medical Action develops, manufactures, markets and supplies a variety of disposable medical products.  The Company’s products are marketed primarily to acute care facilities throughout the United States and certain international markets, and in recent years the Company has expanded its end-user markets to include physician, dental and veterinary offices, outpatient surgery centers and long-term care facilities.  Medical Action is a leading manufacturer and supplier of custom procedure trays, collection systems for the containment of medical waste, minor procedure kits and trays, disposable patient utensils, sterile operating room towels and sterile laparotomy sponges.  The Company’s products are marketed by its direct sales personnel and an extensive network of health care distributors.  Medical Action has entered into preferred vendor agreements with national and regional distributors, as well as sole and multi-source agreements with group purchasing organizations.  The Company also offers original equipment manufacturer products under private label programs to supply chain partners and medical suppliers.  Medical Action’s manufacturing, packaging and warehousing activities are conducted in its Arden, North Carolina and Toano, Virginia facilities.  The Company’s procurement of certain products and raw materials from the People’s Republic of China is administered by its office in Shanghai, China.  During fiscal 2014, we also conducted manufacturing, packaging and warehousing activities at our Clarksburg, West Virginia and Gallaway, Tennessee facilities.  These facilities were part of the assets sold in the Patient Care business unit divestiture completed on June 2, 2014 (the "Transaction"), as disclosed in Footnote 3 – Discontinued Operations.

All dollar amounts presented in the notes to consolidated financial statements are presented in thousands, except share and per share data.

BUSINESS SEGMENTS AND OTHER FINANCIAL INFORMATION

We operate as one reportable segment which is the manufacture and supply of disposable medical products. During the fiscal years ended 2014, 2013 and 2012 international sales approximated 2% of our total net sales and the net book value of our long-lived assets held outside of the United States were immaterial at March 31, 2014 and 2013.

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries.  All significant intercompany accounts and transactions have been eliminated in consolidation.

USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, such as valuation of inventories, allowance for doubtful accounts, valuation of deferred tax assets, goodwill and other intangible assets, provision for trade rebates, pension benefits and accrued expenses, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

CASH EQUIVALENTS

The Company considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents.

ACCOUNTS RECEIVABLE, ALLOWANCE FOR DOUBTFUL ACCOUNTS AND CONCENTRATION OF CREDIT RISK

Accounts receivable are comprised principally of trade accounts receivable that arise primarily from the sale of goods on account and are stated at historical cost. The Company performs ongoing credit evaluations on its customers and adjusts credit limits based upon payment history and the customer’s current credit worthiness, as determined by a review of their current credit information.  The Company continuously monitors collections and payments from customers and a provision for estimated credit losses is maintained based upon its historical experience and on specific customer collection issues that have been identified.  While such credit losses have historically been within the Company’s expectations and the provisions established, the Company cannot guarantee that the same credit loss rates will be experienced in the future.  Concentration risk exists relative to the Company’s accounts receivable, net, as Owens & Minor, Inc. and Cardinal Health Inc., (the “Distributors”) accounted for approximately 60% and 64% of accounts receivable, respectively as of March 31, 2014 and 2013.  While the accounts receivable related to these Distributors may be significant, the Company does not believe the credit risk to be significant given their consistent payment history.

TRADE REBATES

The Company provides rebates to distributors that sell to end-user customers at prices determined under a contract between the Company and the end-user customer or distributor.  The Company deducts all rebates from sales and has a provision for allowances based on historical information for all rebates that have not yet been processed. The provision for trade rebates (which is included in accounts receivable) amounted to $14,331 and $14,807 at March 31, 2014 and 2013, respectively.

INVENTORIES, NET

Inventories are stated at the lower of cost or market net of reserve for excess, slow moving and obsolete inventory.  Cost is determined by the first-in, first-out method.

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment are stated at cost less accumulated depreciation and amortization.  Leases meeting the criteria for capitalization are recorded at the present value of future minimum lease payments.  Maintenance and repairs are charged to operations as incurred and expenditures for major improvements are capitalized.  The carrying amount and related accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any resulting gain or loss is reflected in operations in the year of disposal.  Accelerated methods of depreciation are used for tax purposes.

A summary of property, plant and equipment, net, is as follows:

	March 31,
	2014		2013
Land and buildings	$	19,079	$	29,751
Property under capital lease		11,409		11,409
Machinery and equipment		8,520		36,326
Furniture and fixtures		3,161		3,351
Computer hardware and software		1,546		2,192
Total property, plant and equipment		43,715		83,029
Less accumulated depreciation and amortization		17,554		38,069
Property, plant and equipment, net	$	26,161	$	44,960

At March 31, 2014, the Company reclassed $17,431 ($41,629 of gross carrying amount, less accumulated depreciation of $24,198) to reflect the property, plant and equipment that are included in the assets held for sale related to the Transaction, as disclosed in Footnote 3 – Discontinued Operations.

Depreciation is calculated on the straight-line method over the estimated useful lives of the assets as follows:

Buildings (years)		40
Machinery and equipment (years)	5	-	20
Furniture and fixtures (years)	3	-	10
Computer hardware and software (years)	2	-	7

Leasehold improvements are depreciated over the shorter of the estimated useful life or the term of the lease.

Depreciation and amortization of property, plant and equipment amounted to $2,042, $2,259, and $2,890, for fiscal 2014, 2013, and 2012, respectively.

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and other intangible assets consist of the excess of the purchase price over the fair value of net assets acquired (goodwill) and other intangible assets (principally customer relationships, trademarks and tradenames). Values assigned to the respective assets are determined in accordance with ASC 805, Business Combinations and ASC 350, Intangibles – Goodwill and Other.

Goodwill and intangible assets with indefinite useful lives are required to be tested for impairment at least annually or more frequently if an event occurs or circumstances change that could more likely than not reduce the fair value of a reporting unit below its carrying amount. Intangible assets with estimable useful lives are required to be amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

The Company conducts its goodwill and intangible assets with indefinite lives as of December 31 of each year. The Company assesses the impairment of its goodwill by determining its fair value and comparing the fair value to its carrying value. For goodwill impairment testing purposes, the Company has determined that it operates under one reporting unit.

The Company’s annual step one impairment testing as of December 31, 2012 indicated that the fair value of the Company was estimated to be less than its related carrying value. The fair value of the Company was estimated using a discounted cash flow and guideline company model. As a result of the step one testing, management determined that the goodwill balance of the Company was impaired and step two testing was necessary.

Step two of the goodwill test consists of performing a hypothetical purchase price allocation, under which the estimated fair value of the Company is allocated to its tangible and intangible assets based on their estimated fair values, with any residual amount being assigned to goodwill. During the step two analysis, it was determined that book value approximated fair value for the components of working capital except for finished goods and work-in-process inventory which was determined based on estimated selling prices less distribution costs and profit and costs to complete manufacture. Owned real estate and buildings were valued using recently completed real estate appraisals. Other property, plant and equipment items were valued using current market value estimates. The intangible assets related to customer relationships were valued using a present value of debt-free cash flow model and the trade names were valued using the relief-from-royalty model.

The models used to determine the fair value of the Company in step one and the intangible assets in step two relied heavily on management’s assumptions. These assumptions, which are significant to the calculated fair values, are considered Level 3 inputs under the fair value hierarchy established by ASC 820 – Fair value measurement and disclosures , as they are unobservable. The assumptions in step one included a discount rate, revenue growth rates, tax rates and operating margins. In addition, the step two assumptions included customer attrition rates and royalty rates. The discount rate represents the expected return on capital. The discount rate was determined using a target structure of 15% debt and 85% equity. The Company used the 20-year U.S. Treasury bond yield to determine the risk-free rate in its weighted average cost of capital calculation. The projected growth rates and terminal growth rates are primarily driven by management’s estimate of future performance, giving consideration to historical performance and existing and anticipated economic and market conditions. Attrition assumptions used to value customer relationships are based on historical experience and management estimates based on historical financial information. To determine the royalty rates used to value trade names, the Company used industry benchmarks from licensing transactions. The assumption for tax rates are based on management’s estimates of blended federal and state income tax rates. Operating margin assumptions are based management’s estimate of future performance, giving consideration to historical performance and projected economic and competitive conditions.

During fiscal 2013 the preliminary impairment analysis conducted at December 31, 2012 concluded that $78,609 of goodwill was impaired, which was recorded in the Company’s condensed consolidated statement of operations for the nine months ended December 31, 2012. Due to the complexity of the analysis which involved completion of fair value analyses and the resolution of certain significant assumptions, management finalized this goodwill impairment charge in the fourth quarter of fiscal 2013 by reducing the initial goodwill impairment charge by $829 to $77,780. Previous and subsequent analyses of goodwill did not indicate an impairment, therefore the amounts of impairment incurred during the fiscal year ended March 31, 2013 represent the cumulative amount of goodwill impairment charges as of March 31, 2014.

 Changes in the carrying amount of goodwill were as follows:

Balance, March 31, 2012	$	107,801
Goodwill impairment charge		(77,780	)
Balance, March 31, 2013	$	30,021
Amounts reclassified to assets held-for-sale		(10,877	)
Balance, March 31, 2014	$	19,144

The book values, accumulated amortization and original useful life by asset class of the Company’s other intangible assets as of March 31, 2014 and 2013 are as follows:

			March 31, 2014							March 31, 2013
	Weighted Average Remaining Amortization Period (Years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Trademarks/Tradenames not subject to amortization		na	$	569	$	-		$	569	$	1,266	$	-		$	1,266
Trademarks subject to amortization (5 years)		1.4		2,100		(1,505	)		595		2,100		(1,085	)		1,015
Customer Relationships (20 years)		16.4		27,500		(4,927	)		22,573		43,200		(8,927	)		34,273
Intellectual Property (7 Years)		na		-		-			-		400		(368	)		32
Total			$	30,169	$	(6,432	)	$	23,737	$	46,966	$	(10,380	)	$	36,586

At March 31, 2014, the Company reclassed $10,236 ($18,997 of gross carrying amount, less accumulated amortization of $8,761) to reflect the customer relationships and other intangible assets that are included in the assets held for sale related to the Transaction, as disclosed in Footnote 3 – Discontinued Operations.

The amortization expense for other intangible assets amounted to $1,795, $1,795, and $1,795 for fiscal 2014, 2013, and 2012, respectively.  Estimated amortization expense related to these intangibles for the five succeeding fiscal years is as follows:

Fiscal Year	Amount
2015	$	1,795
2016		1,550
2017		1,375
2018		1,375
2019		1,375

The Company evaluates trademarks with indefinite lives annually to determine whether events or circumstances continue to support the indefinite useful life.  No impairments of such assets were identified in fiscal 2014, 2013, and 2012.  No trademarks were determined to have finite useful lives in any of the periods presented, with the exception of the trademarks acquired in the AVID acquisition, which have a useful life of 5 years.

ACCOUNTS PAYABLE

Cash overdrafts are included in accounts payable.  Such cash book overdrafts amounted to $5,690 and $5,372 at March 31, 2014 and 2013, respectively.  For cash flow disclosure purposes, the Company reports the cash book overdrafts as an operating activity as opposed to a financing activity.

DEFERRED FINANCING COSTS

The Company has incurred costs in obtaining financing.  These costs of approximately $1,068 as of March 31, 2014 are included in other assets and are being amortized over the life of the related financing arrangements through fiscal 2019. Total accumulated amortization was approximately $240 and $882 at March 31, 2014 and 2013, respectively. In connection with the Company’s debt refinancing in May 2013 (see Footnote 8 – Long-Term Debt), the net balance of deferred financing costs associated with the Company’s prior debt was charged to operations during the twelve months ending March 31, 2014.

INCOME TAXES

We account for income taxes under the asset and liability method.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that includes the enactment date.

We must also assess the likelihood that deferred tax assets will be realized and, based on this assessment establish a valuation allowance, if required. The determination of our valuation allowance involves assumptions, judgments, and estimates, including forecasted earnings, future taxable income, and the relative proportions of revenue and income before taxes in the various state and local jurisdictions in which we operate. To the extent we establish a valuation allowance or change the valuation allowance in a period, we reflect the change with a corresponding increase or decrease to our tax provision in our consolidated statement of operations.

We are also required to compute our current income tax expense in each federal, state, and local jurisdiction in which we operate. Our judgments, assumptions, and estimates relative to the current provision for income tax take into account current tax laws, our interpretation of current tax laws, and possible outcomes of current and future audits. Changes in tax laws or our interpretation of tax laws and the resolution of current and future tax audits could significantly impact the amounts provided for income taxes in our consolidated balance sheet and consolidated statement of operations.

In accordance with the provisions of ASC 740, Income Taxes, we recognize in our financial statements only those tax positions that meet the more-likely-than-not-recognition threshold.  For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon settlement.  For those tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the consolidated financial statements.  Interest and penalties associated with income tax matters are included in the provision for income taxes in our consolidated statements of operations. The provisions of ASC 740 did not have a material impact on our consolidated financial position.

CURRENCY

All of the Company’s sales and purchases were transacted in U.S. dollars.

STOCK-BASED COMPENSATION

The Company recorded stock-based compensation expense for the fair value of non-qualified stock options and restricted stock granted under its stock plans in accordance with the provisions of ASC 718, Stock Compensation.

EARNINGS (LOSS) PER SHARE INFORMATION

Basic earnings (loss) per share is based on the weighted average number of common shares outstanding without consideration of potential common stock.  Diluted earnings (loss) per share is based on the weighted average number of common and potential common shares outstanding.  The calculation takes into account the shares that may be issued upon exercise of stock options and restricted stock, reduced by the shares that may be repurchased with the funds received from the exercise, based on average prices during the year.

REVENUE RECOGNITION

Revenue from the sale of products is recognized when the Company meets all of the criteria specified in ASC 605, Revenue Recognition. These criteria include:

           •                Persuasive evidence of an arrangement exists,

           •                Delivery has occurred or services have been rendered,

           •                The seller’s price to the buyer is fixed or determinable and

           •                Collection of the resulting receivable is reasonably assured.

Customer purchase orders and/or sales agreements evidence the Company’s sales arrangements. These purchase orders and sales agreements specify both selling prices and quantities, which are the basis for recording sales revenue. Any deviation from this policy requires management review and approval. Trade terms are negotiated on a customer by customer basis and for the majority of the Company’s sales include that title and risk of loss pass from the Company to the customer when the Company ships products from its facilities, which is when revenue is recognized. In instances of shipments made on consignment, revenue is deferred until a customer indicates to the Company that it has used the Company’s products. The Company conducts ongoing credit evaluations of its customers and ships products only to customers that satisfy its credit evaluations. Products are shipped primarily to distributors at an agreed upon list price. Distributors then resell the products primarily to hospitals and depending on agreements between the Company, the distributors and the hospitals, the distributors may be entitled to a rebate. The Company deducts all rebates from sales and has a provision for allowances based on historical information for all rebates that have not yet been processed.

BUSINESS CONCENTRATIONS AND MAJOR CUSTOMERS

The Company manufactures and distributes disposable medical products principally to medical product distributors and hospitals located throughout the United States.  The Company performs credit evaluations of its customers’ financial condition and does not require collateral.  Receivables are generally due within 30 – 90 days.  Credit losses relating to customers have historically been minimal and within management’s expectations.

Sales to Owens & Minor, Inc. and Cardinal Health Inc., (the “Distributors”) accounted for approximately 45% and 19% of net sales, respectively for fiscal 2014, 41% and 22% of net sales, respectively for fiscal 2013 and 44% and 22% of net sales, respectively for fiscal 2012.  Although the Distributors may be deemed in a technical sense to be major purchasers of the Company’s products, they typically serve as a distributor between the end user and the Company and do not make significant purchases for their own account.  The Company, therefore, does not believe it is appropriate to include the Distributors when evaluating customer concentrations.

A significant portion of the Company’s raw materials are purchased from China.  All such purchases are transacted in U.S. dollars.  The Company’s financial results, therefore, could be impacted by factors such as foreign currency exchange rates or weak economic conditions in foreign countries in the procurement of such raw materials should our suppliers increase prices to account for changes in foreign exchange rates.

FREIGHT AND DISTRIBUTION COSTS

Freight costs, which consist primarily of freight costs paid to third party carriers amounted to $6,323, $6,521 and $9,324 for fiscal 2014, 2013 and 2012, respectively, and are included in cost of sales. Distribution costs, which consist primarily of the salaries, warehousing and related expenses associated with the storing, packing and shipping costs of our products amounted to $3,249, $2,931 and $2,422 for fiscal 2014, 2013, and 2012, respectively, and are included in selling, general and administrative expenses.

PRODUCT DEVELOPMENT COSTS

Product development costs which are expensed as incurred were $1,171, $1,862, and $1,921 for fiscal 2014, 2013, and 2012, respectively, and are included as a component of selling, general and administrative expenses.

ADVERTISING COSTS

Advertising costs charged to expense, as incurred, were $6, $41, and $20, for fiscal 2014, 2013 and 2012, respectively.

FAIR VALUE MEASUREMENTS

We are required to record certain assets and liabilities at fair value and to make disclosures about the fair value of certain other assets and liabilities.  Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.

Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

· Level 1 – Quoted prices for identical instruments in active markets.

· Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

· Level 3 – Significant inputs to the valuation model are unobservable.

IMPACT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

PRESENTATION OF AN UNRECOGNIZED TAX BENEFIT WHEN A NET OPERATING LOSS CARRYFORWARD, A SIMILAR TAX LOSS, OR A TAX CREDIT CARRYFORWARD EXISTS

In July 2013, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11 relating to income taxes (FASB ASC 740 – Income Taxes), which provides guidance on the presentation of unrecognized tax benefits. The intent is to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the impact that the adoption of this standard may have on our consolidated financial statements.

INDEFINITE-LIVED INTANGIBLE ASSETS IMPAIRMENT TESTING

In July 2012, the FASB issued ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”), which amended the provisions of FASB ASC 350, Intangibles - Goodwill and Other. ASU 2012-02 permits an entity to make a qualitative assessment of whether it is more likely than not that an indefinite-lived intangible asset is less than its carrying amount before applying the second step of the impairment test. If an entity concludes that it is not more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, it would not be required to perform the second step of the impairment test for that indefinite-lived intangible asset. The new standard is effective for annual and interim indefinite-lived intangible assets impairment tests performed in fiscal years beginning after December 15, 2012, which for us was April 1, 2013. We adopted this amended guidance in the third quarter of fiscal 2014. The adoption of this guidance did not impact our financial position or results of operations.

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Note 10 - Earnings (Loss) Per Share (Details) (Employee Stock Option [Member])	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Employee Stock Option [Member]
Note 10 - Earnings (Loss) Per Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,429,472	1,407,270	1,329,240

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Note 2 - Business Acquisitions (Details) (USD $) In Thousands, unless otherwise specified	0 Months Ended	12 Months Ended
	Aug. 27, 2010	Mar. 31, 2012
Business Combinations [Abstract]
Business Combination, Consideration Transferred	$ 62,550
Business Combination, Acquisition Related Costs		$ 125

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Note 4 - Inventories, Net (Tables)

12 Months Ended

Mar. 31, 2014

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

	March 31,
	2014		2013
Finished goods, net	$	15,582	$	30,531
Raw materials, net		10,367		17,766
Work in progress, net		6,769		4,717
Total, net	$	32,718	$	53,014

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Note 3 - Discontinued Operations (Tables)

12 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities Classified as Held for Sale [Table Text Block]

	March 31, 2014
Asset held for sale:
Inventories, net	$	18,369
Property, plant and equipment, net		17,431
Goodwill		10,877
Other intangible assets, net		10,236
Other assets, net		4,200
Total assets held for sale, current	$	61,113
Liabilities held for sale:
Other liabilities	$	4,200
Total liabilities held for sale, current	$	4,200

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

	Fiscal Year-Ended March 31,
	2014		2013		2012
Net sales	$	145,882	$	156,830	$	164,588
Cost of sales		125,476		135,358		143,771
Selling, general and administrative expenses		15,584		16,122		18,185
Income from discontinued operations before income taxes		4,822		5,350		2,632
Income tax		1,737		2,152		989
Income from discontinued operations, net of income taxes	$	3,085	$	3,198		1,643

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Note 7 - Leases and Related Party Transactions (Details) - Gross and Net Book Value of the Assets Under the Capital Lease (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Gross and Net Book Value of the Assets Under the Capital Lease [Abstract]
Capital lease, gross	$ 11,409	$ 11,409
Less: accumulated amortization	(2,200)	(1,586)
Capital lease, net	$ 9,209	$ 9,823

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Note 3 - Discontinued Operations (Details) (Subsequent Event [Member], Medegen Medical Products [Member], USD $) In Thousands, unless otherwise specified	0 Months Ended	1 Months Ended
	Jun. 02, 2014	Jun. 30, 2014
Subsequent Event [Member] | Medegen Medical Products [Member]
Note 3 - Discontinued Operations (Details) [Line Items]
Proceeds from Divestiture of Businesses	$ 78,628	$ 78,628

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Note 5 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Fiscal Year Ended March 31,
	2014			2013			2012
Current:
Federal	$	1,064		$	(20,627	)	$	-
State		601			(1,124	)		-
Deferred		(503	)		-			283
	$	1,162		$	(21,751	)	$	283

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Fiscal Year Ended March 31,
	2014			2013			2012
Tax at federal statutory rate		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		17.7			1.7			(0.9	)
Net non-deductible expenses		(0.6	)		-			(5.1	)
Non-deductible goodwill impairment charge		-			(9.1	)		-
Increase in valuation allowance		(0.9	)		(0.3	)		(46.4	)
Effective tax rate		51.2	%		27.3	%		(17.4	)%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	March 31,
	2014			2013
Deferred tax assets:
Stock-based compensation	$	2,553		$	2,209
Inventory reserve		844			567
Allowance for doubtful accounts		250			333
Accrued expenses		440			720
Net state operating loss carryforwards of acquired company		1,288			1,037
Capital leases		5,483			5,396
		10,858			10,262
Valuation allowance		(1,017	)		(1,037	)
Total deferred tax assets	$	9,841		$	9,225
Deferred tax liabilities:
Goodwill	$	8,127		$	6,356
Depreciation and amortization		6,995			7,874
Total deferred tax liabilities	$	15,122		$	14,230
Net deferred tax liability	$	5,281		$	5,005

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

Balance at March 31, 2012	$	21
Additions based on tax positions taken in the current and prior years		526
Balance at March 31, 2013	$	547
Additions based on tax positions taken in the current and prior years		340
Balance at March 31, 2014	$	887

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Note 6 - Accrued Expenses (Tables)

12 Months Ended

Mar. 31, 2014

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

	March 31,
	2014		2013
Accrued accounts payable	$	6,219	$	7,488
Accrued bonuses		4,109		1,825
Employee compensation and benefits		3,025		3,022
Other accrued liabilities		2,291		1,887
Accrued distributor fees		2,011		3,608
Group purchasing organization fees		1,977		1,569
Freight and duty		901		1,270
Professional fees		767		1,178
Commissions		624		768
Book cash overdraft		-		2,491
Total accrued expenses	$	21,924	$	25,106

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Net income (loss)	$ 4,192	$ (54,856)	$ 181
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Extraordinary gain			(700)
Depreciation	4,729	5,048	5,720
Amortization	4,160	3,942	4,289
Goodwill impairment charge	77,780	77,780
Provision for allowance for doubtful accounts	(292)	15	72
Deferred income taxes	276	(21,306)	2,419
Stock-based compensation	1,064	1,014	608
Excess tax benefit from stock-based compensation			(300)
Gain on sale of property and equipment	(124)
Tax benefit from vesting of stock under restricted management stock bonus plan and exercise of stock options			51
Changes in operating assets and liabilities:
Accounts receivable	16	(1,785)	1,198
Inventories	1,927	811	827
Prepaid expenses and other current assets	159	(8)	328
Prepaid income taxes	613	257	659
Other assets	3,871	(902)	(1,185)
Accounts payable	2,933	2,228	(5,774)
Accrued expenses and other	(6,843)	7,510	(4,380)
Net cash provided by operating activities	16,681	19,748	4,013
Cash flows from investing activities:
Purchase price and related acquisition costs			125
Purchases of property, plant and equipment	(3,405)	(1,472)	(907)
Proceeds from sale of property and equipment	168	4	3
Net cash used in investing activities	(3,237)	(1,468)	(779)
Cash flows from financing activities:
Proceeds from revolving line of credit and long-term borrowings	232,328	90,150	105,867
Principal payments on revolving line of credit and long-term borrowings	(244,916)	(113,120)	(105,333)
Principal payments on capital lease obligations	(180)	(136)	(95)
Proceeds from exercise of employee stock options			20
Deferred financing costs	(1,137)
Net cash provided by (used in) financing activities	(13,905)	(23,106)	459
Net increase (decrease) in cash and cash equivalents	(461)	(4,826)	3,693
Cash and cash equivalents at beginning of year	558	5,384	1,691
Cash and cash equivalents at end of year	97	558	5,384
Interest paid	2,951	4,314	4,505
Income taxes paid (refunded)	$ 1,559	$ 855	$ (1,304)

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Note 7 - Leases and Related Party Transactions (Tables)

12 Months Ended

Mar. 31, 2014

Leases And Related Party Transactions Disclosure [Abstract]

Schedule of Capital Leased Assets [Table Text Block]

	March 31,
	2014			2013
Capital lease, gross	$	11,409		$	11,409
Less: accumulated amortization		(2,200	)		(1,586	)
Capital lease, net	$	9,209		$	9,823

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Fiscal Year	Capital Lease			Operating Leases
2015	$	1,549		$	1,030
2016		1,580			791
2017		1,611			75
2018		1,643			63
2019		1,676			30
Thereafter		18,722			-
Total minimum lease payments	$	26,781			1,989
Less:  Amounts representing interest		(13,310	)
Present value of minimum lease payments		13,471
Less: Current portion of capital lease obligations		(226	)
Long-term portion of capital lease obligations	$	13,245

Schedule of Related Party Transactions [Table Text Block]

	March 31,
	2014		2013
Sold to CHS	$	1,074	$	964
Purchased from CHS		1,729		1,861

	March 31,
	2014		2013
Due from CHS	$	330	$	265
Due to CHS		14		45

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Note 16 - Summary of Unaudited Quarterly Financial Data (Details) - Quarterly Financial Data of the Company (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Quarterly Financial Data of the Company [Abstract]
Net sales (in Dollars)	$ 72,482	$ 72,521	$ 71,320	$ 71,526	$ 69,369	$ 72,824	$ 72,393	$ 70,177	$ 287,849	$ 284,763	$ 272,734
Gross profit (in Dollars)	14,465	13,896	13,271	13,384	12,759	13,558	12,366	12,214	55,016	50,897	44,125
Income after income taxes
Continuing operations (in Dollars)	507	305	205	90	(624)	(56,536)	(507)	(387)	2,269	(79,805)	(1,634)
Discontinued operations (in Dollars)	397	1,606	893	189	1,343	1,033	572	250
Net income (in Dollars)	$ 904	$ 1,911	$ 1,098	$ 279	$ 719	$ (55,503)	$ 65	$ (137)	$ 4,192	$ (54,856)	$ 181
Basic earnings per common share:
Net income from continuing operations	$ 0.03	$ 0.02	$ 0.02	$ 0.01	$ (0.04)	$ (3.45)	$ (0.03)	$ (0.03)
Net income from discontinued operations	$ 0.03	$ 0.10	$ 0.05	$ 0.01	$ 0.08	$ 0.06	$ 0.03	$ 0.02	$ 0.19	$ 0.19	$ 0.10
Total	$ 0.06	$ 0.12	$ 0.07	$ 0.02	$ 0.04	$ (3.39)		$ (0.01)	$ 0.26	$ (3.35)	$ 0.01
Diluted earnings per common share:
Net income from continuing operations	$ 0.03	$ 0.02	$ 0.02	$ 0.01	$ (0.04)	$ (3.45)	$ (0.03)	$ (0.03)
Net income from discontinued operations	$ 0.02	$ 0.10	$ 0.05	$ 0.01	$ 0.08	$ 0.06	$ 0.03	$ 0.02	$ 0.18	$ 0.19	$ 0.10
Total	$ 0.05	$ 0.12	$ 0.07	$ 0.02	$ 0.04	$ (3.39)		$ (0.01)	$ 0.25	$ (3.35)	$ 0.01

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Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Change in Goodwill (USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Change in Goodwill [Abstract]
Balance, March 31, 2012	$ 30,021	$ 30,021	$ 107,801
Ending Balance		19,144	30,021
Goodwill impairment charge	(78,609)	(77,780)	(77,780)
Amounts reclassified to assets held-for-sale		$ (10,877)

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Note 5 - Income Taxes (Details) - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Interest and Penalties (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 30, 2012
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Interest and Penalties [Abstract]
Balance	$ 547		$ 21
Additions based on tax positions taken in the current and prior years	340	526
Balance	$ 887	$ 547	$ 21

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Note 12 - Retirement Plans (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2015 Scenario, Forecast [Member] Maximum [Member]
Note 12 - Retirement Plans (Details) [Line Items]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%
Defined Contribution Plan Employer Contribution Vesting Period	4 years
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 771	$ 789	$ 690
Defined Benefit Plan, Contributions by Employer				125
Defined Benefit Plan, Benefits Paid	$ 58	$ 56

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Current Assets
Cash and cash equivalents	$ 97	$ 558
Accounts receivable, less allowance for doubtful accounts of $501 at March 31, 2014 and $793 at March 31, 2013	32,890	32,615
Inventories, net	32,718	53,014
Prepaid expenses	913	1,424
Deferred income taxes	1,201	1,410
Prepaid income taxes	409	1,022
Other current assets	2,649	2,295
Assets held for sale, current	61,113
Total Current Assets	131,990	92,338
Property, plant and equipment, net	26,161	44,960
Goodwill	19,144	30,021
Other intangible assets, net	23,737	36,586
Other assets, net	2,912	2,994
Total Assets	203,944	206,899
Current Liabilities
Accounts payable	16,456	13,523
Accrued expenses	21,924	25,106
Current portion of capital lease obligations	226	176
Current portion of long-term debt	40,112	1,370
Liabilities held for sale, current	4,200
Total Current Liabilities	82,918	40,175
Other long-term liabilities	1,012	595
Deferred income taxes	6,482	6,415
Capital lease obligations, less current portion	13,245	13,475
Long-term debt, less current portion		51,330
Total Liabilities	103,657	111,990
Stockholders’ Equity
Common stock 40,000 shares authorized, $.001 par value; issued and outstanding 16,391 shares at March 31, 2014 and March 31, 2013	16	16
Additional paid-in capital, net	36,556	35,492
Accumulated other comprehensive loss	(651)	(773)
Retained earnings	64,366	60,174
Total Stockholders’ Equity	100,287	94,909
Total Liabilities and Stockholders’ Equity	$ 203,944	$ 206,899

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Note 3 - Discontinued Operations (Details) - Aggregate Components of Assets and Liabilities Classified as Held for Sale (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014
Asset held for sale:
Inventories, net	$ 18,369
Property, plant and equipment, net	17,431
Goodwill	10,877
Other intangible assets, net	10,236
Other assets, net	4,200
Total assets held for sale, current	61,113
Liabilities held for sale:
Other liabilities	4,200
Total liabilities held for sale, current	$ 4,200

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Consolidated Statement Of Changes In Stockholders' Equity (USD $) In Thousands, except Share data	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Total
Balance at Mar. 31, 2011	$ 16	$ 33,799	$ (437)	$ 114,849	$ 148,227
Balance (in Shares) at Mar. 31, 2011	16,383,000
Net income (loss)				181	181
Pension liability adjustment, net of income tax			(280)		(280)
Exercise of stock options, net		20			20
Exercise of stock options, net (in Shares)	8,000				(7,500)
Amortization of deferred compensation		20			20
Tax effect from vesting/cancellation of stock under restricted management stock bonus plan and the exercise of options		51			51
Stock-based compensation		588			588
Balance at Mar. 31, 2012	16	34,478	(717)	115,030	148,807
Balance (in Shares) at Mar. 31, 2012	16,391,000
Net income (loss)				(54,856)	(54,856)
Pension liability adjustment, net of income tax			(56)		(56)
Amortization of deferred compensation		9			9
Stock-based compensation		1,005			1,005
Balance at Mar. 31, 2013	16	35,492	(773)	60,174	94,909
Balance (in Shares) at Mar. 31, 2013	16,391,000
Net income (loss)				4,192	4,192
Pension liability adjustment, net of income tax			122		122
Amortization of deferred compensation		20			20
Stock-based compensation		1,044			1,044
Balance at Mar. 31, 2014	$ 16	$ 36,556	$ (651)	$ 64,366	$ 100,287
Balance (in Shares) at Mar. 31, 2014	16,391,000

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Note 8 - Long-Term Debt (Details) (USD $)			0 Months Ended	7 Months Ended	0 Months Ended			0 Months Ended							12 Months Ended		12 Months Ended			0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Jun. 02, 2014 Subsequent Event [Member] Amended Credit Agreement [Member]	Dec. 31, 2014 Subsequent Event [Member] Amended Credit Agreement [Member]	Jun. 02, 2013 Monthly Amount [Member] "New Credit Agreement" [Member] "Delayed Draw Term Loans" [Member]	Jun. 02, 2013 Monthly Amount [Member] "New Credit Agreement" [Member]	Mar. 31, 2014 Related To Prior Credit Agreement [Member]	Jun. 07, 2012 London Interbank Offered Rate (LIBOR) [Member] "Prior Credit Agreement" [Member] Term Loan and Revolving Credit Facility [Member]	May 17, 2013 "New Credit Agreement" [Member] Secured Term Loan [Member]	May 17, 2013 "New Credit Agreement" [Member] "Delayed Draw Term Loans" [Member]	Mar. 31, 2014 "New Credit Agreement" [Member] "Revolving Loans" [Member]	May 17, 2013 "New Credit Agreement" [Member] "Revolving Loans" [Member]	Mar. 31, 2014 "New Credit Agreement" [Member] Term Loans Outstanding [Member]	May 17, 2013 "New Credit Agreement" [Member]	Mar. 31, 2014 "Prior Credit Agreement" [Member] Secured Term Loan [Member]	Jun. 07, 2012 "Prior Credit Agreement" [Member] Secured Term Loan [Member]	Mar. 31, 2014 "Prior Credit Agreement" [Member] Revolving Credit Facility [Member]	Jun. 07, 2012 "Prior Credit Agreement" [Member] Revolving Credit Facility [Member]	Jun. 07, 2012 "Prior Credit Agreement" [Member]	Jun. 02, 2013 Minimum [Member] London Interbank Offered Rate (LIBOR) [Member] "New Credit Agreement" [Member] "Delayed Draw Term Loans" [Member]	Jun. 02, 2013 Minimum [Member] London Interbank Offered Rate (LIBOR) [Member] "New Credit Agreement" [Member] "Revolving Loans" [Member]	Jun. 02, 2013 Minimum [Member] London Interbank Offered Rate (LIBOR) [Member] "New Credit Agreement" [Member] Term Loans Outstanding [Member]	Jun. 02, 2013 Minimum [Member] Base Rate [Member] "New Credit Agreement" [Member] "Delayed Draw Term Loans" [Member]	Jun. 02, 2013 Minimum [Member] Base Rate [Member] "New Credit Agreement" [Member] "Revolving Loans" [Member]	Jun. 02, 2013 Minimum [Member] Base Rate [Member] "New Credit Agreement" [Member] Term Loans Outstanding [Member]	Jun. 02, 2013 Minimum [Member] "New Credit Agreement" [Member]	Jun. 02, 2013 Maximum [Member] London Interbank Offered Rate (LIBOR) [Member] "New Credit Agreement" [Member] "Delayed Draw Term Loans" [Member]	Jun. 02, 2013 Maximum [Member] London Interbank Offered Rate (LIBOR) [Member] "New Credit Agreement" [Member] "Revolving Loans" [Member]	Jun. 02, 2013 Maximum [Member] London Interbank Offered Rate (LIBOR) [Member] "New Credit Agreement" [Member] Term Loans Outstanding [Member]	Jun. 02, 2013 Maximum [Member] Base Rate [Member] "New Credit Agreement" [Member] "Delayed Draw Term Loans" [Member]	Jun. 02, 2013 Maximum [Member] Base Rate [Member] "New Credit Agreement" [Member] "Revolving Loans" [Member]	Jun. 02, 2013 Maximum [Member] Base Rate [Member] "New Credit Agreement" [Member] Term Loans Outstanding [Member]	Jun. 02, 2013 Maximum [Member] "New Credit Agreement" [Member]	Mar. 31, 2014 Measured On A Month-End Basis [Member] "New Credit Agreement" [Member]	Mar. 31, 2014 Measured On A Month-End Basis [Member] Minimum [Member] "New Credit Agreement" [Member] "Delayed Draw Term Loans" [Member]	Jun. 30, 2013 Measured On A Month-End Basis [Member] Maximum [Member] "New Credit Agreement" [Member] "Delayed Draw Term Loans" [Member]
Note 8 - Long-Term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)			$ 55,000,000						$ 11,505,000	$ 5,000,000		$ 53,495,000		$ 65,000,000		$ 51,000,000		$ 25,000,000	$ 76,000,000
Debt Instrument, Periodic Payment, Principal (in Dollars)						137,000
Undrawn Commitments Under Credit Facility, Periodic Reduction (in Dollars)					208,000
Debt Instrument, Basis Spread on Variable Rate								4.00%												4.25%	2.00%	2.50%	3.25%	1.00%	1.50%		4.75%	2.50%	3.00%	3.75%	1.50%	2.00%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.375%	0.375%																						0.375%							0.50%
Debt, Weighted Average Interest Rate											3.22%		2.86%
Financial Covenant, Minimum Fixed Charge Coverage Ratio																																		1.00
Financial Covenant, Maximum Leverage Financial Ratio																																			3	3.25
Line of Credit Facility, Maximum Amount Used to Calculate Commitment Fee (in Dollars)			30,000,000	30,000,000
Deferred Finance Costs, Net (in Dollars)	$ 1,068,000	$ 879,000					$ 216
Line of Credit Facility, Interest Rate During Period															6.25%		4.25%

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Note 11 - Stockholders' Equity and Stock Plans (Tables)

12 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

	Fiscal Year Ended March 31,
	2014					2013					2012
	Shares			Weighted Average Price		Shares			Weighted Average Price		Shares			Weighted Average Price
Beginning Balance		5,625		$	12.58		7,500		$	12.58		7,967		$	12.74
Granted		-			-		-			-		-			-
Vested		(1,875	)	$	12.58		(1,875	)	$	12.58		(467	)	$	15.31
Cancelled		-			-		-			-		-			-
Ending Balance		3,750		$	12.58		5,625		$	12.58		7,500		$	12.58

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Fiscal Year Ended March, 31
	2014			2013			2012
Expected dividend yield		0.0	%		0.0	%		0.0	%
Expected volatility		63.02	%		63.34	%		64.44	%
Risk-free interest rate		1.04	%		1.64	%		2.36	%
Expected life (years)		5.37			5.33			5.33
Weighted average fair value of options granted	$	4.37		$	1.99		$	2.99

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	2014		2013		2012
Cost of sales	$	4	$	16	$	11
Selling, general and administrative expenses		848		974		566
Stock-based compensation expense before income tax benefits	$	852	$	990	$	577

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Options outstanding at March 31, 2011		1,328,937		$	12.62
Granted		30,000			5.24
Exercised		(7,500	)		2.67
Forfeited		(3,000	)		8.87
Options outstanding at March 31, 2012		1,348,437		$	12.44
Granted		327,500			3.58
Exercised		-			-
Forfeited		(196,937	)		10.00
Options outstanding at March 31, 2013		1,479,000		$	10.80
Granted		511,000			8.00
Exercised		-			-
Forfeited		(297,250	)		9.85
Options outstanding at March 31, 2014		1,692,750		$	10.12		6.2	$	982
Exercisable at March 31, 2014		945,500		$	12.18		4.3	$	346
Vested and expected to vest at March 31, 2014		1,606,829		$	10.27		6.0	$	928

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

			2014
			Outstanding						Exercisable
					Weighted Average		Weighted Average				Weighted Average
Range of Exercise Prices per Common Share			Options		Remaining Contractual Life (Years)		Exercise Price Per Common Share		Options		Exercise Price Per Common Share
$2.62	-	$10.97		1,022,500		8.0	$	7.38		357,750	$	8.12
$ 10.98	-	$ 19.36		573,550		3.4	$	13.06		491,050	$	13.26
$ 19.37	-	$ 23.27		96,700		3.1	$	21.72		96,700	$	21.72
$   2.62	-	$ 23.27		1,692,750		6.2	$	10.12		945,500	$	12.18

			2013
			Outstanding						Exercisable
					Weighted Average		Weighted Average				Weighted Average
Range of Exercise Prices per Common Share			Options		Remaining Contractual Life (Years)		Exercise Price Per Common Share		Options		Exercise Price Per Common Share
$2.62	-	$10.97		724,250		6.9	$	7.04		328,937	$	8.57
$ 10.98	-	$ 19.36		640,550		4.5	$	13.11		495,800	$	13.46
$ 19.37	-	$ 23.27		114,200		4.2	$	21.72		114,200	$	21.72
$   2.62	-	$ 23.27		1,479,000		5.6	$	10.80		938,937	$	12.75

Schedule of Nonvested Share Activity [Table Text Block]

	Shares			Weighted Average Grant Date Fair Value
Non-vested shares at April 1, 2013		540,063		$	4.09
Granted		511,000			4.37
Forfeited		(90,000	)		3.11
Vested		(213,813	)		5.04
Non-vested shares at March 31, 2014		747,250		$	4.13

Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block]

	1989 Non- Qualified Option Plan			1994 Stock Incentive Plan			1996 Non- Employee Stock Option Plan			Total
Authorized by Directors and Stockholders		3,975,000			3,525,000			750,000			8,250,000
Options previously exercised		(3,214,687	)		(2,025,187	)		(100,000	)		(5,339,874	)
Restricted stock previously granted		-			(93,750	)		-			(93,750	)
Options outstanding		(436,000	)		(1,051,750	)		(205,000	)		(1,692,750	)
Remaining for future issuance		324,313			354,313			445,000			1,123,626

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Note 11 - Stockholders' Equity and Stock Plans (Details) - Change in Restricted Stock Granted Under the 1994 Stock Incentive Plan (Restricted Stock [Member], USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Restricted Stock [Member]
Note 11 - Stockholders' Equity and Stock Plans (Details) - Change in Restricted Stock Granted Under the 1994 Stock Incentive Plan [Line Items]
Beginning Balance	5,625	7,500	7,967
Beginning Balance	$ 12.58	$ 12.58	$ 12.74
Vested	(1,875)	(1,875)	(467)
Vested	$ 12.58	$ 12.58	$ 15.31
Ending Balance	3,750	5,625	7,500
Ending Balance	$ 12.58	$ 12.58	$ 12.58

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Note 14 - Other Matters

12 Months Ended

Mar. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

14. OTHER MATTERS

The Company is a party to a lawsuit arising out of the conduct of its ordinary course of business.  A global settlement of claims has been approved by the court and management expects a settlement agreement to be executed by the plaintiffs.  While execution of the settlement agreement by the plaintiffs cannot be predicted with certainty, the ultimate liability under such lawsuit is covered by the Company’s insurance and management does not expect that the court-approved amount of the settlement or any other ultimate liability, if any, arising out of such lawsuit, will have a material adverse effect on the financial position or results of operations of the Company.

The Company has entered into agreements with seven of its executive officers and a vice president, which provide certain benefits in the event of a change in control of the Company.  A “change in control” of the Company is defined as, in general, the acquisition by any person of beneficial ownership of 20% or more of the voting stock of the Company, certain business combinations involving the Company or a change in a majority of the incumbent members of the Board of Directors, except for changes in the majority of such members approved by such members.  If, within two years after a change in control, the Company or, in certain circumstances, the executive, terminates his employment, the executive is entitled to a severance payment equal to 2.99 times (1) such executive’s highest annual salary within the five-year period preceding termination plus (2) a bonus increment equal to the average of the two highest of the last five bonuses paid to such executive.  In addition, the executive is entitled to the continuation of all employment benefits for a three-year period, the vesting of all stock options and certain other benefits.  As of March 31, 2014, the estimated potential aggregate compensation payable to these seven executive officers and vice president under the Company’s compensation and benefit plans and arrangements in the event of termination of such executive’s employment following a change in control amounted to approximately $12,556.

The Company’s Tennessee facility, which is comprised of approximately 25 acres in a light industrial park located in Gallaway, Tennessee, was acquired by Medegen Medical Products, LLC in 1999 prior to the Company’s ownership of Medegen.  In connection with an environmental due diligence evaluation of the facility prior to its acquisition by Medegen, consultants detected the presence of chlorinated solvents in groundwater beneath the manufacturing plant.  The identified groundwater contamination is in the process of being remediated.  At the time of our acquisition of Medegen, the prior owner of the facility agreed to retain responsibility for the remediation of the contamination and to fully indemnify our company for all costs associated with the environmental remediation as well as any claims that might arise, including third party claims.  Under an agreement executed at the time of the sale, Vollrath Group, Inc. and its parent Windway Capital Corp. (collectively, “Indemnitor”) are required, on a quarterly basis, to provide documentation from independent parties confirming that Indemnitor has sufficient assets, in the form of unencumbered, unrestricted cash, marketable securities or unused and available borrowing capacity, as necessary to pay the most recently estimated costs of outstanding environmental remediation obligations.  Now that full-scale remediation is underway at the site, Indemnitor is also required to provide Letters of Credit (“LC”) to secure its current and future obligations, including a $2,000 LC that is currently open and future LCs in the amount of $1,000 from December 7, 2014 through December 7, 2017.  As of March 31, 2014, we have recorded an estimated liability of $4,200 to remediate the groundwater contamination and corresponding amount due from the Indemnitor.  As part of the divestiture of the Patient Care business unit, the related asset and liabilities are reported as held for sale at March 31, 2014 (see Footnote 3 – Discontinued Operations).

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Note 12 - Retirement Plans (Tables)

12 Months Ended

Mar. 31, 2014

Note 12 - Retirement Plans (Tables) [Line Items]

Schedule of Net Funded Status [Table Text Block]

	2014			2013
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	1,894		$	1,761
Interest cost		76			78
Actuarial (gain) loss		(34	)		111
Benefits paid		(58	)		(56	)
Benefit obligation at end of year		1,878			1,894
Change in plan assets:
Fair value of plan assets at beginning of year	$	1,143		$	1,029
Actual return on plan assets		58			66
Employer contributions		80			104
Benefits paid		(58	)		(56	)
Fair value of plan assets at end of year	$	1,223		$	1,143
Funded status at end of the year	$	(655	)	$	(751	)
Amounts recognized on the balance sheet consist of:
Current liabilities	$	(655	)	$	(751	)
Accumulated other comprehensive loss		651			773
Net amount recognized	$	(4	)	$	22

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

	Fair Value Measurements at Reporting Date Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	-	$	24	$	-	$	24
Debt securities		-		432		-		432
Equity securities		-		767		-		767
Totals	$	-	$	1,223	$	-	$	1,223

	Fair Value Measurements at Reporting Date Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	23	$	-	$	-	$	23
Debt securities		402		-		-		402
Equity securities		-		718		-		718
Totals	$	425	$	718	$	-	$	1,143

Schedule of Net Benefit Costs [Table Text Block]

	2014			2013			2012
Service cost - benefits earned during the period	$	-		$	-		$	-
Interest cost on projected benefit obligation		76			78			81
Expected investment income		(70	)		(64	)		(59	)
Net amortization and deferral		64			53			26
Net periodic pension cost	$	70		$	67		$	48

Schedule of Allocation of Plan Assets [Table Text Block]

	Target Range			2014			2013
Cash	0%	-	20%		2	%		2	%
Debt securities	10%	-	70%		63	%		63	%
Equity securities	30%	-	90%		35	%		35	%
Total					100	%		100	%

Schedule of Expected Benefit Payments [Table Text Block]

Fiscal Year	Amount
2015	$	60
2016		67
2017		71
2018		74
2019		77
2020 - 2023		527
	$	876

Benefit Obligation [Member]

Note 12 - Retirement Plans (Tables) [Line Items]

Schedule of Assumptions Used [Table Text Block]

	2014			2013
Discount rate		4.25	%		4.07	%
Rate of compensation increase		0.00	%		0.00	%

Net Periodic Benefit Cost [Member]

Note 12 - Retirement Plans (Tables) [Line Items]

Schedule of Assumptions Used [Table Text Block]

	2014			2013
Discount rate		4.07	%		4.49	%
Expected long-term return on plan assets		6.00	%		6.00	%
Rate of compensation increase		0.00	%		0.00	%

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Note 16 - Summary of Unaudited Quarterly Financial Data

12 Months Ended

Mar. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

16. SUMMARY OF UNAUDITED QUARTERLY FINANCIAL DATA

Selected unaudited, quarterly financial data of the Company for the fiscal years ended March 31, 2014 and 2013 appear below.

	Fiscal 2014 Quarter Ended
	30-Jun		30-Sep		31-Dec		31-Mar
Net sales	$	71,526	$	71,320	$	72,521	$	72,482
Gross profit		13,384		13,271		13,896		14,465
Income after income taxes
Continuing operations		90		205		305		507
Discontinued operations		189		893		1,606		397
Net income	$	279	$	1,098	$	1,911	$	904
Basic earnings per common share:
Net income from continuing operations	$	0.01	$	0.02	$	0.02	$	0.03
Net income from discontinued operations	$	0.01	$	0.05	$	0.10	$	0.03
Total	$	0.02	$	0.07	$	0.12	$	0.06
Diluted earnings per common share:
Net income from continuing operations	$	0.01	$	0.02	$	0.02	$	0.03
Net income from discontinued operations	$	0.01	$	0.05	$	0.10	$	0.02
Total	$	0.02	$	0.07	$	0.12	$	0.05

	Fiscal 2013 Quarter Ended
	30-Jun			30-Sep			31-Dec			31-Mar
Net sales	$	70,177		$	72,393		$	72,824		$	69,369
Gross profit		12,214			12,366			13,558			12,759
Income (loss) after income taxes
Continuing operations		(387	)		(507	)		(56,536	)		(624	)
Discontinued operations		250			572			1,033			1,343
Net income (loss)	$	(137	)	$	65		$	(55,503	)	$	719
Basic earnings per common share:
Net income (loss) from continuing operations	$	(0.03	)	$	(0.03	)	$	(3.45	)	$	(0.04	)
Net income from discontinued operations	$	0.02		$	0.03		$	0.06		$	0.08
Total	$	(0.01	)	$	-		$	(3.39	)	$	0.04
Diluted earnings per common share:
Net income (loss) from continuing operations	$	(0.03	)	$	(0.03	)	$	(3.45	)	$	(0.04	)
Net income from discontinued operations	$	0.02		$	0.03		$	0.06		$	0.08
Total	$	(0.01	)	$	-		$	(3.39	)	$	0.04

Net income (loss) per common share is computed separately for each quarter. Therefore, the sum of such quarterly per share amounts may differ from the total for the years.

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Note 11 - Stockholders' Equity and Stock Plans (Details) - Stock Options Activity (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2011
Stock Options Activity [Abstract]
Number of Options	1,692,750	1,479,000	1,348,437	1,328,937
Weighted Average Exercise Price (in Dollars per share)	$ 10.12	$ 10.80	$ 12.44	$ 12.62
Granted	511,000	327,500	30,000
Granted (in Dollars per share)	$ 8.00	$ 3.58	$ 5.24
Exercised			(7,500)
Exercised (in Dollars per share)			$ 2.67
Forfeited	(297,250)	(196,937)	(3,000)
Forfeited (in Dollars per share)	$ 9.85	$ 10.00	$ 8.87
Options outstanding at March 31, 2014	1,692,750	1,479,000	1,348,437	1,328,937
Options outstanding at March 31, 2014 (in Dollars per share)	$ 10.12	$ 10.80	$ 12.44	$ 12.62
Options outstanding at March 31, 2014	6 years 73 days
Options outstanding at March 31, 2014 (in Dollars)	$ 982
Exercisable at March 31, 2014	945,500
Exercisable at March 31, 2014 (in Dollars per share)	$ 12.18
Exercisable at March 31, 2014	4 years 109 days
Exercisable at March 31, 2014 (in Dollars)	346
Vested and expected to vest at March 31, 2014	1,606,829
Vested and expected to vest at March 31, 2014	10 years 98 days
Vested and expected to vest at March 31, 2014	6 years
Vested and expected to vest at March 31, 2014 (in Dollars)	$ 928

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Consolidated Statement Of Changes In Stockholders' Equity (Parentheticals) (Accumulated Other Comprehensive Income (Loss) [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Member]
Pension liability adjustment, income tax	$ 35	$ 20	$ 125

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Consolidated Balance Sheets (Parentheticals) (USD $) In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 501	$ 793
Common stock, shares authorized	40,000	40,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	16,391	16,391
Common stock, shares outstanding	16,391	16,391

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Note 9 - Fair Value Measurements

12 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

9. FAIR VALUE MEASUREMENTS

Due to their maturities and/or variable interest rates, certain financial instruments have fair values that approximate their carrying values. These instruments include cash and cash equivalents, accounts receivable, trade payables and our outstanding debt under the Company’s term loan and revolving credit facility. The book value and the fair value of the Company’s capital lease obligation amounted to $13,471 and $15,479, respectively as of March 31, 2014. The fair value was determined based on the Company’s current incremental borrowing rate and is considered a Level 3 input. As discussed in Note 1 – Organization and Summary of Significant Accounting Policies, Goodwill and Other Intangible Assets, Level 3 inputs were used in the fair value calculation related to the step-one impairment analysis as well as the fair value calculation of the Company’s property, plant and equipment, inventories, capital lease and other intangible assets in the step-two impairment analysis during the year ended March 31, 2013.

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Document And Entity Information (USD $)	12 Months Ended
	Mar. 31, 2014	Jun. 13, 2014	Sep. 30, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	MEDICAL ACTION INDUSTRIES INC
Document Type	10-K
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding		16,390,628
Entity Public Float			$ 108,834,000
Amendment Flag	false
Entity Central Index Key	0000748270
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

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Note 10 - Earnings (Loss) Per Share

12 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

10. EARNINGS (LOSS) PER SHARE

The following is a reconciliation of the numerator and denominator of the basic and diluted net earnings (loss) per share computations for fiscal 2014, 2013, and 2012, respectively.

	March 31,
	2014		2013			2012
Numerator :
Income (loss) from continuing operations before extraordinary gain	$	1,107	$	(58,054	)	$	(1,917	)
Income (loss) from discontinued operations, net of income taxes (Footnote 3)		3,085		3,198			1,643
Extraordinary gain (net of tax expense) (Footnote 13)		-		-			455
Net income (loss) for basic and dilutive earnings per share	$	4,192	$	(54,856	)	$	181
Denominator :
Denominator for basic earnings per share - weighted average shares		16,391		16,391			16,391
Effect of dilutive securities:
Employee and director stock options		75		-			-
Denominator for diluted earnings per share - adjusted weighted average shares		16,466		16,391			16,391
Basic earnings (loss) per share :
Net income (loss) from continuing operations, before extraordinary gain	$	0.07	$	(3.54	)	$	(0.12	)
Net income from discontinued operations	$	0.19	$	0.19		$	0.10
Extraordinary gain, net of income taxes	$	-	$	-		$	0.03
Net income (loss)	$	0.26	$	(3.35	)	$	0.01
Diluted earnings (loss) per share :
Net income (loss) from continuing operations, before extraordinary gain	$	0.07	$	(3.54	)	$	(0.12	)
Net income from discontinued operations	$	0.18	$	0.19		$	0.10
Extraordinary gain, net of income taxes	$	-	$	-		$	0.03
Net income (loss)	$	0.25	$	(3.35	)	$	0.01

Excluded from the calculation of diluted earnings (loss) per share are options to purchase 1,429,472 shares in fiscal, 2014, 1,407,270 shares in fiscal 2013, and 1,329,240 shares in fiscal 2012, as their inclusion would have been anti-dilutive.

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Note 13 - Extraordinary Items (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2012
Extraordinary and Unusual Items [Abstract]
Extraordinary Item, Gain (Loss), Net of Tax, Attributable to Parent	$ 455
Income Tax Expense (Benefit), Extraordinary Items	$ 245

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Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Net sales	$ 287,849	$ 284,763	$ 272,734
Cost of sales	232,833	233,866	228,609
Gross profit	55,016	50,897	44,125
Goodwill impairment charge	77,780	77,780
Selling, general and administrative expenses	48,744	48,155	41,188
Operating income (loss)	6,272	(75,038)	2,937
Interest expense, net	4,003	4,767	4,571
Income (loss) from continuing operations before income taxes and extraordinary gain	2,269	(79,805)	(1,634)
Income tax expense (benefit)	1,162	(21,751)	283
Income (loss) from continuing operations before extraordinary gain	1,107	(58,054)	(1,917)
Income from discontinued operations, net of income taxes	3,085	3,198	1,643
Extraordinary gain, net of income taxes			455
Net income (loss)	$ 4,192	$ (54,856)	$ 181
Basic earnings (loss) per share :
Net income (loss) from continuing operations, before extraordinary gain (in Dollars per share)	$ 0.07	$ (3.54)	$ (0.12)
Net income from discontinued operations (in Dollars per share)	$ 0.19	$ 0.19	$ 0.10
Extraordinary gain, net of income taxes (in Dollars per share)			$ 0.03
Net income (loss) (in Dollars per share)	$ 0.26	$ (3.35)	$ 0.01
Weighted-average common shares outstanding (basic) (in Shares)	16,391	16,391	16,391
Diluted earnings (loss) per share :
Net income (loss) from continuing operations, before extraordinary gain (in Dollars per share)	$ 0.07	$ (3.54)	$ (0.12)
Net income from discontinued operations (in Dollars per share)	$ 0.18	$ 0.19	$ 0.10
Extraordinary gain, net of income taxes (in Dollars per share)			$ 0.03
Net income (loss) (in Dollars per share)	$ 0.25	$ (3.35)	$ 0.01
Weighted-average common shares outstanding (diluted) (in Shares)	16,466	16,391	16,391

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Note 4 - Inventories, Net

12 Months Ended

Mar. 31, 2014

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

4. INVENTORIES, NET

Inventories, which are stated at the lower of cost (first-in, first-out) or market, consist of the following:

	March 31,
	2014		2013
Finished goods, net	$	15,582	$	30,531
Raw materials, net		10,367		17,766
Work in progress, net		6,769		4,717
Total, net	$	32,718	$	53,014

At March 31, 2014, the Company reclassed $18,369 ($19,156 of inventories, less provisions for slow moving, excess and obsolete inventory of $787) to reflect the inventories that are included in the assets held for sale related to the Transaction, as disclosed in Footnote 3 – Discontinued Operations.

On a continuing basis, inventory quantities on hand are reviewed and an analysis of the provision for slow moving, excess and obsolete inventory is performed based primarily on the Company’s sales history and anticipated future demand.  Such provision for slow moving, excess and obsolete inventory approximated $953 and $1,091 at March 31, 2014 and 2013, respectively.

In fiscal 2013 we identified an overstatement of inventories at our West Virginia location that arose during the five year period ended March 31, 2012 and the nine months ended December 31, 2012.  After consideration of both quantitative and qualitative factors, we determined the amounts were not material to any of those prior period financial statements or the fiscal 2013 consolidated results of operations and thus corrected the inventory balance in the fiscal year 2013 and the three months ended March 31, 2013.  The adjustment resulted in a reduction of inventory of $829, with a corresponding increase in cost of sales in the consolidated statement of operations for the fiscal year ended March 31, 2013.

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Note 3 - Discontinued Operations

12 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. DISCONTINUED OPERATIONS

On March 12, 2014, the Company entered into a purchase agreement with an affiliate of Inteplast Group, Ltd. for the sale of the Company’s wholly owned subsidiary, Medegen Medical Products, LLC, and certain other assets which comprised the Company’s Patient Care business unit (the “Transaction”).  The Company retained the cash, accounts receivable and all liabilities associated with the business unit except for an environmental liability.  On June 2, 2014, the Company completed the sale of its Patient Care business unit for gross proceeds of $78,628, subject to customary post-closing adjustments (see Footnote 15 – Subsequent Events).

As of March 31, 2014, the Company has classified the assets and liabilities subject to the purchase agreement as held for sale and presented the results of operations of the Patient Care business unit for fiscal years 2014, 2013 and 2012 as discontinued operations in the accompanying consolidated statements of operations.

The aggregate components of the assets and liabilities classified as held for sale, are as follows;

	March 31, 2014
Asset held for sale:
Inventories, net	$	18,369
Property, plant and equipment, net		17,431
Goodwill		10,877
Other intangible assets, net		10,236
Other assets, net		4,200
Total assets held for sale, current	$	61,113
Liabilities held for sale:
Other liabilities	$	4,200
Total liabilities held for sale, current	$	4,200

The following table summarizes the results of the Company’s discontinued operations;

	Fiscal Year-Ended March 31,
	2014		2013		2012
Net sales	$	145,882	$	156,830	$	164,588
Cost of sales		125,476		135,358		143,771
Selling, general and administrative expenses		15,584		16,122		18,185
Income from discontinued operations before income taxes		4,822		5,350		2,632
Income tax		1,737		2,152		989
Income from discontinued operations, net of income taxes	$	3,085	$	3,198		1,643

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Note 15 - Subsequent Events

12 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

15. SUBSEQUENT EVENTS

Sale of Medegen Medical Products, LLC

On June 2, 2014, the Company completed the sale to Medira Inc., a Delaware corporation and an affiliate of Inteplast Group, Ltd., of (i) 100% of the membership units of Medegen Medical Products, LLC, a Delaware limited liability company and a wholly-owned indirect subsidiary of the Company, and (ii) certain assets of the Company’s Patient Care business unit, including the containment business assets, collectively, for approximately $78,628 in cash, subject to customary post-closing adjustments.

The Company used approximately $40,000 of the net proceeds from the Transaction to repay the term loan and outstanding revolving loan obligations under the New Credit Agreement. The Company plans to use the remaining balance of approximately $38,628 for working capital to support future growth in the Company’s business.

Amended Credit Agreement

On June 2, 2014, the Company entered into the First Amendment to Credit Agreement and Guaranty and Security Agreement (the “Amendment”), among the Company, as borrower, and Wells Fargo Bank, National Association, as administrative agent and lender (the “Lender”).

The Amendment amended the terms of the New Credit Agreement that the Company entered into with the Lender on May 17, 2013, as follows: (a) the Lender’s maximum total loan commitments under the Credit Agreement were reduced from $65,000 to $55,000, (b) provided no Event of Default (as defined in the Credit Agreement) occurs and is continuing, the unused line fee (the “Unused Line Fee”) that the Company is required to pay the Lender, has been capped at 0.375% of the daily unused amount of the revolving loan commitments of the Lender during the period for which the payment is made, through and including December 31, 2014, and (c) solely for purposes of calculating the Unused Line Fee, the aggregate amount of the Lender’s revolving loan commitments was deemed to be the lesser of $30,000 and the actual aggregate amount of the Lender’s revolving loan commitments.

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Note 11 - Stockholders' Equity and Stock Plans

12 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

11.  STOCKHOLDERS’ EQUITY AND STOCK PLANS

The Company accounts for its three stock-based compensation plans in accordance with the provisions of ASC 718, Stock Compensation.  Under the provisions of ASC 718, stock-based compensation cost is measured at the grant date, based on the calculated fair value of the related award, and is recognized as an expense over the service period applicable to the grantee.  The service period is the period of time that the grantee must provide services to the Company before the stock-based compensation is fully vested.

STOCK OPTIONS

The Company currently grants stock options under the 1989 Non-Qualified Stock Option Plan (the “Non-Qualified Option Plan”), the 1994 Stock Incentive Plan (the “Incentive Plan”) and the 1996 Non-Employee Director Stock Option Plan (the “Director Plan”). The Non-Qualified Option Plan was approved by the Company’s Board of Directors and stockholders and provides for the grant of stock options with an exercise price equal to the fair market price or at a value that is not less than 85% of the fair market value on the date of grant and are exercisable in three installments on the second, third and fourth anniversary of the date of grant. The Incentive Plan was adopted by the Company’s Board of Directors and stockholders and provides for the granting of incentive stock options, shares of restricted stock and non-qualified stock options to all officers and key employees of the Company and its affiliates at an exercise price that may not be less than the fair market value of a share of common stock at the time of grant. The Director Plan was approved by the stockholders in August 1996 and as amended, grants each non-employee director of the Company an option to purchase 7,500 shares of the Company’s common stock after each year of service. All options granted under the above plans expire from five to ten years from the date of grant unless the employment is terminated, in which event, subject to certain exceptions, the options terminate two months subsequent to date of termination.

RESTRICTED STOCK AWARDS

Grants of restricted stock are common stock awards granted to recipients with specified vesting provisions.  The restricted stock issued vests based upon the recipients continued service over time (five-year vesting period).  The Company estimates the fair value of restricted stock based on the Company’s closing stock price on the date of grant.

The following is a summary of the changes in restricted stock granted under the Incentive Plan for the fiscal years presented:

	Fiscal Year Ended March 31,
	2014					2013					2012
	Shares			Weighted Average Price		Shares			Weighted Average Price		Shares			Weighted Average Price
Beginning Balance		5,625		$	12.58		7,500		$	12.58		7,967		$	12.74
Granted		-			-		-			-		-			-
Vested		(1,875	)	$	12.58		(1,875	)	$	12.58		(467	)	$	15.31
Cancelled		-			-		-			-		-			-
Ending Balance		3,750		$	12.58		5,625		$	12.58		7,500		$	12.58

VALUATION ASSUMPTIONS FOR STOCK OPTION GRANTS

The fair value of each option grant is estimated on the date of the grant using the Black-Scholes options pricing model. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. The expected term of the options is based on evaluations of historical and expected future employee exercise behavior.  The risk-free rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the life of the grant.  The expected volatility is based on the historical volatility of the Company’s stock. The following table summarizes the assumptions used to determine the fair value of options granted during the following periods:

	Fiscal Year Ended March, 31
	2014			2013			2012
Expected dividend yield		0.0	%		0.0	%		0.0	%
Expected volatility		63.02	%		63.34	%		64.44	%
Risk-free interest rate		1.04	%		1.64	%		2.36	%
Expected life (years)		5.37			5.33			5.33
Weighted average fair value of options granted	$	4.37		$	1.99		$	2.99

STOCK-BASED COMPENSATION EXPENSE

The Company recognized stock-based compensation expense (before deferred income tax benefits) for awards granted under the Company’s stock-based compensation plans in the following line items in the consolidated statements of operations for fiscal 2014, 2013, and 2012:

	2014		2013		2012
Cost of sales	$	4	$	16	$	11
Selling, general and administrative expenses		848		974		566
Stock-based compensation expense before income tax benefits	$	852	$	990	$	577

Information regarding the Company's stock option activity for fiscal 2012, 2013 and 2014 are summarized below:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Options outstanding at March 31, 2011		1,328,937		$	12.62
Granted		30,000			5.24
Exercised		(7,500	)		2.67
Forfeited		(3,000	)		8.87
Options outstanding at March 31, 2012		1,348,437		$	12.44
Granted		327,500			3.58
Exercised		-			-
Forfeited		(196,937	)		10.00
Options outstanding at March 31, 2013		1,479,000		$	10.80
Granted		511,000			8.00
Exercised		-			-
Forfeited		(297,250	)		9.85
Options outstanding at March 31, 2014		1,692,750		$	10.12		6.2	$	982
Exercisable at March 31, 2014		945,500		$	12.18		4.3	$	346
Vested and expected to vest at March 31, 2014		1,606,829		$	10.27		6.0	$	928

The total fair value of shares vested during the fiscal year ended March 31, 2014 was $1,078.  As of March 31, 2014, there was $3,083 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company’s plans, which is expected to be recognized over a weighted average period of 1.94 years.

Summarized information about stock options outstanding as of March 31, 2014 and 2013 is as follows:

			2014
			Outstanding						Exercisable
					Weighted Average		Weighted Average				Weighted Average
Range of Exercise Prices per Common Share			Options		Remaining Contractual Life (Years)		Exercise Price Per Common Share		Options		Exercise Price Per Common Share
$2.62	-	$10.97		1,022,500		8.0	$	7.38		357,750	$	8.12
$ 10.98	-	$ 19.36		573,550		3.4	$	13.06		491,050	$	13.26
$ 19.37	-	$ 23.27		96,700		3.1	$	21.72		96,700	$	21.72
$   2.62	-	$ 23.27		1,692,750		6.2	$	10.12		945,500	$	12.18

			2013
			Outstanding						Exercisable
					Weighted Average		Weighted Average				Weighted Average
Range of Exercise Prices per Common Share			Options		Remaining Contractual Life (Years)		Exercise Price Per Common Share		Options		Exercise Price Per Common Share
$2.62	-	$10.97		724,250		6.9	$	7.04		328,937	$	8.57
$ 10.98	-	$ 19.36		640,550		4.5	$	13.11		495,800	$	13.46
$ 19.37	-	$ 23.27		114,200		4.2	$	21.72		114,200	$	21.72
$   2.62	-	$ 23.27		1,479,000		5.6	$	10.80		938,937	$	12.75

The aggregate pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of fiscal 2014 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on March 31, 2014 was $982.  This amount changes based on the fair market value of the Company’s stock.  The total intrinsic value of options exercised for fiscal 2014, 2013, and 2012 to amounted to $0, $0, and $47, respectively.

The following is a summary of changes in non-vested stock options for the fiscal year ended March 31, 2014:

	Shares			Weighted Average Grant Date Fair Value
Non-vested shares at April 1, 2013		540,063		$	4.09
Granted		511,000			4.37
Forfeited		(90,000	)		3.11
Vested		(213,813	)		5.04
Non-vested shares at March 31, 2014		747,250		$	4.13

The options and restricted stock available for future issuance as of March 31, 2014 are shown below:

	1989 Non- Qualified Option Plan			1994 Stock Incentive Plan			1996 Non- Employee Stock Option Plan			Total
Authorized by Directors and Stockholders		3,975,000			3,525,000			750,000			8,250,000
Options previously exercised		(3,214,687	)		(2,025,187	)		(100,000	)		(5,339,874	)
Restricted stock previously granted		-			(93,750	)		-			(93,750	)
Options outstanding		(436,000	)		(1,051,750	)		(205,000	)		(1,692,750	)
Remaining for future issuance		324,313			354,313			445,000			1,123,626

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Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2012
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts [Line Items]
Balance at Beginning of Year	$ 2,921		$ 2,554		$ 2,219
Gross Amount Charged to Cost and Expenses	699		831		1,082
Other Charges/ (Deductions)	(363)		(464)		(747)
Balance at End of Year	2,471		2,921		2,554
Charged to Other Accounts	(786)
Allowance for Doubtful Accounts [Member]
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts [Line Items]
Balance at Beginning of Year	793		781		804
Gross Amount Charged to Cost and Expenses	(292)		12		72
Other Charges/ (Deductions)					(95)	[1]
Balance at End of Year	501		793		781
Inventory Valuation Reserve [Member]
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts [Line Items]
Balance at Beginning of Year	1,091		1,015		1,415
Gross Amount Charged to Cost and Expenses	1,011		540		252
Other Charges/ (Deductions)	(363)	[2]	(464)	[2]	(652)	[2]
Balance at End of Year	953		1,091		1,015
Charged to Other Accounts	(786)	[3]
Valuation Allowance of Deferred Tax Assets [Member]
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts [Line Items]
Balance at Beginning of Year	1,037		758
Gross Amount Charged to Cost and Expenses	(20)		279		758
Balance at End of Year	$ 1,017		$ 1,037		$ 758

[1] Write off of uncollected accounts

[2] Disposal of slow moving and obsolete inventory

[3] Represents amounts related to assets held for sale

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Note 7 - Leases and Related Party Transactions

12 Months Ended

Mar. 31, 2014

Leases And Related Party Transactions Disclosure [Abstract]

Leases And Related Party Transactions Disclosure [Text Block]

7. LEASES AND RELATED PARTY TRANSACTIONS

As part of the assets and liabilities acquired as a result of the AVID acquisition, the Company assumed a capital lease obligation for the AVID facility located in Toano, Virginia. The facility, which includes a 185,000 square foot manufacturing and warehouse building and approximately 12 acres of land, is owned by an affiliate of Micpar Realty, LLC (“Micpar”). AVID’s founder, former CEO and former principal stockholder, is a part owner of Micpar and subsequent to the acquisition of AVID was appointed to the Company’s board of directors. As of August 2012, he no longer served on the Company’s board of directors. As of March 31, 2014, the capital lease requires monthly payments of $129 with increases of 2% per annum. The lease contains provisions for an option to buy January 2015 and expires in March 2029. The effective rate on the capital lease obligation is 9.9%.

The gross and net book value of the assets under the capital lease are as follows:

	March 31,
	2014			2013
Capital lease, gross	$	11,409		$	11,409
Less: accumulated amortization		(2,200	)		(1,586	)
Capital lease, net	$	9,209		$	9,823

The amortization expense associated with the capital lease amounted to $614, of which $141 is included in cost of sales and the remaining $473 is recorded in selling, general and administrative expenses.

The Company also leases certain equipment, vehicles and office facilities under non-cancelable operating leases expiring in various years though fiscal 2020.

As of March 31, 2014, the Company was obligated under non-cancelable operating leases and capital leases for equipment, vehicles and office, warehousing and manufacturing facilities for minimum annual rental payments as follows:

Fiscal Year	Capital Lease			Operating Leases
2015	$	1,549		$	1,030
2016		1,580			791
2017		1,611			75
2018		1,643			63
2019		1,676			30
Thereafter		18,722			-
Total minimum lease payments	$	26,781			1,989
Less:  Amounts representing interest		(13,310	)
Present value of minimum lease payments		13,471
Less: Current portion of capital lease obligations		(226	)
Long-term portion of capital lease obligations	$	13,245

Rental expense under operating leases amounted to $628, $579, and $488 during fiscal 2014, 2013, and 2012, respectively.

A current member of our board of directors is currently a minority shareholder of Custom Healthcare Systems (“CHS”), an assembler and packager of Class 1 medical products. CHS is a supplier to our AVID facility located in Toano, Virginia for small kits and trays. They also purchase sterile instruments from our facility located in Arden, North Carolina.

During the twelve months ended March 31, 2014 and 2013, the amounts sold to and purchased from CHS are as follows:

	March 31,
	2014		2013
Sold to CHS	$	1,074	$	964
Purchased from CHS		1,729		1,861

The following table represents the amounts due from and due to CHS:

	March 31,
	2014		2013
Due from CHS	$	330	$	265
Due to CHS		14		45

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Note 8 - Long-Term Debt (Details) - Long-Term Debt (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Debt Instrument [Line Items]
Total debt, including current portion	$ 40,112	$ 52,700
Less: current portion	40,112	1,370
Total long-term debt		51,330
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt, including current portion	29,976	4,700
Secured Term Loan [Member]
Debt Instrument [Line Items]
Total debt, including current portion	$ 10,136	$ 48,000

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Note 5 - Income Taxes

12 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

5.  INCOME TAXES

Income tax expense related to continuing operations consists of the following: 

	Fiscal Year Ended March 31,
	2014			2013			2012
Current:
Federal	$	1,064		$	(20,627	)	$	-
State		601			(1,124	)		-
Deferred		(503	)		-			283
	$	1,162		$	(21,751	)	$	283

The following table indicates the significant elements contributing to the difference between the statutory federal tax rate and the Company’s effective tax rate on income from continuing operations for fiscal years 2014, 2013, and 2012:

	Fiscal Year Ended March 31,
	2014			2013			2012
Tax at federal statutory rate		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		17.7			1.7			(0.9	)
Net non-deductible expenses		(0.6	)		-			(5.1	)
Non-deductible goodwill impairment charge		-			(9.1	)		-
Increase in valuation allowance		(0.9	)		(0.3	)		(46.4	)
Effective tax rate		51.2	%		27.3	%		(17.4	)%

The components of deferred tax assets and deferred tax liabilities at March 31, 2014 and 2013 are as follows:

	March 31,
	2014			2013
Deferred tax assets:
Stock-based compensation	$	2,553		$	2,209
Inventory reserve		844			567
Allowance for doubtful accounts		250			333
Accrued expenses		440			720
Net state operating loss carryforwards of acquired company		1,288			1,037
Capital leases		5,483			5,396
		10,858			10,262
Valuation allowance		(1,017	)		(1,037	)
Total deferred tax assets	$	9,841		$	9,225
Deferred tax liabilities:
Goodwill	$	8,127		$	6,356
Depreciation and amortization		6,995			7,874
Total deferred tax liabilities	$	15,122		$	14,230
Net deferred tax liability	$	5,281		$	5,005

In assessing whether the deferred tax asset is realizable, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.

The Company maintains a valuation allowance against certain state net operating loss carry forwards as the Company could not conclude that it will be able to utilize the state net operating loss carry forwards on a more-likely-than-not basis. During fiscal 2014, the Company decreased its valuation allowance by $20.  As of March 31, 2014, the Company’s valuation allowance amounted to $1,017.

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:

Balance at March 31, 2012	$	21
Additions based on tax positions taken in the current and prior years		526
Balance at March 31, 2013	$	547
Additions based on tax positions taken in the current and prior years		340
Balance at March 31, 2014	$	887

The Company records accrued interest and penalties related to income tax matters in the provision for income taxes in the accompanying consolidated statement of operations. The accrued gross interest and penalties were $125 as of March 31, 2014 and $48 as of March 31, 2013. In addition, the Company believes that the uncertain tax positions will not materially change within the next twelve months.

The Company is subject to taxation by the U.S. Government and various state and local jurisdictions.  The Company’s U.S. federal tax return and most state jurisdictions remain open to examination for the fiscal year ended March 31, 2011 through March 31, 2014.  During fiscal 2014, the Company concluded a New York State examination for the fiscal years ended March 31, 2011, 2010 and 2009 with an immaterial assessment.  The Company is currently subject to income tax audits in New Jersey and Massachusetts, however, the examinations are preliminary.

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Note 6 - Accrued Expenses

12 Months Ended

Mar. 31, 2014

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

6. ACCRUED EXPENSES

Accrued expenses consist of the following:

	March 31,
	2014		2013
Accrued accounts payable	$	6,219	$	7,488
Accrued bonuses		4,109		1,825
Employee compensation and benefits		3,025		3,022
Other accrued liabilities		2,291		1,887
Accrued distributor fees		2,011		3,608
Group purchasing organization fees		1,977		1,569
Freight and duty		901		1,270
Professional fees		767		1,178
Commissions		624		768
Book cash overdraft		-		2,491
Total accrued expenses	$	21,924	$	25,106

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Note 8 - Long-Term Debt

12 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

8. LONG-TERM DEBT

Long-term debt consists of the following:

	March 31,
	2014		2013
Revolving loans	$	29,976	$	4,700
Term loan		10,136		48,000
Total outstanding	$	40,112	$	52,700
Less: current portion		40,112		1,370
Total long-term debt	$	-	$	51,330

On May 17, 2013, the Company entered into a credit agreement (the “New Credit Agreement”), among the Company, as borrower and Wells Fargo Bank, National Association, as administrative agent and lender.  The New Credit Agreement provides for a maximum borrowing capacity of $65,000 consisting of the following loans: (1) a $11,505 secured term loan (the “Term Loan”) fully drawn by the Company on May 17, 2013, (2) $5,000 in unsecured delayed draw term loans (collectively, the “Delayed Draw Term Loans”) and (3) up to $53,495 in revolving loans (collectively, the “Revolving Loans”), which may be reduced by the amount of any outstanding Delayed Draw Term Loans drawn by the Company.  The proceeds from the New Credit Agreement were used to repay the Prior Credit Agreement (as described below).  This repayment took place on June 2, 2014 commensurate with the completion of the divestiture of the Patient Care business unit.  Consequently, the entire outstanding balance has been classified as current on our balance sheet as of March 31, 2014.

The Revolving Loans will be used to finance the working capital needs and general corporate purposes of the Company and for permitted acquisitions.  The Term Loan and Revolving Loan mature on May 17, 2018.  The commitments with respect to the Delayed Draw Term Loans terminate on May 17, 2015 and any Delayed Draw Term Loans drawn by the Company also mature on May 17, 2015.  The Term Loan amortizes in consecutive monthly installments, each in the principal amount of $137, commencing June 1, 2013.  Any Delayed Draw Term Loan drawn by the Company will amortize in consecutive monthly installments, each in the principal amount equal to the result of (1) the original principal amount of such Delayed Draw Term Loan divided by (2) the number of months remaining from the date the Delayed Draw Term Loan was drawn until May 17, 2015.  Any undrawn commitments under the Delayed Draw Term Loans will be reduced by $208 on each calendar month, commencing June 1, 2013.

In the event the outstanding principal amount of the Term Loan exceeds the sum of (1) a specified percentage of the value of real property (calculated at least twice during the term of the New Credit Agreement) and (2) a specified percentage of the value of equipment (calculated at least once per calendar year), we will be required to prepay the excess.  The Revolving Loans are subject to a borrowing base such that the total outstanding Revolving Loans may not exceed specified percentages of the value of eligible receivables and finished goods, raw materials, work-in-process and in-transit inventory, all calculated at least monthly.  In the event the outstanding principal amount of Revolving Loans under the New Credit Agreement exceeds this borrowing base, the Company will be required to prepay the excess.

 Term Loans outstanding under the New Credit Agreement bear interest at a rate per annum equal to, at the election of the Company, (1) LIBOR Rate (as defined in the New Credit Agreement) plus a margin ranging from 2.50% to 3.00%, depending on the Average Access Availability (as defined in the New Credit Agreement) at the time of calculation, or (2) Base Rate (as defined in the New Credit Agreement) plus a margin ranging from 1.50% to 2.00%, depending on the Average Access Availability at the time of calculation.  Revolving Loans outstanding under the New Credit Agreement will bear interest at a rate per annum equal to, at the election of the Company, (i) LIBOR Rate plus a margin ranging from 2.00% to 2.50%, depending on the Average Access Availability at the time of calculation, or (ii) Base Rate plus a margin ranging from 1.00% to 1.50%, depending on the Average Access Availability at the time of calculation.  Additionally, the Company is required to pay an unused line fee at a rate per annum ranging from 0.375% to 0.50% on the daily unused amount of the Revolving Loan commitments of the Lender during the period for which the payment is made, payable monthly in arrears.  If drawn, Delayed Draw Term Loans outstanding under the New Credit Agreement will bear interest at a rate per annum equal to, at the election of the Company, (1) LIBOR Rate plus a margin ranging from 4.25% to 4.75%, depending on the Average Access Availability at the time of calculation, or (2) Base Rate plus a margin ranging from 3.25% to 3.75%, depending on the Average Access Availability at the time of calculation. 

During fiscal 2014, the average interest rate on the Term Loan under the New Credit Agreement approximated 2.86% and the average interest rate on the Revolving Loans under the New Credit Agreement approximated 3.22%.

Borrowings under the New Credit Agreement are collateralized by substantially all the assets of, and are fully guaranteed by, the Company and its subsidiaries.  The New Credit Agreement contains certain restrictive covenants, including, among others, covenants limiting our ability to incur indebtedness, grant liens, guarantee obligations, sell assets, make loans and investments, enter into merger and acquisition transactions, and declare or make dividends.  The Company committed to certain post-closing conditions, including providing monthly financial statements, annual updates of financial projections, and the filing of a mortgage on the Company’s Brentwood, New York corporate headquarters.  If the Company’s Excess Availability (as defined in the New Credit Agreement) falls below a specified amount, the Company will become subject to financial covenants relating to a minimum fixed charge coverage ratio of 1.00 to 1.00, measured on a month-end basis.  If the Company draws a Delayed Draw Term Loan, the Company will be required to comply with a maximum leverage financial ratio covenant ranging from 3:00 to 1:00 to 3.25 to 1:00, measured on a month-end basis.

On June 2, 2014, the Company entered into the First Amendment to Credit Agreement and Guaranty and Security Agreement (the “Amendment”), among the Company, as borrower, and Wells Fargo Bank, National Association, as administrative agent and lender (the “Lender”).

The Amendment amended the terms of the New Credit Agreement that the Company entered into with the Lender on May 17, 2013, as follows: (a) the Lender’s maximum total loan commitments under the Credit Agreement were reduced from $65,000 to $55,000, (b) provided no Event of Default (as defined in the Credit Agreement) occurs and is continuing, the unused line fee (the “Unused Line Fee”) that the Company is required to pay the Lender, has been capped at 0.375% of the daily unused amount of the revolving loan commitments of the Lender during the period for which the payment is made, through and including December 31, 2014, and (c) solely for purposes of calculating the Unused Line Fee, the aggregate amount of the Lender’s revolving loan commitments was deemed to be the lesser of $30,000 and the actual aggregate amount of the Lender’s revolving loan commitments.

As a result of the Transaction, the Company repaid all amounts outstanding on both the Revolving and Term loans under the New Credit Agreement subsequent to year end and has recorded all amounts due related to the New Credit Agreement as current as of March 31, 2014.

The Company had unamortized financing costs of $1,068 and $879 in other assets, net as of March 31, 2014 and 2013, respectively.  Of the amount at March 31, 2014, approximately $216 is related to the Term Loan and, as a result of the Transaction, will be charged to interest expense during the three months ending June 30, 2014.  The remaining balance represents costs associated with the Revolving Loans and will be amortized over the remaining life of the New Credit Agreement using the straight-line interest method.

On June 7, 2012, the Company entered into the Second Amended and Restated Credit Agreement (the “Prior Credit Agreement”) with certain lenders and JPMorgan Chase Bank, N.A. acting as administrative agent for the lenders. The Prior Credit Agreement provided the Company with total borrowings of up to $76,000, consisting of (1) a secured term loan with a principal amount of $51,000 and (2) a secured revolving credit facility, which amounts may be borrowed, repaid and re-borrowed up to $25,000.  Both the term loan and the revolving credit facility bore interest at LIBOR plus 4% under the terms of the Prior Credit Agreement.  The average interest rate on the term loan under the Prior Credit Agreement approximated 6.25% during the fiscal year ended March 31, 2014, and the average interest rate on the revolving credit facility under the Prior Credit Agreement approximated 4.25% during the fiscal year ended March 31, 2014. 

On May 17, 2013, a portion of the proceeds from the New Credit Agreement was used to repay all amounts owed under the Prior Credit Agreement.  Upon such repayment, all obligations under the Prior Credit Agreement were satisfied and the agreement was terminated.  

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Note 11 - Stockholders' Equity and Stock Plans (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Note 11 - Stockholders' Equity and Stock Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 1,078,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	3,083,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 343 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	346,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	0	0	47,000
Employee Stock Option [Member] | 1989 Non Qualified Option Plan [Member]
Note 11 - Stockholders' Equity and Stock Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
Employee Stock Option [Member]
Note 11 - Stockholders' Equity and Stock Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Termination Period	2 months
Employee Stock Option [Member] | Minimum [Member]
Note 11 - Stockholders' Equity and Stock Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	5 years
Employee Stock Option [Member] | Maximum [Member]
Note 11 - Stockholders' Equity and Stock Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Restricted Stock [Member]
Note 11 - Stockholders' Equity and Stock Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Aggregate Pre Tax Intrinsic Value [Member]
Note 11 - Stockholders' Equity and Stock Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 982,000
1996 Directors Stock Option Plan [Member]
Note 11 - Stockholders' Equity and Stock Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)	7,500

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Note 11 - Stockholders' Equity and Stock Plans (Details) - Assumptions Used to Determine Fair Value of Options Granted (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Assumptions Used to Determine Fair Value of Options Granted [Abstract]
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility	63.02%	63.34%	64.44%
Risk-free interest rate	1.04%	1.64%	2.36%
Expected life (years)	5 years 135 days	5 years 120 days	5 years 120 days
Weighted average fair value of options granted (in Dollars per share)	$ 4.37	$ 1.99	$ 2.99

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Note 10 - Earnings (Loss) Per Share (Details) - Earnings (Loss) Per Share Reconciliation (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Numerator :
Income (loss) from continuing operations before extraordinary gain (in Dollars)									$ 1,107	$ (58,054)	$ (1,917)
Income (loss) from discontinued operations, net of income taxes (Footnote 3) (in Dollars)									3,085	3,198	1,643
Extraordinary gain (net of tax expense) (Footnote 13) (in Dollars)											$ 455
Net income (loss) for basic and dilutive earnings per share									$ 4,192	$ (54,856)	$ 181
Denominator :
Denominator for basic earnings per share - weighted average shares (in Shares)									16,391	16,391	16,391
Effect of dilutive securities:
Employee and director stock options (in Shares)									75
Denominator for diluted earnings per share - adjusted weighted average shares (in Shares)									16,466	16,391	16,391
Basic earnings (loss) per share :
Net income (loss) from continuing operations, before extraordinary gain									$ 0.07	$ (3.54)	$ (0.12)
Net income from discontinued operations	$ 0.03	$ 0.10	$ 0.05	$ 0.01	$ 0.08	$ 0.06	$ 0.03	$ 0.02	$ 0.19	$ 0.19	$ 0.10
Extraordinary gain, net of income taxes											$ 0.03
Net income (loss)	$ 0.06	$ 0.12	$ 0.07	$ 0.02	$ 0.04	$ (3.39)		$ (0.01)	$ 0.26	$ (3.35)	$ 0.01
Diluted earnings (loss) per share :
Net income (loss) from continuing operations, before extraordinary gain									$ 0.07	$ (3.54)	$ (0.12)
Net income from discontinued operations	$ 0.02	$ 0.10	$ 0.05	$ 0.01	$ 0.08	$ 0.06	$ 0.03	$ 0.02	$ 0.18	$ 0.19	$ 0.10
Extraordinary gain, net of income taxes											$ 0.03
Net income (loss)	$ 0.05	$ 0.12	$ 0.07	$ 0.02	$ 0.04	$ (3.39)		$ (0.01)	$ 0.25	$ (3.35)	$ 0.01

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Note 10 - Earnings (Loss) Per Share (Tables)

12 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	March 31,
	2014		2013			2012
Numerator :
Income (loss) from continuing operations before extraordinary gain	$	1,107	$	(58,054	)	$	(1,917	)
Income (loss) from discontinued operations, net of income taxes (Footnote 3)		3,085		3,198			1,643
Extraordinary gain (net of tax expense) (Footnote 13)		-		-			455
Net income (loss) for basic and dilutive earnings per share	$	4,192	$	(54,856	)	$	181
Denominator :
Denominator for basic earnings per share - weighted average shares		16,391		16,391			16,391
Effect of dilutive securities:
Employee and director stock options		75		-			-
Denominator for diluted earnings per share - adjusted weighted average shares		16,466		16,391			16,391
Basic earnings (loss) per share :
Net income (loss) from continuing operations, before extraordinary gain	$	0.07	$	(3.54	)	$	(0.12	)
Net income from discontinued operations	$	0.19	$	0.19		$	0.10
Extraordinary gain, net of income taxes	$	-	$	-		$	0.03
Net income (loss)	$	0.26	$	(3.35	)	$	0.01
Diluted earnings (loss) per share :
Net income (loss) from continuing operations, before extraordinary gain	$	0.07	$	(3.54	)	$	(0.12	)
Net income from discontinued operations	$	0.18	$	0.19		$	0.10
Extraordinary gain, net of income taxes	$	-	$	-		$	0.03
Net income (loss)	$	0.25	$	(3.35	)	$	0.01

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Note 5 - Income Taxes (Details) - Effective Tax Rate Reconciliation to Statutory Federal Tax Rate	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Effective Tax Rate Reconciliation to Statutory Federal Tax Rate [Abstract]
Tax at federal statutory rate	35.00%	35.00%	35.00%
State taxes, net of federal benefit	17.70%	1.70%	(0.90%)
Net non-deductible expenses	(0.60%)		(5.10%)
Non-deductible goodwill impairment charge		(9.10%)
Increase in valuation allowance	(0.90%)	(0.30%)	(46.40%)
Effective tax rate	51.20%	27.30%	(17.40%)

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Note 13 - Extraordinary Items

12 Months Ended

Mar. 31, 2014

Extraordinary and Unusual Items [Abstract]

Extraordinary Items Disclosure [Text Block]

13. EXTRAORDINARY ITEMS

During fiscal 2012, the Company recorded an extraordinary gain of $455 (net of tax expense of $245) as a result of an insurance settlement relating to inventories damaged in fiscal 2011 as a result of weather−related water damage.

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Accounting Policies, by Policy (Policies)

12 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Nature of Operations [Text Block]

COMPANY BACKGROUND AND DESCRIPTION OF BUSINESS

Medical Action Industries Inc. (“Medical Action” or the “Company”) was incorporated under the laws of the State of New York on April 1, 1977, and re-incorporated under the laws of the State of Delaware on November 5, 1987.  Headquartered in Brentwood, New York, Medical Action develops, manufactures, markets and supplies a variety of disposable medical products.  The Company’s products are marketed primarily to acute care facilities throughout the United States and certain international markets, and in recent years the Company has expanded its end-user markets to include physician, dental and veterinary offices, outpatient surgery centers and long-term care facilities.  Medical Action is a leading manufacturer and supplier of custom procedure trays, collection systems for the containment of medical waste, minor procedure kits and trays, disposable patient utensils, sterile operating room towels and sterile laparotomy sponges.  The Company’s products are marketed by its direct sales personnel and an extensive network of health care distributors.  Medical Action has entered into preferred vendor agreements with national and regional distributors, as well as sole and multi-source agreements with group purchasing organizations.  The Company also offers original equipment manufacturer products under private label programs to supply chain partners and medical suppliers.  Medical Action’s manufacturing, packaging and warehousing activities are conducted in its Arden, North Carolina and Toano, Virginia facilities.  The Company’s procurement of certain products and raw materials from the People’s Republic of China is administered by its office in Shanghai, China.  During fiscal 2014, we also conducted manufacturing, packaging and warehousing activities at our Clarksburg, West Virginia and Gallaway, Tennessee facilities.  These facilities were part of the assets sold in the Patient Care business unit divestiture completed on June 2, 2014 (the "Transaction"), as disclosed in Footnote 3 – Discontinued Operations.

All dollar amounts presented in the notes to consolidated financial statements are presented in thousands, except share and per share data.

Segment Reporting, Policy [Policy Text Block]

BUSINESS SEGMENTS AND OTHER FINANCIAL INFORMATION

We operate as one reportable segment which is the manufacture and supply of disposable medical products. During the fiscal years ended 2014, 2013 and 2012 international sales approximated 2% of our total net sales and the net book value of our long-lived assets held outside of the United States were immaterial at March 31, 2014 and 2013.

Consolidation, Policy [Policy Text Block]

PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries.  All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates, Policy [Policy Text Block]

USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, such as valuation of inventories, allowance for doubtful accounts, valuation of deferred tax assets, goodwill and other intangible assets, provision for trade rebates, pension benefits and accrued expenses, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Cash and Cash Equivalents, Policy [Policy Text Block]

CASH EQUIVALENTS

The Company considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents.

Receivables, Policy [Policy Text Block]

ACCOUNTS RECEIVABLE, ALLOWANCE FOR DOUBTFUL ACCOUNTS AND CONCENTRATION OF CREDIT RISK

Accounts receivable are comprised principally of trade accounts receivable that arise primarily from the sale of goods on account and are stated at historical cost. The Company performs ongoing credit evaluations on its customers and adjusts credit limits based upon payment history and the customer’s current credit worthiness, as determined by a review of their current credit information.  The Company continuously monitors collections and payments from customers and a provision for estimated credit losses is maintained based upon its historical experience and on specific customer collection issues that have been identified.  While such credit losses have historically been within the Company’s expectations and the provisions established, the Company cannot guarantee that the same credit loss rates will be experienced in the future.  Concentration risk exists relative to the Company’s accounts receivable, net, as Owens & Minor, Inc. and Cardinal Health Inc., (the “Distributors”) accounted for approximately 60% and 64% of accounts receivable, respectively as of March 31, 2014 and 2013.  While the accounts receivable related to these Distributors may be significant, the Company does not believe the credit risk to be significant given their consistent payment history.

Trade Rebate [Policy Text Block]

TRADE REBATES

The Company provides rebates to distributors that sell to end-user customers at prices determined under a contract between the Company and the end-user customer or distributor.  The Company deducts all rebates from sales and has a provision for allowances based on historical information for all rebates that have not yet been processed. The provision for trade rebates (which is included in accounts receivable) amounted to $14,331 and $14,807 at March 31, 2014 and 2013, respectively.

Inventory, Policy [Policy Text Block]

INVENTORIES, NET

Inventories are stated at the lower of cost or market net of reserve for excess, slow moving and obsolete inventory.  Cost is determined by the first-in, first-out method.

Property, Plant and Equipment, Policy [Policy Text Block]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment are stated at cost less accumulated depreciation and amortization.  Leases meeting the criteria for capitalization are recorded at the present value of future minimum lease payments.  Maintenance and repairs are charged to operations as incurred and expenditures for major improvements are capitalized.  The carrying amount and related accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any resulting gain or loss is reflected in operations in the year of disposal.  Accelerated methods of depreciation are used for tax purposes.

A summary of property, plant and equipment, net, is as follows:

	March 31,
	2014		2013
Land and buildings	$	19,079	$	29,751
Property under capital lease		11,409		11,409
Machinery and equipment		8,520		36,326
Furniture and fixtures		3,161		3,351
Computer hardware and software		1,546		2,192
Total property, plant and equipment		43,715		83,029
Less accumulated depreciation and amortization		17,554		38,069
Property, plant and equipment, net	$	26,161	$	44,960

At March 31, 2014, the Company reclassed $17,431 ($41,629 of gross carrying amount, less accumulated depreciation of $24,198) to reflect the property, plant and equipment that are included in the assets held for sale related to the Transaction, as disclosed in Footnote 3 – Discontinued Operations.

Depreciation is calculated on the straight-line method over the estimated useful lives of the assets as follows:

Buildings (years)		40
Machinery and equipment (years)	5	-	20
Furniture and fixtures (years)	3	-	10
Computer hardware and software (years)	2	-	7

Leasehold improvements are depreciated over the shorter of the estimated useful life or the term of the lease.

Depreciation and amortization of property, plant and equipment amounted to $2,042, $2,259, and $2,890, for fiscal 2014, 2013, and 2012, respectively.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and other intangible assets consist of the excess of the purchase price over the fair value of net assets acquired (goodwill) and other intangible assets (principally customer relationships, trademarks and tradenames). Values assigned to the respective assets are determined in accordance with ASC 805, Business Combinations and ASC 350, Intangibles – Goodwill and Other.

Goodwill and intangible assets with indefinite useful lives are required to be tested for impairment at least annually or more frequently if an event occurs or circumstances change that could more likely than not reduce the fair value of a reporting unit below its carrying amount. Intangible assets with estimable useful lives are required to be amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

The Company conducts its goodwill and intangible assets with indefinite lives as of December 31 of each year. The Company assesses the impairment of its goodwill by determining its fair value and comparing the fair value to its carrying value. For goodwill impairment testing purposes, the Company has determined that it operates under one reporting unit.

The Company’s annual step one impairment testing as of December 31, 2012 indicated that the fair value of the Company was estimated to be less than its related carrying value. The fair value of the Company was estimated using a discounted cash flow and guideline company model. As a result of the step one testing, management determined that the goodwill balance of the Company was impaired and step two testing was necessary.

Step two of the goodwill test consists of performing a hypothetical purchase price allocation, under which the estimated fair value of the Company is allocated to its tangible and intangible assets based on their estimated fair values, with any residual amount being assigned to goodwill. During the step two analysis, it was determined that book value approximated fair value for the components of working capital except for finished goods and work-in-process inventory which was determined based on estimated selling prices less distribution costs and profit and costs to complete manufacture. Owned real estate and buildings were valued using recently completed real estate appraisals. Other property, plant and equipment items were valued using current market value estimates. The intangible assets related to customer relationships were valued using a present value of debt-free cash flow model and the trade names were valued using the relief-from-royalty model.

The models used to determine the fair value of the Company in step one and the intangible assets in step two relied heavily on management’s assumptions. These assumptions, which are significant to the calculated fair values, are considered Level 3 inputs under the fair value hierarchy established by ASC 820 – Fair value measurement and disclosures , as they are unobservable. The assumptions in step one included a discount rate, revenue growth rates, tax rates and operating margins. In addition, the step two assumptions included customer attrition rates and royalty rates. The discount rate represents the expected return on capital. The discount rate was determined using a target structure of 15% debt and 85% equity. The Company used the 20-year U.S. Treasury bond yield to determine the risk-free rate in its weighted average cost of capital calculation. The projected growth rates and terminal growth rates are primarily driven by management’s estimate of future performance, giving consideration to historical performance and existing and anticipated economic and market conditions. Attrition assumptions used to value customer relationships are based on historical experience and management estimates based on historical financial information. To determine the royalty rates used to value trade names, the Company used industry benchmarks from licensing transactions. The assumption for tax rates are based on management’s estimates of blended federal and state income tax rates. Operating margin assumptions are based management’s estimate of future performance, giving consideration to historical performance and projected economic and competitive conditions.

During fiscal 2013 the preliminary impairment analysis conducted at December 31, 2012 concluded that $78,609 of goodwill was impaired, which was recorded in the Company’s condensed consolidated statement of operations for the nine months ended December 31, 2012. Due to the complexity of the analysis which involved completion of fair value analyses and the resolution of certain significant assumptions, management finalized this goodwill impairment charge in the fourth quarter of fiscal 2013 by reducing the initial goodwill impairment charge by $829 to $77,780. Previous and subsequent analyses of goodwill did not indicate an impairment, therefore the amounts of impairment incurred during the fiscal year ended March 31, 2013 represent the cumulative amount of goodwill impairment charges as of March 31, 2014.

 Changes in the carrying amount of goodwill were as follows:

Balance, March 31, 2012	$	107,801
Goodwill impairment charge		(77,780	)
Balance, March 31, 2013	$	30,021
Amounts reclassified to assets held-for-sale		(10,877	)
Balance, March 31, 2014	$	19,144

The book values, accumulated amortization and original useful life by asset class of the Company’s other intangible assets as of March 31, 2014 and 2013 are as follows:

			March 31, 2014							March 31, 2013
	Weighted Average Remaining Amortization Period (Years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Trademarks/Tradenames not subject to amortization		na	$	569	$	-		$	569	$	1,266	$	-		$	1,266
Trademarks subject to amortization (5 years)		1.4		2,100		(1,505	)		595		2,100		(1,085	)		1,015
Customer Relationships (20 years)		16.4		27,500		(4,927	)		22,573		43,200		(8,927	)		34,273
Intellectual Property (7 Years)		na		-		-			-		400		(368	)		32
Total			$	30,169	$	(6,432	)	$	23,737	$	46,966	$	(10,380	)	$	36,586

At March 31, 2014, the Company reclassed $10,236 ($18,997 of gross carrying amount, less accumulated amortization of $8,761) to reflect the customer relationships and other intangible assets that are included in the assets held for sale related to the Transaction, as disclosed in Footnote 3 – Discontinued Operations.

The amortization expense for other intangible assets amounted to $1,795, $1,795, and $1,795 for fiscal 2014, 2013, and 2012, respectively.  Estimated amortization expense related to these intangibles for the five succeeding fiscal years is as follows:

Fiscal Year	Amount
2015	$	1,795
2016		1,550
2017		1,375
2018		1,375
2019		1,375

The Company evaluates trademarks with indefinite lives annually to determine whether events or circumstances continue to support the indefinite useful life.  No impairments of such assets were identified in fiscal 2014, 2013, and 2012.  No trademarks were determined to have finite useful lives in any of the periods presented, with the exception of the trademarks acquired in the AVID acquisition, which have a useful life of 5 years.

Accounts Payable [Policy Text Block]

ACCOUNTS PAYABLE

Cash overdrafts are included in accounts payable.  Such cash book overdrafts amounted to $5,690 and $5,372 at March 31, 2014 and 2013, respectively.  For cash flow disclosure purposes, the Company reports the cash book overdrafts as an operating activity as opposed to a financing activity.

Deferred Charges, Policy [Policy Text Block]

DEFERRED FINANCING COSTS

The Company has incurred costs in obtaining financing.  These costs of approximately $1,068 as of March 31, 2014 are included in other assets and are being amortized over the life of the related financing arrangements through fiscal 2019. Total accumulated amortization was approximately $240 and $882 at March 31, 2014 and 2013, respectively. In connection with the Company’s debt refinancing in May 2013 (see Footnote 8 – Long-Term Debt), the net balance of deferred financing costs associated with the Company’s prior debt was charged to operations during the twelve months ending March 31, 2014.

Income Tax, Policy [Policy Text Block]

INCOME TAXES

We account for income taxes under the asset and liability method.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that includes the enactment date.

We must also assess the likelihood that deferred tax assets will be realized and, based on this assessment establish a valuation allowance, if required. The determination of our valuation allowance involves assumptions, judgments, and estimates, including forecasted earnings, future taxable income, and the relative proportions of revenue and income before taxes in the various state and local jurisdictions in which we operate. To the extent we establish a valuation allowance or change the valuation allowance in a period, we reflect the change with a corresponding increase or decrease to our tax provision in our consolidated statement of operations.

We are also required to compute our current income tax expense in each federal, state, and local jurisdiction in which we operate. Our judgments, assumptions, and estimates relative to the current provision for income tax take into account current tax laws, our interpretation of current tax laws, and possible outcomes of current and future audits. Changes in tax laws or our interpretation of tax laws and the resolution of current and future tax audits could significantly impact the amounts provided for income taxes in our consolidated balance sheet and consolidated statement of operations.

In accordance with the provisions of ASC 740, Income Taxes, we recognize in our financial statements only those tax positions that meet the more-likely-than-not-recognition threshold.  For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon settlement.  For those tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the consolidated financial statements.  Interest and penalties associated with income tax matters are included in the provision for income taxes in our consolidated statements of operations. The provisions of ASC 740 did not have a material impact on our consolidated financial position.

Basis Of Currency Used [Policy Text Block]

CURRENCY

All of the Company’s sales and purchases were transacted in U.S. dollars.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

STOCK-BASED COMPENSATION

The Company recorded stock-based compensation expense for the fair value of non-qualified stock options and restricted stock granted under its stock plans in accordance with the provisions of ASC 718, Stock Compensation

Earnings Per Share, Policy [Policy Text Block]

EARNINGS (LOSS) PER SHARE INFORMATION

Basic earnings (loss) per share is based on the weighted average number of common shares outstanding without consideration of potential common stock.  Diluted earnings (loss) per share is based on the weighted average number of common and potential common shares outstanding.  The calculation takes into account the shares that may be issued upon exercise of stock options and restricted stock, reduced by the shares that may be repurchased with the funds received from the exercise, based on average prices during the year.

Revenue Recognition, Policy [Policy Text Block]

REVENUE RECOGNITION

Revenue from the sale of products is recognized when the Company meets all of the criteria specified in ASC 605, Revenue Recognition. These criteria include:

           •                Persuasive evidence of an arrangement exists,

           •                Delivery has occurred or services have been rendered,

           •                The seller’s price to the buyer is fixed or determinable and

           •                Collection of the resulting receivable is reasonably assured.

Customer purchase orders and/or sales agreements evidence the Company’s sales arrangements. These purchase orders and sales agreements specify both selling prices and quantities, which are the basis for recording sales revenue. Any deviation from this policy requires management review and approval. Trade terms are negotiated on a customer by customer basis and for the majority of the Company’s sales include that title and risk of loss pass from the Company to the customer when the Company ships products from its facilities, which is when revenue is recognized. In instances of shipments made on consignment, revenue is deferred until a customer indicates to the Company that it has used the Company’s products. The Company conducts ongoing credit evaluations of its customers and ships products only to customers that satisfy its credit evaluations. Products are shipped primarily to distributors at an agreed upon list price. Distributors then resell the products primarily to hospitals and depending on agreements between the Company, the distributors and the hospitals, the distributors may be entitled to a rebate. The Company deducts all rebates from sales and has a provision for allowances based on historical information for all rebates that have not yet been processed

Concentration Risk, Credit Risk, Policy [Policy Text Block]

BUSINESS CONCENTRATIONS AND MAJOR CUSTOMERS

The Company manufactures and distributes disposable medical products principally to medical product distributors and hospitals located throughout the United States.  The Company performs credit evaluations of its customers’ financial condition and does not require collateral.  Receivables are generally due within 30 – 90 days.  Credit losses relating to customers have historically been minimal and within management’s expectations.

Sales to Owens & Minor, Inc. and Cardinal Health Inc., (the “Distributors”) accounted for approximately 45% and 19% of net sales, respectively for fiscal 2014, 41% and 22% of net sales, respectively for fiscal 2013 and 44% and 22% of net sales, respectively for fiscal 2012.  Although the Distributors may be deemed in a technical sense to be major purchasers of the Company’s products, they typically serve as a distributor between the end user and the Company and do not make significant purchases for their own account.  The Company, therefore, does not believe it is appropriate to include the Distributors when evaluating customer concentrations.

A significant portion of the Company’s raw materials are purchased from China.  All such purchases are transacted in U.S. dollars.  The Company’s financial results, therefore, could be impacted by factors such as foreign currency exchange rates or weak economic conditions in foreign countries in the procurement of such raw materials should our suppliers increase prices to account for changes in foreign exchange rates.

Shipping and Handling Cost, Policy [Policy Text Block]

FREIGHT AND DISTRIBUTION COSTS

Freight costs, which consist primarily of freight costs paid to third party carriers amounted to $6,323, $6,521 and $9,324 for fiscal 2014, 2013 and 2012, respectively, and are included in cost of sales. Distribution costs, which consist primarily of the salaries, warehousing and related expenses associated with the storing, packing and shipping costs of our products amounted to $3,249, $2,931 and $2,422 for fiscal 2014, 2013, and 2012, respectively, and are included in selling, general and administrative expenses.

Research and Development Expense, Policy [Policy Text Block]

PRODUCT DEVELOPMENT COSTS

Product development costs which are expensed as incurred were $1,171, $1,862, and $1,921 for fiscal 2014, 2013, and 2012, respectively, and are included as a component of selling, general and administrative expenses.

Advertising Costs, Policy [Policy Text Block]

ADVERTISING COSTS

Advertising costs charged to expense, as incurred, were $6, $41, and $20, for fiscal 2014, 2013 and 2012, respectively.

Fair Value Measurement, Policy [Policy Text Block]

FAIR VALUE MEASUREMENTS

We are required to record certain assets and liabilities at fair value and to make disclosures about the fair value of certain other assets and liabilities.  Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.

Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

· Level 1 – Quoted prices for identical instruments in active markets.

· Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

· Level 3 – Significant inputs to the valuation model are unobservable.

New Accounting Pronouncements, Policy [Policy Text Block]

IMPACT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

PRESENTATION OF AN UNRECOGNIZED TAX BENEFIT WHEN A NET OPERATING LOSS CARRYFORWARD, A SIMILAR TAX LOSS, OR A TAX CREDIT CARRYFORWARD EXISTS

In July 2013, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11 relating to income taxes (FASB ASC 740 – Income Taxes), which provides guidance on the presentation of unrecognized tax benefits. The intent is to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the impact that the adoption of this standard may have on our consolidated financial statements.

INDEFINITE-LIVED INTANGIBLE ASSETS IMPAIRMENT TESTING

In July 2012, the FASB issued ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”), which amended the provisions of FASB ASC 350, Intangibles - Goodwill and Other. ASU 2012-02 permits an entity to make a qualitative assessment of whether it is more likely than not that an indefinite-lived intangible asset is less than its carrying amount before applying the second step of the impairment test. If an entity concludes that it is not more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, it would not be required to perform the second step of the impairment test for that indefinite-lived intangible asset. The new standard is effective for annual and interim indefinite-lived intangible assets impairment tests performed in fiscal years beginning after December 15, 2012, which for us was April 1, 2013. We adopted this amended guidance in the third quarter of fiscal 2014. The adoption of this guidance did not impact our financial position or results of operations.

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Note 5 - Income Taxes (Details) (USD $) In Thousands, unless otherwise specified			12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014 State and Local Jurisdiction [Member]	Mar. 31, 2014 Minimum [Member]	Mar. 31, 2014 Maximum [Member]
Note 5 - Income Taxes (Details) [Line Items]
Valuation Allowance, Deferred Tax Asset, Change in Amount			$ 20
Deferred Tax Assets, Valuation Allowance	1,017	1,037
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 125	$ 48
Open Tax Year				2011	2014

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Note 1 - Organization and Summary of Significant Accounting Policies (Details) - Other Intangible Assets (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization, Intangibles Subject To Amortization	$ (6,432)	$ (10,380)
Total	30,169	46,966
Total	(6,432)	(10,380)
Total	23,737	36,586
Trademarks/Tradenames not subject to amortization [Member]
Finite-Lived Intangible Assets [Line Items]
Trademarks/Tradenames not subject to amortization	569	1,266
Trademarks/Tradenames not subject to amortization	569	1,266
Trademarks/Tradenames not subject to amortization
Weighted Average Remaining Amortization Period (Years)
Trademarks subject to amortization (5 years) [Member]
Finite-Lived Intangible Assets [Line Items]
Trademarks/Tradenames not subject to amortization	1 year 146 days
Gross Carrying Value, Intangibles Subject To Amortization	2,100	2,100
Accumulated Amortization, Intangibles Subject To Amortization	(1,505)	(1,085)
Total Net Book Value, Intangibles Subject To Amortization	595	1,015
Weighted Average Remaining Amortization Period (Years)	1 year 146 days
Total	(1,505)	(1,085)
Customer Relationships (20 years) [Member]
Finite-Lived Intangible Assets [Line Items]
Trademarks/Tradenames not subject to amortization	16 years 146 days
Gross Carrying Value, Intangibles Subject To Amortization	27,500	43,200
Accumulated Amortization, Intangibles Subject To Amortization	(4,927)	(8,927)
Total Net Book Value, Intangibles Subject To Amortization	22,573	34,273
Weighted Average Remaining Amortization Period (Years)	16 years 146 days
Total	(4,927)	(8,927)
Intellectual Property (7 years) [Member]
Finite-Lived Intangible Assets [Line Items]
Trademarks/Tradenames not subject to amortization
Gross Carrying Value, Intangibles Subject To Amortization		400
Accumulated Amortization, Intangibles Subject To Amortization		(368)
Total Net Book Value, Intangibles Subject To Amortization		32
Weighted Average Remaining Amortization Period (Years)
Total		$ (368)

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Consolidated Statements of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Net income (loss)	$ 4,192	$ (54,856)	$ 181
Other comprehensive income (loss), net of tax:
Pension and postretirement plans, unrecognized gain (loss)	122	(56)	(280)
Total other comprehensive income (loss), net of tax	122	(56)	(280)
Comprehensive income (loss)	$ 4,314	$ (54,912)	$ (99)

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Note 2 - Business Acquisitions

12 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

2. BUSINESS ACQUISITIONS

On August 27, 2010, the Company completed its acquisition of AVID, a provider of custom procedure trays to the healthcare industry, in which the Company acquired the outstanding shares of common stock of AVID for $62,550. During fiscal 2012, the Company recorded $125 in final purchase price adjustments. The purpose of this acquisition is to expand our product line offering into custom procedure trays to augment our existing product classes and expand our market presence in clinical care areas of acute care facilities and surgery centers throughout the country.

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Note 7 - Leases and Related Party Transactions (Details) - Custom Healthcare Systems Transactions (Custom Healthcare Systems [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Custom Healthcare Systems [Member]
Related Party Transaction [Line Items]
Sold to CHS	$ 1,074	$ 964
Purchased from CHS	1,729	1,861
Due from CHS	330	265
Due to CHS	$ 14	$ 45

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Note 15 - Subsequent Events (Details) (USD $) In Thousands, unless otherwise specified	0 Months Ended	1 Months Ended	0 Months Ended		7 Months Ended	0 Months Ended
	Jun. 02, 2014 Subsequent Event [Member] Medegen Medical Products [Member]	Jun. 30, 2014 Subsequent Event [Member] Medegen Medical Products [Member]	Jun. 02, 2014 Subsequent Event [Member] Term Loan and Revolving Credit Facility [Member]	Jun. 02, 2014 Subsequent Event [Member] Amended Credit Agreement [Member]	Dec. 31, 2014 Subsequent Event [Member] Amended Credit Agreement [Member]	Jun. 02, 2014 Subsequent Event [Member] Working Capital [Member]	May 17, 2013 "New Credit Agreement" [Member]
Note 15 - Subsequent Events (Details) [Line Items]
Percentage Of Ownership Sold	100.00%
Proceeds from Divestiture of Businesses	$ 78,628	$ 78,628				$ 38,628
Repayments of Debt			40,000
Line of Credit Facility, Maximum Borrowing Capacity				55,000			65,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.375%	0.375%
Line of Credit Facility, Maximum Amount Used to Calculate Commitment Fee				$ 30,000	$ 30,000

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Note 11 - Stockholders' Equity and Stock Plans (Details) - Summarized Information about Stock Options Outstanding (USD $)	12 Months Ended				12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2014 $2.62 To $10.97 [Member]	Mar. 31, 2013 $2.62 To $10.97 [Member]	Mar. 31, 2014 $10.98 To $19.36 [Member]	Mar. 31, 2013 $10.98 To $19.36 [Member]	Mar. 31, 2014 $19.37 To $23.27 [Member]	Mar. 31, 2013 $19.37 To $23.27 [Member]	Mar. 31, 2014 $2.62 To $23.27 [Member]	Mar. 31, 2013 $2.62 To $23.27 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices per Common Share - Low					$ 2.62	$ 2.62	$ 10.98	$ 10.98	$ 19.37	$ 19.37	$ 2.62	$ 2.62
Range of Exercise Prices per Common Share - High					$ 10.97	$ 10.97	$ 19.36	$ 19.36	$ 23.27	$ 23.27	$ 23.27	$ 23.27
Options outstanding (in Shares)	1,692,750	1,479,000	1,348,437	1,328,937	1,022,500,000	724,250,000	573,550,000	640,550,000	96,700,000	114,200,000	1,692,750,000	1,479,000,000
Weighted Average Remaining Contractual Life (Years) - Outstanding	6 years 73 days				8 years	6 years 328 days	3 years 146 days	4 years 6 months	3 years 36 days	4 years 73 days	6 years 73 days	5 years 219 days
Weighted Average Exercise Price Per Common Share - Outstanding	$ 10.12	$ 10.80	$ 12.44	$ 12.62	$ 7.38	$ 7.04	$ 13.06	$ 13.11	$ 21.72	$ 21.72	$ 10.12	$ 10.80
Options - Exercisable (in Shares)	945,500				357,750,000	328,937,000	491,050,000	495,800,000	96,700,000	114,200,000	945,500,000	938,937,000
Weighted Average Exercise Price Per Common Share - Exercisable	$ 12.18				$ 8.12	$ 8.57	$ 13.26	$ 13.46	$ 21.72	$ 21.72	$ 12.18	$ 12.75

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Note 1 - Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Property, Plant and Equipment [Table Text Block]

	March 31,
	2014		2013
Land and buildings	$	19,079	$	29,751
Property under capital lease		11,409		11,409
Machinery and equipment		8,520		36,326
Furniture and fixtures		3,161		3,351
Computer hardware and software		1,546		2,192
Total property, plant and equipment		43,715		83,029
Less accumulated depreciation and amortization		17,554		38,069
Property, plant and equipment, net	$	26,161	$	44,960

Schedule of Goodwill [Table Text Block]

Balance, March 31, 2012	$	107,801
Goodwill impairment charge		(77,780	)
Balance, March 31, 2013	$	30,021
Amounts reclassified to assets held-for-sale		(10,877	)
Balance, March 31, 2014	$	19,144

Schedule of Finite-Lived Intangible Assets [Table Text Block]

			March 31, 2014							March 31, 2013
	Weighted Average Remaining Amortization Period (Years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Trademarks/Tradenames not subject to amortization		na	$	569	$	-		$	569	$	1,266	$	-		$	1,266
Trademarks subject to amortization (5 years)		1.4		2,100		(1,505	)		595		2,100		(1,085	)		1,015
Customer Relationships (20 years)		16.4		27,500		(4,927	)		22,573		43,200		(8,927	)		34,273
Intellectual Property (7 Years)		na		-		-			-		400		(368	)		32
Total			$	30,169	$	(6,432	)	$	23,737	$	46,966	$	(10,380	)	$	36,586

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Fiscal Year	Amount
2015	$	1,795
2016		1,550
2017		1,375
2018		1,375
2019		1,375

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Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value [Line Items]
Plan asset categories	$ 1,223	$ 1,143
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value [Line Items]
Plan asset categories		23
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value [Line Items]
Plan asset categories	24
Cash and Cash Equivalents [Member]
Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value [Line Items]
Plan asset categories	24	23
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value [Line Items]
Plan asset categories		402
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value [Line Items]
Plan asset categories	432
Debt Securities [Member]
Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value [Line Items]
Plan asset categories	432	402
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value [Line Items]
Plan asset categories	767	718
Equity Securities [Member]
Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value [Line Items]
Plan asset categories	767	718
Fair Value, Inputs, Level 1 [Member]
Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value [Line Items]
Plan asset categories		425
Fair Value, Inputs, Level 2 [Member]
Note 12 - Retirement Plans (Details) - Major Categories of Assets Held By the Plan, Measured At Level 1 Fair Value [Line Items]
Plan asset categories	$ 1,223	$ 718

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Note 1 - Organization and Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Gross	$ 43,715,000		$ 43,715,000	$ 83,029,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	17,554,000		17,554,000	38,069,000
Depreciation, Depletion and Amortization			2,042,000	2,259,000	2,890,000
Number of Reportable Segments			1
US Treasury Bond Maturity Period			20 years
Goodwill, Impairment Loss		78,609,000	77,780,000	77,780,000
Goodwill, Impairment Loss Reduction	829,000
Finite-Lived Intangible Assets, Accumulated Amortization	(6,432,000)		(6,432,000)	(10,380,000)
Amortization of Intangible Assets			1,795,000	1,795,000	1,795,000
Bank Overdrafts	5,690,000		5,690,000	5,372,000
Deferred Finance Costs, Net	1,068,000		1,068,000	879,000
Accumulated Amortization, Deferred Finance Costs	240,000		240,000	882,000
Income Tax Expense Benefit Percent Outcome			50.00%
Freight Costs			6,323,000	6,521,000	9,324,000
Shipping, Handling and Transportation Costs			3,249,000	2,931,000	2,422,000
Research and Development Expense			1,171,000	1,862,000	1,921,000
Advertising Expense			6,000	41,000	20,000
Distributors [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Concentration Risk, Percentage			60.00%	64.00%
Owens & Minor, Inc. [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Concentration Risk, Percentage			45.00%	41.00%	44.00%
Cardinal Health Inc. [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Concentration Risk, Percentage			19.00%	22.00%	22.00%
Trademarks [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			0	0	0
Building [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			40 years
Machinery and Equipment [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Gross	8,520,000		8,520,000	36,326,000
Machinery and Equipment [Member] | Minimum [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			5 years
Machinery and Equipment [Member] | Maximum [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			20 years
Furniture and Fixtures [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Gross	3,161,000		3,161,000	3,351,000
Furniture and Fixtures [Member] | Minimum [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			3 years
Furniture and Fixtures [Member] | Maximum [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			10 years
Computer Hardware And Software [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Gross	1,546,000		1,546,000	2,192,000
Computer Hardware And Software [Member] | Minimum [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			2 years
Computer Hardware And Software [Member] | Maximum [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			7 years
Patient Care Divestiture [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Disposal Group, Including Discontinued Operation, Property, Plant, and Equipment, Net	17,431,000		17,431,000
Property, Plant and Equipment, Gross	41,629,000		41,629,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	24,198,000		24,198,000
Disposal Group, Including Discontinued Operation, Intangible Assets, Net	10,236,000		10,236,000
Finite-Lived Intangible Assets, Gross	18,997,000		18,997,000
Finite-Lived Intangible Assets, Accumulated Amortization	8,761,000		8,761,000
Accounts Receivable [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Provision For Trade Rebates	$ 14,331,000		$ 14,331,000	$ 14,807,000
Geographic Concentration Risk [Member] | International [Member] | Sales Revenue, Net [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Concentration Risk, Percentage			2.00%	2.00%	2.00%
AVID [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Finite-Lived Intangible Asset, Useful Life			5 years
Minimum [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Receivables Period Due			30 days
Maximum [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Receivables Period Due			90 days
Target Structure Debt [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Weighted Average Discount Rate, Percent			15.00%
Target Structure Equity [Member]
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Weighted Average Discount Rate, Percent			85.00%

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Note 12 - Retirement Plans

12 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

12.  RETIREMENT PLANS

401(k) PLAN

Effective January 1, 2010, the Company amended its 401(k) retirement plan to be subject to the provisions of a “Safe Harbor” 401(k) plan.  Under the provisions of the Safe Harbor plan, any discretionary matching company contribution becomes 100% vested upon match.  The plan provides for a discretionary match of up to 4% of an eligible employee’s compensation.  Under the prior plan, adopted in April 1988, any remaining unvested company discretionary matching contributions are subject to a four year vesting schedule.  The Company’s contributions under both the 1988 plan and the Safe Harbor plan amounted to $771 in fiscal 2014, $789 in fiscal 2013 and $690 in fiscal 2012.

DEFINED BENEFIT PLAN

The Company assumed a defined benefit pension plan (the “Plan”) with the Medegen Medical Products, LLC (“MMP”) acquisition.  The Plan covers certain employees of MMP who are members of the Service Employees International Union.  The benefit accruals for the Plan were frozen as of December 31, 1999.  The Company’s funding policy is to make the minimum annual contributions required by applicable regulations.  Such contributions are expected to amount to $125 during fiscal 2015.

The following table sets forth the Plan’s funded status and amount recognized in the Company’s financial statements as of and for the fiscal years ended March 31, 2014 and 2013:

	2014			2013
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	1,894		$	1,761
Interest cost		76			78
Actuarial (gain) loss		(34	)		111
Benefits paid		(58	)		(56	)
Benefit obligation at end of year		1,878			1,894
Change in plan assets:
Fair value of plan assets at beginning of year	$	1,143		$	1,029
Actual return on plan assets		58			66
Employer contributions		80			104
Benefits paid		(58	)		(56	)
Fair value of plan assets at end of year	$	1,223		$	1,143
Funded status at end of the year	$	(655	)	$	(751	)
Amounts recognized on the balance sheet consist of:
Current liabilities	$	(655	)	$	(751	)
Accumulated other comprehensive loss		651			773
Net amount recognized	$	(4	)	$	22

The following table presents the major categories of assets held by the plan, measured at fair value, as of March 31, 2014.

	Fair Value Measurements at Reporting Date Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	-	$	24	$	-	$	24
Debt securities		-		432		-		432
Equity securities		-		767		-		767
Totals	$	-	$	1,223	$	-	$	1,223

The following table presents the major categories of assets held by the plan, measured at fair value, as of March 31, 2013.

	Fair Value Measurements at Reporting Date Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	23	$	-	$	-	$	23
Debt securities		402		-		-		402
Equity securities		-		718		-		718
Totals	$	425	$	718	$	-	$	1,143

 The net periodic pension cost for the years ended March 31, 2014, 2013 and 2012 were as follows:

	2014			2013			2012
Service cost - benefits earned during the period	$	-		$	-		$	-
Interest cost on projected benefit obligation		76			78			81
Expected investment income		(70	)		(64	)		(59	)
Net amortization and deferral		64			53			26
Net periodic pension cost	$	70		$	67		$	48

The following are weighted-average assumptions used to determine benefit obligations as of March 31, 2014 and 2013:

	2014			2013
Discount rate		4.25	%		4.07	%
Rate of compensation increase		0.00	%		0.00	%

The following are weighted-average assumptions used to determine net periodic benefit costs for the years ended March 31, 2014 and 2013:

	2014			2013
Discount rate		4.07	%		4.49	%
Expected long-term return on plan assets		6.00	%		6.00	%
Rate of compensation increase		0.00	%		0.00	%

The Company’s investment policy for the Plan’s assets is to balance risk and return through a diversified portfolio of marketable securities, including common and preferred stocks, convertible securities, government, municipal and corporate bonds, mutual and collective investment funds and short-term money market instruments.  Maturities for fixed income securities are managed so that sufficient liquidity exists to meet near-term benefit-payment obligations.  The expected rate of return on plan assets is based upon expectations of long-term average rates of return to be achieved by the underlying investment portfolios.  In establishing this assumption, the Company considers historical and expected rates of return for the asset classes in which the Plan’s assets are invested, as well as current economic and capital market conditions.

Weighted-average asset allocation by asset category as of March 31, 2014 and 2013 were as follows:

	Target Range			2014			2013
Cash	0%	-	20%		2	%		2	%
Debt securities	10%	-	70%		63	%		63	%
Equity securities	30%	-	90%		35	%		35	%
Total					100	%		100	%

 Benefits paid were $58 and $56 for fiscal 2014 and 2013, respectively.  The Company estimates the following future benefit payments under the plan for the fiscal years ending March 31:

Fiscal Year	Amount
2015	$	60
2016		67
2017		71
2018		74
2019		77
2020 - 2023		527
	$	876