Quarterly Results of Operation

12 Months Ended

Mar. 31, 2015

Quarterly Results of Operation

Note 15. Quarterly Results of Operation (Unaudited)

The following is a summary of the Company’s unaudited quarterly results of operations for the fiscal years ending March 31, 2015 and 2014:

	Fiscal Year Ended March 31, 2015
	1st Quarter			2nd Quarter			3rd Quarter		4th Quarter			Total Year
	(in $000’s)
Total revenues	$	48,811		$	51,938		$	62,005	$	67,557		$	230,311
Cost of product revenue		9,689			9,612			9,838		10,806			39,945
Other operating expenses		40,660			38,148			38,504		44,388			161,700
Other income (expense), net		55			(3	)		38		9			99
Income (loss) before income taxes		(1,483	)		4,175			13,701		12,372			28,765
Income tax (benefit) provision(1)		226			336			1,017		(86,502	)		(84,923	)
Net income (loss)	$	(1,709	)	$	3,839		$	12,684	$	98,874		$	113,688
Basic net income (loss) per share	$	(0.04	)	$	0.09		$	0.31	$	2.40		$	2.80
Diluted net income (loss) per share	$	(0.04	)	$	0.09		$	0.30	$	2.24		$	2.65

	Fiscal Year Ended March 31, 2014
	1st Quarter			2nd Quarter		3rd Quarter		4th Quarter		Total Year
	(in $000’s)
Total revenues	$	42,670		$	44,345	$	46,195	$	50,433	$	183,643
Cost of product revenue		8,723			9,027		9,458		10,114		37,322
Other operating expenses		35,254			33,920		32,143		36,641		137,958
Other income (expense), net		(5	)		31		57		84		167
Income (loss) before income tax provision		(1,312	)		1,429		4,651		3,762		8,530
Income tax provision		411			370		258		140		1,179
Net income (loss)	$	(1,723	)	$	1,059	$	4,393	$	3,622	$	7,351
Basic net income (loss) per share	$	(0.04	)	$	0.03	$	0.11	$	0.09	$	0.19
Diluted net income (loss) per share	$	(0.04	)	$	0.03	$	0.11	$	0.09	$	0.18

(1) Net income for the quarter and year ended March 31, 2015 included an income tax benefit of $84.9 million, primarily due to the release of the valuation allowance on certain deferred tax assets in the quarter ended March 31, 2015.