DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Mar. 31, 2015

DISCONTINUED OPERATIONS [Abstract]

Results from discontinued operations

In connection with the sale of our AVRL business, we recognized a pre-tax gain of $12.3 million ($7.7 million after-tax) on sale of discontinued operations during fiscal 2015. The pre-tax gain on this sale reflects the excess of the sum of the cash proceeds received over the costs incurred in connection with the sale of AVRL. During the fourth quarter of fiscal 2015, we recorded costs of $7.8 million related to cash payments for employee-related costs, including severance, contract termination and other associated costs. In connection with the transaction, we recorded disposal and an impairment of $1.9 million on long-lived assets. These items partially offset the cash proceeds that we received in accordance with the terms of the APA. The following table summarizes the components of the gain (in thousands):

	Amount
Cash proceeds received	$	20,100
Less: Book value of net assets sold		(618	)
Less: Costs incurred directly attributable to the transaction		(5,211	)
Net proceeds from sale of discontinued operations		14,271
Less:  Disposal and impairment of long-lived assets		(1,941	)
Gain on sale of discontinued operations		12,330
Income tax expense		4,648
Net gain on sale of discontinued operations	$	7,682

The results from discontinued operations were as follows (in thousands):

	Year Ended March 31,
Discontinued operations:	2015			2014			2013
Revenues	$	14,202		$	9,839		$	5,147
Cost of revenues		12,614			10,680			7,891
Gross profit (loss)		1,588			(841	)		(2,744	)
Sales and marketing expense		3,442			2,588			3,143
Other income (expense), net		-			150			-
Loss before income tax provision		(1,854	)		(3,279	)		(5,887	)
Income tax provision (benefit)		(700	)		(1,235	)		(2,219	)
Net loss of discontinued operations	$	(1,154	)	$	(2,044	)	$	(3,668	)
Gain on sale of discontinued operations, net of tax	$	7,682		$	-		$	-

The current and non-current assets and liabilities of discontinued operations were as follows (in thousands):

	March 31,
	2015		2014
Receivables, net	$	2,075	$	1,974
Inventories		-		395
Prepaid expenses and other current assets		-		105
Total current assets of discontinued operations	$	2,075	$	2,474
Property and equipment, net	$	-	$	2,985
Other assets		12		446
Total non-current assets of discontinued operations	$	12	$	3,431
Accounts payable	$	449	$	586
Other current liabilities		5,087		293
Total current liabilities of discontinued operations	$	5,536	$	879
Other non-current liabilities	$	-	$	16
Total non-current liabilities of discontinued operations	$	-	$	16