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DISCONTINUED OPERATIONS
 6 Months Ended
Sep. 30, 2015
DISCONTINUED OPERATIONS [Abstract]  
DISCONTINUED OPERATIONS
NOTE 4.DISCONTINUED OPERATIONS

On March 18, 2015, we entered into an asset purchase agreement (“APA”) with Antech pursuant to which we sold substantially all of the assets of our AVRL business. The sale transaction closed on March 31, 2015. The total purchase price under the APA was $21.0 million in cash. We received $20.1 million in cash proceeds during the fourth quarter of fiscal 2015, while the remaining $0.9 million is being held by Antech until certain conditions are met. Upon meeting the conditions by the first anniversary of the closing date, then the proceeds may be released. Such additional cash consideration will be accounted for as a gain on sale of discontinued operations, net of tax, when it is realized or realizable.

The AVRL business represents a separate asset group and the sale of assets in this business qualifies as a discontinued operation and accordingly, the Company reported the results of operations of this business in discontinued operations within the condensed consolidated statements of operations for all periods presented as applicable.

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

  
Three Months Ended
September 30,
  
Six Months Ended
September 30,
 
Discontinued operations:
 
2015
  
2014
  
2015
  
2014
 
Revenues
 
$
164
  
$
3,472
  
$
419
  
$
6,895
 
Cost of revenues
  
174
   
3,116
   
645
   
6,370
 
Gross profit (loss)
  
(10
)
  
356
   
(226
)
  
525
 
Sales and marketing expense
  
7
   
857
   
(91
)
  
1,603
 
Other income (expense), net
  
6
   
-
   
124
   
-
 
Loss before income tax benefit
  
(11
)
  
(501
)
  
(11
)
  
(1,078
)
Income tax benefit
  
(4
)
  
(189
)
  
(4
)
  
(407
)
Net loss of discontinued operations
 
$
(7
)
 
$
(312
)
 
$
(7
)
 
$
(671
)

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

  
September 30, 2015
  
March 31,
2015
 
Receivables, net
 
$
89
  
$
2,075
 
Prepaid expenses and other current assets
  
12
   
-
 
Total current assets of discontinued operations
 
$
101
  
$
2,075
 
         
Other assets
 
$
-
  
$
12
 
Total non-current assets of discontinued operations
 
$
-
  
$
12
 
         
Accounts payable
 
$
-
  
$
449
 
Other current liabilities
  
245
   
5,087
 
Total current liabilities of discontinued operations
 
$
245
  
$
5,536