Segment Information

3 Months Ended

Jun. 30, 2011

Segment Information [Abstract]

Segment Information

14. Segment Information

On May 6, 2011, the Company acquired Fenco. As a result of this acquisition, the Company revised its segment reporting to reflect two reportable segments, the rotating electrical segment and the under-the-car product line segment, based on the way the Company manages, evaluates and internally reports its business activities. Prior to this acquisition, the Company operated only in the rotating electrical segment.

The rotating electrical segment is comprised of the Company's alternator and starter business. This segment remanufactures, produces and distributes alternators and starters for import and domestic cars and light trucks. These replacement parts are sold for use on vehicles after initial vehicle purchase.

The under-the-car product line segment manufactures, remanufactures and distributes new and remanufactured aftermarket auto parts, including steering components, brake calipers, master cylinders, hub assembly and bearings, clutches and clutch hydraulics, constant velocity drive shafts, water pumps, control arms and loaded struts for the full range of passenger and truck vehicles.

The Company's products are sold to automotive retail chain stores, warehouse distributors, and to major automobile manufacturers throughout the North America.

The accounting policies for each of the Company's segments are the same as those described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements that are presented in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2011.

The results of operations of Fenco have been included from the date of acquisition on May 6, 2011. Financial information relating to the Company's reportable segments is as follows:

	Three months ended June 30, 2011
Selected income statement data	Rotating Electrical		Under-the-Car Product Line			Eliminations			Consolidated
Net sales to external customers	$	39,016,000	$	32,246,000		$	-		$	71,262,000
Intersegment revenue, net of cost		776,000		-			(776,000	)		-
Gross profit		12,756,000		596,000			(226,000	)		13,126,000
Operating income (loss)		4,792,000		(3,168,000	)		(226,000	)		1,398,000
Net income (loss)		2,226,000		(4,376,000	)		(226,000	)		(2,376,000	)

	Three months ended June 30, 2010
Selected income statement data	Rotating Electrical		Under-the-Car Product Line		Eliminations		Consolidated
Net sales	$	36,234,000	$	-	$	-	$	36,234,000
Gross profit		11,545,000		-		-		11,545,000
Operating income		5,415,000		-		-		5,415,000
Net income		2,520,000		-		-		2,520,000

	June 30, 2011
Selected balance sheet data	Rotating Electrical		Under-the-Car Product Line			Eliminations			Consolidated
Current assets	$	74,692,000	$	110,109,000		$	(16,632,000	)	$	168,169,000
Non-current assets		150,520,000		153,055,000			(22,636,000	)		280,939,000
Total assets	$	225,212,000	$	263,164,000		$	(39,268,000	)	$	449,108,000
Current liabilities	$	85,419,000	$	187,667,000		$	(16,406,000	)	$	256,680,000
Non-current liabilities		15,072,000		76,239,000			(17,689,000	)		73,622,000
Total liabilities.		100,491,000		263,906,000			(34,095,000	)		330,302,000
Shareholders' equity (deficit)		124,721,000		(742,000	)		(5,173,000	)		118,806,000
Total liabilities and shareholders' equity	$	225,212,000	$	263,164,000		$	(39,268,000	)	$	449,108,000

	March 31, 2011
Selected balance sheet data	Rotating Electrical		Under-the-Car Product Line		Eliminations		Consolidated
Current assets	$	60,137,000	$	-	$	-	$	60,137,000
Non-current assets		131,728,000		-		-		131,728,000
Total assets	$	191,865,000	$	-	$	-	$	191,865,000
Current liabilities	$	58,742,000	$	-	$	-	$	58,742,000
Non-current liabilities		15,946,000		-		-		15,946,000
Total liabilities		74,688,000		-		-		74,688,000
Shareholders' equity		117,177,000		-		-		117,177,000
Total liabilities and shareholders' equity	$	191,865,000	$	-	$	-	$	191,865,000

	Three months ended June 30, 2011
Selected cash flow data	Rotating Electrical			Under-the-Car Product Line			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	4,838,000		$	(31,242,000	)	$	-	$	(26,404,000	)
Net cash used in investing activities		(320,000	)		(45,000	)		-		(365,000	)
Net cash provided by financing activities		17,931,000			7,673,000					25,604,000
Effect of exchange rate changes on cash		11,000			(48,000	)				(37,000	)
Cash - Beginning of period		2,477,000			-					2,477,000
Cash - End of period		715,000			560,000			-		1,275,000
Additional selected financial data
Depreciation and amortization	$	888,000		$	1,012,000		$	-	$	1,900,000
Capital expenditures		312,000			45,000			-		357,000

	Three months ended June 30, 2010
Selected cash flow data	Rotating Electrical			Under-the-Car Product Line		Eliminations		Consolidated
Net cash provided by operating activities	$	67,000		$	-	$	-	$	67,000
Net cash used in investing activities		(453,000	)		-		-		(453,000	)
Net cash provided by financing activities		942,000			-		-		942,000
Effect of exchange rate changes on cash		(7,000	)		-		-		(7,000	)
Cash - Beginning of period		1,210,000			-		-		1,210,000
Cash - End of period		1,759,000			-		-		1,759,000
Additional selected financial data
Depreciation and amortization	$	985,000		$	-	$	-	$	985,000
Capital expenditures		188,000			-		-		188,000