Unaudited Quarterly Financial Data

12 Months Ended

Mar. 31, 2014

Unaudited Quarterly Financial Data [Abstract]

Unaudited Quarterly Financial Data

23. Unaudited Quarterly Financial Data

The following table summarizes selected quarterly financial data for the fiscal year ended March 31, 2014.

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net sales	$	50,245,000	$	66,174,000	$	65,568,000	$	76,682,000
Cost of goods sold		34,231,000		46,469,000		43,642,000		52,761,000
Gross profit		16,014,000		19,705,000		21,926,000		23,921,000
Operating expenses:
General and administrative		9,632,000		8,706,000		9,580,000		11,766,000
Sales and marketing		1,731,000		2,143,000		1,905,000		2,059,000
Research and development		549,000		398,000		452,000		541,000
Total operating expenses		11,912,000		11,247,000		11,937,000		14,366,000
Operating income		4,102,000		8,458,000		9,989,000		9,555,000
Other expense:
Interest expense, net		3,925,000		4,663,000		6,524,000		3,177,000
Income from continuing operations before income tax expense		177,000		3,795,000		3,465,000		6,378,000
Income tax expense		74,000		1,631,000		2,317,000		3,311,000
Income from continuing operations		103,000		2,164,000		1,148,000		3,067,000
Income from discontinued operations		100,877,000		-		-		-
Net income	$	100,980,000	$	2,164,000	$	1,148,000	$	3,067,000
Basic net income per share from continuing operations	$	0.01	$	0.15	$	0.08	$	0.20
Basic net income per share from discontinued operations		6.97		-		-		-
Basic net income per share	$	6.98	$	0.15	$	0.08	$	0.20
Diluted net income per share from continuing operations	$	0.01	$	0.15	$	0.07	$	0.19
Diluted net income per share from discontinued operations		6.90		-		-		-
Diluted net income per share	$	6.91	$	0.15	$	0.07	$	0.19

The following summarizes selected quarterly financial data for the fiscal year ended March 31, 2013:

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net sales	$	46,799,000		$	57,652,000		$	50,658,000		$	58,042,000
Cost of goods sold		31,980,000			37,556,000			34,332,000			39,942,000
Gross profit		14,819,000			20,096,000			16,326,000			18,100,000
Operating expenses:
General and administrative		5,914,000			4,392,000			8,848,000			6,653,000
Sales and marketing		1,772,000			1,724,000			1,983,000			1,811,000
Research and development		436,000			461,000			445,000			588,000
Total operating expenses		8,122,000			6,577,000			11,276,000			9,052,000
Operating income		6,697,000			13,519,000			5,050,000			9,048,000
Other expense:
Interest expense, net		2,896,000			3,093,000			2,384,000			3,951,000
Income from continuing operations before income tax expense		3,801,000			10,426,000			2,666,000			5,097,000
Income tax expense		1,434,000			3,923,000			880,000			1,195,000
Income from continuing operations		2,367,000			6,503,000			1,786,000			3,902,000
Loss from discontinued operations		(12,229,000	)		(15,436,000	)		(851,000	)		(77,553,000	)
Net (loss) income	$	(9,862,000	)	$	(8,933,000	)	$	935,000		$	(73,651,000	)
Basic net income per share from continuing operations	$	0.17		$	0.45		$	0.12		$	0.27
Basic net loss per share from discontinued operations		(0.88	)		(1.07	)		(0.06	)		(5.36	)
Basic net (loss) income per share	$	(0.71	)	$	(0.62	)	$	0.06		$	(5.09	)
Diluted net income per share from continuing operations	$	0.17		$	0.45		$	0.12		$	0.27
Diluted net loss per share from discontinued operations		(0.87	)		(1.07	)		(0.06	)		(5.35	)
Diluted net (loss) income per share	$	(0.70	)	$	(0.62	)	$	0.06		$	(5.08	)

Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the year shown elsewhere in the Annual Report on Form 10-K.