XML 38 R25.htm IDEA: XBRL DOCUMENT v2.4.1.9
Note 17 Commitments and Continencies
12 Months Ended
Mar. 31, 2015
Commitments and Contingencies [Abstract]  
Commitments and Contingencies Disclosure [Text Block]

17. Commitments and Contingencies

 

Commitments

 

We lease certain equipment under capital lease arrangements expiring through fiscal 2016 at interest rates of 3.6% to 5.4%. We rent certain of our facilities under operating leases expiring through fiscal 2023.

 

Future minimum lease payments under capital leases, operating leases and commitments for the purchase of inventory and property and equipment are as follows (in thousands):

Fiscal Year Ended March 31, Capital Leases Operating Leases Other Purchase Obligations
 2016 $ 468 $ 1,442 $ 20,671
 2017   -   1,249   3,671
 2018   -   1,061   -
 2019   -   910   -
 2020   -   726   -
 Thereafter   -   1,069   -
Total minimum payments   468 $ 6,457 $ 24,342
Less: interest   4      
     464      
Less: current portion   464      
Capitalized lease obligations, net of current portion $ -      

Rent expense for fiscal years ended March 31, 2015, 2014 and 2013 amounted to $1.4 million, $1.4 million and $1.3 million, respectively.

 

As of March 31, 2015 and 2014, we had cash deposits with financial institutions of $266,000 and $337,000, respectively, which were restricted as to use and represent funds segregated for pension payments in Germany. These balances are included in restricted cash on our balance sheets.

 

Bank of the West

 

On December 6, 2013, we entered into an Amended and Restated Credit Agreement with BOTW, for a revolving line of credit of $50.0 million. All amounts owed under the credit agreement are due and payable on November 30, 2015. Borrowings may be repaid and re-borrowed at any time during the term of the credit agreement. The obligations are guaranteed by two of our subsidiaries. The credit agreement includes a letter of credit subfacility, under which BOTW agrees to issue letters of credit of up to $3.0 million. However, borrowing under this subfacility is limited to the extent of availability under the $50.0 million revolving line of credit. At March 31, 2015, the outstanding principal under the credit agreement was $45.0 million. See Note 8, “Borrowing and Installment Payment Arrangements” for further information regarding the terms of the credit agreement.

 

Other Commitments and Contingencies

 

On occasion, we provide limited indemnification to customers against intellectual property infringement claims related to our products. To date, we have not experienced significant activity or claims related to such indemnifications. We also provide in the normal course of business indemnification to our officers, directors and selected parties. We are unable to estimate any potential future liability, if any. Therefore, no liability for these indemnification agreements has been recorded as of March 31, 2015 and 2014.