Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (unaudited) (Notes)

v3.4.0.3
Quarterly Results of Operations (unaudited) (Notes)
 12 Months Ended
Mar. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Text Block]
Quarterly Results of Operations (Unaudited):
The following tables present certain financial information for each of the last eight fiscal quarters. The Company believes that the unaudited information regarding each of these quarters is prepared on the same basis as the audited Consolidated Financial Statements of the Company appearing elsewhere in this Form 10-K. In the opinion of management, all necessary adjustments, consisting only of normal recurring adjustments, have been included to present fairly the unaudited quarterly results when read in conjunction with the audited Consolidated Financial Statements of the Company and the Notes hereto appearing elsewhere in this Form 10-K. These quarterly results of operations are not necessarily indicative of the results for any future period.
The fiscal third quarters ending December 31 contain seasonal effects. The Company's CSG segment sells equipment that is installed outdoors and the ordering of such equipment declines during and in advance of the colder months. Customer budget cycles may also contribute to revenue variability in those same periods. Revenue mix and gross profit by product varies by quarter. Charges for excess and obsolete inventory vary by quarter and may cause variability in gross margins.
(in thousands, except per share amounts)
Fiscal Year 2016 Quarters Ended
 
June 30, 2015
 
Sept. 30, 2015
 
Dec. 31, 2015
 
Mar. 31, 2016
Revenue
$
21,570

 
$
25,514

 
$
20,215

 
$
20,904

Gross profit
8,429

 
10,231

 
7,963

 
7,893

Restructuring
17

 
—

 
—

 
731

Total operating expenses
12,667

 
12,663

 
12,838

 
13,104

Income (loss) before income taxes and discontinued operations
(4,200
)
 
(2,493
)
 
(4,790
)
 
(5,104
)
Income tax (expense) benefit
62

 
20

 
(7
)
 
27

Net income (loss) from continuing operations
(4,138
)
 
(2,473
)
 
(4,797
)
 
(5,077
)
Income (loss) from discontinued operations, net of tax
272

 
—

 
—

 
1

Net income (loss)
$
(3,866
)
 
$
(2,473
)
 
$
(4,797
)
 
$
(5,076
)
Net income (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(0.06
)
 
$
(0.04
)
 
$
(0.08
)
 
$
(0.08
)
Diluted
$
(0.06
)
 
$
(0.04
)
 
$
(0.08
)
 
$
(0.08
)
(in thousands, except per share amounts)
Fiscal Year 2015 Quarters Ended
 
June 30, 2014
 
Sept. 30, 2014
 
Dec. 31, 2014
 
Mar. 31, 2015
Revenue
$
27,825

 
$
23,646

 
$
14,043

 
$
18,613

Gross profit
9,684

 
8,065

 
4,395

 
4,666

Goodwill impairment
—

 
11,450

 
20,547

 
—

Restructuring
57

 
(2
)
 
—

 
3,188

Total operating expenses
12,592

 
23,662

 
31,978

 
17,818

Income (loss) before income taxes and discontinued operations
(2,847
)
 
(15,613
)
 
(27,612
)
 
(13,170
)
Income tax (expense) benefit
29

 
69

 
72

 
31

Net income (loss) from continuing operations
(2,818
)
 
(15,544
)
 
(27,540
)
 
(13,139
)
Income (loss) from discontinued operations, net of tax
—

 
—

 
—

 
139

Net income (loss)
$
(2,818
)
 
$
(15,544
)
 
$
(27,540
)
 
$
(13,000
)
Net income (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(0.05
)
 
$
(0.26
)
 
$
(0.46
)
 
$
(0.22
)
Diluted
$
(0.05
)
 
$
(0.26
)
 
$
(0.46
)
 
$
(0.22
)

Revenue and gross profit were negatively impacted in the December quarter from significant reductions in capital spending by the Company's largest customers, North American wireless providers. Operating expenses in fiscal year 2015 included the following items: the September and December quarters included $11.5 million and $20.5 million of expense for goodwill impairment charge, respectively; the March quarter included a $3.2 million expense in restructuring and $2.1 million of expense related to the departure of the former CEO.