Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2014

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The income tax expenses (benefits) from continuing operations are summarized as follows:



	Fiscal Year Ended March 31,
(in thousands)	2014			2013			2012
Federal:
Current	$	6		$	—		$	(775	)
Deferred	(7,432		)	24,578			(1,361		)
	(7,426		)	24,578			(2,136		)
State:
Current	433			2			(18		)
Deferred	(1,712		)	4,797			1,411
	(1,279		)	4,799			1,393
Foreign:
Current	56			(8		)	50
Deferred	(133		)	23			7
	(77		)	15			57
Total	$	(8,782	)	$	29,392		$	(686	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The statutory federal income tax rate is reconciled to the Company's effective income tax rates below:



	Fiscal Year Ended March 31,
	2014		2013		2012
Statutory federal income tax rate	34.0	%	34.0	%	35.0	%
Meals and entertainment	(1.5	)	(0.2	)	(1.3	)
State income tax, net of federal tax effect	2.4		3.1		42.8
Valuation allowance	226.5		(256.1	)	(106.3	)
Goodwill impairment	—		(2.1	)	—
Deferred tax adjustments	8.3		1.4		(52.0	)
Contingent tax reserves	—		—		126.3
Foreign tax credit	3.3		(0.3	)	16.2
Equity compensation	(6.4	)	(0.6	)	(15.0	)
Capitalized transaction costs	(2.7	)	—		—
Other	(3.2	)	(2.7	)	(3.2	)
	260.7	%	(223.5	)%	42.5	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Components of the net deferred income tax assets are as follows:



	March 31,
(in thousands)	2014			2013
Deferred income tax assets:
Allowance for doubtful accounts	$	33		$	4
Alternative minimum tax credit carryforward	697			697
Foreign tax credit carryforward	785			674
Depreciation	940			1,224
Deferred revenue	950			—
Compensation accruals	2,323			1,326
Inventory reserves	1,903			888
Warranty reserves	92			57
Net operating loss carryforward	29,510			29,315
Intangibles and goodwill	—			689
Other	863			1,106
Gross deferred tax assets	38,096			35,980
Valuation allowance	(28,542		)	(36,285		)
Net deferred income tax assets	9,554			(305		)
Deferred income tax liabilities:
Inventory step-up	(379		)	—
Intangibles and goodwill	(9,348		)	—
Net deferred income tax liabilities	$	(173	)	$	(305	)

Classified in Consolidated Balance Sheets as follows:



	March 31,
(in thousands)	2014			2013
Deferred income tax assets	$	899		$	—
Deferred income tax liability	(1,072		)	(305		)
Net deferred income tax assets	$	(173	)	$	(305	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits for fiscal years 2013 and 2014 is as follows:



(in thousands)
Unrecognized tax benefits at March 31, 2012	$	3,483
Additions based on positions related to fiscal year 2013	—
Additions for tax positions of years prior to fiscal year 2013	1
Reductions for tax positions of years prior to fiscal year 2013	—
Reductions as a result of expirations of applicable statutes of limitations	(716		)
Settlements	—
Unrecognized tax benefits at March 31, 2013	$	2,768
Additions from acquisitions	186
Additions based on positions related to fiscal year 2014	—
Additions for tax positions of years prior to fiscal year 2014	1
Reductions for tax positions of years prior to fiscal year 2014	—
Reductions as a result of expirations of applicable statutes of limitations	—
Settlements	—
Unrecognized tax benefits at March 31, 2014	$	2,955

Summary of Income Tax Examinations [Table Text Block]

With few exceptions, the major jurisdictions subject to examination by the relevant taxable authorities, and open tax years, stated as the Company's fiscal years, are as follows:



Jurisdiction	Open Tax Years
U.S. Federal	2010	-	2014
U.S. State	2009	-	2014
Foreign	2009	-	2014