Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2014
Income Tax Disclosure [Abstract]  
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