Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (unaudited) (Notes)

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Quarterly Results of Operations (unaudited) (Notes)
 12 Months Ended
Mar. 31, 2015
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/A. 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 thereto appearing elsewhere in this Form 10-K/A. These quarterly results of operations are not necessarily indicative of the results for any future period. Previously reported quarterly amounts have been adjusted for the effects of the discontinued operations described in Note 1.
The fiscal third quarter ending December 31 contains seasonality effects in the CSG segment. The 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 for 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.
 
 
Fiscal Year 2015 Quarter Ended
 
June 30, 2014
 
Sept. 30, 2014
(as restated (1))
 
Dec. 31, 2014
 
Mar. 31, 2015
(in thousands, except per share amounts)
 
 
 
 
 
 
 
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

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
)
(1) See Note 1 for restatement information.
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 quarter included $11.5 million and $20.5 million of expense for goodwill impairment charge, respectively; the March quarter included a $3.2 million in restructuring and $2.1 million of expense related to the departure of the former CEO.
 
Fiscal Year 2014 Quarter Ended
 
June 30, 2013
 
Sept. 30, 2013
 
Dec. 31, 2013
 
Mar. 31, 2014
(as restated (1))
(in thousands, except per share amounts)
 
 
 
 
 
 
 
Revenue
$
22,456

 
$
29,960

 
$
25,236

 
$
24,421

Gross profit
8,417

 
12,022

 
11,932

 
8,090

Restructuring
66

 
169

 
38

 
62

Total operating expenses
11,018

 
10,728

 
9,909

 
12,239

Loss before income taxes and discontinued operations
(2,731
)
 
1,392

 
1,992

 
(4,142
)
Income tax (expense) benefit
(19
)
 
(68
)
 
(38
)
 
8,035

Net income (loss) from continuing operations
(2,750
)
 
1,324

 
1,954

 
3,893

Income (loss) from discontinued operations, net of tax
(14
)
 
4

 
(29
)
 
(6
)
Net income (loss)
(2,764
)
 
1,328

 
1,925

 
3,887

Net income (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(0.05
)
 
$
0.02

 
$
0.03

 
$
0.07

Diluted
$
(0.05
)
 
$
0.02

 
$
0.03

 
$
0.07


(1) See Note 1 for restatement information.
The Company acquired CSI on March 1, 2014 which accounted for $3.7 million of revenue in the March quarter. The Company's revenue and gross profit were impacted by a specific customer project that completed in the December quarter. In the fourth quarter of fiscal 2014, deferred tax liabilities of $8.3 million resulted from the acquisitions relating primarily to acquired intangible assets. The Company's anticipated ability to realize deferred tax assets from the reversal of these deferred tax liabilities resulted in a reversal of valuation allowance which was recorded in the fourth quarter of fiscal year 2014.