Income Taxes (Tables)
|
12 Months Ended |
Mar. 31, 2015 |
|---|
| 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) |
2015 |
|
2014
(as restated (1))
|
|
2013 |
Federal: |
|
Current |
$ |
— |
|
|
$ |
6 |
|
|
$ |
— |
|
Deferred |
13 |
|
|
(6,683 |
) |
|
24,578 |
|
|
13 |
|
|
(6,677 |
) |
|
24,578 |
|
State: |
|
|
|
|
|
Current |
(31 |
) |
|
433 |
|
|
2 |
|
Deferred |
(87 |
) |
|
(1,589 |
) |
|
4,797 |
|
|
(118 |
) |
|
(1,156 |
) |
|
4,799 |
|
Foreign: |
|
|
|
|
|
Current |
31 |
|
|
56 |
|
|
(8 |
) |
Deferred |
(127 |
) |
|
(133 |
) |
|
23 |
|
|
(96 |
) |
|
(77 |
) |
|
15 |
|
Total |
$ |
(201 |
) |
|
$ |
(7,910 |
) |
|
$ |
29,392 |
|
|
| 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:
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|
|
|
Fiscal Year Ended March 31, |
|
2015
(as restated (1))
|
|
2014
(as restated (1))
|
|
2013 |
Statutory federal income tax rate |
34.0 |
% |
|
34.0 |
% |
|
34.0 |
% |
Meals and entertainment |
(0.1 |
) |
|
(1.5 |
) |
|
(0.2 |
) |
State income tax, net of federal tax effect |
3.8 |
|
|
2.4 |
|
|
3.1 |
|
Valuation allowance |
(17.4 |
) |
|
192.5 |
|
|
(256.1 |
) |
Goodwill impairment |
(19.0 |
) |
|
— |
|
|
(2.1 |
) |
Deferred tax adjustments |
(0.1 |
) |
|
8.3 |
|
|
1.4 |
|
Foreign tax credit |
— |
|
|
3.3 |
|
|
(0.3 |
) |
Equity compensation |
(0.8 |
) |
|
(6.4 |
) |
|
(0.6 |
) |
Capitalized transaction costs |
— |
|
|
(2.7 |
) |
|
— |
|
Other |
(0.1 |
) |
|
(3.2 |
) |
|
(2.7 |
) |
Effective income tax rate |
0.3 |
% |
|
226.7 |
% |
|
(223.5 |
)% |
|
| 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) |
2015
(as restated (1))
|
|
2014
(as restated (1))
|
Deferred income tax assets: |
|
Allowance for doubtful accounts |
$ |
17 |
|
|
$ |
33 |
|
Alternative minimum tax credit carryforward |
697 |
|
|
697 |
|
Foreign tax credit carryforward |
824 |
|
|
785 |
|
Depreciation |
1,025 |
|
|
940 |
|
Deferred revenue |
1,227 |
|
|
950 |
|
Compensation accruals |
887 |
|
|
2,323 |
|
Inventory reserves |
3,492 |
|
|
1,903 |
|
Warranty reserves |
196 |
|
|
92 |
|
Net operating loss carryforward |
35,380 |
|
|
29,510 |
|
Restructuring reserve |
1,048 |
|
|
— |
|
Other |
1,679 |
|
|
1,413 |
|
Gross deferred tax assets |
46,472 |
|
|
38,646 |
|
Valuation allowance |
(39,667 |
) |
|
(29,414 |
) |
Net deferred income tax assets |
6,805 |
|
|
9,232 |
|
Deferred income tax liabilities: |
|
|
|
Inventory step-up |
— |
|
|
(379 |
) |
Intangibles and goodwill |
(6,851 |
) |
|
(9,026 |
) |
Net deferred income tax liabilities |
$ |
(46 |
) |
|
$ |
(173 |
) |
(1) See Note 1 for restatement information.
Classified in Consolidated Balance Sheets as follows:
|
|
|
|
|
|
|
|
|
|
March 31, |
(in thousands) |
2015
(as restated (1))
|
|
2014
(as restated (1))
|
Deferred income tax assets |
$ |
1,043 |
|
|
$ |
1,449 |
|
Deferred income tax liability |
(1,089 |
) |
|
(1,622 |
) |
Net deferred income tax liabilities |
$ |
(46 |
) |
|
$ |
(173 |
) |
|
| 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 2014 and 2015 is as follows:
|
|
|
|
|
(in thousands) |
|
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 |
|
Additions based on positions related to fiscal year 2015 |
— |
|
Additions for tax positions of years prior to fiscal year 2015 |
1 |
|
Reductions for tax positions of years prior to fiscal year 2015 |
— |
|
Reductions as a result of expirations of applicable statutes of limitations |
— |
|
Settlements |
— |
|
Unrecognized tax benefits at March 31, 2015 |
$ |
2,956 |
|
|
| 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 |
2011 |
- |
2014 |
U.S. State |
2010 |
- |
2014 |
Foreign |
2010 |
- |
2014 |
|