Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (unaudited) (Tables)

v2.4.0.6
Quarterly Results of Operations (unaudited) (Tables)
 12 Months Ended
Mar. 31, 2013
Selected Quarterly Financial Information (unaudited) [Abstract]  
Schedule of Quarterly Financial Information [Table Text Block]
 
 
Fiscal Year 2013 Quarter Ended
 
June 30, 2012
 
Sept. 30, 2012
 
Dec. 31, 2012
 
Mar. 31, 2013
(in thousands, except per share amounts)
 
 
 
 
 
 
 
Revenue
$
10,530

 
$
9,922

 
$
8,928

 
$
10,664

Gross profit
3,796

 
3,448

 
3,143

 
3,937

Goodwill impairment
—

 
—

 
—

 
2,884

Total operating expenses
6,593

 
6,689

 
5,921

 
9,397

Income (loss) before income taxes and discontinued operations
(2,713
)
 
(3,234
)
 
(2,735
)
 
(5,419
)
Income tax (expense) benefit
973

 
1,059

 
1,399

 
(32,823
)
Net income (loss) from continuing operations
(1,740
)
 
(2,175
)
 
(1,336
)
 
(38,242
)
Income (loss) from discontinued operations, net of tax
—

 
—

 
(629
)
 
84

Net income (loss)
(1,740
)
 
(2,175
)
 
(1,965
)
 
(38,158
)
Net income (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(0.03
)
 
$
(0.04
)
 
$
(0.03
)
 
$
(0.66
)
Diluted
$
(0.03
)
 
$
(0.04
)
 
$
(0.03
)
 
$
(0.66
)
Operating expenses in fiscal year 2013 included the following items: the June 30, 2012, quarter included $545,000 of excess and obsolete inventory expense; the September quarter included $534,000 of expense for the costs of a resolution of a dispute related the CNS sale and expenses resulting from the acquisition of ANTONE; the March quarter included a $2.9 million goodwill impairment charge.
Discontinued operations in the third quarter of fiscal year 2013 includes an after-tax charge of $0.9 million for a pending indemnification claim related to the sale of the discontinued operations of ConferencePlus and an unrelated tax benefit of $0.3 million that resulted from finalizing income tax filings related to the sale.
The fourth quarter of fiscal year 2013 includes an income tax charge for fully reserving deferred tax assets.
 
Fiscal Year 2012 Quarter Ended
 
June 30, 2011
 
Sept. 30, 2011
 
Dec. 31, 2011
 
Mar. 31, 2012
(in thousands, except per share amounts)
 
 
 
 
 
 
 
Revenue
$
23,201

 
$
20,728

 
$
14,392

 
$
11,334

Gross profit
8,366

 
6,221

 
4,263

 
4,407

Total operating expenses
6,613

 
5,621

 
5,052

 
5,650

Gain on CNS asset sale
31,608

 
46

 
—

 
—

Income (loss) before income taxes and discontinued operations
33,379

 
760

 
(720
)
 
(1,113
)
Income tax (expense) benefit
(13,228
)
 
1,810

 
268

 
(1,725
)
Net income (loss) from continuing operations
20,151

 
2,570

 
(452
)
 
(2,838
)
Income from discontinued operations, net of tax
980

 
927

 
20,254

 
390

Net income (loss)
21,131

 
3,497

 
19,802

 
(2,448
)
Net income (loss) per common share:
 
 
 
 
 
 
 
Basic
$
0.31

 
$
0.05

 
$
0.30

 
$
(0.04
)
Diluted
$
0.30

 
$
0.05

 
$
0.29

 
$
(0.04
)
Operating expenses in fiscal year 2012 included the following items: the June 30, 2011, quarter included $0.2 million of severance benefits for employee terminations related to the sale of CNS; the March 31, 2012, quarter included a $0.3 million restructuring charge consisting primarily of severance benefits for employee terminations related to the plan to relocate the majority of Noran Tel operations from Canada to the United States.