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Subsequent Events
12 Months Ended
Mar. 31, 2012
Subsequent Events  
Subsequent Events

16.  Subsequent Events

 

In May 2012, we completed a business combination by acquiring specific assets and assuming certain liabilities of Bios International Corporation (“Bios”), a New Jersey corporation.  Consideration consisted of a $15,660,000 closing payment and a future payment of $1,000,000 held in escrow.  Contingent consideration involves a three year earn-out period.  If total revenues for the three year period subsequent to acquisition exceed certain growth targets, additional consideration of up to $6,710,000 will be required.  We borrowed $11,000,000 under our Credit Facility to finance the acquisition, with the balance being paid from available cash.  We also assumed a building lease, with monthly payments of approximately $15,000, expiring in January 2015.

 

On May 9, 2012, our Board of Directors declared a quarterly cash dividend of $0.13 per share of common stock, payable on June 15, 2012, to shareholders of record at the close of business on May 30, 2012.