Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2013

Financial assets and liabilities measured at fair value recurring basis

The following table sets forth by level within the fair value hierarchy, the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at March 31, 2013 and 2012, according to the valuation techniques the Company used to determine their fair values.

	March 31, 2013								March 31, 2012
			Fair Value Measurements								Fair Value Measurements
			Using Inputs Considered as								Using Inputs Considered as
	Fair Value		Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments
Mutual funds	$	411,000	$	411,000		-		-	$	342,000	$	342,000		-		-
Prepaid expenses and other current assets
Forward foreign currency exchange contracts		683,000		-	$	683,000		-		-		-		-		-

Liabilities
Other current liabilities
Deferred compensation		411,000		411,000		-		-		342,000		342,000		-		-
Forward foreign currency exchange contracts		-		-		-		-		121,000		-	$	121,000		-
Other liabilities
Warrant liability		2,014,000		-		-	$	2,014,000		-		-		-		-

Assumptions used to determine fair value of warrant liability

The assumptions used to determine the fair value of the Cerberus Warrant and the Supplier Warrant recorded as warrant liability were:

	March 31, 2013
	Cerberus Warrant		Supplier Warrant

Risk free interest rate	0.60	%	0.67	%
Expected life in years	4.15		4.50
Expected volatility	43.94	%	54.66	%
Dividend yield	-		-
Probability of future financing	0	%	0	%

Change in warrant liability measured at fair value recurring basis using significant unobservable inputs (level

A summary of the change to the Company's warrant liability, as measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is presented below:

	Year Ended March 31,
	2013

Beginning balance	$	-
Newly issued		1,625,000
Total (gain) loss included in net loss		389,000
Warrants exercised		-
Net transfers in (out) of Level 3		-
Ending balance	$	2,014,000

Financial assets measured at fair value nonrecurring basis

As a result of the annual goodwill impairment analysis and intangible asset impairment analysis performed during the fourth quarter of fiscal 2013, the Company concluded that goodwill and intangible assets for its undercar product line segment were fully impaired and the Company recorded a pre-tax, non-cash goodwill impairment charge and intangible asset impairment charge of $68,356,000 and $16,330,000, respectively, as disclosed in the consolidated statements of operations. After recording the impairment charge, the Company had no goodwill or intangible assets attributable to its undercar product line reporting unit remaining on its consolidated balance sheet at March 31, 2013.

			Fair Value Measurements Using Inputs Considered as
Description	Year Ended March 31, 2013		Level 1		Level 2		Level 3		Total Gains (Losses)

Goodwill	$	-		-		-	$	-	$	(68,356,000	)
Intangible assets		-		-		-		-		(16,330,000	)

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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