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Debt | 3 Months Ended
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Jun. 30, 2014
Debt [Abstract] |
Debt | 7. Debt The Company has the following credit agreements. Financing Agreement The Company is party to a financing agreement, as amended, (the “Financing Agreement”) with a syndicate of lenders, Cerberus Business Finance, LLC (“Cerberus”), as collateral agent, and PNC Bank, National Association, as administrative agent. The loans made thereunder (the “Loans”) consist of: (i) term loans aggregating $95,000,000 (the “Term Loans”) and (ii) revolving loans of up to $30,000,000, subject to borrowing base restrictions and a $10,000,000 sublimit for letters of credit (the “Revolving Loans”). The Loans mature on November 6, 2018. In connection with the Financing Agreement, the lenders were granted a security interest in substantially all of the assets of the Company. In addition, the Company has the right, subject to meeting certain conditions, to repurchase up to $10,000,000 of the Company’s equity interests. In June 2014, the Company entered into a first amendment to the Financing Agreement (the “First Amendment”), pursuant to which (i) the Revolving Loans were increased by $10,000,000 to $40,000,000 (the “Amended Revolving Loans”), (ii) the maximum amount of capital expenditures was increased to $7,000,000 for fiscal 2015, and $4,000,000 for each of fiscal 2016 and 2017, and (iii) certain other amendments and modifications were made. The Term Loans require quarterly principal payments of $2,100,000 per quarter and bear interest at rates equal to, at the Company’s option, either LIBOR (subject to a 1.50% LIBOR floor) plus 5.25% or a reference rate plus 4.25%. The Amended Revolving Loans bear interest at rates equal to, at the Company’s option, either LIBOR plus 2.50% or a reference rate plus 1.00%. The interest rate on the Company’s Term Loans using the LIBOR option was 6.75% at June 30, 2014 and March 31, 2014, respectively. The interest rate on the Company’s revolving loans using the LIBOR option was 2.66% at June 30, 2014 and March 31, 2014, respectively. The following summarizes information about the Company’s Term Loans at:
|  | June 30, 2014 |  |  | March 31, 2014 |
Principal amount of term loan |  | $ | 90,800,000 |  |  | $ | 92,900,000 |
Unamortized financing fees |  |  | (5,317,000 | ) |  |  | (5,623,000 | )
Net carrying amount of term loan |  | $ | 85,483,000 |  |  | $ | 87,277,000 |
Less current portion of term loan |  |  | (7,843,000 | ) |  |  | (7,843,000 | )
Long-term portion of term loan |  | $ | 77,640,000 |  |  | $ | 79,434,000 |
Future repayments of the Company’s Term Loans, by fiscal year, are as follows:
Year Ending March 31, |  |  |
2015 - remaining nine months |  | $ | 6,300,000 |
2016 |  |  | 8,400,000 |
2017 |  |  | 8,400,000 |
2018 |  |  | 8,400,000 |
2019 |  |  | 59,300,000 |
Total payments |  | $ | 90,800,000 |
The Company may reduce or terminate the commitments of the lenders to make the Amended Revolving Loans or prepay the Term Loans in whole or in part, but such prepayments are subject to a prepayment penalty of 2.00% times the sum of the reduction of the revolving credit commitment plus the principal amount of any prepayment of the Term Loans through January 18, 2015. The Financing Agreement, among other things, requires the Company to maintain certain financial covenants including a maximum senior leverage ratio, a minimum fixed charge coverage ratio, and minimum consolidated earnings before interest, income tax, depreciation and amortization expenses (“EBITDA”). The Company was in compliance with all financial covenants as of June 30, 2014. The Company had borrowed $10,000,000 under the revolving loans at June 30, 2014 and March 31, 2014, respectively. In addition, the Company had reserved $476,000 for standby letters of credit for workers’ compensation insurance and $917,000 for commercial letters of credit as of June 30, 2014. As of June 30, 2014, $28,607,000, subject to certain adjustments, was available under the Amended Revolving Loans. WX Agreement In August 2012, the Company entered into a Revolving Credit/Strategic Cooperation Agreement (the “WX Agreement”) with Wanxiang America Corporation (the “Supplier”) and the discontinued subsidiary. Under the terms of the WX Agreement, the Supplier agreed to provide a revolving credit line for purchases of automotive parts and components by the discontinued subsidiary. In connection with the WX Agreement, the Company also issued a warrant (the “Supplier Warrant”) to the Supplier to purchase up to 516,129 shares of the Company’s common stock for an initial exercise price of $7.75 per share exercisable at any time after August 22, 2014 and on or prior to September 30, 2017. The exercise price is subject to adjustments, among other things, for sales of common stock by the Company at a price below the exercise price. The fair value of the Supplier Warrant using the Monte Carlo simulation model was $8,933,000 and $10,047,000 at June 30, 2014 and March 31, 2014, respectively. This amount is recorded as a warrant liability which is included in other liabilities in the consolidated balance sheets at June 30, 2014 and March 31, 2014. During the three months ended June 30, 2014 and 2013, a gain of $1,114,000 and a loss of $1,140,000, respectively, were recorded in general and administrative expenses due to the change in the fair value of this warrant liability.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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