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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2016

Income Taxes [Abstract]

Schedule of income tax expense (benefit)

The income tax expense from the Company’s continuing operations is as follows:

		Years Ended March 31,
		2016				2015				2014
Current tax expense
Federal		$	12,400,000			$	1,523,000			$	4,564,000
State			1,995,000				1,100,000				614,000
Foreign			803,000				527,000				599,000
Total current tax expense			15,198,000				3,150,000				5,777,000
Deferred tax (benefit) expense
Federal			(2,929,000	)			5,553,000				2,477,000
State			(757,000	)			93,000				(162,000	)
Foreign			(33,000	)			272,000				(759,000	)
Total deferred tax (benefit) expense			(3,719,000	)			5,918,000				1,556,000
Total income tax expense		$	11,479,000			$	9,068,000			$	7,333,000

Schedule of deferred income taxes

Deferred income taxes consist of the following at March 31:

		2016				2015
Assets
Accounts receivable valuation		$	6,438,000			$	3,100,000
Allowance for customer incentives			769,000				1,296,000
Inventory obsolescence reserve			1,431,000				1,056,000
Stock options			1,714,000				1,931,000
Intangibles, net			380,000				846,000
Estimate for returns			3,785,000				986,000
Accrued compensation			1,485,000				2,563,000
Net operating losses			2,070,000				3,007,000
Tax credits			1,660,000				832,000
Other			2,583,000				2,154,000
Total deferred tax assets		$	22,315,000			$	17,771,000
Liabilities
Property and equipment, net			(1,119,000	)			(807,000	)
Other			(2,124,000	)			(1,635,000	)
Total deferred tax liabilities		$	(3,243,000	)		$	(2,442,000	)
Less valuation allowance		$	-			$	-
Net deferred tax assets		$	19,072,000			$	15,329,000
Net current deferred income tax asset		$	33,347,000			$	22,998,000
Net long-term deferred income tax liability			(14,315,000	)			(7,803,000	)
Net current deferred income tax liability			(196,000	)			(127,000	)
Net long-term deferred income tax asset			236,000				261,000
Total		$	19,072,000			$	15,329,000

Schedule of difference between income tax expense at the federal statutory rate and effective tax rate

The difference between the income tax expense at the federal statutory rate and the Company’s effective tax rate from the Company’s continuing operations is as follows:

		Years Ended March 31,
		2016				2015				2014
Statutory federal income tax rate			35.0	%			35.0	%			34.0	%
State income tax rate, net of federal benefit			4.0	%			2.2	%			2.4	%
Change in deferred tax rate			-	%			(0.2	)%			(1.8	)%
Foreign income taxed at different rates			(0.8	)%			(0.9	)%			(7.2	)%
Warrants			8.2	%			0.8	%			25.7	%
Non-deductible executive compensation			2.2	%			3.4	%			1.6	%
Uncertain Tax Positions			0.4	%			2.5	%			(2.4	)%
Other income tax			3.1	%			1.4	%			0.8	%
			52.1	%			44.2	%			53.1	%

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits from the Company’s continuing operations is as follows:

		Years Ended March 31,
		2016				2015				2014
Balance at beginning of period		$	1,117,000			$	540,000			$	827,000
Additions based on tax positions related to the current year			57,000				359,000				71,000
Additions for tax positions of prior year			217,000				336,000				-
Reductions for tax positions of prior year			(210,000	)			(118,000	)			(358,000	)
Settlements			-				-				-
Balance at end of period		$	1,181,000			$	1,117,000			$	540,000

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320

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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 15A
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