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Debt | 12 Months Ended
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Mar. 31, 2017
Debt [Abstract] |
Debt | 10. Debt The Company has the following credit agreements. Credit Facility The Company is party to a $125,000,000 senior secured financing (the “Credit Facility”) with the lenders party thereto, and PNC Bank, National Association, as administrative agent, consisting of (i) a $100,000,000 revolving loan facility, subject to borrowing base restrictions and a $15,000,000 sublimit for letters of credit (the “Revolving Facility”) and (ii) a $25,000,000 term loan facility (the “Term Loans”). The loans under the Credit Facility mature on June 3, 2020. In connection with the Credit Facility, the lenders were granted a security interest in substantially all of the assets of the Company. The Credit Facility permits the payment of up to $10,000,000 of dividends per calendar year, subject to a minimum availability threshold and pro forma compliance with financial covenants. This amount was increased to $15,000,000 under the amendment to the Credit Facility entered into in April 2017. In May 2016, the Company entered into a consent and second amendment to the Credit Facility (the “Second Amendment”) which, among other things, (i) increased the borrowing capacity of the Revolving Facility from $100,000,000 to $120,000,000, subject to certain borrowing base restrictions and a $15,000,000 sublimit for letters of credit, (ii) amended the definition and calculation of consolidated EBITDA, (iii) increased the maximum amount of capital expenditures, and (iv) made certain other amendments and modifications. In March 2017, the Company entered into a third amendment to the Credit Facility (the “Third Amendment”) which among other things increased the maximum amount of capital expenditures for the year ended March 31, 2017. The Term Loans require quarterly principal payments of $781,250. The Credit Facility bears interest at rates equal to either LIBOR plus a margin of 2.50%, 2.75% or 3.00% or a reference rate plus a margin of 1.50%, 1.75% or 2.00%, in each case depending on the senior leverage ratio as of the applicable measurement date. There is also a facility fee of 0.25% to 0.375%, depending on the senior leverage ratio as of the applicable measurement date. The interest rate on the Company’s Term Loans and Revolving Facility was 3.29% and 3.55%, respectively, at March 31, 2017 and 2.94% and 3.53%, respectively, at March 31, 2016. The Credit Facility, among other things, requires the Company to maintain certain financial covenants including a maximum senior leverage ratio and a minimum fixed charge coverage ratio. The Company was in compliance with all financial covenants as of March 31, 2017. In addition to other covenants, the Credit Facility places limits on the Company’s ability to incur liens, incur additional indebtedness, make loans and investments, engage in mergers and acquisitions, engage in asset sales, redeem or repurchase capital stock, alter the business conducted by the Company and its subsidiaries, transact with affiliates, prepay, redeem or purchase subordinated debt, and amend or otherwise alter debt agreements. The following summarizes information about the Company’s Term Loans at March 31:
|  | 2017 |  |  | 2016 |
Principal amount of term loan |  | $ | 20,312,000 |  |  | $ | 23,438,000 |
Unamortized financing fees |  |  | (313,000 | ) |  |  | (391,000 | )
Net carrying amount of term loan |  |  | 19,999,000 |  |  |  | 23,047,000 |
Less current portion of term loan |  |  | (3,064,000 | ) |  |  | (3,067,000 | )
Long-term portion of term loan |  | $ | 16,935,000 |  |  | $ | 19,980,000 |
Future repayments of the Company’s Term Loans are as follows:
Year Ending March 31, |  |  |
2018 |  |  | 3,125,000 |
2019 |  |  | 3,125,000 |
2020 |  |  | 3,125,000 |
2021 |  |  | 10,937,000 |
Total payments |  | $ | 20,312,000 |
The Company had $11,000,000 and $7,000,000 outstanding under the Revolving Facility at March 31, 2017 and 2016, respectively. In addition, $260,000 was reserved for standby letters of credit for workers’ compensation insurance and $600,000 for commercial letters of credit at March 31, 2017. At March 31, 2017, $108,140,000, subject to certain adjustments, was available under the Revolving Facility. 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 subsidiaries. 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 level 3 inputs and the Monte Carlo simulation model was $11,879,000 and $15,643,000 at March 31, 2017 and 2016, respectively. These amounts are included in other liabilities in the consolidated balance sheets. The warrant liability continues to be classified as a noncurrent liability at March 31, 2017 as the Company does not expect to settle this amount in cash. During the years ended March 31, 2017 and 2016, a gain of $3,764,000 and a loss $5,137,000, 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 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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