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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018

Income Taxes [Abstract]

Schedule of income tax expense (benefit)

The income tax expense is as follows:

		Years Ended March 31,
		2018				2017				2016
Current tax expense
Federal		$	12,153,000			$	9,451,000			$	12,400,000
State			1,406,000				318,000				1,995,000
Foreign			1,215,000				1,455,000				803,000
Total current tax expense			14,774,000				11,224,000				15,198,000
Deferred tax expense (benefit)
Federal			2,779,000				4,291,000				(2,929,000	)
State			333,000				2,174,000				(757,000	)
Foreign			(23,000	)			(384,000	)			(33,000	)
Total deferred tax expense (benefit)			3,089,000				6,081,000				(3,719,000	)
Total income tax expense		$	17,863,000			$	17,305,000			$	11,479,000

Schedule of deferred income taxes

Deferred income taxes consist of the following at March 31:

		2018				2017
Assets
Accounts receivable valuation		$	3,915,000			$	4,697,000
Allowance for customer incentives			2,038,000				2,894,000
Inventory obsolescence reserve			1,666,000				1,608,000
Stock options			1,728,000				1,971,000
Intangibles, net			59,000				339,000
Estimate for returns			1,115,000				3,191,000
Accrued compensation			1,152,000				1,785,000
Net operating losses			1,079,000				834,000
Tax credits			1,363,000				-
Other			2,091,000				2,065,000
Total deferred tax assets		$	16,206,000			$	19,384,000
Liabilities
Property and equipment, net			(1,025,000	)			(1,605,000	)
Other			(3,072,000	)			(4,413,000	)
Total deferred tax liabilities		$	(4,097,000	)		$	(6,018,000	)
Less valuation allowance		$	(1,779,000	)		$	-
Net deferred tax assets		$	10,330,000			$	13,366,000
Net long-term deferred income tax liability			(226,000	)			(180,000	)
Net long-term deferred income tax asset			10,556,000				13,546,000
Total		$	10,330,000			$	13,366,000

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 is as follows:

		Years Ended March 31,
		2018				2017				2016
Statutory federal income tax rate			31.5	%			35.0	%			35.0	%
State income tax rate, net of federal benefit			3.3	%			2.2	%			4.0	%
Excess tax benefit from stock compensation			(0.7	)%			(1.4	)%			-	%
Foreign income taxed at different rates			(2.6	)%			(0.7	)%			(0.8	)%
Warrants			(2.1	)%			(2.4	)%			8.2	%
Non-deductible executive compensation			1.0	%			0.8	%			2.2	%
Change in valuation allowance			4.9	%			-	%			-	%
Effects of mandatory redeemed repatriation			1.6	%			-	%			-	%
Effects of U.S. tax rate changes			14.2	%			-	%			-	%
Uncertain Tax Positions			0.6	%			(0.2	)%			0.4	%
Other income tax			0.6	%			(1.8	)%			3.1	%
			52.3	%			31.5	%			52.1	%

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

		Years Ended March 31,
		2018				2017				2016
Balance at beginning of period		$	1,092,000			$	1,181,000			$	1,117,000
Additions based on tax positions related to the current year			234,000				141,000				57,000
Additions for tax positions of prior year			-				106,000				217,000
Reductions for tax positions of prior year			(107,000	)			-				(210,000	)
Settlements			-				(336,000	)			-
Balance at end of period		$	1,219,000			$	1,092,000			$	1,181,000

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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

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-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.

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-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Tabular disclosure of the change in unrecognized tax benefits.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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