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Note 3 - Investments in Securities
 12 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
3.
INVESTMENTS IN SECURITIES
 
Marketa
ble securities at
March 31, 2017
consisted of investments in publicly traded companies with a fair value of
$4,594,000,
an aggregate cost basis of
$4,331,000,
gross unrealized gains aggregating
$279,000
and gross unrealized losses aggregating
$16,000.
Marketable securities at
March 31, 2016
consisted of investments with a fair market value of
$9,656,000,
an aggregate cost basis of
$9,791,000,
gross unrealized gains aggregating
$422,000
and gross unrealized losses aggregating
$557,000.
Securities that had been in a continuous unrealized loss position for less than
12
months as of
March 31, 2017
had an aggregate fair value and unrealized loss of
$441,000
and
$2,771,000,
respectively (
$5,903,000
and
$163,000,
respectively, at
March 31, 2016).
As of
March 31, 2017,
none
of the Company’s investments in securities has been in a continuous loss for more than
12
months. Securities that had been in a continuous unrealized loss position for more than
12
months as of
March 31, 2016
had an aggregate fair value and unrealized loss of
$4,711,000
and
$395,000,
respectively). The Company realized gains of
$576,000
and
$50,000
from the sale of securities during the years ended
March 31, 2017
and
March 31, 2016,
respectively.
 
At
March 31, 2017,
we held approximately
1.65
million shares of common stock of Insignia Systems, Inc. (“Insignia”), representing approximately
14%
of the outstanding shares, which shares were acquired commencing in our fiscal year ended
March 31, 2015.
Any investment with a fair value of less than its cost basis is assessed for possible “other-than-temporary” impairment regularly and at each reporting date. Other-than-temporary impairments of available-for-sale marketable equity securities are recognized in the consolidated statement of income (loss). On the basis of its
June 30, 2016
and
March 31, 2017
assessments, the Company concluded that it had suffered an other-than-temporary impairment in its investment in the common stock of Insignia. Consistent with the applicable accounting guidance, the Company
’s cost basis in the Insignia investment was lowered from
$4,711,000
to
$3,604,000
at
June 30, 2016
and then to
$2,068,000
at
March 31, 2017
to reflect an aggregate impairment charge of
$2,643,000.
On
January 6, 2017,
Insignia paid a special dividend of
$0.70
per share to stockholders owning Insignia shares on that date. The receipt of such special dividend is included in the other investment income (loss) in the Company’s consolidated statements of income (loss) for the fiscal year ended
March 31, 2017.
During the
fourth
quarter of the
2017
fiscal year, we recognized an additional investment loss of approximately
$112,000
principally due to an other-than-temporary decline in fair value of other investment securities that had been in a continuous loss position for more than
12
months.