Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 16,651,000
|
$ 518,000
|
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
| Depreciation |
1,480,000
|
1,100,000
|
| Amortization of intangible assets |
290,000
|
331,000
|
| Amortization of debt issuance costs |
355,000
|
482,000
|
| Write-off of debt issuance costs |
0
|
5,108,000
|
| Amortization of interest on accrued core payments |
370,000
|
385,000
|
| (Gain) loss due to change in fair value of the warrant liability |
(4,765,000)
|
1,762,000
|
| (Gain) loss due to change in fair value of the contingent consideration |
(16,000)
|
0
|
| Net provision for inventory reserves |
1,020,000
|
2,362,000
|
| Net provision for (recovery of) customer payment discrepancies |
7,000
|
(90,000)
|
| Net provision for (recovery of) doubtful accounts |
(12,000)
|
(83,000)
|
| Deferred income taxes |
(1,167,000)
|
(2,877,000)
|
| Share-based compensation expense |
1,737,000
|
1,033,000
|
| Loss on disposal of plant and equipment |
1,000
|
0
|
| Changes in current assets and liabilities: |
|
|
| Accounts receivable |
(7,493,000)
|
16,573,000
|
| Inventory |
(14,305,000)
|
7,641,000
|
| Inventory unreturned |
292,000
|
(2,808,000)
|
| Prepaid expenses and other current assets |
(1,936,000)
|
(2,475,000)
|
| Other assets |
(4,549,000)
|
(239,000)
|
| Accounts payable and accrued liabilities |
288,000
|
12,403,000
|
| Customer finished goods returns accrual |
(6,615,000)
|
(473,000)
|
| Long-term core inventory |
(10,643,000)
|
(42,045,000)
|
| Long-term core inventory deposits |
0
|
26,002,000
|
| Accrued core payments |
2,261,000
|
(6,515,000)
|
| Other liabilities |
4,433,000
|
1,082,000
|
| Net cash (used in) provided by operating activities |
(22,316,000)
|
19,177,000
|
| Cash flows from investing activities: |
|
|
| Purchase of plant and equipment |
(2,594,000)
|
(2,730,000)
|
| Purchase of business |
(600,000)
|
(3,200,000)
|
| Change in short-term investments |
(270,000)
|
(739,000)
|
| Net cash used in investing activities |
(3,464,000)
|
(6,669,000)
|
| Cash flows from financing activities: |
|
|
| Borrowings under revolving loan |
24,000,000
|
15,000,000
|
| Repayments of revolving loan |
(12,000,000)
|
0
|
| Borrowings under term loan |
0
|
25,000,000
|
| Repayments of term loan |
(1,563,000)
|
(84,500,000)
|
| Payments for debt issuance costs |
(444,000)
|
(2,212,000)
|
| Payments on capital lease obligations |
(221,000)
|
(164,000)
|
| Payment of contingent consideration |
(314,000)
|
0
|
| Exercise of stock options |
1,047,000
|
2,956,000
|
| Excess tax benefits from stock-based compensation |
0
|
2,975,000
|
| Cash used to net share settle equity awards |
(1,057,000)
|
(913,000)
|
| Net cash provided by (used in) financing activities |
9,448,000
|
(41,858,000)
|
| Effect of exchange rate changes on cash and cash equivalents |
(113,000)
|
(182,000)
|
| Net decrease in cash and cash equivalents |
(16,445,000)
|
(29,532,000)
|
| Cash and cash equivalents - Beginning of period |
21,897,000
|
61,230,000
|
| Cash and cash equivalents - End of period |
5,452,000
|
31,698,000
|
| Cash paid during the period for: |
|
|
| Interest, net |
5,224,000
|
5,214,000
|
| Income taxes, net of refunds |
5,063,000
|
2,472,000
|
| Non-cash investing and financing activities: |
|
|
| Plant and equipment acquired under capital lease |
312,000
|
1,569,000
|
| Contingent consideration |
$ 0
|
$ 1,320,000
|