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☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

 

 

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

 

 

 

 

		December 31,				March 31,
		2014				2014
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	37,068			$	18,305
Short term investments - available for sale			15,579				15,539
Accounts receivable, less allowance for doubtful
accounts of $5 and $7, respectively			1,352				1,761
Inventories - finished goods			21,613				35,727
Prepaid expenses and other current assets			1,280				1,761
Deferred tax assets			863				1,062
Prepaid income taxes			-				54
Total current assets			77,755				74,209
Noncurrent assets:
Prepaid expenses			-				1,996
Property and equipment, net			1,222				1,310
Intangible assets			860				860
Deferred tax assets			5				-
Total assets		$	79,842			$	78,375
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	3,876			$	5,768
Accrued expenses and other current liabilities			2,136				2,325
Income taxes payable			283				-
Total current liabilities			6,295				8,093
Deferred tax liabilities			-				65
Total liabilities			6,295				8,158
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $.001 par value, 5,000 shares authorized;
3 convertible shares issued and outstanding with a
liquidation preference of $4 per share			9				9
Common stock, $.001 par value, 40,000 shares authorized;
20,263 and 20,190 shares issued and outstanding, respectively			20				20
Additional paid-in capital			2,735				1,578
Retained earnings			70,833				68,647
Accumulated other comprehensive loss			(50	)			(37	)
Total shareholders’ equity			73,547				70,217
Total liabilities and shareholders’ equity		$	79,842			$	78,375

		Nine Months Ended
		December 31,
		2014				2013
Cash flows from operating activities:
Net income		$	12,502			$	13,446
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation			487				697
Share based compensation			1,118				1,105
Discontinued project costs			1,714				-
Deferred income taxes			129				(84	)
Bad debt expense			66				75
(Increase) decrease in operating assets
and increase (decrease) in liabilities:
Accounts receivable			343				(286	)
Inventories - finished goods			14,114				7,060
Prepaid income taxes			54				(165	)
Prepaid expenses and other current assets			763				(1,449	)
Accounts payable			(1,892	)			(2,411	)
Income taxes payable			283				(162	)
Accrued expenses and other current liabilities			(153	)			(152	)
Net cash provided by operating activities			29,528				17,674
Cash flows from investing activities:
Net change in short term investments			(53	)			(62	)
Purchases of property and equipment			(398	)			(39	)
Net cash used in investing activities			(451	)			(101	)
Cash flows from financing activities:
Dividends paid			(10,353	)			(9,914	)
Tax adjustment related to restricted stock			39				123
Net cash used in financing activities			(10,314	)			(9,791	)
Net increase in cash and cash equivalents			18,763				7,782
Cash and cash equivalents, at beginning of period			18,305				18,155
Cash and cash equivalents, at end of period		$	37,068			$	25,937
Supplemental disclosure of cash flow information:
Cash paid for income taxes		$	6,929			$	7,776
Dividends payable in accrued expenses		$	225			$	241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

Changes in shareholders’ equity for the nine months ended December 31, 2014 are summarized below (in thousands):