Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Customers with 10% or more of net sales

Customers with 10% or more of the Company’s net sales and accounts receivable consist of the following:

	Net Sales			Accounts Receivable(1)
	Customer A	Customer B	Customer C
Fiscal Year Ended March 31,
2014	22%	15%	13%	58%
2013	25%	17%	11%	72%
2012	25%	15%	11%	—

__________________

— Not presented

(1) As of March 31, 2014, three customers represented 31%, 17% and 10% respectively, of accounts receivable. The same three customers represented 36%, 26%, and 10%, respectively, of accounts receivable as of March 31, 2013.

Useful lives of property and equipment

The useful lives of the property and equipment are as follows:

Equipment and automotive	3 to 7 years
Software	3 to 7 years
Plates and dies	3 years
Leasehold improvements	Shorter of lease term or estimated useful life

Property and equipment, net are comprised of the following (in thousands):

	March 31,
	2014			2013
Equipment and automotive	$	4,004		$	2,959
Software	2,722			2,410
Leasehold improvements	1,381			1,195
Plates and dies	402			244
Construction in progress	1,058			1,090
Total property and equipment	9,567			7,898
Less: Accumulated depreciation and amortization	(2,947		)	(1,760		)
Property and equipment, net	$	6,620		$	6,138

Effects of the Corrections on the Financial Statements

The following table presents the effects of the correction on the Company’s consolidated statement of income for the fiscal year ended March 31, 2013 (in thousands, except share and per share amounts):

	Fiscal Year Ended March 31, 2013
	Reported			Correction			Revised
Net Sales	$	169,977		$	(505	)	$	169,472
Cost of sales	104,566			—			104,566
Gross profit	65,411			(505		)	64,906
Selling, general and administrative expenses	45,461			—			45,461
Income from operations	19,950			(505		)	19,445
Interest expense	(168		)	—			(168		)
Other income (expense), net	87			—			87
Income before provision for income taxes	19,869			(505		)	19,364
Provision for income taxes	8,318			(206		)	8,112
Net income	$	11,551		$	(299	)	$	11,252
Earnings per share
—Basic	$	0.67		$	(0.01	)	$	0.66
—Diluted	$	0.65		$	(0.01	)	$	0.64
Weighted average shares of common stock outstanding used in computing earnings per share
—Basic	17,129,334						17,129,334
—Diluted	17,707,839						17,707,839

The following table presents the effects of the correction on the Company’s consolidated statement of income for the fiscal year ended March 31, 2012 (in thousands, except share and per share amounts):

	Fiscal Year Ended March 31, 2012
	Reported			Correction			Revised
Net Sales	$	141,304		$	177		$	141,481
Cost of sales	85,877			—			85,877
Gross profit	55,427			177			55,604
Selling, general and administrative expenses	37,495			295			37,790
Income from operations	17,932			(118		)	17,814
Interest expense	(161		)	—			(161		)
Other income (expense), net	(1,594		)	518			(1,076		)
Income before provision for income taxes	16,177			400			16,577
Provision for income taxes	6,588			(47		)	6,541
Net income	$	9,589		$	447		$	10,036
Net income attributable to common stockholders	$	290		$	13		$	303
Earnings per share
—Basic	$	0.62		$	0.03		$	0.65
—Diluted	$	0.26		$	0.01		$	0.27
Weighted average shares of common stock outstanding used in computing earnings per share
—Basic	469,089						469,089
—Diluted	1,111,088						1,111,088

The following table presents the effects of the correction on the impacted line items included in the Company’s consolidated balance sheet as of March 31, 2013 (in thousands):

	March 31, 2013
	Reported			Correction			Revised
Accounts receivable(1)	$	20,015		$	(1,259	)	$	18,756
Deferred tax assets, current	2,558			582			3,140
Total current assets	48,288			(677		)	47,611
Total assets	90,212			(677		)	89,535
Accrued liabilities(1)	12,021			170			12,191
Total current liabilities	16,363			170			16,533
Total liabilities	24,283			170			24,453
Accumulated deficit	(27,278		)	(847		)	(28,125		)
Total stockholders’ equity	65,929			(847		)	65,082
Total liabilities and stockholders’ equity	90,212			(677		)	89,535

_________

(1) Includes an immaterial reclassification between accounts receivable and accrued liabilities.

The following tables present the effects of the correction on the impacted line items included in the Company’s consolidated statements of convertible preferred stock and stockholders’ equity / (deficit) for the years ended March 31, 2013 and 2012 (in thousands):

	Accumulated Deficit									Total Stockholders’ Equity / (Deficit)
	Reported			Correction			Revised			Reported			Correction			Revised
Balance at March 31, 2011	$	(34,868	)	$	(995	)	$	(35,863	)	$	(30,148	)	$	(1,290	)	$	(31,438	)
Net Income	9,589			447			10,036			9,589			447			10,036
Balance at March 31, 2012	(38,829		)	(548		)	(39,377		)	(34,436		)	(548		)	(34,984		)
Net Income	11,551			(299		)	11,252			11,551			(299		)	11,252
Balance at March 31, 2013	(27,278		)	(847		)	(28,125		)	65,929			(847		)	65,082

	Additional Paid-in Capital
	Reported		Correction			Revised
Balance at March 31, 2011	$	4,719	$	(295	)	$	4,424
Stock-based compensation	506		295			801
Balance at March 31, 2012	4,392		—			4,392
Balance at March 31, 2013	93,190		—			93,190

The following table presents the effects of the correction on the impacted line items included in the Company’s consolidated statement of cash flows for the year ended March 31, 2013 (in thousands):

	Fiscal Year Ended March 31, 2013
	Reported			Correction			Revised
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	11,551		$	(299	)	$	11,252
Adjustments to reconcile net income to net cash provided by operating activities
Deferred taxes	383			(206		)	177
Changes in operating assets and liabilities:
Accounts receivable(1)	(8,145		)	565			(7,580		)
Accrued expenses and other non-current liabilities(1)	8,254			(60		)	8,194

_________

(1) Includes an immaterial reclassification between accounts receivable and accrued expenses and other non-current liabilities.

The following table presents the effects of the correction on the impacted line items included in the Company’s consolidated statement of cash flows for the year ended March 31, 2012 (in thousands):

	Fiscal Year Ended March 31, 2012
	Reported			Correction			Revised
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	9,589		$	447		$	10,036
Adjustments to reconcile net income to net cash provided by operating activities
Stock-based compensation	506			295			801
Change in fair value of convertible preferred stock warrant liability	1,726			(518		)	1,208
Deferred taxes	489			(47		)	442
Changes in operating assets and liabilities:
Accounts receivable(1)	(2,742		)	(372		)	(3,114		)
Accrued expenses and other non-current liabilities(1)	(168		)	195			27

_________

(1) Includes an immaterial reclassification between accounts receivable and accrued expenses and other non-current liabilities.