Discontinued Operations and Restructuring Charges (Tables)

9 Months Ended

Dec. 31, 2012

Discontinued Operations and Related Restructuring Charges [Abstract]

Restructuring reserve

Selected information relating to the aforementioned restructuring follows (in thousands):

	Employee Termination Costs			Facility and Other Costs			Total
Restructuring reserve as of March 31, 2012	$	750		$	80		$	830
Cash paid		(663	)		(30	)		(693	)
Non-cash adjustments		(45	)		(47	)		(92	)
Restructuring reserve as of December 31, 2012	$	42		$	3		$	45

Operating Income of discontinued operations

As a result of the sale of its Cleo Christmas gift wrap business, the Company has reported these operations, including operating income (loss) of the business and all exit activities, as discontinued operations, as shown in the following table (in thousands):

	Three Months Ended December 31,					Nine Months Ended December 31,
	2012		2011			2012			2011
Operating income (loss) (A)	$	22	$	544		$	(8	)	$	(317	)
Exit costs		0		(2,286	)		92			(6,485	)
Exit costs – equipment sale		0		0			0			825
Gain on sale of business to Impact		0		0			0			5,849
Discontinued operations, before income taxes		22		(1,742	)		84			(128	)
Income tax expense (benefit)		11		(611	)		29			(46	)
Discontinued operations, net of tax	$	11	$	(1,131	)	$	55		$	(82	)

(A) During the quarter ended June 30, 2011, the Company recorded a write down of inventory to net realizable value of $2,498,000, which was included in cost of sales of the discontinued operations. During the quarter ended September 30, 2011, the Company was able to sell certain of the inventory written down during the quarter ended June 30, 2011 for amounts greater than its adjusted carrying value resulting in higher gross profit of $563,000 of the discontinued operations for the quarter ended September 30, 2011.

Carrying values of assets and liabilities of discontinued operations

The following table presents the carrying values of the major accounts of discontinued operations that are included in the condensed consolidated balance sheet (in thousands):

	December 31, 2012		March 31, 2012		December 31, 2011
Accounts receivable, net	$	0	$	78	$	13,543
Inventories		0		105		131
Other current assets		0		0		226
Total assets attributable to discontinued operations	$	0	$	183	$	13,900
Accrued customer programs	$	179	$	237	$	701
Restructuring reserve		45		830		1,738
Other current liabilities		275		1,323		3,241
Total liabilities associated with discontinued operations	$	499	$	2,390	$	5,680