Marketable Securities

12 Months Ended

Mar. 31, 2012

Marketable Securities [Abstract]

MARKETABLE SECURITIES

NOTE 11 — MARKETABLE SECURITIES:

As of March 31, 2012 and March 31, 2011, the Company had a net book value investment in trading securities of nil and $4.7 million, respectively, consisting entirely of student loan auction rate securities (“SLARS”). As of March 31, 2011, the Company’s investments in the SLARS were classified as available-for-sale securities.

During Fiscal 2012, the Company sold for cash proceeds in May 2011 its last remaining SLARS for $4.7 million and recognized a realized gain of $0.8 million as a result.

During Fiscal 2011, the Company had written up the value of this SLARS from its net written-down book value of $3.9 million to $4.7 million, and recorded an unrealized gain of $0.8 million on the March 31, 2011 balance sheet. Also, in December 2010, the Company sold for cash proceeds one of its SLARS having a net book value of $2.1 million for $3.1 million, realizing a gain of $1.0 million in fiscal 2011 as a result.