Note 3 - Discontinued Operations

12 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. DISCONTINUED OPERATIONS

On March 12, 2014, the Company entered into a purchase agreement with an affiliate of Inteplast Group, Ltd. for the sale of the Company’s wholly owned subsidiary, Medegen Medical Products, LLC, and certain other assets which comprised the Company’s Patient Care business unit (the “Transaction”).  The Company retained the cash, accounts receivable and all liabilities associated with the business unit except for an environmental liability.  On June 2, 2014, the Company completed the sale of its Patient Care business unit for gross proceeds of $78,628, subject to customary post-closing adjustments (see Footnote 15 – Subsequent Events).

As of March 31, 2014, the Company has classified the assets and liabilities subject to the purchase agreement as held for sale and presented the results of operations of the Patient Care business unit for fiscal years 2014, 2013 and 2012 as discontinued operations in the accompanying consolidated statements of operations.

The aggregate components of the assets and liabilities classified as held for sale, are as follows;

	March 31, 2014
Asset held for sale:
Inventories, net	$	18,369
Property, plant and equipment, net		17,431
Goodwill		10,877
Other intangible assets, net		10,236
Other assets, net		4,200
Total assets held for sale, current	$	61,113
Liabilities held for sale:
Other liabilities	$	4,200
Total liabilities held for sale, current	$	4,200

The following table summarizes the results of the Company’s discontinued operations;

	Fiscal Year-Ended March 31,
	2014		2013		2012
Net sales	$	145,882	$	156,830	$	164,588
Cost of sales		125,476		135,358		143,771
Selling, general and administrative expenses		15,584		16,122		18,185
Income from discontinued operations before income taxes		4,822		5,350		2,632
Income tax		1,737		2,152		989
Income from discontinued operations, net of income taxes	$	3,085	$	3,198		1,643