Note 12 - Retirement Plans

12 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

12.  RETIREMENT PLANS

401(k) PLAN

Effective January 1, 2010, the Company amended its 401(k) retirement plan to be subject to the provisions of a “Safe Harbor” 401(k) plan.  Under the provisions of the Safe Harbor plan, any discretionary matching company contribution becomes 100% vested upon match.  The plan provides for a discretionary match of up to 4% of an eligible employee’s compensation.  Under the prior plan, adopted in April 1988, any remaining unvested company discretionary matching contributions are subject to a four year vesting schedule.  The Company’s contributions under both the 1988 plan and the Safe Harbor plan amounted to $771 in fiscal 2014, $789 in fiscal 2013 and $690 in fiscal 2012.

DEFINED BENEFIT PLAN

The Company assumed a defined benefit pension plan (the “Plan”) with the Medegen Medical Products, LLC (“MMP”) acquisition.  The Plan covers certain employees of MMP who are members of the Service Employees International Union.  The benefit accruals for the Plan were frozen as of December 31, 1999.  The Company’s funding policy is to make the minimum annual contributions required by applicable regulations.  Such contributions are expected to amount to $125 during fiscal 2015.

The following table sets forth the Plan’s funded status and amount recognized in the Company’s financial statements as of and for the fiscal years ended March 31, 2014 and 2013:

	2014			2013
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	1,894		$	1,761
Interest cost		76			78
Actuarial (gain) loss		(34	)		111
Benefits paid		(58	)		(56	)
Benefit obligation at end of year		1,878			1,894
Change in plan assets:
Fair value of plan assets at beginning of year	$	1,143		$	1,029
Actual return on plan assets		58			66
Employer contributions		80			104
Benefits paid		(58	)		(56	)
Fair value of plan assets at end of year	$	1,223		$	1,143
Funded status at end of the year	$	(655	)	$	(751	)
Amounts recognized on the balance sheet consist of:
Current liabilities	$	(655	)	$	(751	)
Accumulated other comprehensive loss		651			773
Net amount recognized	$	(4	)	$	22

The following table presents the major categories of assets held by the plan, measured at fair value, as of March 31, 2014.

	Fair Value Measurements at Reporting Date Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	-	$	24	$	-	$	24
Debt securities		-		432		-		432
Equity securities		-		767		-		767
Totals	$	-	$	1,223	$	-	$	1,223

The following table presents the major categories of assets held by the plan, measured at fair value, as of March 31, 2013.

	Fair Value Measurements at Reporting Date Using
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	23	$	-	$	-	$	23
Debt securities		402		-		-		402
Equity securities		-		718		-		718
Totals	$	425	$	718	$	-	$	1,143

 The net periodic pension cost for the years ended March 31, 2014, 2013 and 2012 were as follows:

	2014			2013			2012
Service cost - benefits earned during the period	$	-		$	-		$	-
Interest cost on projected benefit obligation		76			78			81
Expected investment income		(70	)		(64	)		(59	)
Net amortization and deferral		64			53			26
Net periodic pension cost	$	70		$	67		$	48

The following are weighted-average assumptions used to determine benefit obligations as of March 31, 2014 and 2013:

	2014			2013
Discount rate		4.25	%		4.07	%
Rate of compensation increase		0.00	%		0.00	%

The following are weighted-average assumptions used to determine net periodic benefit costs for the years ended March 31, 2014 and 2013:

	2014			2013
Discount rate		4.07	%		4.49	%
Expected long-term return on plan assets		6.00	%		6.00	%
Rate of compensation increase		0.00	%		0.00	%

The Company’s investment policy for the Plan’s assets is to balance risk and return through a diversified portfolio of marketable securities, including common and preferred stocks, convertible securities, government, municipal and corporate bonds, mutual and collective investment funds and short-term money market instruments.  Maturities for fixed income securities are managed so that sufficient liquidity exists to meet near-term benefit-payment obligations.  The expected rate of return on plan assets is based upon expectations of long-term average rates of return to be achieved by the underlying investment portfolios.  In establishing this assumption, the Company considers historical and expected rates of return for the asset classes in which the Plan’s assets are invested, as well as current economic and capital market conditions.

Weighted-average asset allocation by asset category as of March 31, 2014 and 2013 were as follows:

	Target Range			2014			2013
Cash	0%	-	20%		2	%		2	%
Debt securities	10%	-	70%		63	%		63	%
Equity securities	30%	-	90%		35	%		35	%
Total					100	%		100	%

 Benefits paid were $58 and $56 for fiscal 2014 and 2013, respectively.  The Company estimates the following future benefit payments under the plan for the fiscal years ending March 31:

Fiscal Year	Amount
2015	$	60
2016		67
2017		71
2018		74
2019		77
2020 - 2023		527
	$	876