(Mark One) | ||
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 95-3086563 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1000 Park Drive, Lawrence, Pennsylvania | 15055 | |
(Address of principal executive offices) | (Zip Code) |
(Title of each class) | (Name of each exchange on which registered) | |
Common Stock, $.001 par value | The NASDAQ Global Market |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller reporting company þ | Emerging growth company o | ||||
(Do not check if a smaller reporting company) |
Page | ||
• | may declare any outstanding principal and the interest accrued thereon under the Second Amended Credit Agreement to be due and payable, and we may not have sufficient assets to repay that indebtedness; |
• | may foreclose against the assets securing our borrowings; and |
• | will be under no obligation to extend further credit to us. |
Name | Age | Position with the Company |
Joel T. Trammell | 53 | President and Chief Executive Officer |
David J. Russo | 60 | Executive Vice President, Chief Financial Officer and Treasurer (Principal Accounting Officer) |
Ronald Basso | 58 | Executive Vice President of Business Development, General Counsel & Secretary |
High | Low | |||||
Fiscal 2018 | ||||||
1st Quarter | $ | 10.15 | $ | 7.59 | ||
2nd Quarter | 8.55 | 2.85 | ||||
3rd Quarter | 4.15 | 2.93 | ||||
4th Quarter | 3.95 | 1.90 | ||||
Fiscal 2017 | ||||||
1st Quarter | $ | 15.10 | $ | 11.84 | ||
2nd Quarter | 14.79 | 12.73 | ||||
3rd Quarter | 16.90 | 11.30 | ||||
4th Quarter | 15.65 | 8.50 |
Fiscal | |||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||
Statements of Operations | |||||||||||||||
Revenues | $ | 774,637 | $ | 855,731 | $ | 912,655 | $ | 992,444 | $ | 971,674 | |||||
Gross profit | 214,752 | 242,960 | 270,337 | 302,269 | 303,582 | ||||||||||
Operating income (loss)1 | (45,285 | ) | (1,319 | ) | (187,825 | ) | 28,574 | (108,392 | ) | ||||||
Net income (loss)1 | (100,095 | ) | (7,051 | ) | (171,102 | ) | 15,342 | (115,873 | ) | ||||||
Basic earnings (loss) per share | (6.64 | ) | (0.47 | ) | (11.18 | ) | 1.00 | (7.33 | ) | ||||||
Diluted earnings (loss) per share | (6.64 | ) | (0.47 | ) | (11.18 | ) | 0.99 | (7.33 | ) | ||||||
Dividends per share | 0.12 | 0.48 | 0.44 | 0.40 | 0.36 | ||||||||||
Balance Sheet Data (at end of period) | |||||||||||||||
Working capital 2 | $ | 135,639 | $ | 92,098 | $ | 130,187 | $ | 152,353 | $ | 175,895 | |||||
Total assets | 376,335 | 427,117 | 475,794 | 686,259 | 712,029 | ||||||||||
Debt | 158,309 | 89,746 | 120,802 | 138,132 | 160,632 | ||||||||||
Stockholders’ equity | 50,342 | 141,649 | 156,233 | 337,111 | 351,117 |
FY18 | FY17 | % Change | ||||||
Revenues | $ | 774,637 | $ | 855,731 | (9 | )% | ||
Gross profit margin | 27.7 | % | 28.4 | % | (2 | )% | ||
Operating income (loss) margin | (5.8 | )% | (0.2 | )% | n/m | |||
Diluted earnings (loss) per share | $ | (6.64 | ) | $ | (0.47 | ) | n/m | |
Net cash provided by (used for) operating activities | $ | (46,606 | ) | $ | 39,930 | n/m |
• | a $46,019 increase in Provision for income taxes and a change in the effective rate from (33.2)% to (91.3)% due to U.S. tax reform and valuation allowances booked against foreign tax credits, U.S. federal and state net operating loss carry-forwards, certain foreign net operating loss carry-forwards, and other U.S. deferred tax assets, |
• | a $28,208 decrease in Gross profit as a result of a $22,331 decrease in Service Gross profit driven by lower revenues on higher margin unified communication business and aggressive pricing on certain incremental infrastructure projects for our commercial clients and higher volume of successful contract awards that carry a lower gross margin for our government clients, and a $5,877 decrease in Products Gross profit driven by the decline in Revenues described more fully in the "Results of Operations", all partially offset by a $9,137 Inventory impairment taken in the prior year, |
• | a $6,965 increase in Selling, general and administrative expenses which was primarily the result of $12,399 of costs related to the ongoing ERP implementation and $917 of additional restructuring expense, all partially offset by a decrease in compensation and benefits expense, |
• | a $10,638 increase in Asset impairment loss due to a $9,748 trademark impairment in the fourth quarter of Fiscal 2018 and a $1,426 trademark impairment in the second quarter of Fiscal 2018, offset by $536 in write-offs of property, plant and equipment in the second quarter of Fiscal 2017, and |
• | a $2,500 increase in Interest expense resulting from higher interest rates, a $204 write-off of deferred amortization costs of our Credit Agreement due to the reduction in size of the facility in the Amended Credit Agreement, and higher average debt. |
FY18 | FY17 | % Change | FY17 | FY16 | % Change | ||
Revenues | |||||||
North America Products | $68,597 | $73,728 | (7)% | $73,728 | $84,654 | (13)% | |
International Products | $68,787 | $81,214 | (15)% | $81,214 | $81,882 | (1)% | |
Products | $137,384 | $154,942 | (11)% | $154,942 | $166,536 | (7)% | |
North America Services | $601,078 | $672,036 | (11)% | $672,036 | $715,839 | (6)% | |
International Services | $36,175 | $28,753 | 26% | $28,753 | $30,280 | (5)% | |
Services | $637,253 | $700,789 | (9)% | $700,789 | $746,119 | (6)% | |
Total Revenues | $774,637 | $855,731 | (9)% | $855,731 | $912,655 | (6)% | |
Gross profit | |||||||
North America Products | $30,472 | $31,193 | (2)% | $31,193 | $35,643 | (12)% | |
% of Revenues | 44.4% | 42.3% | 5% | 42.3% | 42.1% | —% | |
International Products | $27,304 | $32,460 | (16)% | $32,460 | $33,350 | (3)% | |
% of Revenues | 39.7% | 40.0% | (1)% | 40.0% | 40.7% | (2)% | |
Products | $57,776 | $63,653 | (9)% | $63,653 | $68,993 | (8)% | |
% of Revenues | 42.1% | 41.1% | 2% | 41.1% | 41.4% | (1)% | |
North America Services | $149,319 | $173,128 | (14)% | $173,128 | $194,401 | (11)% | |
% of Revenues | 24.8% | 25.8% | (4)% | 25.8% | 27.2% | (5)% | |
International Services | $7,657 | $6,179 | 24% | $6,179 | $6,943 | (11)% | |
% of Revenues | 21.2% | 21.5% | (1)% | 21.5% | 22.9% | (6)% | |
Services | $156,976 | $179,307 | (12)% | $179,307 | $201,344 | (11)% | |
% of Revenues | 24.6% | 25.6% | (4)% | 25.6% | 27.0% | (5)% | |
Total Gross Profit | $214,752 | $242,960 | (12)% | $242,960 | $270,337 | (10)% | |
% of Revenues | 27.7% | 28.4% | (2)% | 28.4% | 29.6% | (4)% | |
Operating income (loss) (1) | |||||||
North America Products | $(962) | $2,176 | n/m | $2,176 | $(34,654) | n/m | |
% of Revenues | (1.4)% | 3.0% | n/m | 3.0% | (40.9)% | n/m | |
International Products | $(7,209) | $(927) | n/m | $(927) | $(3,781) | n/m | |
% of Revenues | (10.5)% | (1.1)% | n/m | (1.1)% | (4.6)% | n/m | |
Products | $(8,171) | $1,249 | n/m | $1,249 | $(38,435) | n/m | |
% of Revenues | (5.9)% | 0.8% | n/m | 0.8% | (23.1)% | n/m | |
North America Services | $(36,037) | $(3,904) | n/m | $(3,904) | $(143,967) | n/m | |
% of Revenues | (6.0)% | (0.6)% | n/m | (0.6)% | (20.1)% | n/m | |
International Services | $(1,077) | $1,336 | n/m | $1,336 | $(5,423) | n/m | |
% of Revenues | (3.0)% | 4.6% | n/m | 4.6% | (17.9)% | n/m | |
Services | $(37,114) | $(2,568) | n/m | $(2,568) | $(149,390) | n/m | |
% of Revenues | (5.8)% | (0.4)% | n/m | (0.4)% | (20.0)% | n/m | |
Total Operating Income (loss) | $(45,285) | $(1,319) | n/m | $(1,319) | $(187,825) | n/m | |
% of Revenues | (5.8)% | (0.2)% | n/m | (0.2)% | (20.6)% | n/m |
FY18 | FY17 | % Change | FY17 | FY16 | % Change | ||
Interest expense, net | $6,855 | $4,355 | 57% | $4,355 | $4,712 | (8)% | |
% of Revenues | 0.9% | 0.5% | 80% | 0.5% | 0.5% | —% | |
Provision (benefit) for income taxes | $47,776 | $1,757 | n/m | $1,757 | $(21,982) | n/m | |
Effective income tax rate | (91.3)% | (33.2)% | n/m | (33.2)% | 11.4% | n/m |
FY18 | FY17 | FY16 | |||||||
Cash and cash equivalents | $ | 33,469 | $ | 14,247 | $ | 23,497 | |||
Working Capital | $ | 135,639 | $ | 92,098 | $ | 130,187 | |||
Debt | $ | 158,309 | $ | 89,746 | $ | 120,802 | |||
Stockholders’ equity | $ | 50,342 | $ | 141,649 | $ | 156,233 | |||
Unused commitment of the Amended Credit Agreement / Credit Agreement (1) | $ | — | $ | 106,750 | $ | 176,550 | |||
Cash and Unused commitments of the Credit Agreement | $ | 33,469 | $ | 120,997 | $ | 200,047 |
FY18 | FY17 | FY16 | |||||||
Net cash provided by (used for) operating activities | $ | (46,606 | ) | $ | 39,930 | $ | 37,202 | ||
Net cash provided by (used for) investing activities | $ | (2,793 | ) | $ | (3,430 | ) | $ | (11,088 | ) |
Net cash provided by (used for) financing activities | $ | 66,553 | $ | (45,565 | ) | $ | (27,664 | ) |
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Consolidated Statements of Operations | |
Consolidated Statements of Comprehensive Income (Loss) | |
March 31, | ||||||
In thousands, except par value | 2018 | 2017 | ||||
Assets | ||||||
Cash and cash equivalents | $ | 33,469 | $ | 14,247 | ||
Accounts receivable, net of allowance for doubtful accounts of $3,022 and $4,084 | 114,510 | 128,544 | ||||
Inventories, net | 26,992 | 25,382 | ||||
Costs/estimated earnings in excess of billings on uncompleted contracts | 82,358 | 71,930 | ||||
Assets held for sale | 196 | — | ||||
Other assets | 29,317 | 28,544 | ||||
Total current assets | 286,842 | 268,647 | ||||
Property, plant and equipment, net | 24,239 | 29,103 | ||||
Intangibles, net | 50,180 | 68,820 | ||||
Deferred tax asset | 6,474 | 53,539 | ||||
Other assets | 8,600 | 7,008 | ||||
Total assets | $ | 376,335 | $ | 427,117 | ||
Liabilities | ||||||
Accounts payable | $ | 64,784 | $ | 69,858 | ||
Accrued compensation and benefits | 17,259 | 21,576 | ||||
Deferred revenue | 27,713 | 31,624 | ||||
Billings in excess of costs/estimated earnings on uncompleted contracts | 14,667 | 16,536 | ||||
Short-term debt | 157,832 | 964 | ||||
Other liabilities | 26,780 | 36,955 | ||||
Total current liabilities | 309,035 | 177,513 | ||||
Long-term debt | 477 | 88,782 | ||||
Other liabilities | 16,481 | 19,173 | ||||
Total liabilities | 325,993 | 285,468 | ||||
Stockholders’ equity | ||||||
Preferred stock authorized 5,000, par value $1.00, none issued | — | — | ||||
Common stock authorized 100,000, par value $.001, 15,141 and 14,960 shares outstanding, 26,880 and 26,654 issued | 26 | 26 | ||||
Additional paid-in capital | 509,960 | 506,449 | ||||
Retained earnings (accumulated deficit) | (35,664 | ) | 66,246 | |||
Accumulated other comprehensive income (loss) | (7,992 | ) | (15,481 | ) | ||
Treasury stock, at cost 11,740 and 11,694 shares | (415,988 | ) | (415,591 | ) | ||
Total stockholders’ equity | 50,342 | 141,649 | ||||
Total liabilities and stockholders’ equity | $ | 376,335 | $ | 427,117 | ||
Year Ended March 31, | |||||||||
In thousands, except per share amounts | 2018 | 2017 | 2016 | ||||||
Revenues | |||||||||
Products | $ | 137,384 | $ | 154,942 | $ | 166,536 | |||
Services | 637,253 | 700,789 | 746,119 | ||||||
Total | 774,637 | 855,731 | 912,655 | ||||||
Cost of sales * | |||||||||
Products | 79,608 | 91,289 | 97,543 | ||||||
Services | 480,277 | 521,482 | 544,775 | ||||||
Total | 559,885 | 612,771 | 642,318 | ||||||
Gross profit | 214,752 | 242,960 | 270,337 | ||||||
Selling, general & administrative expenses | 241,369 | 234,404 | 255,665 | ||||||
Asset impairment loss | 11,174 | 536 | 192,186 | ||||||
Intangibles amortization | 7,494 | 9,339 | 10,311 | ||||||
Operating income (loss) | (45,285 | ) | (1,319 | ) | (187,825 | ) | |||
Interest expense, net | 6,855 | 4,355 | 4,712 | ||||||
Other expenses (income), net | 179 | (380 | ) | 547 | |||||
Income (loss) before provision for income taxes | (52,319 | ) | (5,294 | ) | (193,084 | ) | |||
Provision (benefit) for income taxes | 47,776 | 1,757 | (21,982 | ) | |||||
Net income (loss) | $ | (100,095 | ) | $ | (7,051 | ) | $ | (171,102 | ) |
Earnings (loss) per common share | |||||||||
Basic | $ | (6.64 | ) | $ | (0.47 | ) | $ | (11.18 | ) |
Diluted | $ | (6.64 | ) | $ | (0.47 | ) | $ | (11.18 | ) |
Weighted-average common shares outstanding | |||||||||
Basic | 15,075 | 15,077 | 15,303 | ||||||
Diluted | 15,075 | 15,077 | 15,303 | ||||||
Dividends per share | $ | 0.12 | $ | 0.48 | $ | 0.44 |
Year Ended March 31, | |||||||||
In thousands | 2018 | 2017 | 2016 | ||||||
Net income (loss) | $ | (100,095 | ) | $ | (7,051 | ) | $ | (171,102 | ) |
Other comprehensive income (loss) | |||||||||
Foreign Currency Translation Adjustment | 7,222 | (4,956 | ) | 1,970 | |||||
Defined Benefit Pension | |||||||||
Actuarial gain (loss), net of taxes of ($133), $1,898, and ($733) | (208 | ) | 2,969 | (1,881 | ) | ||||
Amounts reclassified into results of operations, net of taxes of $48, ($208), and $166 | 75 | (326 | ) | 287 | |||||
Derivative Instruments | |||||||||
Net change in fair value of cash flow hedges, net of taxes of ($897), ($570), and ($321) | (1,404 | ) | (892 | ) | (580 | ) | |||
Amounts reclassified into results of operations, net of taxes of $1,154, $511, and $282 | 1,804 | 799 | 528 | ||||||
Other comprehensive income (loss) | $ | 7,489 | $ | (2,406 | ) | $ | 324 | ||
Comprehensive income (loss) | $ | (92,606 | ) | $ | (9,457 | ) | $ | (170,778 | ) |
Common Stock | Treasury Stock | Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||
In thousands | Shares | $.001 par | Shares | $ | Additional Paid-in Capital | Foreign Currency Translation Adjustment | Derivative Instruments | Defined Benefit Pension | Retained Earnings (accumulated deficit) | Total | ||||||||||||||||||
March 31, 2015 | 26,305 | $ | 26 | 10,939 | $ | (405,956 | ) | $ | 498,052 | $ | (857 | ) | $ | (203 | ) | $ | (12,339 | ) | $ | 258,388 | $ | 337,111 | ||||||
Net income (loss) | (171,102 | ) | (171,102 | ) | ||||||||||||||||||||||||
Foreign currency translation adjustment | 1,970 | 1,970 | ||||||||||||||||||||||||||
Pension, net of taxes | ||||||||||||||||||||||||||||
Actuarial gain (loss) | (1,881 | ) | (1,881 | ) | ||||||||||||||||||||||||
Actuarial gain (loss) reclassified into results of operations | 287 | 287 | ||||||||||||||||||||||||||
Derivative Instruments, net of taxes | ||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | (580 | ) | (580 | ) | ||||||||||||||||||||||||
Amounts reclassified into results of operations | 528 | 528 | ||||||||||||||||||||||||||
Stock compensation expense | 5,064 | 5,064 | ||||||||||||||||||||||||||
Dividends declared | (6,733 | ) | (6,733 | ) | ||||||||||||||||||||||||
Issuance of common stock | 165 | — | — | — | ||||||||||||||||||||||||
Repurchases of common stock | 512 | (7,154 | ) | (7,154 | ) | |||||||||||||||||||||||
Proceeds from the exercise of stock options | — | — | ||||||||||||||||||||||||||
Tax impact from equity awards | (1,277 | ) | (1,277 | ) | ||||||||||||||||||||||||
March 31, 2016 | 26,470 | $ | 26 | 11,451 | $ | (413,110 | ) | $ | 501,839 | $ | 1,113 | $ | (255 | ) | $ | (13,933 | ) | $ | 80,553 | $ | 156,233 | |||||||
Net income (loss) | (7,051 | ) | (7,051 | ) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (4,956 | ) | (4,956 | ) | ||||||||||||||||||||||||
Pension, net of taxes | ||||||||||||||||||||||||||||
Actuarial gain (loss) | 2,969 | 2,969 | ||||||||||||||||||||||||||
Actuarial gain (loss) reclassified into results of operations | (326 | ) | (326 | ) | ||||||||||||||||||||||||
Derivative Instruments, net of taxes | ||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | (892 | ) | (892 | ) | ||||||||||||||||||||||||
Amounts reclassified into results of operations | 799 | 799 | ||||||||||||||||||||||||||
Stock compensation expense | 4,610 | 4,610 | ||||||||||||||||||||||||||
Dividends declared | (7,256 | ) | (7,256 | ) | ||||||||||||||||||||||||
Issuance of common stock | 183 | — | — | — | ||||||||||||||||||||||||
Repurchases of common stock | 243 | (2,481 | ) | (2,481 | ) | |||||||||||||||||||||||
Proceeds from the exercise of stock options | — | — | ||||||||||||||||||||||||||
Tax impact from equity awards | — | — | ||||||||||||||||||||||||||
March 31, 2017 | 26,653 | $ | 26 | 11,694 | $ | (415,591 | ) | $ | 506,449 | $ | (3,843 | ) | $ | (348 | ) | $ | (11,290 | ) | $ | 66,246 | $ | 141,649 | ||||||
Net income (loss) | (100,095 | ) | (100,095 | ) | ||||||||||||||||||||||||
Foreign currency translation adjustment | 7,222 | 7,222 | ||||||||||||||||||||||||||
Pension, net of taxes | ||||||||||||||||||||||||||||
Actuarial gain (loss) | (208 | ) | (208 | ) | ||||||||||||||||||||||||
Actuarial gain (loss) reclassified into results of operations | 75 | 75 | ||||||||||||||||||||||||||
Derivative Instruments, net of taxes | ||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | (1,404 | ) | (1,404 | ) | ||||||||||||||||||||||||
Amounts reclassified into results of operations | 1,804 | 1,804 | ||||||||||||||||||||||||||
Stock compensation expense | 3,511 | 3,511 | ||||||||||||||||||||||||||
Dividends declared | (1,815 | ) | (1,815 | ) | ||||||||||||||||||||||||
Issuance of common stock | 227 | — | — | — | ||||||||||||||||||||||||
Repurchases of common stock | 46 | (397 | ) | (397 | ) | |||||||||||||||||||||||
Proceeds from the exercise of stock options | — | — | ||||||||||||||||||||||||||
Tax impact from equity awards | — | — | ||||||||||||||||||||||||||
March 31, 2018 | 26,880 | $ | 26 | 11,740 | $ | (415,988 | ) | $ | 509,960 | $ | 3,379 | $ | 52 | $ | (11,423 | ) | $ | (35,664 | ) | $ | 50,342 |
Year Ended March 31, | |||||||||
In thousands | 2018 | 2017 | 2016 | ||||||
Operating Activities | |||||||||
Net income (loss) | $ | (100,095 | ) | $ | (7,051 | ) | $ | (171,102 | ) |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities | |||||||||
Intangibles amortization | 7,494 | 9,339 | 10,311 | ||||||
Depreciation | 9,460 | 9,382 | 8,562 | ||||||
Loss (gain) on sale of property | (1,410 | ) | (981 | ) | 16 | ||||
Deferred taxes | 48,603 | 1,367 | (26,144 | ) | |||||
Stock compensation expense | 3,511 | 4,610 | 5,065 | ||||||
Change in fair value of interest-rate swaps | — | — | (399 | ) | |||||
Asset impairment loss | 11,174 | 536 | 192,186 | ||||||
Provision for obsolete inventory | 1,155 | 10,659 | 7,735 | ||||||
Provision for (recovery of) doubtful accounts | 1,162 | 1,375 | 3,819 | ||||||
Changes in operating assets and liabilities (net of acquisitions) | |||||||||
Accounts receivable | 15,157 | 8,126 | 7,819 | ||||||
Inventories | (672 | ) | 6,322 | 4,048 | |||||
Costs/estimated earnings in excess of billings on uncompleted contracts | (10,031 | ) | (5,538 | ) | 12,682 | ||||
All other assets | 717 | (1,723 | ) | (280 | ) | ||||
Billings in excess of costs/estimated earnings on uncompleted contracts | (1,929 | ) | (3,853 | ) | 4,035 | ||||
Accounts payable | (10,772 | ) | 12,489 | (7,568 | ) | ||||
All other liabilities | (20,130 | ) | (5,129 | ) | (13,583 | ) | |||
Net cash provided by (used for) operating activities | $ | (46,606 | ) | $ | 39,930 | $ | 37,202 | ||
Investing Activities | |||||||||
Capital expenditures | $ | (4,450 | ) | $ | (7,167 | ) | $ | (10,477 | ) |
Capital disposals | 1,657 | 3,737 | 162 | ||||||
Acquisition of businesses (payments)/recoveries | — | — | (773 | ) | |||||
Net cash provided by (used for) investing activities | $ | (2,793 | ) | $ | (3,430 | ) | $ | (11,088 | ) |
Financing Activities | |||||||||
Proceeds (repayments) from long-term debt | $ | 61,322 | $ | (31,319 | ) | $ | (17,788 | ) | |
Proceeds (repayments) from short-term debt | 5,247 | (4,658 | ) | 4,063 | |||||
Deferred financing costs | (692 | ) | (1,049 | ) | — | ||||
Purchase of treasury stock | (397 | ) | (2,481 | ) | (7,154 | ) | |||
Payment of dividends | (3,611 | ) | (7,109 | ) | (6,617 | ) | |||
Increase (decrease) in cash overdrafts | 4,684 | 1,051 | (168 | ) | |||||
Net cash provided by (used for) financing activities | $ | 66,553 | $ | (45,565 | ) | $ | (27,664 | ) | |
Foreign currency exchange impact on cash | $ | 2,068 | $ | (185 | ) | $ | 1,513 | ||
Increase/(decrease) in cash and cash equivalents | $ | 19,222 | $ | (9,250 | ) | $ | (37 | ) | |
Cash and cash equivalents at beginning of period | $ | 14,247 | $ | 23,497 | $ | 23,534 | |||
Cash and cash equivalents at end of period | $ | 33,469 | $ | 14,247 | $ | 23,497 | |||
Supplemental cash flow | |||||||||
Cash paid for interest | $ | 5,970 | $ | 4,092 | $ | 5,876 | |||
Cash paid for income taxes | — | 426 | 3,482 | ||||||
Non-cash financing activities | |||||||||
Dividends payable | — | 1,795 | 1,652 | ||||||
Capital leases | 310 | 308 | 437 |
March 31, | ||||||
2018 | 2017 | |||||
Raw materials | $ | 1,816 | $ | 1,708 | ||
Finished goods | 34,635 | 35,036 | ||||
Inventory, gross | 36,451 | 36,744 | ||||
Excess and obsolete inventory reserves | (9,459 | ) | (11,362 | ) | ||
Inventories, net | $ | 26,992 | $ | 25,382 |
March 31, | ||||||
2018 | 2017 | |||||
Land | $ | 1,209 | $ | 1,423 | ||
Building and improvements | 26,599 | 28,047 | ||||
Equipment and computer hardware and software | 68,425 | 78,496 | ||||
Property, plant and equipment, gross | 96,233 | 107,966 | ||||
Accumulated depreciation | (71,798 | ) | (78,863 | ) | ||
Property, plant and equipment, net | $ | 24,435 | $ | 29,103 |
March 31, | ||||||||||||||||||
2018 | 2017 | |||||||||||||||||
Gross Carrying Amount | Accum. Amort. | Net Carrying Amount | Gross Carrying Amount | Accum. Amort. | Net Carrying Amount | |||||||||||||
Definite-lived | ||||||||||||||||||
Non-compete agreements | $ | 864 | $ | 864 | $ | — | $ | 833 | $ | 833 | $ | — | ||||||
Customer relationships | 122,438 | 88,281 | 34,157 | 122,301 | 80,678 | 41,623 | ||||||||||||
Total | $ | 123,302 | $ | 89,145 | $ | 34,157 | $ | 123,134 | $ | 81,511 | $ | 41,623 | ||||||
Indefinite-lived | ||||||||||||||||||
Trademarks | 24,276 | 8,253 | 16,023 | 35,450 | 8,253 | 27,197 | ||||||||||||
Total | $ | 147,578 | $ | 97,398 | $ | 50,180 | $ | 158,584 | $ | 89,764 | $ | 68,820 |
Trademarks | Non-compete agreements | Customer relationships | Total | |||||||||
March 31, 2016 | $ | 27,197 | $ | 84 | $ | 50,900 | $ | 78,181 | ||||
Intangibles amortization | — | (84 | ) | (9,255 | ) | (9,339 | ) | |||||
Foreign Currency Translation Adjustment | — | — | (37 | ) | (37 | ) | ||||||
Prior period acquisitions | — | — | 15 | 15 | ||||||||
March 31, 2017 | $ | 27,197 | $ | — | $ | 41,623 | $ | 68,820 | ||||
Intangibles amortization | — | — | (7,494 | ) | (7,494 | ) | ||||||
Foreign Currency Translation Adjustment | — | — | 28 | 28 | ||||||||
Intangible asset impairment loss | (11,174 | ) | — | — | (11,174 | ) | ||||||
March 31, 2018 | $ | 16,023 | $ | — | $ | 34,157 | $ | 50,180 |
Fiscal | |||
2019 | $ | 5,616 | |
2020 | 5,119 | ||
2021 | 4,659 | ||
2022 | 3,058 | ||
2023 | 2,802 | ||
Thereafter | 12,903 | ||
Total | $ | 34,157 |
March 31, | ||||||
2018 | 2017 | |||||
Short-term debt | ||||||
Revolving credit agreement (1) | $ | 110,000 | $ | 964 | ||
Term loan (1) | 47,500 | — | ||||
Other | 332 | — | ||||
Short-term debt | 157,832 | 964 | ||||
Long-term debt | ||||||
Revolving credit agreement (1) | — | $ | 88,400 | |||
Other | 477 | 382 | ||||
Long-term debt | 477 | 88,782 | ||||
Total Debt | $ | 158,309 | $ | 89,746 |
Fiscal | |||
2019 | $ | 7,832 | |
2020 | 10,277 | ||
2021 | 10,147 | ||
2022 | 130,046 | ||
2023 | 7 | ||
Total | $ | 158,309 |
Asset Derivatives | Liability Derivatives | ||||||||||||
March 31, | |||||||||||||
Classification | 2018 | 2017 | 2018 | 2017 | |||||||||
Derivatives designated as hedging instruments | |||||||||||||
Foreign currency contracts | Other liabilities (current) | $ | 225 | $ | 573 | ||||||||
Foreign currency contracts | Other assets (current) | $ | 45 | $ | 87 |
Fiscal | ||||||||||
Classification | 2018 | 2017 | 2016 | |||||||
Derivatives designated as hedging instruments | ||||||||||
Gain (loss) recognized in other comprehensive income (effective portion), net of taxes | Other comprehensive income | $ | (1,404 | ) | $ | (892 | ) | $ | (580 | ) |
Amounts reclassified from AOCI into results of operations (effective portion), net of taxes | Selling, general & administrative expenses | 1,804 | 799 | 528 | ||||||
Derivatives not designated as hedging instruments | ||||||||||
Gain (loss) recognized in results of operations | Interest expense (income), net | — | — | 399 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets at Fair Value | ||||||||||||
Defined benefit pension plan assets | $ | 26,707 | $ | 11,308 | $ | — | $ | 38,015 | ||||
Foreign currency contracts | — | 45 | — | 45 | ||||||||
Total Assets at Fair Value | $ | 26,707 | $ | 11,353 | $ | — | $ | 38,060 | ||||
Liabilities at Fair Value | ||||||||||||
Foreign currency contracts | $ | — | $ | 225 | $ | — | $ | 225 | ||||
Fiscal | |||||||||
2018 | 2017 | 2016 | |||||||
Domestic | $ | (46,093 | ) | $ | (8,212 | ) | $ | (184,598 | ) |
Foreign | (6,226 | ) | 2,918 | (8,486 | ) | ||||
Consolidated | $ | (52,319 | ) | $ | (5,294 | ) | $ | (193,084 | ) |
Fiscal | |||||||||
2018 | 2017 | 2016 | |||||||
Current | |||||||||
Federal | $ | (3,028 | ) | $ | (10 | ) | $ | 1,037 | |
State | 503 | (1,200 | ) | 1,058 | |||||
Foreign | 1,698 | 1,600 | 2,067 | ||||||
Total current | (827 | ) | 390 | 4,162 | |||||
Deferred | |||||||||
Federal | 44,779 | 210 | (23,012 | ) | |||||
State | 6,013 | 1,258 | (3,785 | ) | |||||
Foreign | (2,189 | ) | (101 | ) | 653 | ||||
Total deferred | 48,603 | 1,367 | (26,144 | ) | |||||
Total provision (benefit) for income taxes | $ | 47,776 | $ | 1,757 | $ | (21,982 | ) |
Fiscal | |||||||||||||||
2018 | 2017 | 2016 | |||||||||||||
$ | % | $ | % | $ | % | ||||||||||
Federal statutory tax rate | $ | (16,480 | ) | 31.5 | % | $ | (1,853 | ) | 35.0 | % | $ | (67,580 | ) | 35.0 | % |
Foreign taxes, net of foreign tax credits | 870 | (1.7 | ) | 143 | (2.7 | ) | 419 | (0.2 | ) | ||||||
Non-deductible expenses | 86 | (0.2 | ) | 317 | (6.0 | ) | 588 | (0.3 | ) | ||||||
State income taxes, net of federal benefit | (1,359 | ) | 2.6 | (336 | ) | 6.3 | (2,242 | ) | 1.2 | ||||||
Tax reform | 15,220 | (29.1 | ) | — | — | — | — | ||||||||
Valuation allowance | 45,115 | (86.2 | ) | 498 | (9.4 | ) | 1,317 | (0.7 | ) | ||||||
Permanent book/tax differences | — | — | — | — | 45,732 | (23.7 | ) | ||||||||
Equity awards | 2,184 | (4.2 | ) | 2,800 | (52.9 | ) | 1,814 | (0.9 | ) | ||||||
Other, net | 2,140 | (4.0 | ) | 188 | (3.5 | ) | (2,030 | ) | 1.0 | ||||||
Effective tax rate | $ | 47,776 | (91.3 | )% | $ | 1,757 | (33.2 | )% | $ | (21,982 | ) | 11.4 | % |
March 31, | ||||||
2018 | 2017 | |||||
Deferred Tax Liabilities | ||||||
Goodwill and intangibles | $ | — | $ | 854 | ||
Other | 123 | 857 | ||||
Gross deferred tax liabilities | 123 | 1,711 | ||||
Deferred Tax Assets | ||||||
Net operating losses | 37,273 | 37,611 | ||||
Basis of finished goods inventory | 2,151 | 5,264 | ||||
Goodwill and intangibles | 1,141 | — | ||||
Foreign tax credit carry-forwards | 8,292 | 3,805 | ||||
Accrued employee costs | 6,232 | 10,904 | ||||
Stock-based compensation | 1,957 | 2,999 | ||||
Gross deferred tax assets | 57,046 | 60,583 | ||||
Valuation allowance | (50,449 | ) | (5,333 | ) | ||
Net deferred tax assets | 6,597 | 55,250 | ||||
Net deferred tax assets/(liabilities) | $ | 6,474 | $ | 53,539 |
Fiscal | |||||||||
2018 | 2017 | 2016 | |||||||
Balance at beginning of year | $ | 2,006 | $ | 2,016 | $ | 4,083 | |||
Additions for tax positions related to the current year | 12 | 78 | 85 | ||||||
Additions for tax positions related to prior years | 337 | 60 | — | ||||||
Reductions for tax positions related to prior years | — | (148 | ) | (2,152 | ) | ||||
Balance at end of year | $ | 2,355 | $ | 2,006 | $ | 2,016 |
Fiscal | ||||||
2018 | 2017 | |||||
Common stock purchased | 45,766 | 241,792 | ||||
Aggregate purchase price | $ | 397 | $ | 2,475 | ||
Average purchase price | $ | 8.68 | $ | 10.24 |
Shares | ||
Shares authorized under the incentive plan on August 12, 2008 | 900,000 | |
Shares authorized under the incentive plan on August 6, 2013 1 | 1,000,000 | |
Number of shares that were available for the grant of stock options under the Employee Plan and the Director Plan on August 12, 2008, the Effective Date | 888,087 | |
Shares authorized under the incentive plan on August 8, 2018 2 | 630,000 | |
Number of shares subject to stock options outstanding under the Employee Plan and the Director Plan on August 12, 2008, the Effective Date, that were forfeited or cancelled, prior to exercise, through March 31, 2018 | 3,083,911 | |
Shares authorized for grant under the Incentive Plan as of March 31, 2018 | 6,501,998 | |
Shares available for grant under the Incentive Plan as of March 31, 2018 3 | 1,717,799 |
Fiscal | ||||||
2018 | 2017 | 2016 | ||||
Expected life (in years) | 6.1 | 6.8 | 7.5 | |||
Risk-free interest rate | 2.1 | % | 1.6 | % | 2.0 | % |
Annual forfeiture rate | 2.8 | % | 1.8 | % | 1.5 | % |
Expected volatility | 45.6 | % | 41.7 | % | 43.9 | % |
Dividend yield | 3.7 | % | 3.1 | % | 1.8 | % |
Shares (in 000’s) | Weighted- Average Exercise Price | Weighted-Average Remaining Contractual Life (Years) | Intrinsic Value (000’s) | ||||||
March 31, 2017 | 1,080 | $ | 21.84 | ||||||
Granted | 634 | 7.91 | |||||||
Exercised | — | — | |||||||
Forfeited or cancelled | (604 | ) | 11.89 | ||||||
March 31, 2018 | 1,110 | $ | 19.30 | 4.6 | $ | — | |||
Exercisable | 709 | $ | 25.13 | 2.1 | $ | — |
Shares (in 000’s) | Weighted-Average Grant-Date Fair Value | ||||
March 31, 2017 | 419 | $ | 4.45 | ||
Granted | 634 | 2.48 | |||
Vested | (159 | ) | 4.99 | ||
Forfeited | (492 | ) | 3.00 | ||
March 31, 2018 | 402 | $ | 2.89 |
Shares (in 000’s) | Weighted-Average Grant-Date Fair Value | ||||
March 31, 2017 | 340 | $ | 14.24 | ||
Granted | 430 | 7.92 | |||
Vested | (227 | ) | 12.37 | ||
Forfeited | (182 | ) | 10.65 | ||
March 31, 2018 | 361 | $ | 9.70 |
Fiscal | ||||||
2018 | 2017 | 2016 | ||||
Risk-free interest rate | 1.4 | % | 0.9 | % | 0.9 | % |
Expected volatility | 46.7 | % | 45.1 | % | 39.9 | % |
Dividend yield | 3.9 | % | 3.4 | % | 2.0 | % |
Shares (in 000’s) | Weighted- Average Grant- Date Fair Value | ||||
March 31, 2017 | 319 | $ | 15.93 | ||
Granted | 309 | 8.26 | |||
Vested | (68 | ) | 23.05 | ||
Forfeited | (233 | ) | 10.41 | ||
March 31, 2018 | 327 | $ | 11.14 |
Fiscal | |||||||||
2018 | 2017 | 2016 | |||||||
Net income (loss) | $ | (100,095 | ) | $ | (7,051 | ) | $ | (171,102 | ) |
Weighted-average common shares outstanding (basic) | 15,075 | 15,077 | 15,303 | ||||||
Effect of dilutive securities from equity awards | — | — | — | ||||||
Weighted-average common shares outstanding (diluted) | 15,075 | 15,077 | 15,303 | ||||||
Basic earnings (loss) per common share | $ | (6.64 | ) | $ | (0.47 | ) | $ | (11.18 | ) |
Dilutive earnings (loss) per common share | $ | (6.64 | ) | $ | (0.47 | ) | $ | (11.18 | ) |
North America Products | North America Services | International Products | International Services | Total | |||||||||||
FY18 | |||||||||||||||
Revenues | $ | 68,597 | $ | 601,078 | $ | 68,787 | $ | 36,175 | $ | 774,637 | |||||
Gross profit | 30,472 | 149,319 | 27,304 | 7,657 | 214,752 | ||||||||||
Operating income (loss) | (962 | ) | (36,037 | ) | (7,209 | ) | (1,077 | ) | (45,285 | ) | |||||
Depreciation | 1,773 | 6,645 | 660 | 382 | 9,460 | ||||||||||
Intangibles amortization | — | 7,051 | 443 | — | 7,494 | ||||||||||
Restructuring expense | 881 | 3,864 | 278 | 547 | 5,570 | ||||||||||
Asset impairment loss | 198 | 10,976 | — | — | 11,174 | ||||||||||
Capital expenditures | 572 | 2,715 | 780 | 383 | 4,450 | ||||||||||
Assets | 46,929 | 271,835 | 41,258 | 16,313 | 376,335 | ||||||||||
FY17 | |||||||||||||||
Revenues | $ | 73,728 | $ | 672,036 | $ | 81,214 | $ | 28,753 | $ | 855,731 | |||||
Gross profit | 31,193 | 173,128 | 32,460 | 6,179 | 242,960 | ||||||||||
Operating income (loss) | 2,176 | (3,904 | ) | (927 | ) | 1,336 | (1,319 | ) | |||||||
Depreciation | 1,690 | 6,696 | 746 | 250 | 9,382 | ||||||||||
Intangibles amortization | — | 8,885 | 454 | — | 9,339 | ||||||||||
Restructuring expense | 829 | 2,881 | 925 | 18 | 4,653 | ||||||||||
Asset impairment loss | — | 536 | — | — | 536 | ||||||||||
Capital expenditures | 1,398 | 3,864 | 1,202 | 703 | 7,167 | ||||||||||
Assets | 43,003 | 333,052 | 35,967 | 15,095 | 427,117 | ||||||||||
FY16 | |||||||||||||||
Revenues | $ | 84,654 | $ | 715,839 | $ | 81,882 | $ | 30,280 | $ | 912,655 | |||||
Gross profit | 35,643 | 194,401 | 33,350 | 6,943 | 270,337 | ||||||||||
Operating income (loss) | (34,654 | ) | (143,967 | ) | (3,781 | ) | (5,423 | ) | (187,825 | ) | |||||
Depreciation | 1,458 | 6,241 | 686 | 177 | 8,562 | ||||||||||
Intangibles amortization | — | 10,273 | 38 | — | 10,311 | ||||||||||
Restructuring expense | 932 | 5,058 | 2,959 | 247 | 9,196 | ||||||||||
Asset impairment loss | 36,901 | 142,771 | 5,348 | 7,166 | 192,186 | ||||||||||
Capital expenditures | 5,188 | 3,976 | 988 | 325 | 10,477 | ||||||||||
Assets | 56,412 | 358,996 | 42,045 | 18,341 | 475,794 |
Fiscal 2018 | |||||||||||||||
Unaudited | 1Q | 2Q | 3Q | 4Q | FY | ||||||||||
Revenues | |||||||||||||||
Products | $ | 32,888 | $ | 37,248 | $ | 34,393 | $ | 32,855 | $ | 137,384 | |||||
Services | 158,756 | 156,916 | 160,480 | 161,101 | 637,253 | ||||||||||
Total | 191,644 | 194,164 | 194,873 | 193,956 | 774,637 | ||||||||||
Cost of sales | |||||||||||||||
Products | 19,027 | 21,166 | 21,091 | 18,324 | 79,608 | ||||||||||
Services | 120,014 | 116,505 | 121,103 | 122,655 | 480,277 | ||||||||||
Total | 139,041 | 137,671 | 142,194 | 140,979 | 559,885 | ||||||||||
Gross profit | 52,603 | 56,493 | 52,679 | 52,977 | 214,752 | ||||||||||
Selling, general & administrative expenses | 63,270 | 60,330 | 58,963 | 58,806 | 241,369 | ||||||||||
Asset impairment loss | — | 1,426 | — | 9,748 | 11,174 | ||||||||||
Intangibles amortization | 2,230 | 2,109 | 1,604 | 1,551 | 7,494 | ||||||||||
Operating income (loss) | (12,897 | ) | (7,372 | ) | (7,888 | ) | (17,128 | ) | (45,285 | ) | |||||
Interest expense, net | 1,218 | 1,801 | 1,737 | 2,099 | 6,855 | ||||||||||
Other expenses (income), net | 130 | (207 | ) | 169 | 87 | 179 | |||||||||
Income (loss) before provision for income taxes | (14,245 | ) | (8,966 | ) | (9,794 | ) | (19,314 | ) | (52,319 | ) | |||||
Provision (benefit) for income taxes | (4,498 | ) | 2,434 | 18,144 | 31,696 | 47,776 | |||||||||
Net income (loss) | $ | (9,747 | ) | $ | (11,400 | ) | $ | (27,938 | ) | $ | (51,010 | ) | $ | (100,095 | ) |
Earnings (loss) per common share | |||||||||||||||
Basic | $ | (0.65 | ) | $ | (0.75 | ) | $ | (1.85 | ) | $ | (3.37 | ) | $ | (6.64 | ) |
Diluted | $ | (0.65 | ) | $ | (0.75 | ) | $ | (1.85 | ) | $ | (3.37 | ) | $ | (6.64 | ) |
Fiscal 2017 | |||||||||||||||
Unaudited | 1Q | 2Q | 3Q | 4Q | FY | ||||||||||
Revenues | |||||||||||||||
Products | $ | 39,881 | $ | 42,263 | $ | 36,109 | $ | 36,689 | $ | 154,942 | |||||
Services | 178,599 | 176,486 | 174,261 | 171,443 | 700,789 | ||||||||||
Total | 218,480 | 218,749 | 210,370 | 208,132 | 855,731 | ||||||||||
Cost of sales | |||||||||||||||
Products | 22,933 | 27,213 | 20,133 | 21,010 | 91,289 | ||||||||||
Services | 127,894 | 137,092 | 127,794 | 128,702 | 521,482 | ||||||||||
Total | 150,827 | 164,305 | 147,927 | 149,712 | 612,771 | ||||||||||
Gross profit | 67,653 | 54,444 | 62,443 | 58,420 | 242,960 | ||||||||||
Selling, general & administrative expenses | 62,482 | 58,142 | 57,384 | 56,396 | 234,404 | ||||||||||
Asset impairment loss | — | 536 | — | — | 536 | ||||||||||
Intangibles amortization | 2,451 | 2,304 | 2,298 | 2,286 | 9,339 | ||||||||||
Operating income (loss) | 2,720 | (6,538 | ) | 2,761 | (262 | ) | (1,319 | ) | |||||||
Interest expense, net | 1,207 | 1,050 | 1,055 | 1,043 | 4,355 | ||||||||||
Other expenses (income), net | (343 | ) | 41 | 63 | (141 | ) | (380 | ) | |||||||
Income (loss) before provision for income taxes | 1,856 | (7,629 | ) | 1,643 | (1,164 | ) | (5,294 | ) | |||||||
Provision (benefit) for income taxes | 2,332 | (1,524 | ) | 324 | 625 | 1,757 | |||||||||
Net income (loss) | $ | (476 | ) | $ | (6,105 | ) | $ | 1,319 | $ | (1,789 | ) | $ | (7,051 | ) | |
Earnings (loss) per common share | |||||||||||||||
Basic | $ | (0.03 | ) | $ | (0.40 | ) | $ | 0.09 | $ | (0.12 | ) | $ | (0.47 | ) | |
Diluted | $ | (0.03 | ) | $ | (0.40 | ) | $ | 0.09 | $ | (0.12 | ) | $ | (0.47 | ) |
Employee Severance | Facility Closures | Total | |||||||
Balance at March 31, 2016 | $ | 7,050 | $ | 234 | $ | 7,284 | |||
Restructuring expense | 4,220 | 433 | 4,653 | ||||||
Cash expenditures | (6,420 | ) | (381 | ) | (6,801 | ) | |||
Balance at March 31, 2017 | $ | 4,850 | $ | 286 | $ | 5,136 | |||
Restructuring expense | 5,220 | 350 | 5,570 | ||||||
Cash expenditures | (7,418 | ) | (532 | ) | (7,950 | ) | |||
Balance at March 31, 2018 | $ | 2,652 | $ | 104 | $ | 2,756 |
North America Products | North America Services | International Products | International Services | Total | |||||||||||
Employee Severance | $ | 881 | $ | 3,527 | $ | 265 | $ | 547 | $ | 5,220 | |||||
Facility Closures | — | 337 | 13 | — | 350 | ||||||||||
Total | $ | 881 | $ | 3,864 | $ | 278 | $ | 547 | $ | 5,570 |
(a)(1) | Financial Statements - no financial statements have been filed in this Form 10-K other than those in Item 8 |
(a)(2) | Financial Statement Schedule (Schedule II - Valuation and Qualifying Accounts) |
Description | Balance at Beginning of Period | Additions Charged to Expense | Additions from Acquisitions | Reductions from Reserves | Other | Balance at End of Period | ||||||||||||
March 31, 2018 | ||||||||||||||||||
Excess and obsolete inventory reserves | $ | 11,361 | $ | 1,049 | $ | — | $ | (2,951 | ) | $ | — | $ | 9,459 | |||||
Allowance for doubtful accounts | 4,084 | 1,436 | — | (2,498 | ) | — | 3,022 | |||||||||||
March 31, 2017 | ||||||||||||||||||
Excess and obsolete inventory reserves | $ | 20,163 | $ | 10,659 | $ | — | $ | (19,461 | ) | $ | — | $ | 11,361 | |||||
Allowance for doubtful accounts | 7,808 | 1,375 | — | (5,099 | ) | — | 4,084 | |||||||||||
March 31, 2016 | ||||||||||||||||||
Excess and obsolete inventory reserves | $ | 16,624 | $ | 7,735 | $ | — | $ | (4,196 | ) | $ | — | $ | 20,163 | |||||
Allowance for doubtful accounts | 5,109 | 3,819 | — | (1,120 | ) | — | 7,808 |
Exhibit Number | Description |
3(i) | Second Restated Certificate of Incorporation of the Company, as amended (1) |
3(ii) | Amended and Restated By-laws of the Company, as amended (2) |
Credit Agreement dated as of March 23, 2012 by and among Black Box Corporation, the Guarantors, the Lenders parties thereto and Citizens Bank of Pennsylvania, as Administrative Agent (3) | |
Guaranty and Suretyship Agreement dated as of March 23, 2012 (3) | |
10.3* | Amended and Restated Agreement between the Company and Michael McAndrew (4) |
10.4* | Description of Fiscal 2016 Annual Incentive Plan (5) |
10.5* | 1992 Stock Option Plan, as amended through August 9, 2007 (6) |
10.6* | 1992 Director Stock Option Plan, as amended through August 9, 2007 (6) |
10.7* | Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992 Director Stock Option Plan; form of agreement in effect prior to August 10, 2004) (7) |
10.8* | Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992 Director Stock Option Plan; form of agreement in effect as of August 10, 2004) (7) |
10.9* | Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992 Director Stock Option Plan; form of agreement in effect as of October 31, 2005) (8) |
Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992 Stock Option Plan(7) | |
Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 1992 Stock Option Plan; form of agreement in effect as of October 31, 2005) (8) | |
2008 Long-Term Incentive Plan, as amended (9) | |
Form of Black Box Corporation Non-Qualified Stock Option Agreement (pursuant to the 2008 Long-Term Incentive Plan) (10) | |
Form of Black Box Corporation Restricted Stock Unit Agreement (pursuant to the 2008 Long-Term Incentive Plan(10) |
Form of Black Box Corporation Restricted Stock Unit Agreement for Non-Employee Directors (pursuant to the 2008 Long-Term Incentive Plan) (10) | |
Form of Black Box Corporation Performance Share Award Agreement (pursuant to the 2008 Long-Term Incentive Plan) (10) | |
Summary of Director Compensation (13) | |
Description of Fiscal 2017 Annual Incentive Plan (5) | |
Offer Letter between the Company and Anthony J. Massetti dated November 11, 2016 (11) | |
Agreement between the Company and Anthony J. Massetti dated November 17, 2016 (11) | |
Form of Black Box Corporation Performance Share Award Agreement (pursuant to the 2008 Long-Term Incentive Plan; form of agreement in effect as of May 17, 2011) (12) | |
Letter Agreement with Timothy C. Huffmyer dated November 16, 2016 (11) | |
Agreement between the Company and Timothy C. Huffmyer (14) | |
Agreement between the Company and Ronald Basso (15) | |
Agreement between the Company and Michael McAndrew (16) | |
Offer Letter between the Company and E.C. Sykes dated February 8, 2016 (17) | |
Agreement between the Company and E.C. Sykes dated February 8, 2016 (17) | |
Agreement between the Company and Michael McAndrew dated February 8, 2016 (17) | |
Credit Agreement dated as of May 9, 2016 by and among Black Box Corporation, the Guarantors, the Lenders and PNC Bank, National Association, as Administrative Agent (the “Credit Agreement”) (18) | |
Guaranty and Suretyship Agreement dated May 9, 2016 (18) | |
Pledge Agreement dated May 9, 2016 (18) | |
Security Agreement dated May 9, 2016 (18) | |
Schedule to the Credit Agreement (19) | |
Form of Revolving Credit Note (19) | |
Form of Swing Line Note (19) | |
Form of Intercompany Subordination Agreement (19) | |
Form of Patent, Trademark and Copyright Security Agreement (19) | |
Form of Assignment and Assumption Agreement (19) | |
Form of Guarantor Joinder (19) | |
Form of Loan Request (19) | |
Form of Swing Loan Request (19) | |
Form of Acquisition Compliance Certificate (19) | |
Form of Quarterly Compliance Certificate (19) | |
Form of U.S. Tax Compliance Certificate (19) | |
Description of Fiscal 2018 Annual Incentive Plan (13) | |
Amendment and Joinder Agreement dated as of August 9, 2017 by and among Black Box Corporation, the Guarantors, the Lenders and PNC Bank, National Association, as Administrative Agent (the “Amended Credit Agreement”) (20) | |
Second Amendment to the Credit Agreement dated as of June 29, 2018 by and among Black Box Corporation, the Guarantors, the Lenders and PNC Bank, National Association, as Administrative Agent (the “Second Amended Credit Agreement” or the “Second Amendment”) (21) | |
Agreement between the Company and David J. Russo (22) | |
Agreement between the Company and Joel T. Trammell (23) | |
Agreement between the Company and E.C. Sykes (23) | |
Description of Fiscal 2019 Annual Incentive Plan (13) | |
Subsidiaries of the Registrant (13) | |
Consent of Independent Registered Accounting Firm (13) | |
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities and Exchange Act of 1934, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 (13) |
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities and Exchange Act of 1934, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 (13) | |
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) of the Securities and Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (13) | |
101 | Interactive Data File |
(1) | Filed as Exhibit 3(i) to the Annual Report on Form 10-K of the Company, file number 0-18706, filed with the SEC on May 16, 2014, and incorporated herein by reference herewith |
(2) | Filed as Exhibit 3(ii) to the Current Report on Form 8-K of the Company, file number 0-18706, filed with the SEC on May 31, 2017, and incorporated herein by reference |
(3) | Filed as an exhibit to the Current Report on Form 8-K of the Company, file number 0-18706, filed with the SEC on March 26, 2012, and incorporated herein by reference |
(4) | Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number 0-18706, filed with the SEC on February 5, 2009, and incorporated herein by reference |
(5) | Filed as an exhibit to the Annual Report on Form 10-K of the Company, file number 0-18706, filed with the SEC on May 11, 2017 |
(6) | Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number 0-18706, filed with the SEC on August 16, 2007, and incorporated herein by reference |
(7) | Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number 0-18706, filed with the SEC on November 12, 2004, and incorporated herein by reference |
(8) | Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number 0-18706, filed with the SEC on November 10, 2005, and incorporated herein by reference |
(9) | Filed as Exhibit I to the Proxy Statement for the 2013 Annual Meeting of Stockholders filed on Schedule 14A, file number 0-18706, filed with the SEC on June 21, 2013 |
(10) | Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number 0-18706, filed with the SEC on August 6, 2009, and incorporated herein by reference |
(11) | Filed as an exhibit to the Quarterly Report on Form 8-K of the Company, file number 0-18706, filed with the SEC on November 17, 2016, and incorporated herein by reference |
(12) | Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number 0-18706, filed with the SEC on August 10, 2011, and incorporated herein by reference |
(13) | Filed herewith |
(14) | Filed as an exhibit to the Current Report on Form 8-K of the Company, file number 0-18706, filed with the SEC on October 9, 2012, and incorporated herein by reference |
(15) | Filed as an exhibit to the Quarterly Report on Form 10-Q of the Company, file number 0-18706, filed with the SEC on August 7, 2013, and incorporated herein by reference |
(16) | Filed as an exhibit to the Current Report on Form 8-K of the Company, file number 0-18706, filed with the SEC on April 2, 2013, and incorporated herein by reference |
(17) | Filed as an exhibit to the Current Report on Form 8-K of the Company, file number 0-18706, filed with the SEC on February 9, 2016, and incorporated herein by reference |
(18) | Filed as an exhibit to the Current Report on Form 8-K of the Company, file number 0-18706, filed with the SEC on May 13, 2016, and incorporated herein by reference |
(19) | Filed as an exhibit to the Amendment to the Current Report on Form 8-K/A of the Company, file number 0-18706, filed with the SEC on August 4, 2016, and incorporated herein by reference |
(20) | Filed as an exhibit to the Current Report on Form 8-K of the Company, file number 0-18706, filed with the SEC on August 10, 2017, and incorporated herein by reference |
(21) | Filed as an exhibit to the Current Report on Form 8-K of the Company, file number 0-18706, filed with the SEC on July 2, 2018, and incorporated herein by reference |
(22) | Filed as an exhibit to the Current Report on Form 8-K of the Company, file number 0-18706, filed with the SEC on April 24, 2017, and incorporated herein by reference |
(23) | Filed as an exhibit to the Current Report on Form 8-K of the Company, file number 0-18706, filed with the SEC on November 22, 2017, and incorporated herein by reference |
* | Denotes management contract or compensatory plan or arrangement |
Signatures | Capacity | Date |
/s/ CYNTHIA J. COMPARIN | Director | July 16, 2018 |
Cynthia J. Comparin | ||
/s/ RICHARD L. CROUCH | Director | July 16, 2018 |
Richard L. Crouch | ||
/s/ RICHARD C. ELIAS | Director | July 16, 2018 |
Richard C. Elias | ||
/s/ THOMAS G. GREIG | Director and Chairman of the Board | July 16, 2018 |
Thomas G. Greig | ||
/s/ JOHN S. HELLER | Director | July 16, 2018 |
John S. Heller | ||
/s/ DAVID J. RUSSO | Executive Vice President, Chief Financial Officer and Treasurer (Principal Accounting Officer) | July 16, 2018 |
David J. Russo | ||
/s/ JOEL T. TRAMMELL | Director, President and Chief Executive Officer | July 16, 2018 |
Joel T. Trammell |
SUBSIDIARIES OF THE REGISTRANT | ||
Legal Name | Doing Business As | State or Other Jurisdiction of Incorporation or Organization |
Black Box Corporation | Black Box Corporation | Delaware |
ACS Communications, Inc. | ACS Communications, Inc. | Texas |
ACS Dataline of the Northwest, Inc. | Black Box Network Services Black Box Network Services - Northwest Black Box Network Services - West | Oregon |
ACS Investors, LLC | ACS Investors, LLC | Delaware |
ACS Dataline, LP | Black Box Network Services Black Box Network Services - West | Texas |
BBOX Holdings Puebla LLC | BBOX Holdings Puebla LLC | Delaware |
Black Box Chile S.A. | Black Box Chile S.A. | Chile |
Black Box Corporation of Pennsylvania | Black Box Network Services Black Box Network Services - Technology Product Solutions | Delaware |
BB Technologies, Inc. | BB Technologies, Inc. | Delaware |
Black Box A/S | Black Box A/S | Denmark |
Black Box Canada Corporation | Black Box Canada Corporation | Canada |
Black Box Comunicaciones, S.A. | Black Box Comunicaciones, S.A. | Spain |
Black Box do Brasil Industria e Comercio Ltda. | Black Box do Brasil Industria e Comercio Ltda. | Brazil |
Black Box France | Black Box France | France |
Black Box GmbH | Black Box GmbH | Austria |
Black Box Holdings Ltd. | Black Box Holdings Ltd. | Cayman Islands |
Black Box E-Commerce (Shanghai) Co., Ltd. | Black Box E-Commerce (Shanghai) Co., Ltd. | China |
Black Box International Holdings B.V. | Black Box International Holdings B.V. | Netherlands |
BBOX Holdings Mexico LLC | BBOX Holdings Mexico LLC | Delaware |
Black Box de Mexico, S. de R.L. de C.V. | Black Box de Mexico, S. de R.L. de C.V. | Mexico |
Black Box Deutschland GmbH | Black Box Deutschland GmbH | Germany |
Black Box International B.V. | Black Box International B.V. | Netherlands |
Black Box Software Development Services Limited | Black Box Software Development Services Limited | Ireland |
SUBSIDIARIES OF THE REGISTRANT | ||
Legal Name | Doing Business As | State or Other Jurisdiction of Incorporation or Organization |
Black Box Network Services AG | Black Box Network Services AG | Switzerland |
Black Box Network Services Australia Pty Ltd | Black Box Network Services Australia Pty Ltd | Australia |
Black Box Network Services New Zealand Limited | Black Box Network Services New Zealand Limited | New Zealand |
Black Box Network Services Co., Ltd. | Black Box Network Services Co., Ltd. | Japan |
Black Box Network Services India Private Limited | Black Box Network Services India Private Limited | India |
Black Box Network Services Korea Limited | Black Box Network Services Korea Limited | Korea |
Black Box Network Services NV | Black Box Network Services NV | Belgium |
Black Box Network Services S.r.l. | Black Box Network Services S.r.l. | Italy |
Black Box Network Services (UK) Limited | Black Box Network Services (UK) Limited | England |
Black Box P.R. Corp. | Black Box P.R. Corp. | Puerto Rico |
Black Box Finland OY | Black Box Finland OY | Finland |
Black Box Network Services AB | Black Box Network Services AB | Sweden |
Black Box Network Services Corporation | Black Box Network Services Corporation | Taiwan |
Black Box Network Services (Dublin) Limited | Black Box Network Services (Dublin) Limited | Ireland |
Black Box Network Services SDN. BHD. | Black Box Network Services SDN. BHD. | Malaysia |
Black Box Network Services Singapore Pte Ltd | Black Box Network Services Singapore Pte Ltd | Singapore |
Black Box Network Services, Inc. - Government Solutions | Black Box Network Services, Inc. - Government Solutions | Tennessee |
Black Box Norge AS | Black Box Norge AS | Norway |
Black Box Services Company | Black Box Services Company | Delaware |
Black Box Ventures Holding Company | Black Box Ventures Holding Company | Delaware |
CBS Technologies Corp. | Black Box Network Services | New York |
Delaney Telecom, Inc. | Black Box Network Services Black Box Network Services - East | Pennsylvania |
InnerWireless, Inc. | Black Box Network Services Black Box Network Services - Wireless | Delaware |
SUBSIDIARIES OF THE REGISTRANT | ||
Legal Name | Doing Business As | State or Other Jurisdiction of Incorporation or Organization |
Midwest Communications Technologies, Inc. | Black Box Network Services Black Box Network Services - Midwest Black Box Network Services - Ohio | Ohio |
Nu-Vision Technologies, LLC | Black Box Network Services Black Box Network Services - Oregon | New York |
Norstan Communications, Inc. | Black Box Network Services Black Box Network Services - Minnesota Black Box Network Services - Montana Black Box Network Services - Northeast | Minnesota |
NextiraOne, LLC | Black Box Network Services Black Box Network Services - Illinois Black Box Network Services - Midwest Black Box Network Services - Northeast Black Box Network Services - Northwest Black Box Network Services - South | Delaware |
NextiraOne Federal, LLC | Black Box Network Services Black Box Network Services - Federal | Delaware |
Mutual Telecom Services Inc. | Black Box Network Services Black Box Network Services - Needham | Delaware |
NextiraOne New York, LLC | Black Box Network Services | Delaware |
Norstan Canada, Ltd./Norstan Canada, Ltee | Black Box Network Services | Canada |
Vibes Technologies, Inc. | Black Box Resale Services | Minnesota |
Scottel Voice & Data, Inc. | Black Box Network Services Black Box Network Services - Pacific | California |
1. | I have reviewed this Annual Report on Form 10-K of Black Box Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | I have reviewed this Annual Report on Form 10-K of Black Box Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Jun. 29, 2018 |
Sep. 30, 2017 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | BLACK BOX CORP | ||
Entity Central Index Key | 0000849547 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 15,233,830 | ||
Entity Public Float | $ 47,849,997 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,022 | $ 4,084 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 15,140,665.000 | 14,959,679.000 |
Common stock, shares issued | 26,880,264.000 | 26,653,512.000 |
Treasury stock, shares | 11,739,599.000 | 11,693,833.000 |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
||||
Revenues | ||||||
Products | $ 137,384 | $ 154,942 | $ 166,536 | |||
Services | 637,253 | 700,789 | 746,119 | |||
Total | 774,637 | 855,731 | 912,655 | |||
Cost of sales | ||||||
Products | 79,608 | 91,289 | 97,543 | |||
Services | 480,277 | 521,482 | 544,775 | |||
Total | 559,885 | [1] | 612,771 | 642,318 | ||
Gross profit | 214,752 | 242,960 | 270,337 | |||
Selling, general & administrative expenses | 241,369 | 234,404 | 255,665 | |||
Asset impairment loss | 11,174 | 536 | 192,186 | |||
Intangibles amortization | 7,494 | 9,339 | 10,311 | |||
Operating income (loss) | (45,285) | (1,319) | (187,825) | |||
Interest expense, net | 6,855 | 4,355 | 4,712 | |||
Other expenses (income), net | 179 | (380) | 547 | |||
Income (loss) before provision for income taxes | (52,319) | (5,294) | (193,084) | |||
Provision (benefit) for income taxes | 47,776 | 1,757 | (21,982) | |||
Net income (loss) | $ (100,095) | $ (7,051) | $ (171,102) | |||
Earnings (loss) per common share | ||||||
Basic (in US$ per share) | $ (6.64) | $ (0.47) | $ (11.18) | |||
Diluted (in US$ per share) | $ (6.64) | $ (0.47) | $ (11.18) | |||
Weighted-average common shares outstanding | ||||||
Basic (shares) | 15,075 | 15,077 | 15,303 | |||
Diluted (shares) | 15,075 | 15,077 | 15,303 | |||
Dividends per share | $ 0.12 | $ 0.48 | $ 0.44 | |||
|
Consolidated Statements of Comprehensive Income (Loss) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (100,095,000) | $ (7,051,000) | $ (171,102,000) |
Other comprehensive income (loss) | |||
Foreign currency translation adjustment | 7,222,000 | (4,956,000) | 1,970,000 |
Defined Benefit Pension | |||
Actuarial gain (loss), net of taxes of ($133), $1,898, and ($733) | (208,000) | 2,969,000 | (1,881,000) |
Amounts reclassified into results of operations, net of taxes of $48, ($208), and $166 | 74,521 | (326,000) | 287,000 |
Derivative Instruments | |||
Net change in fair value of cash flow hedges, net of taxes of ($897), ($570), and ($321) | (1,404,000) | (892,000) | (580,000) |
Amounts reclassified into results of operations, net of taxes of $1,154, $511, and $282 | 1,804,000 | 799,000 | 528,000 |
Other comprehensive income (loss) | 7,489,000 | (2,406,000) | 324,000 |
Comprehensive income (loss) | $ (92,606,000) | $ (9,457,000) | $ (170,778,000) |
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Pension | |||
Actuarial gain (loss), taxes | $ (133) | $ 1,898 | $ (733) |
Actuarial gain (loss) reclassified into results of operations, taxes | 48 | (208) | 166 |
Derivative instruments | |||
Net change in fair value of cash flow hedges, taxes | (897) | (570) | (321) |
Amounts reclassified into results of operations, taxes | $ 1,154 | $ 511 | $ 282 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Jun. 28, 2014 |
---|---|---|---|---|
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Business and Basis of Presentation |
12 Months Ended |
---|---|
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Business, Basis of Presentation and Going Concern Business Black Box Corporation ("Black Box," or "the Company”) is a leading digital solutions provider dedicated to helping customers design, build, manage, and secure their IT infrastructure. The Company offers Services and Products that it distributes through two platforms it has built over its 42-year history. The Services platform is comprised of engineering and design, network operations centers, technical certifications, national and international sales teams, remote monitoring, on-site service teams and technology partner centers of excellence which includes dedicated sales and engineering resources. The primary services offered through this platform include: (i) communications lifecycle services, (ii) unified communications, (iii) structured cabling, (iv) video/AV services, (v) in-building wireless and (vi) data center services. The Products platform provides networking solutions through the sale of products including: (i) IT infrastructure, (ii) specialty networking, (iii) multimedia and (iv) keyboard/video/mouse ("KVM") switching. Founded in 1976, Black Box, a Delaware corporation, is headquartered near Pittsburgh in Lawrence, Pennsylvania. Basis of Presentation References herein to "Fiscal Year," "Fiscal," or "FY" mean the Company’s fiscal year ended March 31 for the year referenced. All references to dollar amounts herein are presented in thousands, except per share amounts, unless otherwise noted. The consolidated financial statements include the accounts of the parent company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain items in the consolidated financial statements of prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on reported net income (loss), comprehensive income (loss), cash flows, total assets or total stockholders' equity. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Company management ("Management") to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates in these financial statements include project progress towards completion to estimated budget, allowances for doubtful accounts receivable, sales returns, net realizable value of inventories, loss contingencies, warranty reserves, and the valuation of and useful lives associated with property, plant and equipment and intangible assets. Actual results could differ from those estimates. Management believes the estimates made are reasonable. In the second quarter of Fiscal 2018, Management completed a plan to sell the Company's current headquarters' building and adjacent vacant land and move to another local facility that better aligns to the needs of the business. At that time, Management believed it was probable that the sale of the building and land would occur in the next twelve months. As of the third quarter of Fiscal 2018, Management believed that only the sale of certain parcels of the adjacent vacant land is probable to occur in the next twelve months. As of the fourth quarter of Fiscal 2018, Management continues to believe that only the sale of certain parcels of the adjacent vacant land is probable to occur in the next twelve months. These assets, all of which are Property, plant and equipment, are presented as "Assets held for sale" on the Consolidated Balance Sheet. These assets are reported under the North America Products operating segment. Going Concern Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business. On June 29, 2018, the Company and all the Lenders entered into the Second Amendment to our Credit Agreement in order to waive and modify certain covenants and other provisions contained in the Amended Credit Agreement and to fund its ongoing operations with the LIFO Facility. The Company would have defaulted the minimum Adjusted EBITDA covenant and certain other covenants as defined by the Amended Credit Agreement had these defaults not been waived under the Second Amendment. See Note 6 for additional information. As of June 29, 2018, the Company had approximately $24.0 million of cash and $155.7 million of borrowings outstanding under the Second Amended Credit Agreement. We anticipate that our principal sources of liquidity, including this LIFO Facility, will be sufficient to fund our activities through approximately December 2018. Beyond that date, current conditions raise substantial doubt about our ability to repay our indebtedness under the Second Amended Credit Agreement upon maturity and to meet the covenants as defined under the Second Amendment. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These conditions are based on the Company's recurring losses from operations and negative operating cash flow, which have resulted in the need to take significant steps to generate additional liquidity. Our independent registered public accounting firm therefore has included an explanatory paragraph regarding our ability to continue as a going concern in its report on our consolidated financial statements for the year ended March 31, 2018. Our ability to continue as a going concern is dependent on raising additional capital to repay our indebtedness when due and to fund our operations and ultimately on generating future profitable operations. As part of the Company’s review of its strategic alternatives, the Company has agreed under the Second Amended Credit Agreement to pursue the sale of its Federal Business. The Company believes the expected net proceeds from the anticipated sale of the Federal Business will enable the Company to take further steps to generate additional liquidity, including entering into a transaction, selling additional assets or businesses, or obtaining alternative financing, as well as making changes to the overall cost structure of the business. We believe these plans, if successfully executed, will effectively remediate the current liquidity concerns. However, there can be no assurance that we will be able to raise sufficient additional capital through these plans, which have not yet been consummated, to repay all of our indebtedness under the Second Amended Credit Agreement. |
Significant Accounting Policies |
12 Months Ended |
---|---|
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Cash and cash equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value. Allowance for doubtful accounts receivable An allowance for doubtful accounts is recorded as an offset to accounts receivable in order to present the net balance that the Company believes will be collected. This allowance is based on both recent trends in certain accounts receivable ("specific reserve") estimated to be a greater credit risk as well as general trends in the entire accounts receivable pool ("general reserve"). The Company computes a specific reserve by identifying specifically at-risk accounts receivable and applying historic reserve factors to the outstanding balance. The Company computes a general reserve by reviewing the accounts receivable aging and applying reserve factors based upon the age of the account receivable. Additions to the allowance for doubtful accounts are charged to Selling, general & administrative expenses within the Company’s Consolidated Statements of Operations, and deductions from the allowance are recorded when specific accounts receivable are written off as uncollectible. The Company incurred $0, $336, and $2,379 of accounts receivable write downs in North America Services during Fiscal 2018, Fiscal 2017, and Fiscal 2016, respectively. The provision for doubtful accounts expense was $1,436, $1,375 and $3,819 for Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively. Inventories Inventories are valued at the lower of cost or market. The Company uses the first-in, first-out average cost method to value the majority of its inventory. However, several locations within the Company use other valuation methods, including first-in, first-out ("FIFO"). The Company records an estimate for slow moving and obsolete inventory ("inventory reserve") based upon our product knowledge, physical inventory observation, future demand, market conditions and an aging analysis of the inventory on hand. For “convenience,” we reduce inventory cost through a contra asset rather than through a new cost basis. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve is relieved to ensure the cost basis of the inventory reflects any reductions. Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Maintenance, repairs and minor renewals are charged to operations as incurred. Major renewals and betterments, which substantially extend the useful life of the property, are capitalized at cost. Upon sale or other disposition of assets, the costs and related accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is reflected in the Consolidated Statements of Operations. Depreciation is computed using the straight-line method based on the estimated useful lives of 30 to 40 years for buildings and improvements and 3 to 5 years for equipment and computer hardware and software. Leasehold improvements are depreciated over their lease terms, or useful lives, if shorter. The Company reviews long-lived assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows (undiscounted) expected to result from the use and eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. No impairment of property, plant and equipment has been identified during any of the periods presented. Intangible Assets Definite-lived intangible assets, which now consist solely of customer relationships, are amortized on a straight-line basis over their estimated useful lives of 4 to 20 years. The Company reviews long-lived assets, including definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows (undiscounted) expected to result from the use and eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. Indefinite-lived intangible assets, which now consist solely of the Company's trademark portfolio, are not subject to amortization. The Company reviews indefinite-lived intangible assets for impairment annually as well as whenever events or changes in circumstances indicate that the carrying amount of an indefinite-lived intangible asset may not be recoverable. We primarily use a relief from royalty income approach to determine the fair value of the trademark portfolio. If the fair value for trademarks is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. Derivative Instruments and Hedging Activities Foreign Currency Contracts The Company has operations, clients and suppliers worldwide, thereby exposing the Company’s financial results to foreign currency fluctuations. In an effort to reduce this risk of foreign currency fluctuations, the Company generally sells and purchases inventory based on prices denominated in U.S. dollars. Intercompany sales to subsidiaries are generally denominated in the subsidiaries’ local currency. The Company has entered and will continue in the future, on a selective basis, to enter into foreign currency contracts to reduce the foreign currency exposure related to certain intercompany transactions, primarily trade receivables and loans. All of the foreign currency contracts have been designated and qualify as cash flow hedges. The effective portion of any changes in the fair value of the derivative instruments is recorded in Accumulated Other Comprehensive Income ("AOCI") until the hedged forecasted transaction occurs or the recognized currency transaction affects earnings. Once the forecasted transaction occurs or the recognized currency transaction affects earnings, the effective portion of any related gains or losses on the cash flow hedge is reclassified from AOCI to the Company’s Consolidated Statements of Operations. In the event it becomes probable that the hedged forecasted transaction will not occur, the ineffective portion of any gain or loss on the related cash flow hedge would be reclassified from AOCI to the Company’s Consolidated Statements of Operations. Interest-rate Swap To mitigate the risk of interest-rate fluctuations associated with the Company’s variable rate long-term debt, the Company has implemented an interest-rate risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings caused by interest-rate volatility. The Company’s goal is to manage interest-rate sensitivity by modifying the re-pricing characteristics of certain balance sheet liabilities so that the net-interest margin is not, on a material basis, adversely affected by the movements in interest rates. As of March 31, 2018, there were no open contracts to mitigate interest-rate risk. Foreign Currency Translation The financial statements of the Company’s foreign subsidiaries, except those subsidiaries in Brazil and Mexico, are recorded in the local currency, which is the functional currency. Foreign currency assets and liabilities are translated into U.S. dollars at the rate of exchange existing at the year-end date. Revenues and expenses are translated at the average monthly exchange rates. Adjustments resulting from these translations are recorded in AOCI within the Company’s Consolidated Balance Sheets and will be included in the Company’s Consolidated Statements of Operations upon sale or liquidation of the foreign investment. Gains and losses from foreign currency transactions, denominated in a currency other than the functional currency, are insignificant to the Consolidated Statement of Operations and are recorded in Other expenses (income) within the Company’s Consolidated Statements of Operations. The U.S. dollar is the functional currency for those subsidiaries located in Brazil and Mexico. Revenue Products revenues are recognized when title to products sold passes to the client, which generally occurs upon shipment from the Company’s location, the fee is fixed or determinable, collectibility is reasonably assured and no further obligation exists. Services revenues are recognized from maintenance service contracts, moves, adds and changes and network integration services when the services are provided. Service contracts are generally pre-billed, recorded in Deferred revenue within the Company’s Consolidated Balance Sheets and are generally recognized over the service period on a straight-line basis. Revenues from the sale and installation of products and systems are recognized using the percentage-of-completion method based upon the proportion of actual costs incurred to estimated total costs. At the time a loss on a contract becomes known, the entire amount of the estimated loss is recognized immediately in the financial statements. The Company has historically made reasonably accurate estimates of the extent of progress towards completion, contract revenues and contract costs on its long-term contracts. However, due to uncertainties inherent in the estimation process, actual results could differ materially from those estimates. Sales returns - At the time of sale, an estimate for sales returns is recorded based on historical experience. Warranties - Estimated future warranty costs related to certain products are charged to operations in the period the related revenue is recognized based on historical experience. Shipping and handling fees and costs - All fees billed to clients for shipping and handling are classified as a component of Revenues. All costs associated with shipping and handling are classified as a component of Cost of sales. Sales tax and other tax presentation - Sales taxes and other taxes are collected from clients on behalf of governmental authorities at the time of sale. These taxes are accounted for on a net basis and are not included in Revenues or Cost of sales. Stock-Based Compensation Stock options: The Company records expense for those stock awards, vesting during the period, for which the requisite service period is expected to be rendered. The Company uses historical data in order to project the future employee turnover rates used to estimate the number of stock options for which the requisite service period will not be rendered. The fair value of stock options is determined on the grant date using a Black-Scholes option pricing model which includes several subjective assumptions. The Company recognizes the fair value of these awards into expense ratably over the requisite service periods associated with the award. The assumptions are summarized as follows: Expected volatility: The Company estimates the volatility of its common stock, par value $.001 per share (the "common stock"), at the date of grant based on the historical volatility of its common stock. Dividend yield: The Company estimates the dividend yield assumption based on the Company’s historical and projected dividend payouts. Risk-free interest rate: The Company derives its risk-free interest rate on the observed interest rates appropriate for the term of the Company’s employee stock options. Expected holding period: The Company estimates the expected holding period based on historical experience. Restricted stock units: The Company records expense for those stock awards, vesting during the period, for which the requisite service period is expected to be rendered. The Company uses historical data in order to project the future employee turnover rates used to estimate the number of restricted stock units for which the requisite service period will not be rendered. The fair value of restricted stock units is determined based on the number of restricted stock units granted and the closing market price of the common stock on the date of grant. The Company recognizes the fair value of awards into expense ratably over the requisite service periods associated with the award. Performance share awards: The Company records expense for those stock awards, vesting during the period, for which the requisite service period is expected to be rendered. The Company uses historical data in order to project the future employee turnover rates used to estimate the number of performance shares for which the requisite service period will not be rendered. The fair value of performance share awards subject to a cumulative Adjusted EBITDA target (as defined in the performance share award agreement) is determined based on the number of performance shares granted and the closing market price of the common stock on the date of grant. The Company recognizes the fair value of awards into expense ratably over the requisite service periods associated with the award. The probability of vesting of the award and the applicable number of shares of common stock to be issued are reassessed at each period end. The fair value of performance share awards subject to the Company’s total shareholder return ranking relative to the total shareholder return of the common stock (or its equivalent) of the companies in a peer group (the "Company’s Relative TSR Ranking") is determined on the grant date using a Monte-Carlo simulation valuation method which includes several subjective assumptions. The Company recognizes the fair value of these awards into expense ratably over the requisite service periods associated with the award. The assumptions are summarized as follows: Expected volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. Risk-free rate. The Company derives its risk-free interest rate on the observed interest rates with an equivalent remaining term equal to the expected life of the award. Dividend yield. The Company estimates the dividend yield assumption based on the Company’s historical and projected dividend payouts. Marketing and Advertising Expenses Catalogs and other direct marketing pieces are capitalized and amortized over their expected period of future benefit ranging from one to two years, which is recorded in Prepaid and other assets within the Company’s Consolidated Balance Sheets. All other advertising costs are expensed as incurred. Advertising expense was $5,592, $5,591 and $5,353 for Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively, and is recorded in Selling, general & administrative expenses within the Company’s Consolidated Statements of Operations. Income Taxes The Company accounts for income taxes using an asset and liability approach, which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates. A valuation allowance is provided on deferred tax assets if it is determined that it is more likely than not that the asset will not be realized. The Company requires that the realization of an uncertain income tax position must be "more likely than not" (i.e., greater than 50% likelihood of receiving a benefit) before it can be recognized in the financial statements. The benefit to be recorded in the financial statements is the amount most likely to be realized assuming a review by tax authorities having all relevant information and applying current conventions. The Company includes interest and penalties related to uncertain tax positions within the Provision (benefit) for income taxes within the Company’s Consolidated Statements of Operations. Per share information Basic earnings (loss) per common share ("basic EPS") is computed by dividing Net income (loss) by the weighted-average number of shares of the common stock outstanding during the period. Diluted earnings (loss) per share of the common stock is computed similarly to that of basic EPS, except that the weighted-average number of shares of the common stock outstanding during the period is adjusted to include the number of additional shares of the common stock that would have been outstanding if the potential number of dilutive shares of the common stock had been issued. Fair Value The Company’s assets and liabilities recorded at fair value are based on the observability of inputs, which are categorized using a fair value hierarchy that ranks the quality and reliability of the information used to determine fair value. The levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Inputs that are both significant to the fair value measurement and unobservable. Assets and liabilities measured at fair value are based on one or more of the valuation techniques. The valuation techniques are described below. Market approach: The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Cost approach: The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (current replacement cost). Income approach: The income approach uses valuation techniques to convert future amounts to a single present amount. The fair value of foreign currency contracts is determined using the market approach and primarily based on observable foreign exchange forward rates. The fair value of pension plan assets is determined using a market approach and consists of $26,707 of mutual funds measured using level 1 inputs and $11,308 of common collective trusts measured using level 2 inputs. The fair value of the interest-rate swaps is determined using the income approach and is predominately based on observable interest rates and yield curves. The fair value of certain of the Company’s financial instruments, including Accounts receivable and Accounts payable, approximates the carrying value due to the relatively short maturity of such instruments. The fair value of the Company's Long-term debt approximates carrying value because the interest rate is subject to change with market interest rates. There have been no changes in the Company’s valuation techniques used to measure fair values during Fiscal 2018. See Note 8 for further reference. Recently Issued Accounting Standards There have been no accounting pronouncements adopted during Fiscal 2018, Fiscal 2017 or Fiscal 2016 that had a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers", with subsequent amendments, that outline a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance (collectively hereafter referred to as the "ASC 606" or the “standard”). The core principle of the standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expected to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods (including interim periods therein) beginning after December 15, 2017 for public companies with early adoption permitted for annual reporting periods (including interim periods therein) beginning after December 15, 2016. Entities can use either of two methods: (i) retrospective to each prior period presented with the option to elect certain practical expedients as defined within the standard ("full retrospective" method); or (ii) retrospective with the cumulative effect of initially applying the standard recognized at the date of initial application and providing certain additional disclosures as defined in the standard ("modified retrospective" method). We have substantially completed our assessment of the new standard, including completing our contract reviews and our evaluation of the costs of obtaining a contract. We will adopt the new standard in our first quarter of Fiscal 2019 using the modified retrospective method. Based on our assessment, the impact of the new standard to the Company is primarily related to (i) the timing of the recognition of gross margin on materials costs incurred as part of installation projects, which, under ASC 606, will result in a deferral of gross margin of up to approximately $4,000 from Fiscal 2018 to Fiscal 2019 in order to best depict the Company's performance on these projects, where progress is measured over time using a cost-to-cost input method and (ii) the deferral of incremental commission costs of obtaining customer service contracts, which are currently expensed as incurred for certain contracts but will be deferred and amortized over the expected period of benefit under the standard. The standard also requires additional detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. These disclosures include, but are not limited to, the disaggregation of revenue into categories that show how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows, revenue recognized from performance obligations satisfied in prior periods, and the total transaction price allocated to unsatisfied performance obligations. The Company is currently finalizing the internal control activities and data requirements necessary to ensure that all required disclosures under the standard are appropriately made. In February 2016, the FASB issued ASU 2016-02, "Leases", with subsequent amendments, which require, as of the commencement date of a lease, a liability for a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis, and an a right-of-use asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 must be adopted using the modified retrospective approach and is effective for annual reporting periods (including interim periods therein) beginning after December 15, 2018 with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its Consolidated Financial Statements. |
Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories The Company’s Inventories consist of the following:
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Property, Plant and Equipment |
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Property, Plant and Equipment | Property, Plant and Equipment The Company’s Property, plant and equipment consist of the following:
Of the $24,435 above, $196 is classified as Assets held for sale on the Company’s Consolidated Balance Sheets for the period ended March 31, 2018. Depreciation expense was $9,460, $9,382 and $8,562 for Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively. The Company disposed of certain facilities in Fiscal 2018 resulting in $1,657 of cash receipts which was used to help fund the Company's transformational activities. Facility disposals in Fiscal 2017 were $3,737. |
Intangible Assets |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets The following table summarizes the gross carrying amount, accumulated amortization and net carrying amount by intangible asset class:
The Company’s definite-lived intangible assets now consist solely of customer relationships. The Company reviews long-lived assets, including customer relationships, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows (undiscounted) expected to result from the use and eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. There were no events or changes in circumstances that indicate the carrying amount of definite-lived intangible assets are not recoverable in Fiscal 2018. These assets were also determined to be fully recoverable in Fiscal 2017. The Company's indefinite-lived intangible assets consist solely of the Company's trademark portfolio. Historically, the Company's annual assessment of the recoverability of trademarks was conducted in the third quarter of the fiscal year using data as of the end of the second quarter. Starting in Fiscal 2018, the Company changed the timing of our annual impairment review of trademarks to the last day of the fiscal year, using the most recent data available in the fourth quarter. The Company determined this accounting change was preferable as it incorporates a contemporary outlook of the Company's business units, which is developed as part of the fourth quarter planning process. We believe this change in accounting principle did not delay, accelerate, or avoid an impairment charge, and does not result in adjustments to the Company's financial statements when applied retrospectively. The Company will additionally review trademarks for impairment at interim periods whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We primarily use a relief from royalty income approach to determine the fair value of the trademarks. If the fair value for trademarks is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. During the second quarter of Fiscal 2018, the Company lowered its projections of revenue and profitability outlook for the foreseeable future. As a result, the Company conducted an interim assessment of both our long-lived assets, including definite-lived intangible assets, and indefinite lived intangible assets. While long-lived assets were determined to be recoverable as of July 1, 2017, the Company recorded an impairment loss of $1,426 to reduce the book value of trademarks to their determined fair value. This impairment charge is recorded in Asset impairment loss within the Company’s Consolidated Statements of Operations. The fair value of trademarks was determined using an income approach that included level 3 inputs. During the annual assessment performed as of the fourth quarter of Fiscal 2018, as a result of lower future forecasted income, the Company reduced the royalty rates utilized under the relief from royalty method to value these trademarks. As a result, the Company recorded an impairment loss of $9,748 to reduce the book value of trademarks to their determined fair value. This impairment charge is recorded in Asset impairment loss within the Company’s Consolidated Statements of Operations. The fair value of trademarks was determined using an income approach that included level 3 inputs. The Company additionally conducted an assessment of long-lived assets as of the fourth quarter, and determined the carrying amount of those assets to be recoverable as of March 31, 2018. Future events that could result in an interim assessment of the recoverability for both long-lived assets, including definite-lived assets, and indefinite-lived intangible assets include, but are not limited to: (i) significant underperformance relative to historical or projected future operating results, (ii) significant changes in the manner of or use of the assets or the strategy for the Company's overall business and (iii) significant negative industry or economic trends. The following table summarizes the changes to the net carrying amounts by Intangible asset class:
The following table details the estimated intangibles amortization expense for the next five years.
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Indebtedness |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indebtedness | Indebtedness The Company’s debt consists of the following:
(1) Refer below for additional details regarding the Company's amended credit agreement which includes a revolving credit agreement and a term loan. In addition, the Company finances certain vendor-specific inventory under an unsecured revolving arrangement through third parties which provide extended payment terms beyond those offered by the vendor at no incremental cost to the Company. The outstanding balance for these unsecured revolving arrangements was $1,814 as of March 31, 2018, $1,596 of which is classified as a current liability, and $3,387 as of March 31, 2017, $3,169 of which was classified as a current liability. These balances are recorded as Other liabilities within the Company's Consolidated Balance Sheets. On May 9, 2016, the Company refinanced its then existing $200,000 credit facility in the form of a line of credit pursuant to a new credit agreement (the "Credit Agreement") with PNC Bank, National Association, as administrative agent, Bank of America, N.A., as syndication agent, and certain other lender parties (the "Banks"). The Credit Agreement expires on May 9, 2021. Borrowings under the Credit Agreement were permitted up to a maximum amount of $200,000, and included up to $15,000 of swing-line loans and $25,000 of letters of credit. Interest on outstanding indebtedness under the Credit Agreement accrued, at the Company’s option, at a rate based on either: (a) a Base Rate Option equal to the highest of (i) the federal funds open rate, plus fifty (50) basis points (0.5%), (ii) the bank’s prime rate, and (iii) the daily LIBOR rate, plus 100 basis points (1.0%), in each case plus 0% to 1.00% (determined by a leverage ratio based on the Company’s consolidated EBITDA) or (b) a rate per annum equal to the LIBOR rate plus 1.00% to 2.00% (determined by a leverage ratio based on the Company’s consolidated EBITDA). The Credit Agreement required the Company to maintain compliance with certain non-financial and financial covenants such as leverage and interest coverage ratios. The Company’s obligations under the Credit Agreement were secured by substantially all of the assets of the Company’s material direct and indirect subsidiaries that are incorporated (or organized) under the laws of the District of Columbia or under the laws of any state or commonwealth of the United States and are guaranteed by such domestic subsidiaries. On August 9, 2017, the Company and certain of the Banks entered into an Amendment and Joinder Agreement to amend and restate the Credit Agreement (as amended and restated, the “Amended Credit Agreement”) in order to avoid a default of its leverage covenant. Under the Amended Credit Agreement, the credit facility was reduced to $170,000 and comprised of a $50,000 term loan and $120,000 line of credit. As of August 9, 2017, $50,000 was borrowed under the term loan and $52,528 remained outstanding under the line of credit. The amortization of the term loan was $1,250 per quarter for four (4) quarters beginning in the quarter ending December 31, 2017 and $2,500 per quarter beginning in the quarter ending December 31, 2018 through the end of the Amended Credit Agreement on May 9, 2021, the same expiration date of the Credit Agreement. Mandatory prepayments of the term loan were required with the net proceeds from certain asset sales, insurance recoveries and debt or equity issuances, as well as from 75% to 50% of any excess cash flow generated in Fiscal 2019 and Fiscal 2020. Interest on the term loan was, at the Company’s option: (i) a Base Rate Option equal to the highest of (x) the federal funds open rate, plus fifty (50) basis points (0.5%), (y) the bank’s prime rate, and (z) the daily LIBOR rate, plus 100 basis points (1.0%), in each case plus 2.5% or (ii) LIBOR plus 3.5%. Interest on outstanding indebtedness under the line of credit accrued, at the Company’s option, at a rate based on either: (a) the Base Rate Option plus 0.25% to 2.00% (determined by a leverage ratio based on the Company’s consolidated EBITDA) or (b) a rate per annum equal to the LIBOR rate plus 1.25% to 3.00% (determined by a leverage ratio based on the Company’s consolidated EBITDA). Under the Amended Credit Agreement, the leverage ratio covenant was suspended until the second quarter of Fiscal 2019. The Amended Credit Agreement contained a minimum Adjusted EBITDA covenant and a provision requiring the Company to repay revolving credit loans with any excess cash. During that same period, a covenant was established to limit capital expenditures to an agreed upon amount. The ability of the Company to make dividends or other distributions (including stock repurchases other than up to a limited dollar amount for tax payments from vested equity awards) has been eliminated. The leverage ratio covenant that was to commence in the second quarter of Fiscal 2019 was to be 4.00 to 1.00 and was to reduce to 3.00 to 1.00 over the remaining life of the credit facility. A fixed charge coverage ratio of 1.00 to 1.00 was begin in the second quarter of Fiscal 2019 and increase to 1.10 to 1.00 in the fourth quarter of Fiscal 2019 and thereafter. The Company’s obligations under the Amended Credit Agreement were secured by substantially all of the assets of the Company and the Company’s direct and indirect subsidiaries that are incorporated (or organized) under the laws of the District of Columbia or under the laws of any state or commonwealth of the United States (a “U.S. Entity”) and are guaranteed by such domestic subsidiaries. Under the Amended Credit Agreement, the Company and each U.S. Entity pledged 65% of the voting ownership interests and 100% of the non-voting ownership interests of its foreign subsidiaries. Under the respective credit agreement, the maximum amount of debt outstanding, the weighted-average balance outstanding and the weighted-average interest rate for Fiscal 2018 was $171,237, $142,001 and 4.0%, respectively, compared to $150,075, $127,727 and 2.6%, respectively, for Fiscal 2017, and $183,050, $158,256 and 2.0%, respectively, for Fiscal 2016. As of March 31, 2018, the Company had $9,825 outstanding in letters of credit and $0 in unused commitments, which are limited by a financial covenant under the Amended Credit Agreement. Refer to the table below for the scheduled maturities or required payments of total debt for each of the five succeeding fiscal years after March 31, 2018. However, based on the fact that the Company would have defaulted the minimum Adjusted EBITDA covenant and certain other covenants as defined by the Amended Credit Agreement had these defaults not been waived under the Second Amendment as well as the fact that, beyond December 2018, current conditions raise substantial doubt about our ability to repay our indebtedness under the Second Amended Credit Agreement upon maturity and our ability to meet the covenants as defined under the Second Amendment (see further below), the obligations under the Company's revolving credit agreement and term loan are classified as current liabilities in the Consolidated Balance Sheets as of March 31, 2018.
On June 29, 2018, the Company and certain direct and indirect wholly-owned subsidiaries of the Company (collectively, the “Guarantors” and together with the Company, the “Loan Parties”) entered into a Second Amendment (the “Second Amendment”) with PNC Bank, National Association, as administrative agent (the “Agent”), and certain other lenders party thereto (together with the Agent, the “Lenders”) to amend the Credit Agreement entered into among the Loan Parties, the Agent and the Lenders on May 9, 2016 (as amended by the Amendment and Joinder Agreement, dated August 9, 2017, the “Amended Credit Agreement,” and as further amended by the Second Amendment, the “Second Amended Credit Agreement” or the “Second Amendment”). The Second Amended Credit Agreement establishes a new “last in first out” senior revolving credit facility in an amount not to exceed $10,000 (the “LIFO Facility”). The borrowings under the LIFO Facility will be used to finance the Company’s cash flow needs, subject to an approved budget and certain variance restrictions, including payments to vendors to allow the Company to operate in the ordinary course of its business. Interest on the LIFO Facility is LIBOR plus 10.0%. The Company entered into the Second Amendment to waive and modify certain covenants and other provisions contained in the Amended Credit Agreement and to fund its ongoing operations with the LIFO Facility. The Company would have defaulted the minimum Adjusted EBITDA covenant and certain other covenants as defined by the Amended Credit Agreement had these defaults not been waived under the Second Amendment. The Company continues to engage Raymond James & Associates (“Raymond James”) as its financial advisor to assist the Company in exploring strategic alternatives. As part of the Company’s review of its alternatives, the Company has agreed under the Second Amended Credit Agreement to pursue the sale (the “Sale Transaction”) of its federal government IT services business (the “Federal Business”). The Federal Business is part of the Services business segment. Under the Second Amendment, the Company must meet certain milestone dates leading to the consummation of the Sale Transaction, including the delivery of an executed purchase agreement in respect of the Sale Transaction on or before July 31, 2018, and the consummation of the Sale Transaction on or before August 31, 2018 (the “Sale Milestones”). The Agent, in its sole discretion, may extend the Sale Milestone dates. All net cash proceeds of the Sale Transaction will be used to pay down loans outstanding under the LIFO Facility, and after, repayment of such loans, the Company’s other indebtedness under the Second Amended Credit Agreement. The Second Amended Credit Agreement, among other things, (i) waived certain potential defaults and events of default under the Amended Credit Agreement; (ii) deferred principal and interest payments on the Company’s existing term loans and revolving loans, except the LIFO Facility, until December 15, 2018; provided that the aggregate amount of deferred principal and interest payments through the closing of the Sale Transaction will be due upon such closing; and (iii) modified the interest rates applicable to such outstanding loans so that interest accrues at a rate equal to: (a) for the term loan, the highest of (1) the federal funds open rate plus 0.5%, (2) the Agent’s prime rate or (3) LIBOR plus 1.0% (the “Base Rate”), in each case plus 2.5%, and (b) for the revolving loans, the Base Rate plus an amount between 0.25% and 2.0% (as determined by a leverage ratio based on the Company’s consolidated EBITDA). The Second Amended Credit Agreement also revised the Company’s covenants under the Amended Credit Agreement to, among other things, (i) suspend the leverage ratio and fixed charge coverage ratio covenants until December 15, 2018; (ii) modify the minimum consolidated EBITDA covenant to require that the Company’s minimum consolidated EBITDA for the three fiscal month period ending on the close of each fiscal month equal or exceed (i) ($3,000) for the fiscal months ending June 30, 2018, July 31, 2018 and August 31, 2018, and (ii) ($3,500 for the fiscal months ending September 30, 2018 and thereafter; (iii) reduce the sub-limit for the issuance of letters of credit to $10,000; (iv) require periodic delivery of updated budgets and budget variance reports to the Agent and compliance with certain disbursement and net cash flow variance thresholds; (v) restrict the incurrence of expenses related to implementation of the ERP system; (vii) require that the net cash proceeds from certain asset sales and certain excess cash be used to prepay the Company’s obligations under the Amended Credit Agreement; and (viii) require the repatriation to the Loan Parties of cash on hand above a certain amount maintained by certain excluded foreign subsidiaries of the Loan Parties and restrict the transfer of assets by the Loan Parties (other than inventory in the course of ordinary business) to such excluded foreign subsidiaries unless accounted for in the budget. The Company’s obligations under the Second Amended Credit Agreement continue to be secured by substantially all of the personal property assets of the Company and all of the Company’s direct and indirect owned subsidiaries that are incorporated (or organized) under the laws of the District of Columbia or under the laws of any state or commonwealth of the United States (other than BBOX Holdings Mexico LLC). In addition, under the Second Amendment, the Company’s obligations are required to be secured by additional collateral, including (i) a first-priority pledge of all of the capital stock of each existing and subsequently acquired or organized subsidiary of the Loan Parties not pledged under the Credit Agreement, with certain exceptions; and (ii) mortgages over certain material real property of the Loan Parties located in the U.S. The Company is also required to cause the execution of deposit account control agreements with respect to certain U.S. bank accounts of the Loan Parties and to deliver to the Agent executed assignment agreements and forms of notice of assignment with respect to certain federal government contracts. Such notices may be sent upon an event of default or potential default. Effectiveness of the Second Amendment was subject to certain conditions precedent, each of which were satisfied on June 29, 2018. The outstanding balance of the LIFO Facility and all accrued and unpaid interest, fees and expenses are due and payable on December 15, 2018 or the earlier proper termination of the LIFO Facility by the Agent following an event of default. |
Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company is exposed to certain market risks, including the effect of changes in foreign currency exchange rates and interest rates. The Company uses derivative instruments to manage financial exposures that occur in the normal course of business. It does not hold or issue derivatives for speculative trading purposes. The Company is exposed to non-performance risk from the counterparties in its derivative instruments. This risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher and all counterparties are monitored on a continuous basis. The fair value of the Company’s derivatives reflects this credit risk. The Company enters into foreign currency contracts to hedge exposure to variability in expected fluctuations in foreign currencies. As of March 31, 2018, the Company had open contracts in Australian and Canadian dollars, Danish krone, Euros, Mexican pesos, Norwegian kroner, British pounds sterling, Swedish krona, Swiss francs and Japanese yen which have been designated as cash flow hedges. These contracts had a notional amount of $37,317 and will expire within five months. There was no hedge ineffectiveness during Fiscal 2018, Fiscal 2017 or Fiscal 2016. See Note 2 for additional information. The following tables summarize the carrying amounts of derivative assets/liabilities and the impact on the Company’s Consolidated Statements of Operations:
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Fair Value Disclosures |
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Fair Value Disclosures | Fair Value Disclosures Recurring fair value measurements The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2018, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.
Non-recurring fair value measurements The Company's assets and liabilities that are measured at fair value on a non-recurring basis include non-financial assets and liabilities initially measured at fair value in a business combination. |
Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act was enacted, which among numerous provisions reduced the federal statutory corporate tax rate from 35% to 21%. Based on the provisions of the Tax Reform, the Company re-measured its deferred tax assets and liabilities and adjusted its annual effective income tax rate to incorporate the lower federal corporate tax rate into the tax provision for the year ended March 31, 2018. During the year ended March 31, 2018, the Company applied the newly enacted corporate federal income tax rate, resulting in a reduction of $1,831 of the income tax benefit, which is reflected in the Company’s consolidated statements of income. The revaluation of deferred tax assets and liabilities at the lower enacted corporate tax rate resulted in a tax expense of $14,232. The change represents a discrete item for purposes of income tax accounting. Pursuant to SEC Staff Accounting Bulletin 118 (regarding the application of ASC 740 associated with the enactment of the Tax Reform), the Company continues to evaluate the impact of various domestic and international provisions of the Tax Reform as well as the impact of additional guidance that may be provided. The final impact of the Tax Reform may differ due to changes in interpretations, assumptions made by the Company, and the issuance of additional guidance. Because of the complexity of the new Global Intangible Low-Taxed Income (GILTI) tax rules, the Company continues to evaluate this provision of the Tax Reform Act and the application of ASC 740, Income Taxes. Under U.S. GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method”) or (2) factoring such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). The Company’s selection of an accounting policy with respect to the new GILTI tax rules will depend, in part, on analyzing its global income to determine whether it expects to have future U.S. inclusions in taxable income related to GILTI and, if so, what the impact is expected to be. Whether the Company expects to have future U.S. inclusions in taxable income related to GILTI depends on the Company’s current structure and estimated future results of global operations. The Company’s currently in the process of analyzing this and, as a result, is not yet able to reasonably estimate the effect of this provision of the Tax Reform Act. Therefore, the Company has not made any adjustments related to potential GILTI tax in its financial statements and has not made a policy decision regarding whether to record deferred tax on GILTI. The domestic and foreign components of Income (loss) before provision (benefit) for income taxes are as follows:
The provision (benefit) for income taxes consists of the following:
Reconciliations between income taxes computed using the federal statutory income tax rate and the Company’s effective tax rate are as follows:
The negative effective tax rate of 91.3% for Fiscal 2018 was primarily due to U.S. tax reform and valuation allowances booked against foreign tax credits, U.S. federal and state net operating loss carry-forwards, certain foreign net operating loss carry-forwards, and other U.S. deferred tax assets. The negative effective tax rate of 33.2% for Fiscal 2017 was primarily due to the reduction of deferred tax assets associated with equity awards and the mix of income across various taxing jurisdictions. The effective tax rate of 11.4% for Fiscal 2016 was primarily due to a tax benefit from an international legal entity restructuring which was partially offset by the write-off of certain deferred tax assets related to equity awards. The components of current and long-term deferred tax liabilities and assets are as follows:
At March 31, 2018, the Company had $85,920, $218,320 and $33,143 of federal, state and foreign gross net operating loss carryforwards, respectively. As a result of the past acquisitions, Section 382 of the Internal Revenue Code of 1986, as amended (the "Code"), limits the amount of net operating losses available to the Company related to those acquisitions to approximately $2,876 per year and expire pro-ratably through Fiscal 2031. Current federal losses expire in Fiscal 2038. The state gross net operating loss carry-forwards expire at various times through Fiscal 2038 and the foreign gross net operating loss carry-forwards expire at various times through Fiscal 2028, with the exception of several foreign jurisdictions, which have no expirations. A valuation allowance is provided on deferred tax assets if determined that it is more likely than not that the asset will not be realized. The Company considers all available evidence, both positive and negative, in assessing the need for a valuation allowance in each taxing jurisdiction. The evidence considered in evaluating deferred tax assets includes but is not limited to cumulative financial income over the three-year period ended March 31, 2018, excluding significant one-time charges for impairment (goodwill and other), the composition and reversal patterns of existing taxable and deductible temporary differences between financial reporting and tax, and subjective projected future income. Based on the available evidence, a valuation allowance has been recorded against U.S. Federal and state deferred tax assets and deferred tax assets for net operating losses in certain foreign taxing jurisdictions, totaling $50,449 in the aggregate. Future positive and negative events, such as the significant underperformance relative to projected or future operating results, will be monitored accordingly and a determination will be made on the ability to realize deferred tax assets at that time. In general, except for certain earnings associated with inter-company loan balances, it is the Company’s intention to reinvest all undistributed earnings of non-U.S. subsidiaries for an indefinite period of time. Therefore, except for the exceptions noted above, no deferred U.S. income taxes have been provided on undistributed earnings of non-U.S. subsidiaries, which aggregate to a deficit of approximately $6,307 based on exchange rates at March 31, 2018. A reconciliation of the change in the tax liability for unrecognized tax benefits is as follows:
Unrecognized tax benefits are classified as either current or non-current under Other liabilities within the Company's Consolidated Balance Sheets. Of the $2,355 noted above, the Company expects that $0 will reverse in the next twelve months. As of March 31, 2018, 2017 and 2016, the Company recorded $0, $494 and $435, respectively, of interest and penalties related to uncertain tax positions in current liabilities within Income taxes, all of which impacted the Company's effective tax rate. Fiscal 2013 through Fiscal 2017 remain open to examination by the Internal Revenue Service ("IRS") and Fiscal 2011 through Fiscal 2017 remain open to examination by certain state and foreign taxing jurisdictions. |
Stockholder's Equity |
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholder's Equity | Stockholder's Equity Dividends The Company made discretionary investments in the form of dividends to its shareholders of $3,611 in Fiscal 2018 compared to $7,109 and $6,617 for Fiscal 2017 and Fiscal 2016, respectively. Under the Amended Credit Agreement, the Company was no longer permitted to pay dividends. The Second Amendment maintains that restriction. This restriction is in effect until May 9, 2021, the termination date of the Second Amended Credit Agreement. See Note 6 for additional information regarding our Second Amended Credit Agreement. Common Stock Repurchases The following table presents information about the Company's common stock repurchases:
During Fiscal 2018, the Company made tax payments of $397 and withheld 45,766 shares of common stock, which were designated as treasury shares, at an average price per share of $8.68, in order to satisfy employee income taxes due as a result of the vesting of certain restricted stock units. During Fiscal 2017, the Company made tax payments of $515 and withheld 43,874 shares of common stock, which were designated as treasury shares, at an average price per share of $11.75, in order to satisfy employee income taxes due as a result of the vesting of certain restricted stock units. Since the inception of the repurchase programs beginning in April 1999 through March 31, 2018, the Company has repurchased 11,392,851 shares of common stock for an aggregate purchase price of $408,621, or an average purchase price per share of $35.87. These shares do not include the treasury shares withheld for tax payments resulting from the vesting of certain restricted stock units and performance shares. As of March 31, 2018, 1,107,149 shares were available under the most recent repurchase programs. Under the Second Amended Credit Agreement, the Company is no longer permitted to repurchase common stock through its repurchase program but is allowed to repurchase a limited amount of shares for tax payments related to the vesting of certain restricted stock units and performance shares, as applicable. This restriction is in effect until May 9, 2021, the termination date of the Second Amended Credit Agreement. See Note 6 for additional information regarding our Second Amended Credit Agreement. |
Leases |
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Leases [Abstract] | |
Operating Leases | Leases The Company leases offices, facilities, equipment and vehicles throughout the world. While most of the leases are operating leases that expire over the next three years, certain vehicles and equipment are leased under capital leases that also expire over the next three years. As leases expire, it can be expected that, in the normal course of business, certain leases will be renewed or replaced. Certain lease agreements include renewal options and escalating rents over the lease terms. Generally, the Company expenses rent on a straight-line basis over the life of the lease which commences on the date the Company has the right to control the property. The cumulative expense recognized on a straight-line basis in excess of the cumulative payments is included in Accrued expenses and Other liabilities within the Company’s Consolidated Balance Sheets. Rent expense was $14,071, $15,377 and $15,871 for Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively. |
Incentive Compensation Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Compensation Plans | Incentive Compensation Plans and Retirement Plans Performance Bonus The Company has variable compensation plans covering certain team members. These plans provide a bonus contingent on the attainment of certain annual or quarterly performance targets. The Company recorded expense of $494, $5,677 and $4,452 under its variable compensation plans for Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively. Profit Sharing and Savings Plans ("the savings plans") The Company has multiple profit sharing and savings plans which qualify as deferred salary arrangements under Section 401(k) of the Code. Participants may elect to contribute a portion of their eligible compensation, subject to limits imposed by the savings plans, which are partially matched by the Company. The Company recorded expense of $1,664, $3,344 and $2,852 for these plans during Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively. Pension Plans The Company has multiple defined benefit pension plans for which a majority of benefits have been "frozen" (i.e., no new employees will be admitted and those employees currently in the plan will not earn additional benefits based on service) and a multi-employer plan. The Company made contributions of $2,219, $0, and $0 during Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively, to its largest defined benefit pension plan. The Company's largest defined benefit pension plan had assets of $38,015, $33,928 and $32,385, a projected benefit obligation of $49,999, $47,763 and $51,006 and a resulting unfunded liability of $11,984, $13,835 and $18,621 for the periods ended March 31, 2018, 2017 and 2016, respectively. There were no significant changes in the actuarial assumptions during Fiscal 2018. See Note 2 and Note 7 for additional reference. Stock-based compensation plans On August 12, 2008 (the "Effective Date"), the Company’s stockholders approved the 2008 Long-Term Incentive Plan (the "Incentive Plan") which is designed to advance the Company’s interests and the interests of the Company’s stockholders by providing incentives to certain employees, directors, consultants, independent contractors and persons to whom an offer of employment has been extended by the Company (hereinafter referred to as "Eligible Persons"). The Incentive Plan replaced the 1992 Stock Option Plan, as amended (the "Employee Plan"), and the 1992 Director Stock Option Plan, as amended (the "Director Plan"), on the Effective Date. Stock option grants under the Employee Plan and the Director Plan, prior to the Effective Date, remain outstanding and will continue to be administered in accordance with the terms of their respective plans and plan agreements. Awards (as defined below) under the Incentive Plan may include, but need not be limited to, one or more of the following types, either alone or in any combination thereof: (i) stock options, (ii) stock appreciation rights, (iii) restricted stock, (iv) restricted stock units, (v) performance grants, (vi) other share-based awards and (vii) any other type of award deemed by the Compensation Committee (the "Compensation Committee") of the Board or any successor thereto, or such other committee of the Board as is appointed by the Board to administer the Incentive Plan, in its sole discretion, to be consistent with the purposes of the Incentive Plan (hereinafter referred to as "Awards"). The maximum aggregate number of shares of common stock available for issuance under Awards granted under the Incentive Plan, as amended, is 2,530,000 plus the number of shares that were available for the grant of stock options under the Employee Plan and the Director Plan on the Effective Date, plus the number of shares subject to stock options outstanding under the Employee Plan and the Director Plan on the Effective Date that are forfeited or cancelled prior to exercise. The following table details the shares of common stock available for grant under the Incentive Plan as of March 31, 2018.
1 On August 6, 2013, the Company's Stockholders approved amendments to the Incentive Plan, including an increase to the number of shares available for grant under the Incentive Plan by 1,000,000. 2 On August 8, 2018, the Company's Stockholders approved amendments to the Incentive Plan, including an increase to the number of shares available for grant under the Incentive Plan by 630,000. 3 The aggregate number of shares available for issuance is reduced by 1.87 shares for each issuance of a full value award (e.g., restricted stock units and performance share awards). The shares available for grant assume a 100% payout on outstanding performance share awards. Actual payout could range from 0% - 150% or 200% depending on performance goal. The Company recognized stock-based compensation expense of $3,511, $4,610 and $5,065 during Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively. The Company recognized total income tax benefit for stock-based compensation arrangements of $1,306, $1,715 and $1,933 during Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively. Stock-based compensation expense is recorded in Selling, general & administrative expenses within the Company’s Consolidated Statements of Operations. Stock options Stock option awards are granted with an exercise price equal to the closing market price of the common stock on the date of grant; such stock options generally become exercisable in equal amounts over a three-year period and have a contractual life of ten years from the grant date. The fair value of stock options is estimated on the grant date using the Black-Scholes option pricing model which includes the following weighted-average assumptions:
The following table summarizes the Company’s stock option activity:
The weighted-average grant-date fair value of options granted during Fiscal 2018, Fiscal 2017 and Fiscal 2016 was $2.48, $3.74 and $7.79, respectively. The intrinsic value of options exercised during Fiscal 2018, Fiscal 2017 and Fiscal 2016 was $0, $0 and $0, respectively. The aggregate intrinsic value in the preceding table is based on the closing stock price of the common stock on March 31, 2018 of $2.00. The following table summarizes certain information regarding the Company’s non-vested stock options:
As of March 31, 2018, there was $683 of total unrecognized pre-tax stock-based compensation expense related to non-vested stock options which is expected to be recognized over a weighted-average period of 1.9 years. Restricted stock units Restricted stock unit awards are subject to a service condition and typically vest in equal amounts over a three-year period from the grant date. The fair value of restricted stock units is determined based on the number of restricted stock units granted and the closing market price of the common stock on the date of grant. The following table summarizes the Company’s restricted stock unit activity:
The total fair value of shares that vested during Fiscal 2018, Fiscal 2017 and Fiscal 2016 was $454, $2,163 and $3,167, respectively. As of March 31, 2018, there was $1,813 of total unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock units which is expected to be recognized over a weighted-average period of 1.8 years. Performance share awards Performance share awards are subject to one of the performance goals - the Company’s Relative TSR Ranking or cumulative Adjusted EBITDA - over a three-year period. The Company’s Relative TSR Ranking metric is based on the three-year cumulative return to shareholders from the change in stock price and dividends paid between the starting and ending dates. The fair value of performance share awards (subject to cumulative Adjusted EBITDA) is determined based on the number of performance shares granted and the closing market price of the common stock on the date of grant. The fair value of performance share awards (subject to the Company’s Relative TSR Ranking) is estimated on the grant date using the Monte-Carlo simulation valuation method which includes the following weighted-average assumptions:
The following table summarizes the Company’s performance share award activity:
The total fair value of shares that vested during Fiscal 2018, Fiscal 2017 and Fiscal 2016 was $0, $0 and $0, respectively, as there were no payouts on the awards that vested based on the Company's performance with respect to the metrics established under our incentive programs. As of March 31, 2018, there was $640 of total unrecognized pre-tax stock-based compensation expense related to non-vested performance share awards which is expected to be recognized over a weighted-average period of 1.8 years. |
Earnings (loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) Per Share | Earnings (loss) Per Share The following table details the computation of basic and diluted earnings (loss) per common share from continuing operations for the periods presented (share numbers in thousands):
The Weighted-average common shares outstanding (diluted) computation is not impacted during any period where the exercise price of a stock option is greater than the average market price. There were 1,577,281, 1,274,965 and 1,526,992 non-dilutive equity awards outstanding during Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively, which are not included in the corresponding period Weighted-average common shares outstanding (diluted) computation. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The Company conducts business globally and is managed on a geographic-service type basis consisting of four operating segments which are (i) North America Products, (ii) North America Services, (iii) International Products and (iv) International Services. These operating segments are also the Company's reporting units for purposes of testing goodwill for impairment and its reporting segments for financial reporting purposes. Revenues within our North America segments are primarily attributed to the United States while revenues within our International segments are attributed to countries in Europe, the Pacific Rim and Latin America. The accounting policies of the operating segments are the same as those of the Company. The Company allocates resources to its operating segments and evaluates the performance of the operating segments based upon operating income. The financial results for the Company's reporting segments are as follows:
The Company generated revenues of $111,229, $107,440 and $90,584 with the United States Federal Government during Fiscal 2018, Fiscal 2017 and Fiscal 2016, respectively, all of which is included within the Company's North America Services reportable segment. |
Quarterly Data (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) The following tables represent summary Quarterly (Unaudited) Consolidated Statements of Operations for Fiscal 2018 and Fiscal 2017. Earnings (loss) per common share may not compute due to the use of different quarterly/annual basic and diluted shares.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is involved in, or has pending, various legal proceedings, claims, suits and complaints arising out of the normal course of business. Based on the facts currently available to the Company, Management believes these matters are adequately provided for, covered by insurance, without merit or not probable that an unfavorable material outcome will result. Product Warranties Estimated future warranty costs related to certain products are charged to expense during the period the related revenue is recognized. The product warranty liability reflects the Company’s best estimate of probable obligations under those warranties. As of March 31, 2018 and 2017, the Company has recorded a warranty reserve of $799 and $978, respectively. There has been no other significant or unusual activity during Fiscal 2018. |
Restructuring (Notes) |
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Restructuring | Restructuring The Company has incurred and continues to incur costs related to facility consolidations, such as idle facility rent obligations and the write-off of leasehold improvements, and employee severance (collectively referred to as “restructuring expense”) in a continued effort to consolidate back office functions and to make its organization more efficient. These restructuring activities are compartmentalized and are not part of an overall plan and therefore the Company cannot estimate the total amount to be incurred in connection with the activity. Employee severance is generally payable within the next twelve months with certain facility costs extending through March 31, 2019. The following table summarizes the changes to the restructuring liability for the periods presented.
Of the $2,756 above, $2,743 is classified as a current liability under Other liabilities on the Company’s Consolidated Balance Sheets for the period ended March 31, 2018. The following table summarizes restructuring expense, which is recorded in Selling, general & administrative expenses in the Company’s Consolidated Statements of Operations, during Fiscal 2018 for the Company’s reporting segments:
Company management is continuing to assess ways to align costs with revenue to improve profitability. |
Schedule II Valuation and Qualifying Accounts |
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Schedule II Valuation and Qualifying Accounts | SCHEDULE II BLACK BOX CORPORATION Valuation and Qualifying Accounts (Dollars in thousands)
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Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value. |
Allowance for doubtful accounts receivable | Allowance for doubtful accounts receivable An allowance for doubtful accounts is recorded as an offset to accounts receivable in order to present the net balance that the Company believes will be collected. This allowance is based on both recent trends in certain accounts receivable ("specific reserve") estimated to be a greater credit risk as well as general trends in the entire accounts receivable pool ("general reserve"). The Company computes a specific reserve by identifying specifically at-risk accounts receivable and applying historic reserve factors to the outstanding balance. The Company computes a general reserve by reviewing the accounts receivable aging and applying reserve factors based upon the age of the account receivable. Additions to the allowance for doubtful accounts are charged to Selling, general & administrative expenses within the Company’s Consolidated Statements of Operations, and deductions from the allowance are recorded when specific accounts receivable are written off as uncollectible. |
Inventories | Inventories Inventories are valued at the lower of cost or market. The Company uses the first-in, first-out average cost method to value the majority of its inventory. However, several locations within the Company use other valuation methods, including first-in, first-out ("FIFO"). The Company records an estimate for slow moving and obsolete inventory ("inventory reserve") based upon our product knowledge, physical inventory observation, future demand, market conditions and an aging analysis of the inventory on hand. For “convenience,” we reduce inventory cost through a contra asset rather than through a new cost basis. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve is relieved to ensure the cost basis of the inventory reflects any reductions. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Maintenance, repairs and minor renewals are charged to operations as incurred. Major renewals and betterments, which substantially extend the useful life of the property, are capitalized at cost. Upon sale or other disposition of assets, the costs and related accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is reflected in the Consolidated Statements of Operations. Depreciation is computed using the straight-line method based on the estimated useful lives of 30 to 40 years for buildings and improvements and 3 to 5 years for equipment and computer hardware and software. Leasehold improvements are depreciated over their lease terms, or useful lives, if shorter. The Company reviews long-lived assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows (undiscounted) expected to result from the use and eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. No impairment of property, plant and equipment has been identified during any of the periods presented. |
Intangible Assets | Intangible Assets Definite-lived intangible assets, which now consist solely of customer relationships, are amortized on a straight-line basis over their estimated useful lives of 4 to 20 years. The Company reviews long-lived assets, including definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows (undiscounted) expected to result from the use and eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. Indefinite-lived intangible assets, which now consist solely of the Company's trademark portfolio, are not subject to amortization. The Company reviews indefinite-lived intangible assets for impairment annually as well as whenever events or changes in circumstances indicate that the carrying amount of an indefinite-lived intangible asset may not be recoverable. We primarily use a relief from royalty income approach to determine the fair value of the trademark portfolio. If the fair value for trademarks is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. |
Derivatives Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Foreign Currency Contracts The Company has operations, clients and suppliers worldwide, thereby exposing the Company’s financial results to foreign currency fluctuations. In an effort to reduce this risk of foreign currency fluctuations, the Company generally sells and purchases inventory based on prices denominated in U.S. dollars. Intercompany sales to subsidiaries are generally denominated in the subsidiaries’ local currency. The Company has entered and will continue in the future, on a selective basis, to enter into foreign currency contracts to reduce the foreign currency exposure related to certain intercompany transactions, primarily trade receivables and loans. All of the foreign currency contracts have been designated and qualify as cash flow hedges. The effective portion of any changes in the fair value of the derivative instruments is recorded in Accumulated Other Comprehensive Income ("AOCI") until the hedged forecasted transaction occurs or the recognized currency transaction affects earnings. Once the forecasted transaction occurs or the recognized currency transaction affects earnings, the effective portion of any related gains or losses on the cash flow hedge is reclassified from AOCI to the Company’s Consolidated Statements of Operations. In the event it becomes probable that the hedged forecasted transaction will not occur, the ineffective portion of any gain or loss on the related cash flow hedge would be reclassified from AOCI to the Company’s Consolidated Statements of Operations. Interest-rate Swap To mitigate the risk of interest-rate fluctuations associated with the Company’s variable rate long-term debt, the Company has implemented an interest-rate risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings caused by interest-rate volatility. The Company’s goal is to manage interest-rate sensitivity by modifying the re-pricing characteristics of certain balance sheet liabilities so that the net-interest margin is not, on a material basis, adversely affected by the movements in interest rates. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of the Company’s foreign subsidiaries, except those subsidiaries in Brazil and Mexico, are recorded in the local currency, which is the functional currency. Foreign currency assets and liabilities are translated into U.S. dollars at the rate of exchange existing at the year-end date. Revenues and expenses are translated at the average monthly exchange rates. Adjustments resulting from these translations are recorded in AOCI within the Company’s Consolidated Balance Sheets and will be included in the Company’s Consolidated Statements of Operations upon sale or liquidation of the foreign investment. Gains and losses from foreign currency transactions, denominated in a currency other than the functional currency, are insignificant to the Consolidated Statement of Operations and are recorded in Other expenses (income) within the Company’s Consolidated Statements of Operations. The U.S. dollar is the functional currency for those subsidiaries located in Brazil and Mexico. |
Revenue | Revenue Products revenues are recognized when title to products sold passes to the client, which generally occurs upon shipment from the Company’s location, the fee is fixed or determinable, collectibility is reasonably assured and no further obligation exists. Services revenues are recognized from maintenance service contracts, moves, adds and changes and network integration services when the services are provided. Service contracts are generally pre-billed, recorded in Deferred revenue within the Company’s Consolidated Balance Sheets and are generally recognized over the service period on a straight-line basis. Revenues from the sale and installation of products and systems are recognized using the percentage-of-completion method based upon the proportion of actual costs incurred to estimated total costs. At the time a loss on a contract becomes known, the entire amount of the estimated loss is recognized immediately in the financial statements. The Company has historically made reasonably accurate estimates of the extent of progress towards completion, contract revenues and contract costs on its long-term contracts. However, due to uncertainties inherent in the estimation process, actual results could differ materially from those estimates. Sales returns - At the time of sale, an estimate for sales returns is recorded based on historical experience. Warranties - Estimated future warranty costs related to certain products are charged to operations in the period the related revenue is recognized based on historical experience. Shipping and handling fees and costs - All fees billed to clients for shipping and handling are classified as a component of Revenues. All costs associated with shipping and handling are classified as a component of Cost of sales. Sales tax and other tax presentation - Sales taxes and other taxes are collected from clients on behalf of governmental authorities at the time of sale. These taxes are accounted for on a net basis and are not included in Revenues or Cost of sales. |
Stock-Based Compensation | Stock-Based Compensation Stock options: The Company records expense for those stock awards, vesting during the period, for which the requisite service period is expected to be rendered. The Company uses historical data in order to project the future employee turnover rates used to estimate the number of stock options for which the requisite service period will not be rendered. The fair value of stock options is determined on the grant date using a Black-Scholes option pricing model which includes several subjective assumptions. The Company recognizes the fair value of these awards into expense ratably over the requisite service periods associated with the award. The assumptions are summarized as follows: Expected volatility: The Company estimates the volatility of its common stock, par value $.001 per share (the "common stock"), at the date of grant based on the historical volatility of its common stock. Dividend yield: The Company estimates the dividend yield assumption based on the Company’s historical and projected dividend payouts. Risk-free interest rate: The Company derives its risk-free interest rate on the observed interest rates appropriate for the term of the Company’s employee stock options. Expected holding period: The Company estimates the expected holding period based on historical experience. Restricted stock units: The Company records expense for those stock awards, vesting during the period, for which the requisite service period is expected to be rendered. The Company uses historical data in order to project the future employee turnover rates used to estimate the number of restricted stock units for which the requisite service period will not be rendered. The fair value of restricted stock units is determined based on the number of restricted stock units granted and the closing market price of the common stock on the date of grant. The Company recognizes the fair value of awards into expense ratably over the requisite service periods associated with the award. Performance share awards: The Company records expense for those stock awards, vesting during the period, for which the requisite service period is expected to be rendered. The Company uses historical data in order to project the future employee turnover rates used to estimate the number of performance shares for which the requisite service period will not be rendered. The fair value of performance share awards subject to a cumulative Adjusted EBITDA target (as defined in the performance share award agreement) is determined based on the number of performance shares granted and the closing market price of the common stock on the date of grant. The Company recognizes the fair value of awards into expense ratably over the requisite service periods associated with the award. The probability of vesting of the award and the applicable number of shares of common stock to be issued are reassessed at each period end. The fair value of performance share awards subject to the Company’s total shareholder return ranking relative to the total shareholder return of the common stock (or its equivalent) of the companies in a peer group (the "Company’s Relative TSR Ranking") is determined on the grant date using a Monte-Carlo simulation valuation method which includes several subjective assumptions. The Company recognizes the fair value of these awards into expense ratably over the requisite service periods associated with the award. The assumptions are summarized as follows: Expected volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. Risk-free rate. The Company derives its risk-free interest rate on the observed interest rates with an equivalent remaining term equal to the expected life of the award. Dividend yield. The Company estimates the dividend yield assumption based on the Company’s historical and projected dividend payouts. |
Marketing and Advertising Expenses | Marketing and Advertising Expenses Catalogs and other direct marketing pieces are capitalized and amortized over their expected period of future benefit ranging from one to two years, which is recorded in Prepaid and other assets within the Company’s Consolidated Balance Sheets. All other advertising costs are expensed as incurred |
Income Taxes | Income Taxes The Company accounts for income taxes using an asset and liability approach, which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates. A valuation allowance is provided on deferred tax assets if it is determined that it is more likely than not that the asset will not be realized. The Company requires that the realization of an uncertain income tax position must be "more likely than not" (i.e., greater than 50% likelihood of receiving a benefit) before it can be recognized in the financial statements. The benefit to be recorded in the financial statements is the amount most likely to be realized assuming a review by tax authorities having all relevant information and applying current conventions. The Company includes interest and penalties related to uncertain tax positions within the Provision (benefit) for income taxes within the Company’s Consolidated Statements of Operations. |
Per share information | Per share information Basic earnings (loss) per common share ("basic EPS") is computed by dividing Net income (loss) by the weighted-average number of shares of the common stock outstanding during the period. Diluted earnings (loss) per share of the common stock is computed similarly to that of basic EPS, except that the weighted-average number of shares of the common stock outstanding during the period is adjusted to include the number of additional shares of the common stock that would have been outstanding if the potential number of dilutive shares of the common stock had been issued. |
Fair Value | Fair Value The Company’s assets and liabilities recorded at fair value are based on the observability of inputs, which are categorized using a fair value hierarchy that ranks the quality and reliability of the information used to determine fair value. The levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Inputs that are both significant to the fair value measurement and unobservable. Assets and liabilities measured at fair value are based on one or more of the valuation techniques. The valuation techniques are described below. Market approach: The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Cost approach: The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (current replacement cost). Income approach: The income approach uses valuation techniques to convert future amounts to a single present amount. The fair value of foreign currency contracts is determined using the market approach and primarily based on observable foreign exchange forward rates. The fair value of pension plan assets is determined using a market approach and consists of $26,707 of mutual funds measured using level 1 inputs and $11,308 of common collective trusts measured using level 2 inputs. The fair value of the interest-rate swaps is determined using the income approach and is predominately based on observable interest rates and yield curves. The fair value of certain of the Company’s financial instruments, including Accounts receivable and Accounts payable, approximates the carrying value due to the relatively short maturity of such instruments. The fair value of the Company's Long-term debt approximates carrying value because the interest rate is subject to change with market interest rates. There have been no changes in the Company’s valuation techniques used to measure fair values during Fiscal 2018. See Note 8 for further reference. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards |
Inventories (Tables) |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | The Company’s Inventories consist of the following:
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Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | The Company’s Property, plant and equipment consist of the following:
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Intangible Assets (Tables) |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Definite-lived and Indefinite-lived Intangible Assets | The following table summarizes the gross carrying amount, accumulated amortization and net carrying amount by intangible asset class:
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Schedule of Changes in Net Carrying Amounts of Intangible Assets | The following table summarizes the changes to the net carrying amounts by Intangible asset class:
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Schedule of Expected Amortization Expense | The following table details the estimated intangibles amortization expense for the next five years.
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Indebtedness (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | The Company’s debt consists of the following:
(1) Refer below for additional details regarding the Company's amended credit agreement which includes a revolving credit agreement and a term loan. |
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Schedule of Maturities of Total Debt | Refer to the table below for the scheduled maturities or required payments of total debt for each of the five succeeding fiscal years after March 31, 2018. However, based on the fact that the Company would have defaulted the minimum Adjusted EBITDA covenant and certain other covenants as defined by the Amended Credit Agreement had these defaults not been waived under the Second Amendment as well as the fact that, beyond December 2018, current conditions raise substantial doubt about our ability to repay our indebtedness under the Second Amended Credit Agreement upon maturity and our ability to meet the covenants as defined under the Second Amendment (see further below), the obligations under the Company's revolving credit agreement and term loan are classified as current liabilities in the Consolidated Balance Sheets as of March 31, 2018.
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Derivative Instruments and Hedging Activities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments and Impact on Statements of Operations | The following tables summarize the carrying amounts of derivative assets/liabilities and the impact on the Company’s Consolidated Statements of Operations:
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Fair Value Disclosures (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2018, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and foreign components of Income (loss) before provision (benefit) for income taxes are as follows:
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Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes consists of the following:
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Schedule of Effective Income Tax Rate Reconciliation | Reconciliations between income taxes computed using the federal statutory income tax rate and the Company’s effective tax rate are as follows:
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Schedule of Deferred Tax Assets and Liabilities | The components of current and long-term deferred tax liabilities and assets are as follows:
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Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the change in the tax liability for unrecognized tax benefits is as follows:
|
Stockholder's Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock Repurchases | The following table presents information about the Company's common stock repurchases:
|
Incentive Compensation Plans and Retirement Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Common Stock Available for Grant | The following table details the shares of common stock available for grant under the Incentive Plan as of March 31, 2018.
1 On August 6, 2013, the Company's Stockholders approved amendments to the Incentive Plan, including an increase to the number of shares available for grant under the Incentive Plan by 1,000,000. 2 On August 8, 2018, the Company's Stockholders approved amendments to the Incentive Plan, including an increase to the number of shares available for grant under the Incentive Plan by 630,000. 3 The aggregate number of shares available for issuance is reduced by 1.87 shares for each issuance of a full value award (e.g., restricted stock units and performance share awards). The shares available for grant assume a 100% payout on outstanding performance share awards. Actual payout could range from 0% - 150% or 200% depending on performance goal. |
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Schedule of Stock Options, Valuation Assumptions | The fair value of stock options is estimated on the grant date using the Black-Scholes option pricing model which includes the following weighted-average assumptions:
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Schedule of Stock Options, Activity | The following table summarizes the Company’s stock option activity:
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Schedule of Stock Options, Nonvested Share Activity | The following table summarizes certain information regarding the Company’s non-vested stock options:
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Schedule of Restricted Stock Units, Activity | The following table summarizes the Company’s restricted stock unit activity:
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Schedule of Performance Share Units, Valuation Assumptions | The fair value of performance share awards (subject to the Company’s Relative TSR Ranking) is estimated on the grant date using the Monte-Carlo simulation valuation method which includes the following weighted-average assumptions:
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Schedule of Performance Share Units, Activity | The following table summarizes the Company’s performance share award activity:
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Earnings (loss) Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table details the computation of basic and diluted earnings (loss) per common share from continuing operations for the periods presented (share numbers in thousands):
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The financial results for the Company's reporting segments are as follows:
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Quarterly Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following tables represent summary Quarterly (Unaudited) Consolidated Statements of Operations for Fiscal 2018 and Fiscal 2017. Earnings (loss) per common share may not compute due to the use of different quarterly/annual basic and diluted shares.
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Restructuring (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve | The following table summarizes the changes to the restructuring liability for the periods presented.
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Restructuring Expense | The following table summarizes restructuring expense, which is recorded in Selling, general & administrative expenses in the Company’s Consolidated Statements of Operations, during Fiscal 2018 for the Company’s reporting segments:
|
Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,816 | $ 1,708 |
Finished goods | 34,635 | 35,036 |
Inventory, gross | 36,451 | 36,744 |
Excess and obsolete inventory reserves | (9,459) | (11,362) |
Inventories, net | $ 26,992 | $ 25,382 |
Intangible Assets (Expected Future Amortization Expense) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2018 | $ 5,616 | |
2019 | 5,119 | |
2020 | 4,659 | |
2021 | 3,058 | |
2022 | 2,802 | |
Thereafter | 12,903 | |
Total | $ 34,157 | $ 41,623 |
Indebtedness (Debt Summary) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Short-term debt | $ 157,832 | $ 964 |
Long-term debt | 477 | 88,782 |
Total Debt | 158,309 | 89,746 |
Revolving credit agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 88,400 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt | 477 | 382 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Short-term debt | 47,500 | 0 |
Revolving credit agreement | ||
Debt Instrument [Line Items] | ||
Short-term debt | 110,000 | 964 |
Other Short-Term Debt | ||
Debt Instrument [Line Items] | ||
Short-term debt | $ 332 | $ 0 |
Indebtedness (Maturities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Total Debt of Registrant, Maturities, Repayments of Principal, Fiscal Year Maturity [Abstract] | ||
2019 | $ 7,832 | |
2020 | 10,277 | |
2021 | 10,147 | |
2022 | 130,046 | |
2023 | 7 | |
Long-term debt | $ 158,309 | $ 89,746 |
Derivative Instruments and Hedging Activities (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Jul. 26, 2012 |
Mar. 31, 2018 |
|
Derivatives designated as hedging instruments | ||
Derivative [Line Items] | ||
Foreign currency contracts, hedge ineffectiveness | $ 0 | |
Foreign currency contracts | Derivatives designated as hedging instruments | Cash flow hedging | ||
Derivative [Line Items] | ||
Notional amount | $ 37,317,000 | |
Remaining maturity | 5 months | |
Interest-rate swaps | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Remaining maturity | 3 years |
Derivative Instruments and Hedging Activities (Effect on Consolidated Balance Sheets) (Details) - Derivatives designated as hedging instruments - Foreign currency contracts - USD ($) $ in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Other liabilities (current) | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 225 | $ 573 |
Other assets (current) | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 45 | $ 87 |
Derivative Instruments and Hedging Activities (Effect on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Derivatives designated as hedging instruments | Foreign currency contracts | Other comprehensive income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in other comprehensive income (effective portion), net of taxes | $ (1,404) | $ (892) | $ (580) |
Derivatives designated as hedging instruments | Foreign currency contracts | Selling, general & administrative expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amounts reclassified from AOCI into results of operations (effective portion), net of taxes | 1,804 | 799 | 528 |
Derivatives not designated as hedging instruments | Interest-rate swaps | Interest expense (income), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in results of operations | $ 0 | $ 0 | $ 399 |
Income Taxes (Schedule of Income before Income Tax) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Dec. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ (46,093) | $ (8,212) | $ (184,598) | ||||||||
Foreign | (6,226) | 2,918 | (8,486) | ||||||||
Income (loss) before provision for income taxes | $ (19,314) | $ (8,966) | $ (14,245) | $ (1,164) | $ 1,643 | $ (7,629) | $ 1,856 | $ (9,794) | $ (52,319) | $ (5,294) | $ (193,084) |
Income Taxes (Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Dec. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Current | |||||||||||
Federal | $ (3,028) | $ (10) | $ 1,037 | ||||||||
State | 503 | (1,200) | 1,058 | ||||||||
Foreign | 1,698 | 1,600 | 2,067 | ||||||||
Total current | (827) | 390 | 4,162 | ||||||||
Deferred | |||||||||||
Federal | 44,779 | 210 | (23,012) | ||||||||
State | 6,013 | 1,258 | (3,785) | ||||||||
Foreign | (2,189) | (101) | 653 | ||||||||
Total deferred | 48,603 | 1,367 | (26,144) | ||||||||
Total provision (benefit) for income taxes | $ 31,696 | $ 2,434 | $ (4,498) | $ 625 | $ 324 | $ (1,524) | $ 2,332 | $ 18,144 | $ 47,776 | $ 1,757 | $ (21,982) |
Income Taxes (Schedule of Effective Income Tax Reconciliation) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Dec. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||
Federal statutory tax rate | $ (16,480) | $ (1,853) | $ (67,580) | ||||||||
Foreign taxes, net of foreign tax credits | 870 | 143 | 419 | ||||||||
Non-deductible expenses | 86 | 317 | 588 | ||||||||
State income taxes, net of federal benefit | (1,359) | (336) | (2,242) | ||||||||
Tax reform | 15,220 | 0 | 0 | ||||||||
Valuation allowance | 45,115 | 498 | 1,317 | ||||||||
Permanent book/tax differences | 0 | 0 | 45,732 | ||||||||
Equity awards | 2,184 | 2,800 | 1,814 | ||||||||
Other, net | 2,140 | 188 | (2,030) | ||||||||
Total provision (benefit) for income taxes | $ 31,696 | $ 2,434 | $ (4,498) | $ 625 | $ 324 | $ (1,524) | $ 2,332 | $ 18,144 | $ 47,776 | $ 1,757 | $ (21,982) |
Effective Income Tax Rate Reconciliation, Percent (%) [Abstract] | |||||||||||
Federal statutory tax rate | 31.50% | 35.00% | 35.00% | ||||||||
Foreign taxes, net of foreign tax credits | (1.70%) | (2.70%) | (0.20%) | ||||||||
Non-deductible expenses | (0.20%) | (6.00%) | (0.30%) | ||||||||
State income taxes, net of federal benefit | 2.60% | 6.30% | 1.20% | ||||||||
Tax reform | (29.10%) | 0.00% | 0.00% | ||||||||
Valuation allowance | (86.20%) | (9.40%) | (0.70%) | ||||||||
Permanent book/tax differences | 0.00% | 0.00% | (23.70%) | ||||||||
Equity awards | (4.20%) | (52.90%) | (0.90%) | ||||||||
Other, net | (4.00%) | (3.50%) | 1.00% | ||||||||
Effective tax rate | (91.30%) | (33.20%) | 11.40% |
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Deferred Tax Liabilities | ||
Goodwill and intangibles | $ 0 | $ 854 |
Other | 123 | 857 |
Gross deferred tax liabilities | 123 | 1,711 |
Deferred Tax Assets | ||
Net operating losses | 37,273 | 37,611 |
Basis of finished goods inventory | 2,151 | 5,264 |
Foreign tax credit carry-forwards | 8,292 | 3,805 |
Accrued employee costs | 6,232 | 10,904 |
Stock-based compensation | 1,957 | 2,999 |
Gross deferred tax assets | 57,046 | 60,583 |
Valuation allowance | (50,449) | (5,333) |
Net deferred tax assets | 6,597 | 55,250 |
Net deferred tax assets/(liabilities) | 6,474 | 53,539 |
Deferred Tax Assets, Goodwill and Intangible Assets | $ 1,141 | $ 0 |
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 2,006 | $ 2,016 | |
Additions for tax positions related to the current year | 12 | 78 | $ 85 |
Additions for tax positions related to prior years | 337 | 60 | 0 |
Reductions for tax positions related to prior years | 0 | (148) | (2,152) |
Balance at end of year | $ 2,355 | $ 2,006 | $ 2,016 |
Stockholder's Equity (Dividends) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Oct. 01, 2016 |
Mar. 31, 2016 |
---|---|---|---|
Stockholders' Equity Note [Abstract] | |||
Dividends, aggregate value | $ 0 | $ 1,795 | $ 1,652 |
Stockholder's Equity (Common Stock Repurchases) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | 228 Months Ended | |
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2018 |
|
Stockholders' Equity Note [Abstract] | |||
Common stock purchased (shares) | 45,766 | 241,792 | 11,392,851 |
Aggregate purchase price | $ 397 | $ 2,475 | $ 408,621 |
Average price per share for treasury shares | $ 8.68 | $ 10.24 | $ 35.87 |
Payment related to tax withholding for share-based compensation | $ 397 | $ 515 | |
Shares paid for tax withholding for share-based compensation (shares) | 45,766 | 43,874 | |
Average price per share for shares repurchased from employees for tax payment for share-based compensation | $ 8.68 | $ 11.75 | |
Stock repurchase programs, remaining number of shares authorized to be repurchased | 1,107,149 | 1,107,149 |
Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Leases [Abstract] | |||
Operating leases, expiration period | 3 years | ||
Capital lease, expiration period | 3 years | ||
Rent expense | $ 14,071 | $ 15,377 | $ 15,871 |
Incentive Compensation Plans and Retirement Plans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Performance bonus expense | $ 494 | $ 5,677 | $ 4,452 |
Profit Share and Savings Plans [Abstract] | |||
Defined contribution plan expense | 1,664 | 3,344 | 2,852 |
Pension Plans [Abstract] | |||
Defined benefit plan, assets | 38,015 | 33,928 | 32,385 |
Defined benefit plan, benefit obligation | 49,999 | 47,763 | 51,006 |
Defined benefit plan, unfunded status | 11,984 | 13,835 | 18,621 |
Share-based compensation expense | 3,511 | 4,610 | 5,065 |
Income tax benefit for stock-based compensation arrangments | $ 1,306 | $ 1,715 | $ 1,933 |
Incentive Compensation Plans and Retirement Plans (Restricted Stock Units) (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Stock-based Compensation, Nonvested, Shares (in 000's) [Roll Forward] | |||
March 31, 2017 | 340 | ||
Granted | 430 | ||
Vested | (227) | ||
Forfeited | (182) | ||
March 31, 2018 | 361 | 340 | |
Stock-based Compensation, Nonvested, Weighted Average Grant Date Fair Value (Per Share) [Roll Forward] | |||
March 31, 2017 | $ 14.24 | ||
Granted | 7.92 | ||
Vested | 12.37 | ||
Forfeited | 10.65 | ||
March 31, 2018 | $ 9.70 | $ 14.24 | |
Total fair value of shares vested | $ 454 | $ 2,163 | $ 3,167 |
Total unrecognized pre-tax stock-based compensation expense related to non-vested shares | $ 1,813 | ||
Weighted-average period of recognition | 1 year 10 months |
Earnings (loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Dec. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | $ (51,010) | $ (11,400) | $ (9,747) | $ (1,789) | $ 1,319 | $ (6,105) | $ (476) | $ (27,938) | $ (100,095) | $ (7,051) | $ (171,102) |
Weighted-average common shares outstanding (basic) (shares) | 15,075,000 | 15,077,000 | 15,303,000 | ||||||||
Effect of dilutive securities from equity awards (shares) | 0 | 0 | 0 | ||||||||
Weighted-average common shares outstanding (diluted) (shares) | 15,075,000 | 15,077,000 | 15,303,000 | ||||||||
Basic earnings (loss) per common share (in US$ per share) | $ (3.37) | $ (0.75) | $ (0.65) | $ (0.12) | $ 0.09 | $ (0.40) | $ (0.03) | $ (1.85) | $ (6.64) | $ (0.47) | $ (11.18) |
Dilutive earnings (loss) per common share (in US$ per share) | $ (3.37) | $ (0.75) | $ (0.65) | $ (0.12) | $ 0.09 | $ (0.40) | $ (0.03) | $ (1.85) | $ (6.64) | $ (0.47) | $ (11.18) |
Non-dilutive equity awards excluded from computation of weighted-average common shares outstanding (shares) | 1,577,281 | 1,274,965 | 1,526,992 |
Segment Reporting (Narrative) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Jul. 01, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Oct. 01, 2016
USD ($)
|
Jul. 02, 2016
USD ($)
|
Dec. 30, 2017
USD ($)
|
Mar. 31, 2018
USD ($)
segment
|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | segment | 4 | ||||||||||
Revenues | $ 193,956 | $ 194,164 | $ 191,644 | $ 208,132 | $ 210,370 | $ 218,749 | $ 218,480 | $ 194,873 | $ 774,637 | $ 855,731 | $ 912,655 |
United States Federal Government | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 111,229 | $ 107,440 | $ 90,584 |
Segment Reporting (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Dec. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 193,956 | $ 194,164 | $ 191,644 | $ 208,132 | $ 210,370 | $ 218,749 | $ 218,480 | $ 194,873 | $ 774,637 | $ 855,731 | $ 912,655 |
Gross profit | 52,977 | 56,493 | 52,603 | 58,420 | 62,443 | 54,444 | 67,653 | 52,679 | 214,752 | 242,960 | 270,337 |
Operating income (loss) | (17,128) | (7,372) | (12,897) | (262) | 2,761 | (6,538) | 2,720 | (7,888) | (45,285) | (1,319) | (187,825) |
Depreciation | 9,460 | 9,382 | 8,562 | ||||||||
Intangibles amortization | 1,551 | 2,109 | 2,230 | 2,286 | 2,298 | 2,304 | 2,451 | 1,604 | 7,494 | 9,339 | 10,311 |
Restructuring expense | 5,570 | 4,653 | 9,196 | ||||||||
Asset impairment loss | 9,748 | $ 1,426 | $ 0 | 0 | $ 0 | $ 536 | $ 0 | $ 0 | 11,174 | 536 | 192,186 |
Capital expenditures | 4,450 | 7,167 | 10,477 | ||||||||
Assets | 376,335 | 427,117 | 376,335 | 427,117 | 475,794 | ||||||
North America Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring expense | 881 | ||||||||||
North America Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring expense | 3,864 | ||||||||||
International Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring expense | 278 | ||||||||||
International Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring expense | 547 | ||||||||||
Operating Segments | North America Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 68,597 | 73,728 | 84,654 | ||||||||
Gross profit | 30,472 | 31,193 | 35,643 | ||||||||
Operating income (loss) | (962) | 2,176 | (34,654) | ||||||||
Depreciation | 1,773 | 1,690 | 1,458 | ||||||||
Intangibles amortization | 0 | 0 | 0 | ||||||||
Restructuring expense | 881 | 829 | |||||||||
Asset impairment loss | 198 | 0 | 36,901 | ||||||||
Capital expenditures | 572 | 1,398 | 5,188 | ||||||||
Assets | 46,929 | 43,003 | 46,929 | 43,003 | 56,412 | ||||||
Operating Segments | North America Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 601,078 | 672,036 | 715,839 | ||||||||
Gross profit | 149,319 | 173,128 | 194,401 | ||||||||
Operating income (loss) | (36,037) | (3,904) | (143,967) | ||||||||
Depreciation | 6,645 | 6,696 | 6,241 | ||||||||
Intangibles amortization | 7,051 | 8,885 | 10,273 | ||||||||
Restructuring expense | 3,864 | 2,881 | |||||||||
Asset impairment loss | 10,976 | 536 | 142,771 | ||||||||
Capital expenditures | 2,715 | 3,864 | 3,976 | ||||||||
Assets | 271,835 | 333,052 | 271,835 | 333,052 | 358,996 | ||||||
Operating Segments | International Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 68,787 | 81,214 | 81,882 | ||||||||
Gross profit | 27,304 | 32,460 | 33,350 | ||||||||
Operating income (loss) | (7,209) | (927) | (3,781) | ||||||||
Depreciation | 660 | 746 | 686 | ||||||||
Intangibles amortization | 443 | 454 | 38 | ||||||||
Restructuring expense | 278 | 925 | |||||||||
Asset impairment loss | 0 | 0 | 5,348 | ||||||||
Capital expenditures | 780 | 1,202 | 988 | ||||||||
Assets | 41,258 | 35,967 | 41,258 | 35,967 | 42,045 | ||||||
Operating Segments | International Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 36,175 | 28,753 | 30,280 | ||||||||
Gross profit | 7,657 | 6,179 | 6,943 | ||||||||
Operating income (loss) | (1,077) | 1,336 | (5,423) | ||||||||
Depreciation | 382 | 250 | 177 | ||||||||
Intangibles amortization | 0 | 0 | 0 | ||||||||
Restructuring expense | 547 | 18 | |||||||||
Asset impairment loss | 0 | 0 | 7,166 | ||||||||
Capital expenditures | 383 | 703 | 325 | ||||||||
Assets | $ 16,313 | $ 15,095 | $ 16,313 | $ 15,095 | $ 18,341 |
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Oct. 01, 2016 |
Jul. 02, 2016 |
Dec. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
||||
Revenues | ||||||||||||||
Products | $ 32,855 | $ 37,248 | $ 32,888 | $ 36,689 | $ 36,109 | $ 42,263 | $ 39,881 | $ 34,393 | $ 137,384 | $ 154,942 | $ 166,536 | |||
Services | 161,101 | 156,916 | 158,756 | 171,443 | 174,261 | 176,486 | 178,599 | 160,480 | 637,253 | 700,789 | 746,119 | |||
Total | 193,956 | 194,164 | 191,644 | 208,132 | 210,370 | 218,749 | 218,480 | 194,873 | 774,637 | 855,731 | 912,655 | |||
Cost of sales | ||||||||||||||
Products | 18,324 | 21,166 | 19,027 | 21,010 | 20,133 | 27,213 | 22,933 | 21,091 | 79,608 | 91,289 | 97,543 | |||
Services | 122,655 | 116,505 | 120,014 | 128,702 | 127,794 | 137,092 | 127,894 | 121,103 | 480,277 | 521,482 | 544,775 | |||
Total | 140,979 | 137,671 | 139,041 | 149,712 | 147,927 | 164,305 | 150,827 | 142,194 | 559,885 | [1] | 612,771 | 642,318 | ||
Gross profit | 52,977 | 56,493 | 52,603 | 58,420 | 62,443 | 54,444 | 67,653 | 52,679 | 214,752 | 242,960 | 270,337 | |||
Selling, general & administrative expenses | 58,806 | 60,330 | 63,270 | 56,396 | 57,384 | 58,142 | 62,482 | 58,963 | 241,369 | 234,404 | 255,665 | |||
Asset impairment loss | 9,748 | 1,426 | 0 | 0 | 0 | 536 | 0 | 0 | 11,174 | 536 | 192,186 | |||
Intangibles amortization | 1,551 | 2,109 | 2,230 | 2,286 | 2,298 | 2,304 | 2,451 | 1,604 | 7,494 | 9,339 | 10,311 | |||
Operating income (loss) | (17,128) | (7,372) | (12,897) | (262) | 2,761 | (6,538) | 2,720 | (7,888) | (45,285) | (1,319) | (187,825) | |||
Interest expense, net | 2,099 | 1,801 | 1,218 | 1,043 | 1,055 | 1,050 | 1,207 | 1,737 | 6,855 | 4,355 | 4,712 | |||
Other expenses (income), net | 87 | (207) | 130 | (141) | 63 | 41 | (343) | 169 | 179 | (380) | 547 | |||
Income (loss) before provision for income taxes | (19,314) | (8,966) | (14,245) | (1,164) | 1,643 | (7,629) | 1,856 | (9,794) | (52,319) | (5,294) | (193,084) | |||
Provision (benefit) for income taxes | 31,696 | 2,434 | (4,498) | 625 | 324 | (1,524) | 2,332 | 18,144 | 47,776 | 1,757 | (21,982) | |||
Net income (loss) | $ (51,010) | $ (11,400) | $ (9,747) | $ (1,789) | $ 1,319 | $ (6,105) | $ (476) | $ (27,938) | $ (100,095) | $ (7,051) | $ (171,102) | |||
Earnings (loss) per common share | ||||||||||||||
Basic (in US$ per share) | $ (3.37) | $ (0.75) | $ (0.65) | $ (0.12) | $ 0.09 | $ (0.40) | $ (0.03) | $ (1.85) | $ (6.64) | $ (0.47) | $ (11.18) | |||
Diluted (in US$ per share) | $ (3.37) | $ (0.75) | $ (0.65) | $ (0.12) | $ 0.09 | $ (0.40) | $ (0.03) | $ (1.85) | $ (6.64) | $ (0.47) | $ (11.18) | |||
|
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Warranty reserve | $ 799 | $ 978 |
Restructuring - Narrative (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
---|---|---|---|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring liability | $ 2,756 | $ 5,136 | $ 7,284 |
Other Liabilities | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring liability, current | $ 2,743 |
Restructuring - Changes to Restructuring Liability (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Restructuring Reserve [Roll Forward] | |||
Restructuring Liability | $ 5,136 | $ 7,284 | |
Restructuring expense | 5,570 | 4,653 | $ 9,196 |
Cash expenditures | (7,950) | (6,801) | |
Restructuring Liability | 2,756 | 5,136 | 7,284 |
Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Liability | 4,850 | 7,050 | |
Restructuring expense | 5,220 | 4,220 | |
Cash expenditures | (7,418) | (6,420) | |
Restructuring Liability | 2,652 | 4,850 | 7,050 |
Facility Closures | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Liability | 286 | 234 | |
Restructuring expense | 350 | 433 | |
Cash expenditures | (532) | (381) | |
Restructuring Liability | $ 104 | $ 286 | $ 234 |
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Excess and obsolete inventory reserves [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning | $ 11,361 | $ 20,163 | $ 16,624 |
Additions Charged to Expense | 1,049 | 10,659 | 7,735 |
Additions from Acquisitions | 0 | 0 | 0 |
Reductions from Reserves | (2,951) | (19,461) | (4,196) |
Other | 0 | 0 | 0 |
Balance, ending | 9,459 | 11,361 | 20,163 |
Provision for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning | 4,084 | 7,808 | 5,109 |
Additions Charged to Expense | 1,436 | 1,375 | 3,819 |
Additions from Acquisitions | 0 | 0 | 0 |
Reductions from Reserves | (2,498) | (5,099) | (1,120) |
Other | 0 | 0 | 0 |
Balance, ending | $ 3,022 | $ 4,084 | $ 7,808 |
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