FOREIGN CURRENCY TRANSACTIONS AND DERIVATIVES

12 Months Ended

Mar. 31, 2013

FOREIGN CURRENCY TRANSACTIONS AND DERIVATIVES [Abstract]

FOREIGN CURRENCY TRANSACTIONS AND DERIVATIVES

11. FOREIGN CURRENCY TRANSACTIONS AND DERIVATIVES

The Company is exposed to foreign exchange rate risks related to assets and liabilities that are denominated in non-local currency and current inter-company balances due to and from the Company's foreign subsidiaries. The Company enters into foreign currency forward contracts to sell or buy currencies with the intent of mitigating foreign exchange rate risks related to these balances. The Company does not hedge currency risk related to anticipated revenue or expenses denominated in foreign currency. All foreign exchange derivatives are recognized on the consolidated balance sheets at fair value (see note 3).

The foreign currency net gains or (losses) for the years ended March 31, 2013, 2012 and 2011 were $(11,000), $193,000 and $(1.9) million, respectively. The hedging transaction net losses from foreign exchange derivative contracts were $497,000, $525,000 and $169,000, respectively. These amounts were recorded to "administrative and general" in the consolidated statements of comprehensive income (loss).

The Company had derivative contracts maturing through April 2013 to sell $1.8 million and purchase $15.4 million in foreign currencies at March 31, 2013 and had derivative contracts maturing through April 2012 to sell $5.5 million and purchase $9.6 million in foreign currencies at March 31, 2012.