Employees' Retirement Plan

12 Months Ended

Mar. 31, 2012

Employees' Retirement Plan

11.   Employees’ Retirement Plan

The Company maintains a 401(k) Plan which is qualified under the Internal Revenue Code.  All full-time employees are eligible to participate in the plan after six months of full time employment.  Employees may make voluntary contributions to the plan, which is matched by the Company at the rate of $1.00 for every $1.00 of employee contribution up to 3% of wages, and $.50 for every $1.00 of employee contributions on the next 2% of wages, subject to certain limitations.  Employer contributions are fully vested when earned.

Effective April 1, 2009, the Company match portion of the 401(k) program was suspended through December 31, 2010 due to the unstable economic environment the country experienced during this period.  On January 1, 2011, the Company matching program was reinstated.  The Company contributions and administration costs recognized as expense in General and Administration expenses were approximately $282,000 and $61,000 for fiscal 2012 and fiscal 2011, respectively.