Foreign Currency Translation

9 Months Ended

Dec. 31, 2011

Foreign Currency Translation [Abstract]

Foreign Currency Translation

13. Foreign Currency Translation

We translate all assets and liabilities using period-end exchange rates.  We translate statements of operations items using average exchange rates for the period.  We record the resulting translation adjustment within accumulated other comprehensive loss, a separate component of shareholders' equity.  We recognize foreign currency transaction gains and losses in our consolidated statements of operations, including unrealized gains and losses on short-term intercompany obligations using period-end exchange rates.

We recognize exchange gains and losses primarily as a result of fluctuations in currency rates between the U.S. dollar (the functional reporting currency) and the Euro and British pound (currencies of our subsidiaries), as well as their effect on the dollar denominated intercompany obligations between us and our foreign subsidiaries.  All intercompany balances are revolving in nature and we do not deem them to be long-term balances.  For the three months ended December 31, 2011 and 2010, we recognized foreign currency exchange (loss) gain of $(11,000) and $1,000 respectively.  For the nine months ended December 31, 2011 and 2010, we recognized foreign currency exchange (loss) gain of $(14,000) and $13,000 respectively.