|
Income Taxes (Tables)
|
12 Months Ended |
|
Mar. 31, 2013
|
| Income Taxes |
|
| Schedule of reconciliation of income tax (benefit) expense to the federal statutory rate |
A reconciliation of income tax (benefit) expense to the federal statutory rate follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31, |
|
|
|
2013 |
|
2012 |
|
2011 |
|
|
Federal income tax at the statutory rate
|
|
$ |
(7,436 |
) |
$ |
(6,317 |
) |
$ |
(12,997 |
) |
|
State taxes, net of federal effect
|
|
|
(661 |
) |
|
(727 |
) |
|
(1,390 |
) |
|
Foreign taxes
|
|
|
675 |
|
|
313 |
|
|
461 |
|
|
R&D tax credit
|
|
|
(1,157 |
) |
|
(455 |
) |
|
(367 |
) |
|
Impact of state rate change
|
|
|
838 |
|
|
(693 |
) |
|
1,541 |
|
|
Warrant liability
|
|
|
(299 |
) |
|
(5,301 |
) |
|
9,981 |
|
|
Expiring NOL
|
|
|
— |
|
|
9,765 |
|
|
6,278 |
|
|
Valuation allowance
|
|
|
(1,877 |
) |
|
3,423 |
|
|
(4,343 |
) |
|
Excess tax benefit—stock compensation
|
|
|
10,383 |
|
|
— |
|
|
— |
|
|
Other
|
|
|
228 |
|
|
178 |
|
|
1,076 |
|
| |
|
|
|
|
|
|
|
|
Income tax expense (benefit)
|
|
$ |
694 |
|
$ |
186 |
|
$ |
240 |
|
| |
|
|
|
|
|
|
|
|
| Schedule of the Company's deferred tax assets and liabilities |
The Company's deferred tax assets and liabilities consisted of the following at March 31, 2013 and 2012 (in thousands):
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
Inventories
|
|
$ |
1,754 |
|
$ |
1,492 |
|
|
Warranty reserve
|
|
|
866 |
|
|
597 |
|
|
Deferred revenue
|
|
|
532 |
|
|
466 |
|
|
Net operating loss ("NOL") carryforwards
|
|
|
211,724 |
|
|
215,545 |
|
|
Tax credit carryforwards
|
|
|
18,295 |
|
|
17,013 |
|
|
Depreciation, amortization and impairment loss
|
|
|
3,997 |
|
|
4,252 |
|
|
Other
|
|
|
5,498 |
|
|
5,434 |
|
| |
|
|
|
|
|
|
Deferred tax assets
|
|
|
242,666 |
|
|
244,799 |
|
|
Valuation allowance for deferred tax assets
|
|
|
(232,555 |
) |
|
(234,432 |
) |
| |
|
|
|
|
|
|
Deferred tax assets, net of valuation allowance
|
|
|
10,111 |
|
|
10,367 |
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
Federal benefit of state taxes
|
|
|
(10,111 |
) |
|
(10,367 |
) |
| |
|
|
|
|
|
|
Net deferred tax assets
|
|
$ |
— |
|
$ |
— |
|
| |
|
|
|
|
|
|
| Schedule of the Company's NOL and tax credit carry forwards for federal and state income tax purposes |
The Company's NOL and tax credit carryforwards for federal and state income tax purposes at March 31, 2013 were as follows (in thousands):
|
|
|
|
|
|
|
|
Amount |
|
Expiration
Period |
|
Federal NOL
|
|
$ |
592,005 |
|
2018 - 2033 |
|
State NOL
|
|
$ |
283,866 |
|
2013 - 2033 |
|
Federal tax credit carryforwards
|
|
$ |
9,577 |
|
2018 - 2033 |
|
State tax credit carryforwards
|
|
$ |
8,718 |
|
Indefinite |
|
| Schedule of reconciliation of the beginning and ending amount of total gross unrecognized tax benefits |
A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows (in thousands):
|
|
|
|
|
|
Balance at March 31, 2010
|
|
$ |
1,806 |
|
|
Gross increase related to prior year tax positions
|
|
|
— |
|
|
Gross increase related to current year tax positions
|
|
|
167 |
|
|
Lapse of statute of limitations
|
|
|
— |
|
| |
|
|
|
|
Balance at March 31, 2011
|
|
$ |
1,973 |
|
|
Gross increase related to prior year tax positions
|
|
|
— |
|
|
Gross increase related to current year tax positions
|
|
|
175 |
|
|
Lapse of statute of limitations
|
|
|
— |
|
| |
|
|
|
|
Balance at March 31, 2012
|
|
$ |
2,148 |
|
|
Gross decrease related to prior year tax positions
|
|
|
(100 |
) |
|
Gross increase related to prior year tax positions
|
|
|
222 |
|
|
Gross increase related to current year tax positions
|
|
|
148 |
|
|
Lapse of statute of limitations
|
|
|
— |
|
| |
|
|
|
|
Balance at March 31, 2013
|
|
$ |
2,418 |
|
| |
|
|
|
|