December
31,
|
March
31,
|
|||||||
2008
|
2008
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 12,721 | $ | 19,271 | ||||
Accounts
receivable, net of allowances for sales returns and doubtful accounts of
$213 and $191 at September 30, 2008 and March 31, 2008,
respectively
|
6,233 | 6,758 | ||||||
Inventories,
net
|
14,061 | 11,056 | ||||||
Prepaid
expenses and other current assets
|
579 | 788 | ||||||
Total
current assets
|
33,594 | 37,873 | ||||||
Property
and equipment, net
|
1,171 | 1,213 | ||||||
Intangible
assets, net
|
3,670 | 903 | ||||||
Other
assets
|
72 | 90 | ||||||
Total
assets
|
$ | 38,507 | $ | 40,079 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Notes
payable and bank lines of credit
|
$ | 1 | $ | 14 | ||||
Accounts
payable
|
1,825 | 1,469 | ||||||
Accrued
product warranty
|
837 | 1,770 | ||||||
Deferred
revenue
|
254 | 252 | ||||||
Accrued
expenses and other current liabilities
|
2,545 | 3,644 | ||||||
Total
current liabilities
|
5,462 | 7,149 | ||||||
Commitments
and contingencies (Note 8)
|
||||||||
Stockholders’
equity:
|
||||||||
Preferred
stock; $0.01 par value; 5,000,000 shares authorized; none issued and
outstanding
|
— | — | ||||||
Common
stock; $0.01 par value; 50,000,000 shares authorized; 8,412,676 and
7,242,736 shares
issued and outstanding at December 31, 2008 and March 31, 2008,
respectively
|
84 | 72 | ||||||
Additional
paid-in capital
|
128,275 | 123,567 | ||||||
Accumulated
other comprehensive income (loss)
|
(396 | ) | (446 | ) | ||||
Accumulated
deficit
|
(94,918 | ) | (90,263 | ) | ||||
Total
stockholders’ equity
|
33,045 | 32,930 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 38,507 | $ | 40,079 | ||||
Three
Months Ended
December
31,
|
Nine
Months Ended
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenue
|
$ | 4,476 | $ | 10,145 | $ | 11,215 | $ | 25,543 | ||||||||
Cost
of sales
|
3,113 | 5,725 | 6,504 | 15,262 | ||||||||||||
Gross
profit
|
1,363 | 4,420 | 4,711 | 10,281 | ||||||||||||
Operating
expenses:
|
||||||||||||||||
Research
and development expenses
|
1,142 | 810 | 3,423 | 2,645 | ||||||||||||
Sales
and marketing expenses
|
756 | 923 | 2,438 | 3,208 | ||||||||||||
General
and administrative expenses
|
880 | 938 | 3,681 | 3,589 | ||||||||||||
Total
operating expenses
|
2,778 | 2,671 | 9,542 | 9,442 | ||||||||||||
Operating
income (loss)
|
(1,415 | ) | 1,749 | (4,831 | ) | 839 | ||||||||||
Other
income (expense), net
|
50 | 1,085 | 176 | 2,049 | ||||||||||||
Net
income (loss)
|
$ | (1,365 | ) | $ | 2,834 | $ | (4,655 | ) | $ | 2,888 | ||||||
Net
income (loss) per share:
|
||||||||||||||||
Basic
|
$ | (0.19 | ) | $ | 0.40 | $ | (0.61 | ) | $ | 0.41 | ||||||
Diluted
|
$ | (0.19 | ) | $ | 0.39 | $ | (0.61 | ) | $ | 0.40 | ||||||
Shares
used in per share computation:
|
||||||||||||||||
Basic
|
7,368 | 7,148 | 7,569 | 7,120 | ||||||||||||
Diluted
|
7,368 | 7,281 | 7,569 | 7,241 |