13. COMMITMENTS
The Company leases its facilities and other equipment under operating leases. Rent expense recognized under these leases during the fiscal years ended March 31, 2001, 2000 and 1999 totaled approximately $639,000, $546,000 and $519,000, respectively. Future minimum lease payments due under noncancelable operating leases are as follows:
|
|
|
Required
Minimum
Payments |
|
|
 |
| |
|
(in thousands) |
|
Year ending March 31: |
|
|
|
2002 |
|
$ 700 |
|
2003 |
|
719 |
|
2004 |
|
718 |
|
2005 |
|
741 |
|
2006 |
|
— |
|
|
|
|
Total minimum lease payments |
|
$2,878 |
|
|
|
There were no capital leases outstanding as of March 31, 2001.
14. SUBSEQUENT EVENT
On April 20, 2001, we reduced our headcount by 37 employees and expect to take a pre-tax restructuring charge of approximately $925,000.
15. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
The following table presents unaudited quarterly financial information for the years ended March 31, 2001 and 2000 (in thousands, expect per share data):
| |
|
For the Quarters Ended |
 |
|
|
| |
|
June 30,
2000 |
|
September 30,
2000 |
|
December 31,
2000 |
|
March 31,
2001 |
|
|
|
|
Revenue |
|
$ 9,527 |
|
$10,467 |
|
$8,223 |
|
$ 5,918 |
|
Income (loss) from operations |
|
4 |
|
594 |
|
(307) |
|
(2,159) |
|
Net income (loss) |
|
290 |
|
621 |
|
112 |
|
(997) |
|
Basic earnings per share |
|
$ 0.02 |
|
$ 0.05 |
|
$ 0.01 |
|
$ (0.08) |
|
Diluted earnings per share |
|
$ 0.02 |
|
$ 0.05 |
|
$ 0.01 |
|
$ (0.08) |
| |
|
For the Quarters Ended |
|
|
|
| |
|
June 30,
1999 |
|
September 30,
1999 |
|
December 31,
1999 |
|
March 31,
2001 |
|
|
|
|
Revenue |
|
$10,251 |
|
$6,789 |
|
$8,111 |
|
$10,036 |
|
Income (loss) from operations |
|
(46) |
|
(1,781) |
|
(467) |
|
600 |
|
Net income (loss) |
|
204 |
|
(805) |
|
(9) |
|
629 |
|
Basic earnings per share |
|
$ 0.02 |
|
$ 0.06 |
|
$ 0.00 |
|
$ (0.05) |
|
Diluted earnings per share |
|
$ 0.02 |
|
$ 0.05 |
|
$ 0.00 |
|
$ (0.05) |
|
