results of operations : the following table summarizes certain financial information for the fiscal years ended march 31 ( in thousands ) : replace_table_token_3_th results of operations — fiscal 2016 compared with fiscal 2015 net product sales — net product sales for fiscal 2016 were $ 41.0 million as compared to $ 69.0 million for fiscal 2015 , a decrease of $ 28.0 million , or 40.5 % as detailed below . the company 's sales during fiscal 2016 and fiscal 2015 were highly concentrated among the company 's two largest customers , target and wal-mart , where gross product sales comprised approximately 82.9 % and 88.4 % , respectively , of the company 's total gross product sales . net product sales may be periodically impacted by adjustments made to the company 's sales allowance and marketing support accrual to record unanticipated customer deductions from accounts receivable or to reduce the accrual by any amounts which were accrued in the past but not taken by customers through deductions from accounts receivable within a certain time period . in the aggregate , these adjustments had the effect of increasing net product sales and operating income by $ 0.1 million and $ 0.2 million for fiscal 2016 and fiscal 2015 , respectively . net product sales are comprised primarily of the sales of houseware and audio products which bear the emerson ® brand name . the major elements which contributed to the overall decrease in net product sales were as follows : i ) houseware product net sales decreased $ 27.3 million , or 41.3 % , to $ 38.8 million in fiscal 2016 as compared to $ 66.1 million in fiscal 2015 , principally driven by a decrease in sales of microwave ovens , compact refrigerators and wine products . the year-over-year decreases were driven mainly by product discontinuations by the company 's key customers , lower year-over-year retail sell through on existing models , competitive pricing activity and the effects of the 2014/2015 los angeles/long beach port strike . emerson was informed in november 2015 by one of its key customers that , commencing with the spring of 2016 , this customer will discontinue retailing in its stores the emerson-branded microwave oven and compact refrigeration products currently sold to this customer by the company . during fiscal 2015 and fiscal 2016 , net sales of these products by the company to this customer were approximately $ 39.5 million and $ 19.0 million , respectively , comprising approximately 57.3 % and 46.2 % of the company 's total net product sales . the company continued shipping these products to this customer only through december 2015. emerson anticipates that net product sales for fiscal 2017 will be negatively impacted by this event . the loss of these sales has had and is expected to continue to have a material adverse effect on the company 's business and results of operations . 20 ii ) audio product net sales were $ 2.2 million in fiscal 2016 compared to $ 2.9 million in fiscal 2015 , a decrease of $ 0.7 million , or 23.6 % , resulting from decreased net sales of clock radios . licensing revenue — licensing revenue in fiscal 2016 was $ 4.7 million as compared to $ 7.3 million for fiscal 2015 , a decrease of $ 2.6 million , or 35.7 % , driven by lower year-over-year sales by the company 's licensees of emerson ® branded product . the company 's largest license agreement is with funai , which accounted for approximately 79 % of the company 's total fiscal 2016 and fiscal 2015 licensing revenue , and which was amended during november 2013 to extend the term of the agreement until march 31 , 2018. the agreement provides that funai will manufacture , market , sell and distribute specified products bearing the emerson ® trademark to customers in the u.s. and canadian markets . under the terms of the agreement , the company receives non-refundable minimum annual royalty payments of $ 3.75 million each calendar year and a license fee on sales of product subject to the agreement in excess of the minimum annual royalties . during fiscal 2016 and 2015 licensing revenues of $ 3.75 million and $ 5.8 million , respectively , were earned under this agreement . as previously disclosed , on december 16 , 2015 , the company received written notice from funai stating its intention to terminate the agreement , with termination to be effective on december 31 , 2016. as a result of such termination , unless the company is successful in securing a new licensee to replace the licensing revenue which will be absent upon the funai termination , the company expects fiscal 2017 , which begins april 1 , 2016 , licensing revenue will decline as compared to fiscal 2016 licensing revenue . as previously disclosed , since this licensing relationship contributes substantial product volume and market presence through funai 's manufacture and distribution of products bearing the emerson ® brand name in the united states , the loss of this relationship and licensing agreement with funai is expected to materially and adversely affect the company 's revenue , earnings and business . the company is analyzing the impacts of the funai termination to its business and is identifying strategic courses of action for consideration , including seeking new licensing relationships . there can be no assurance that the company will be able to secure a new licensee or distribution relationship to replace the licensing revenue , product volume and market presence of emerson-branded products in the united states , which had been provided through the license agreement with funai . story_separator_special_tag accounting standards update 2016-01 , financial instruments – overall ( subtopic 825-10 ) recognition and measurement of financial assets and liabilities ( issued january 2016 ) the amendments in this update make targeted improvements to generally accepted accounting principles ( gaap ) as follows : 1. require equity investments ( except those accounted for under the equity method of accounting or those that result in consolidation of the investee ) to be measured at fair value with changes in fair value recognized in net income . however , an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment , if any , plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer . 2. simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment . when a qualitative assessment indicates that impairment exists , an entity is required to measure the investment at fair value . 3. eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities . 4. eliminate the requirement for public business entities to disclose the method ( s ) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet . 5. require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes . 6. require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments . 25 7. require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset ( that is , securities or loans and receivable s ) on the balance sheet or the accompanying notes to the financial statements . 8. clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity 's other deferred tax assets . for public business entities , the amendments in this update are effective for fiscal years beginning after december 15 , 2017 , including interim periods within those fiscal years . the company does not expect these amendments to have a material effect on its financial statements . accounting standards update 2015-17 , income taxes ( topic 740 ) balance sheet classification of deferred taxes ( issued november 2015 ) to simplify the presentation of deferred income taxes , the amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position . the amendments in this update apply to all entities that present a classified statement of financial position . the current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update . for public business entities , the amendments in this update are effective for financial statements issued for annual periods beginning after december 15 , 2016 , and interim periods within those annual periods . earlier application is permitted for all entities as of the beginning of an interim or annual reporting period . the amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented . if an entity applies the guidance prospectively , the entity should disclose in the first interim and first annual period of change , the nature of and reason for the change in accounting principle and a statement that prior periods were not retrospectively adjusted . if an entity applies the guidance retrospectively , the entity should disclose in the first interim and first annual period of change the nature of and reason for the change in accounting principle and quantitative information about the effects of the accounting change on prior periods . the company adopted asu 2015-17 retrospectively at march 31 , 2016 by reclassifying as of march 31 , 2015 the $ 962,000 previously classified as current deferred tax assets to noncurrent deferred tax assets , and by presenting all deferred tax assets as of march 31 , 2016 as noncurrent . accounting standards update 2015-11 , inventory ( topic 330 ) simplifying the measurement of inventory ( issued july 2015 ) an entity should measure inventory within the scope of this update at the lower of cost and net realizable value . net realizable value is the estimated selling prices in the ordinary course of business , less reasonably predictable costs of completion , disposal , and transportation . subsequent measurement is unchanged for inventory measured using lifo or the retail inventory method . the amendments in this update more closely align the measurement of inventory in gaap with the measurement of inventory in international financial reporting standards ( ifrs ) . the board has amended some of the other guidance in topic 330 to more clearly articulate the requirements for the measurement and disclosure of inventory . however , the board does not intend for those clarifications to result in any changes in practice . other than the change in the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value for inventory within the scope of this update , there are no other substantive changes to the guidance on measurement of inventory . for public business entities , the amendments in this update are effective for fiscal years beginning after december 15 , 2016 ,

liquidity and capital resources general as of march 31 , 2016 , the company had cash and cash equivalents of approximately $ 30.1 million as compared to approximately $ 43.5 million at march 31 , 2015. working capital decreased to $ 55.7 million at march 31 , 2016 as compared to $ 56.5 million at march 31 , 2015 as adjusted to remove $ 0.9 million in deferred tax assets which were reclassified from current to noncurrent upon the early and retrospective adoption of accounting standards update 2015-17 by the company as of march 31 , 2016. the decrease in cash and cash equivalents of approximately $ 13.4 million was due to the below factors . net cash provided by operating activities was approximately $ 6.8 million for fiscal 2016 resulting from a $ 2.5 million decrease in inventories , a $ 2.2 million decrease in accounts receivable , a $ 2.2 million decrease in royalty receivable , a $ 2.1 million decrease in prepaid purchases , a $ 0.6 million decrease in deferred tax assets , a $ 0.2 million decrease in prepaid expenses and other current assets , partially offset by a $ 1.0 million loss generated during the period , a $ 0.7 million increase in asset allowances , a $ 0.5 million decrease in long term liabilities , a $ 0.4 million decrease in accounts payable and other current liabilities and a $ 0.4 million decrease in income taxes payable . net cash used by investing activities was $ 20.2 million due to investments made in short term certificates of deposit . net cash used by financing activities was nil during fiscal 2016. credit arrangements letters of credit — the company has utilized hang seng bank in the past to issue letters of credit on behalf of the company , as needed , on a 100 % cash collateralized basis , although no letter of credit agreement is in place between the company and hang seng bank or any financial institution .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources general as of march 31 , 2016 , the company had cash and cash equivalents of approximately $ 30.1 million as compared to approximately $ 43.5 million at march 31 , 2015. working capital decreased to $ 55.7 million at march 31 , 2016 as compared to $ 56.5 million at march 31 , 2015 as adjusted to remove $ 0.9 million in deferred tax assets which were reclassified from current to noncurrent upon the early and retrospective adoption of accounting standards update 2015-17 by the company as of march 31 , 2016. the decrease in cash and cash equivalents of approximately $ 13.4 million was due to the below factors . net cash provided by operating activities was approximately $ 6.8 million for fiscal 2016 resulting from a $ 2.5 million decrease in inventories , a $ 2.2 million decrease in accounts receivable , a $ 2.2 million decrease in royalty receivable , a $ 2.1 million decrease in prepaid purchases , a $ 0.6 million decrease in deferred tax assets , a $ 0.2 million decrease in prepaid expenses and other current assets , partially offset by a $ 1.0 million loss generated during the period , a $ 0.7 million increase in asset allowances , a $ 0.5 million decrease in long term liabilities , a $ 0.4 million decrease in accounts payable and other current liabilities and a $ 0.4 million decrease in income taxes payable . net cash used by investing activities was $ 20.2 million due to investments made in short term certificates of deposit . net cash used by financing activities was nil during fiscal 2016. credit arrangements letters of credit — the company has utilized hang seng bank in the past to issue letters of credit on behalf of the company , as needed , on a 100 % cash collateralized basis , although no letter of credit agreement is in place between the company and hang seng bank or any financial institution .
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 Suspicious Activity Report : results of operations : the following table summarizes certain financial information for the fiscal years ended march 31 ( in thousands ) : replace_table_token_3_th results of operations — fiscal 2016 compared with fiscal 2015 net product sales — net product sales for fiscal 2016 were $ 41.0 million as compared to $ 69.0 million for fiscal 2015 , a decrease of $ 28.0 million , or 40.5 % as detailed below . the company 's sales during fiscal 2016 and fiscal 2015 were highly concentrated among the company 's two largest customers , target and wal-mart , where gross product sales comprised approximately 82.9 % and 88.4 % , respectively , of the company 's total gross product sales . net product sales may be periodically impacted by adjustments made to the company 's sales allowance and marketing support accrual to record unanticipated customer deductions from accounts receivable or to reduce the accrual by any amounts which were accrued in the past but not taken by customers through deductions from accounts receivable within a certain time period . in the aggregate , these adjustments had the effect of increasing net product sales and operating income by $ 0.1 million and $ 0.2 million for fiscal 2016 and fiscal 2015 , respectively . net product sales are comprised primarily of the sales of houseware and audio products which bear the emerson ® brand name . the major elements which contributed to the overall decrease in net product sales were as follows : i ) houseware product net sales decreased $ 27.3 million , or 41.3 % , to $ 38.8 million in fiscal 2016 as compared to $ 66.1 million in fiscal 2015 , principally driven by a decrease in sales of microwave ovens , compact refrigerators and wine products . the year-over-year decreases were driven mainly by product discontinuations by the company 's key customers , lower year-over-year retail sell through on existing models , competitive pricing activity and the effects of the 2014/2015 los angeles/long beach port strike . emerson was informed in november 2015 by one of its key customers that , commencing with the spring of 2016 , this customer will discontinue retailing in its stores the emerson-branded microwave oven and compact refrigeration products currently sold to this customer by the company . during fiscal 2015 and fiscal 2016 , net sales of these products by the company to this customer were approximately $ 39.5 million and $ 19.0 million , respectively , comprising approximately 57.3 % and 46.2 % of the company 's total net product sales . the company continued shipping these products to this customer only through december 2015. emerson anticipates that net product sales for fiscal 2017 will be negatively impacted by this event . the loss of these sales has had and is expected to continue to have a material adverse effect on the company 's business and results of operations . 20 ii ) audio product net sales were $ 2.2 million in fiscal 2016 compared to $ 2.9 million in fiscal 2015 , a decrease of $ 0.7 million , or 23.6 % , resulting from decreased net sales of clock radios . licensing revenue — licensing revenue in fiscal 2016 was $ 4.7 million as compared to $ 7.3 million for fiscal 2015 , a decrease of $ 2.6 million , or 35.7 % , driven by lower year-over-year sales by the company 's licensees of emerson ® branded product . the company 's largest license agreement is with funai , which accounted for approximately 79 % of the company 's total fiscal 2016 and fiscal 2015 licensing revenue , and which was amended during november 2013 to extend the term of the agreement until march 31 , 2018. the agreement provides that funai will manufacture , market , sell and distribute specified products bearing the emerson ® trademark to customers in the u.s. and canadian markets . under the terms of the agreement , the company receives non-refundable minimum annual royalty payments of $ 3.75 million each calendar year and a license fee on sales of product subject to the agreement in excess of the minimum annual royalties . during fiscal 2016 and 2015 licensing revenues of $ 3.75 million and $ 5.8 million , respectively , were earned under this agreement . as previously disclosed , on december 16 , 2015 , the company received written notice from funai stating its intention to terminate the agreement , with termination to be effective on december 31 , 2016. as a result of such termination , unless the company is successful in securing a new licensee to replace the licensing revenue which will be absent upon the funai termination , the company expects fiscal 2017 , which begins april 1 , 2016 , licensing revenue will decline as compared to fiscal 2016 licensing revenue . as previously disclosed , since this licensing relationship contributes substantial product volume and market presence through funai 's manufacture and distribution of products bearing the emerson ® brand name in the united states , the loss of this relationship and licensing agreement with funai is expected to materially and adversely affect the company 's revenue , earnings and business . the company is analyzing the impacts of the funai termination to its business and is identifying strategic courses of action for consideration , including seeking new licensing relationships . there can be no assurance that the company will be able to secure a new licensee or distribution relationship to replace the licensing revenue , product volume and market presence of emerson-branded products in the united states , which had been provided through the license agreement with funai . story_separator_special_tag accounting standards update 2016-01 , financial instruments – overall ( subtopic 825-10 ) recognition and measurement of financial assets and liabilities ( issued january 2016 ) the amendments in this update make targeted improvements to generally accepted accounting principles ( gaap ) as follows : 1. require equity investments ( except those accounted for under the equity method of accounting or those that result in consolidation of the investee ) to be measured at fair value with changes in fair value recognized in net income . however , an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment , if any , plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer . 2. simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment . when a qualitative assessment indicates that impairment exists , an entity is required to measure the investment at fair value . 3. eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities . 4. eliminate the requirement for public business entities to disclose the method ( s ) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet . 5. require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes . 6. require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments . 25 7. require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset ( that is , securities or loans and receivable s ) on the balance sheet or the accompanying notes to the financial statements . 8. clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity 's other deferred tax assets . for public business entities , the amendments in this update are effective for fiscal years beginning after december 15 , 2017 , including interim periods within those fiscal years . the company does not expect these amendments to have a material effect on its financial statements . accounting standards update 2015-17 , income taxes ( topic 740 ) balance sheet classification of deferred taxes ( issued november 2015 ) to simplify the presentation of deferred income taxes , the amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position . the amendments in this update apply to all entities that present a classified statement of financial position . the current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update . for public business entities , the amendments in this update are effective for financial statements issued for annual periods beginning after december 15 , 2016 , and interim periods within those annual periods . earlier application is permitted for all entities as of the beginning of an interim or annual reporting period . the amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented . if an entity applies the guidance prospectively , the entity should disclose in the first interim and first annual period of change , the nature of and reason for the change in accounting principle and a statement that prior periods were not retrospectively adjusted . if an entity applies the guidance retrospectively , the entity should disclose in the first interim and first annual period of change the nature of and reason for the change in accounting principle and quantitative information about the effects of the accounting change on prior periods . the company adopted asu 2015-17 retrospectively at march 31 , 2016 by reclassifying as of march 31 , 2015 the $ 962,000 previously classified as current deferred tax assets to noncurrent deferred tax assets , and by presenting all deferred tax assets as of march 31 , 2016 as noncurrent . accounting standards update 2015-11 , inventory ( topic 330 ) simplifying the measurement of inventory ( issued july 2015 ) an entity should measure inventory within the scope of this update at the lower of cost and net realizable value . net realizable value is the estimated selling prices in the ordinary course of business , less reasonably predictable costs of completion , disposal , and transportation . subsequent measurement is unchanged for inventory measured using lifo or the retail inventory method . the amendments in this update more closely align the measurement of inventory in gaap with the measurement of inventory in international financial reporting standards ( ifrs ) . the board has amended some of the other guidance in topic 330 to more clearly articulate the requirements for the measurement and disclosure of inventory . however , the board does not intend for those clarifications to result in any changes in practice . other than the change in the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value for inventory within the scope of this update , there are no other substantive changes to the guidance on measurement of inventory . for public business entities , the amendments in this update are effective for fiscal years beginning after december 15 , 2016 ,

