v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Operating activities:      
Net income (loss) $ (8,773) $ 2,374 $ 1,872
Adjustments to reconcile net income (loss) to net cash (used) provided by operating activities:      
Depreciation 3,077 1,945 1,957
Amortization 2,522 0 11
Amortization of unrecognized prior service cost and actuarial losses 996 1,066 997
Goodwill and other impairments 0 184 0
Equity-based compensation expense 809 864 975
(Gain) loss on disposal or sale of property, plant and equipment 23 2 (1)
Change in fair value of contingent consideration (1,900) 0 0
Loss on sale of Energy Steel & Supply Co. 0 0 181
Deferred income taxes (3,233) (561) (287)
(Increase) decrease in operating assets:      
Accounts receivable (2,055) (1,791) 2,044
Unbilled revenue 1,550 (5,298) (7,070)
Inventories 3,483 5,185 2,279
Income taxes receivable (1,208) 1,215 588
Prepaid expenses and other current and non-current assets (340) 416 358
Operating lease assets 1,059 155 214
Prepaid pension asset (1,207) (841) (871)
Increase (decrease) in operating liabilities:      
Accounts payable (3,238) 3,556 1,826
Accrued compensation, accrued expenses and other current and non-current liabilities 1,164 3,101 (52)
Customer deposits 5,523 (13,206) (3,683)
Operating lease liabilities (962) (158) (140)
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits 491 70 41
Net cash (used) provided by operating activities (2,219) (1,722) 1,239
Investing activities:      
Purchase of property, plant and equipment (2,324) (2,158) (2,417)
Proceeds from disposal of property, plant and equipment 0 7 12
Proceeds from the sale of Energy Steel & Supply Co. 0 0 602
Purchase of investments 0 (42,603) (181,462)
Redemption of investments at maturity 5,500 77,151 204,146
Acquisition of Barber-Nichols, LLC (60,282) 0 0
Net cash provided (used) by investing activities (57,106) 32,397 20,881
Financing activities:      
Principal repayments on debt (39,750) (4,599) 0
Proceeds from the issuance of debt 58,250 4,599 0
Principal repayments on finance lease obligations (21) (40) (51)
Repayments on lease financing obligations (225) 0 0
Payments of debt issuance costs (271) 0 0
Issuance of common stock 0 0 24
Dividends paid (3,523) (4,391) (4,250)
Purchase of treasury stock (41) (23) (230)
Net cash used by financing activities 14,419 (4,454) (4,507)
Effect of exchange rate changes on cash 115 356 (231)
Net increase (decrease) in cash and cash equivalents, including cash classified within current assets held for sale (44,791) 26,577 17,382
Net decrease (increase) in cash classified within current assets held for sale 0 0 552
Net increase (decrease) in cash and cash equivalents (44,791) 26,577 17,934
Cash and cash equivalents at beginning of year 59,532 32,955 15,021
Cash and cash equivalents at end of year $ 14,741 $ 59,532 $ 32,955

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