v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income (loss) $ 676 $ (3,126)
Adjustments to reconcile net income (loss) to net cash used provided by operating activities:    
Depreciation 856 595
Amortization 619 225
Amortization of actuarial losses 168 219
Amortization of debt issuance costs 34 0
Equity-based compensation expense 114 353
Deferred income taxes 225 215
(Increase) decrease in operating assets:    
Accounts receivable (34) 7,319
Unbilled revenue (2,580) (1,426)
Inventories (930) 1,857
Prepaid expenses and other current and non-current assets (745) (603)
Income taxes receivable (6) (2,161)
Operating lease assets 467 (25)
Prepaid pension asset (163) (302)
Increase (decrease) in operating liabilities:    
Accounts payable 3,016 (5,745)
Accrued compensation, accrued expenses and other current and non-current liabilities (878) (1,448)
Customer deposits (504) (3,074)
Operating lease liabilities (431) 35
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits (593) 16
Net cash used by operating activities (689) (7,076)
Investing activities:    
Purchase of property, plant and equipment (284) (446)
Redemption of investments at maturity 0 5,500
Acquisition of Barber-Nichols, LLC 0 (59,563)
Net cash used by investing activities (284) (54,509)
Financing activities:    
Principal repayments on debt (2,500) (4,500)
Proceeds from the issuance of debt 2,000 27,000
Principal repayments on finance lease obligations (6) (5)
Repayments on lease financing obligations (67) (26)
Payment of debt issuance costs (122) (150)
Dividends paid 0 (1,177)
Purchase of treasury stock (22) (41)
Net cash (used) provided by financing activities (717) 21,101
Effect of exchange rate changes on cash (146) 95
Net decrease in cash and cash equivalents (1,836) (40,389)
Cash and cash equivalents at beginning of period 14,741 59,532
Cash and cash equivalents at end of period $ 12,905 $ 19,143

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