Quarterly report pursuant to Section 13 or 15(d)

Inventories

v3.7.0.1
Inventories
3 Months Ended
Jun. 30, 2017
Inventory Disclosure [Abstract]  
Inventories

NOTE 4 – INVENTORIES:

Inventories are stated at the lower of cost or market, using the average cost method.  Unbilled revenue in the Condensed Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts accounted for on the percentage-of-completion method.  For contracts accounted for on the percentage-of-completion method, progress payments are netted against unbilled revenue to the extent the payment is less than the unbilled revenue for the applicable contract.  Progress payments exceeding unbilled revenue are netted against inventory to the extent the payment is less than or equal to the inventory balance relating to the applicable contract, and the excess is presented as customer deposits in the Condensed Consolidated Balance Sheets.

Major classifications of inventories are as follows:

 

 

 

June 30,

 

 

March 31,

 

 

 

2017

 

 

2017

 

Raw materials and supplies

 

$

2,936

 

 

$

3,016

 

Work in process

 

 

9,351

 

 

 

12,573

 

Finished products

 

 

997

 

 

 

891

 

 

 

 

13,284

 

 

 

16,480

 

Less - progress payments

 

 

5,375

 

 

 

7,234

 

Total

 

$

7,909

 

 

$

9,246