NOTE 14 – RESTRUCTURING CHARGE:

In each of the second quarter of fiscal 2018 and the first half of fiscal 2017, the Company’s workforce was aligned with market conditions by reducing the number of management, office and manufacturing positions.  As a result, restructuring charges of $316 and $630 were recognized in the six months ended September 30, 2017 and 2016, respectively.  The restructuring charges included severance and related employee benefit costs.  The charges are included in the caption “Restructuring Charge” in the Condensed Consolidated Statements of Income and Retained Earnings.   The reconciliation of the changes in the restructuring reserve is as follows:

The liability of $360 and $120 at September 30, 2017 and March 31, 2017, respectively, is included in the caption “Accrued Compensation” in the Condensed Consolidated Balance Sheets.