Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2016
Operating activities:      
Net (loss) income $ (9,844) $ 5,023 $ 6,131
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation 1,986 2,092 2,201
Amortization 236 234 234
Amortization of unrecognized prior service cost and actuarial losses 1,050 1,387 1,214
Impairment of goodwill and intangible assets 14,816    
Stock-based compensation expense 577 627 697
Loss on disposal or sale of property, plant and equipment 26 4 4
Deferred income taxes (3,088) (884) (1,522)
(Increase) decrease in operating assets:      
Accounts receivable (5,472) 1,127 4,440
Unbilled revenue 7,866 (3,996) 6,783
Inventories (2,311) 1,561 3,175
Income taxes receivable/payable (1,794) 1,977 (1,309)
Prepaid expenses and other current and non-current assets (176) (111) (162)
Prepaid pension asset (1,009) (823) (1,222)
Increase (decrease) in operating liabilities:      
Accounts payable 5,757 78 (2,836)
Accrued compensation, accrued expenses and other current and non-current liabilities (954) 28 (3,178)
Customer deposits 792 4,010 4,227
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits 53 55 (126)
Net cash provided by operating activities 8,511 12,389 18,751
Investing activities:      
Purchase of property, plant and equipment (2,051) (325) (1,153)
Proceeds from disposal of property, plant and equipment 6 1 3
Purchase of investments (54,023) (55,000) (44,000)
Redemption of investments at maturity 52,000 62,000 36,000
Net cash (used) provided by investing activities (4,068) 6,676 (9,150)
Financing activities:      
Principal repayments on capital lease obligations (107) (58) (59)
Issuance of common stock 0 137 97
Dividends paid (3,517) (3,492) (3,296)
Purchase of treasury stock (119) (29) (9,441)
Excess tax (deficiency) benefit on stock awards   (19) 6
Net cash used by financing activities (3,743) (3,461) (12,693)
Effect of exchange rate changes on cash 282 (202) (107)
Net increase (decrease) in cash and cash equivalents 982 15,402 (3,199)
Cash and cash equivalents at beginning of year 39,474 24,072 27,271
Cash and cash equivalents at end of year $ 40,456 $ 39,474 $ 24,072