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, unless otherwise specified
 12 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2011
Operating activities:      
Net income $ 11,148 $ 10,553 $ 5,874
Adjustments to reconcile net income to net cash provided (used) by operating activities:      
Depreciation 1,851 1,685 1,334
Amortization 228 339 314
Amortization of unrecognized prior service cost and actuarial losses 893 392 293
Discount accretion on investments (15) (5) (50)
Stock-based compensation expense 576 611 478
Loss on disposal or sale of property, plant and equipment 85 23 23
Deferred income taxes (2,357) 4,413 (923)
(Increase) decrease in operating assets, net of acquisition:      
Accounts receivable 2,264 (2,844) 155
Unbilled revenue (415) 1,613 (10,672)
Inventories (5,311) 2,191 (1,723)
Income taxes receivable/payable 1,845 (6,252) 1,703
Prepaid expenses and other current and non-current assets (300) (105) 63
Prepaid pension asset (767) (833) (776)
Increase (decrease) in operating liabilities, net of acquisition:      
Accounts payable 2,957 (3,689) 2,679
Accrued compensation, accrued expenses and other current and non-current liabilities 59 172 461
Customer deposits (255) (5,626) (9,498)
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits (54) (33) (104)
Net cash provided (used) by operating activities 12,432 2,605 (10,369)
Investing activities:      
Purchase of property, plant and equipment (1,655) (3,243) (1,979)
Proceeds from disposal of property, plant and equipment 37 5 14
Purchase of investments (83,984) (32,896) (155,717)
Redemption of investments at maturity 73,000 39,920 202,310
Acquisition of Energy Steel & Supply Co. (See Note 2)   384 (17,899)
Net cash ( used) provided by investing activities (12,602) 4,170 26,729
Financing activities:      
Principal repayments on capital lease obligations (85) (81) (68)
Issuance of common stock 83 386 236
Dividends paid (899) (793) (790)
Purchase of treasury stock   (221) (874)
Excess tax deduction on stock awards 43 247 120
Payment of contingent earn-out   (746)  
Net cash used by financing activities (858) (1,208) (1,376)
Effect of exchange rate changes on cash 33 57 51
Net (decrease) increase in cash and cash equivalents (995) 5,624 15,035
Cash and cash equivalents at beginning of year 25,189 19,565 4,530
Cash and cash equivalents at end of year $ 24,194 $ 25,189 $ 19,565