Quarterly report pursuant to Section 13 or 15(d)

Inventories

v2.4.0.8
Inventories
 9 Months Ended
Dec. 31, 2013
Inventory Disclosure [Abstract]  
Inventories

NOTE 4 – INVENTORIES:

Inventories are stated at the lower of cost or market, using the average cost method. For contracts accounted for on the completed contract method, progress payments received are netted against inventory to the extent the payment is less than the inventory balance relating to the applicable contract. Progress payments that are in excess of the corresponding inventory balance are presented in the line item “Customer deposits” in the Condensed Consolidated Balance Sheets. 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:

 

    

December 31,

2013

     

March 31,

2013

Raw materials and supplies

        $  2,677            $  2,865  

Work in process

        12,163            13,470  

Finished products

        560            572  
    

 

 

         

 

 

  
       15,400            16,907  

Less - progress payments

        4,312            5,736  
    

 

 

         

 

 

  

Total

        $11,088            $11,171