Quarterly report pursuant to Section 13 or 15(d)

Inventories

v2.4.0.8
Inventories
3 Months Ended
Jun. 30, 2014
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 as 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:

 

    

June 30,

2014

          

March 31,

2014

 

Raw materials and supplies

   $ 3,091          $ 3,185   

Work in process

     16,534            17,767   

Finished products

     691            646   
  

 

 

       

 

 

 
     20,316            21,598   

Less - progress payments

     7,499            5,080   
  

 

 

       

 

 

 

Total

   $ 12,817          $ 16,518