Graham Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Operating activities:
Net income	$ 14,735us-gaap_NetIncomeLoss	$ 10,145us-gaap_NetIncomeLoss	$ 11,148us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,079us-gaap_Depreciation	1,977us-gaap_Depreciation	1,851us-gaap_Depreciation
Amortization	229us-gaap_AmortizationOfIntangibleAssets	222us-gaap_AmortizationOfIntangibleAssets	228us-gaap_AmortizationOfIntangibleAssets
Amortization of unrecognized prior service cost and actuarial losses	514	886	893
Discount accretion on investments		(8)	(15)
Stock-based compensation expense	653us-gaap_ShareBasedCompensation	639us-gaap_ShareBasedCompensation	576us-gaap_ShareBasedCompensation
Loss on disposal or sale of property, plant and equipment	14us-gaap_GainLossOnDispositionOfAssets	223us-gaap_GainLossOnDispositionOfAssets	85us-gaap_GainLossOnDispositionOfAssets
Deferred income taxes	157us-gaap_DeferredIncomeTaxExpenseBenefit	(1,011)us-gaap_DeferredIncomeTaxExpenseBenefit	(2,357)us-gaap_DeferredIncomeTaxExpenseBenefit
(Increase) decrease in operating assets:
Accounts receivable	(6,910)	(1,001)	2,264
Unbilled revenue	(10,835)	5,318	(415)
Inventories	2,525us-gaap_IncreaseDecreaseInInventories	(5,161)us-gaap_IncreaseDecreaseInInventories	(5,311)us-gaap_IncreaseDecreaseInInventories
Income taxes receivable/payable	158	2,137	1,845
Prepaid expenses and other current and non-current assets	(152)	185	(300)
Prepaid pension asset	(1,108)	(793)	(767)
Increase (decrease) in operating liabilities:
Accounts payable	3,115	595	2,957
Accrued compensation, accrued expenses and other current and non-current liabilities	4,981	28	59
Customer deposits	(3,834)	1,009	(255)
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits	(42)	(160)	(54)
Net cash provided by operating activities	6,279	15,230	12,432
Investing activities:
Purchase of property, plant and equipment	(5,300)	(5,263)	(1,655)
Proceeds from disposal of property, plant and equipment	1	32	37
Purchase of investments	(50,000)	(109,494)	(83,984)
Redemption of investments at maturity	46,000	108,000	73,000
Net cash used by investing activities	(9,299)	(6,725)	(12,602)
Financing activities:
Principal repayments on capital lease obligations	(80)	(88)	(85)
Issuance of common stock	47	581	83
Dividends paid	(2,026)us-gaap_PaymentsOfDividendsCommonStock	(1,308)us-gaap_PaymentsOfDividendsCommonStock	(899)us-gaap_PaymentsOfDividendsCommonStock
Excess tax deduction on stock awards	200	271	43
Net cash used by financing activities	(1,859)	(544)	(858)
Effect of exchange rate changes on cash	4	(9)	33
Net (decrease) increase in cash and cash equivalents	(4,875)	7,952	(995)
Cash and cash equivalents at beginning of year	32,146	24,194	25,189
Cash and cash equivalents at end of year	$ 27,271	$ 32,146	$ 24,194