Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating activities:    
Net income $ 2,361 $ 2,392
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 563 520
Amortization 58 54
Amortization of unrecognized prior service cost and actuarial losses 303 130
Stock-based compensation expense 220 123
Deferred income taxes 390 (7)
(Increase) decrease in operating assets:    
Accounts receivable 1,701 (1,958)
Unbilled revenue 177 196
Inventories 2,284 3,702
Prepaid expenses and other current and non-current assets (462) (487)
Prepaid pension asset (305) (320)
Increase (decrease) in operating liabilities:    
Accounts payable (1,145) (3,015)
Accrued compensation, accrued expenses and other current and non-current liabilities (2,284) 259
Customer deposits (796) 502
Income taxes payable/receivable 361 1,236
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits (95) (138)
Net cash provided by operating activities 3,331 3,189
Investing activities:    
Purchase of property, plant and equipment (264) (2,569)
Purchase of investments (9,000) (5,000)
Redemption of investments at maturity 9,000 19,000
Net cash (used) provided by investing activities (264) 11,431
Financing activities:    
Principal repayments on capital lease obligations (15) (21)
Issuance of common stock 96 29
Dividends paid (813) (405)
Excess tax benefit on stock awards 12 34
Net cash used by financing activities (720) (363)
Effect of exchange rate changes on cash (2) 7
Net increase in cash and cash equivalents 2,345 14,264
Cash and cash equivalents at beginning of year 27,271 32,146
Cash and cash equivalents at end of period $ 29,616 $ 46,410