Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.3.0.814
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities:    
Net income $ 4,337 $ 6,578
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,126 1,041
Amortization 117 112
Amortization of unrecognized prior service cost and actuarial losses 607 259
Stock-based compensation expense 379 298
Deferred income taxes 632 (145)
(Increase) decrease in operating assets:    
Accounts receivable (4,941) (4,946)
Unbilled revenue 10,084 (2,371)
Inventories 3,337 2,486
Prepaid expenses and other current and non-current assets (401) (552)
Prepaid pension asset (611) (581)
Increase (decrease) in operating liabilities:    
Accounts payable (717) 2,360
Accrued compensation, accrued expenses and other current and non-current liabilities (2,831) 1,516
Customer deposits (1,319) 1,615
Income taxes payable/receivable (2,013) 939
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits (87) (119)
Net cash provided by operating activities 7,699 8,490
Investing activities:    
Purchase of property, plant and equipment (523) (4,096)
Proceeds from disposal of property, plant and equipment 3  
Purchase of investments (18,000) (23,000)
Redemption of investments at maturity 18,000 19,000
Net cash used by investing activities (520) (8,096)
Financing activities:    
Principal repayments on capital lease obligations (27) (44)
Issuance of common stock 97 29
Dividends paid (1,620) (810)
Purchase of treasury stock (3,399)  
Excess tax benefit on stock awards 5 34
Net cash used by financing activities (4,944) (791)
Effect of exchange rate changes on cash (90) 46
Net increase (decrease) in cash and cash equivalents 2,145 (351)
Cash and cash equivalents at beginning of period 27,271 32,146
Cash and cash equivalents at end of period $ 29,416 $ 31,795