Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.3.1.900
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Operating activities:    
Net income $ 5,611 $ 10,570
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,675 1,561
Amortization 175 171
Amortization of unrecognized prior service cost and actuarial losses 911 389
Stock-based compensation expense 540 481
(Gain) loss on disposal of property, plant and equipment (1) 3
Deferred income taxes 596 (281)
(Increase) decrease in operating assets:    
Accounts receivable 6,329 (4,938)
Unbilled revenue 10,152 (5,463)
Inventories 2,186 1,887
Prepaid expenses and other current and non-current assets (420) (430)
Prepaid pension asset (917) (845)
Increase (decrease) in operating liabilities:    
Accounts payable (2,216) 2,584
Accrued compensation, accrued expenses and other current and non-current liabilities (3,795) 2,138
Customer deposits 3,944 (964)
Income taxes payable/receivable (2,531) 743
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits (68) (101)
Net cash provided by operating activities 22,171 7,505
Investing activities:    
Purchase of property, plant and equipment (883) (4,965)
Proceeds from disposal of property, plant and equipment 4 1
Purchase of investments (36,000) (41,000)
Redemption of investments at maturity 27,000 37,000
Net cash used by investing activities (9,879) (8,964)
Financing activities:    
Principal repayments on capital lease obligations (42) (64)
Issuance of common stock 97 48
Dividends paid (2,415) (1,215)
Purchase of treasury stock (5,852)  
Excess tax benefit on stock awards 5 37
Net cash used by financing activities (8,207) (1,194)
Effect of exchange rate changes on cash (141) 3
Net increase (decrease) in cash and cash equivalents 3,944 (2,650)
Cash and cash equivalents at beginning of period 27,271 32,146
Cash and cash equivalents at end of period $ 31,215 $ 29,496