Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2014
Operating activities:      
Net income $ 6,131 $ 14,735 $ 10,145
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 2,201 2,079 1,977
Amortization 234 229 222
Amortization of unrecognized prior service cost and actuarial losses 1,214 514 886
Discount accretion on investments     (8)
Stock-based compensation expense 697 653 639
Loss on disposal or sale of property, plant and equipment 4 14 223
Deferred income taxes (1,522) 157 (1,011)
(Increase) decrease in operating assets:      
Accounts receivable 4,440 (6,910) (1,001)
Unbilled revenue 6,783 (10,835) 5,318
Inventories 3,175 2,525 (5,161)
Income taxes receivable/payable (1,309) 158 2,137
Prepaid expenses and other current and non-current assets (162) (152) 185
Prepaid pension asset (1,222) (1,108) (793)
Increase (decrease) in operating liabilities:      
Accounts payable (2,836) 3,115 595
Accrued compensation, accrued expenses and other current and non-current liabilities (3,178) 4,981 28
Customer deposits 4,227 (3,834) 1,009
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits (126) (42) (160)
Net cash provided by operating activities 18,751 6,279 15,230
Investing activities:      
Purchase of property, plant and equipment (1,153) (5,300) (5,263)
Proceeds from disposal of property, plant and equipment 3 1 32
Purchase of investments (44,000) (50,000) (109,494)
Redemption of investments at maturity 36,000 46,000 108,000
Net cash used by investing activities (9,150) (9,299) (6,725)
Financing activities:      
Principal repayments on capital lease obligations (59) (80) (88)
Issuance of common stock 97 47 581
Dividends paid (3,296) (2,026) (1,308)
Purchase of treasury stock (9,441)    
Excess tax deduction on stock awards 6 200 271
Net cash used by financing activities (12,693) (1,859) (544)
Effect of exchange rate changes on cash (107) 4 (9)
Net (decrease) increase in cash and cash equivalents (3,199) (4,875) 7,952
Cash and cash equivalents at beginning of year 27,271 32,146 24,194
Cash and cash equivalents at end of year $ 24,072 $ 27,271 $ 32,146