Quarterly report pursuant to Section 13 or 15(d)

Inventories

v3.5.0.2
Inventories
3 Months Ended
Jun. 30, 2016
Inventory Disclosure [Abstract]  
Inventories

NOTE 4 – INVENTORIES:

Inventories are stated at the lower of cost or market, using the average cost method.  Unbilled revenue in the Condensed Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts accounted for on the percentage-of-completion method.  For contracts accounted for on the percentage-of-completion method, progress payments are netted against unbilled revenue to the extent the payment is less than the unbilled revenue for the applicable contract.  Progress payments exceeding unbilled revenue are netted against inventory to the extent the payment is less than or equal to the inventory balance relating to the applicable contract, and the excess is presented as customer deposits in the Condensed Consolidated Balance Sheets.

Major classifications of inventories are as follows:

 

 

 

June 30,

2016

 

 

March 31,

2016

 

Raw materials and supplies

 

$

2,866

 

 

$

3,178

 

Work in process

 

 

10,981

 

 

 

11,615

 

Finished products

 

 

748

 

 

 

659

 

 

 

 

14,595

 

 

 

15,452

 

Less - progress payments

 

 

7,344

 

 

 

4,641

 

Total

 

$

7,251

 

 

$

10,811