Quarterly report pursuant to Section 13 or 15(d)

Restructuring Charge

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Restructuring Charge
 3 Months Ended
Jun. 30, 2016
Restructuring And Related Activities [Abstract]  
Restructuring Charge

NOTE 14 – RESTRUCTURING CHARGE:

In the first quarter of fiscal 2017, the Company’s workforce was aligned with the current and projected market conditions by eliminating certain management, office and manufacturing positions.  As a result, a restructuring charge of $555 was recognized, which included severance and related employee benefit costs.  This charge is included in the caption “Restructuring Charge” in the Condensed Consolidated Statement of Operations and Retained Earnings for the three months ended June 30, 2016.  The reconciliation of the changes in the restructuring reserve is as follows:

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2016

 

Balance at beginning of period

 

$

74

 

Expense for restructuring

 

 

555

 

Amounts paid for restructuring

 

 

(77

)

Balance at end of period

 

$

552

 

 

The current portion of the liability of $471 and $74 at June 30 and March 31, 2016 respectively, is included in the caption “Accrued Compensation” in the Condensed Consolidated Balance Sheets.  The long-term portion of $81 at June 30, 2016 is separately presented in the Condensed Consolidated Balance Sheet.