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, 2017
Mar. 31, 2016
Mar. 31, 2015
Operating activities:      
Net income $ 5,023 $ 6,131 $ 14,735
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 2,092 2,201 2,079
Amortization 234 234 229
Amortization of unrecognized prior service cost and actuarial losses 1,387 1,214 514
Stock-based compensation expense 627 697 653
Loss on disposal or sale of property, plant and equipment 4 4 14
Deferred income taxes (884) (1,522) 157
(Increase) decrease in operating assets:      
Accounts receivable 1,127 4,440 (6,910)
Unbilled revenue (3,996) 6,783 (10,835)
Inventories 1,561 3,175 2,525
Income taxes receivable/payable 1,977 (1,309) 158
Prepaid expenses and other current and non-current assets (111) (162) (152)
Prepaid pension asset (823) (1,222) (1,108)
Increase (decrease) in operating liabilities:      
Accounts payable 78 (2,836) 3,115
Accrued compensation, accrued expenses and other current and non-current liabilities 28 (3,178) 4,981
Customer deposits 4,010 4,227 (3,834)
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits 55 (126) (42)
Net cash provided by operating activities 12,389 18,751 6,279
Investing activities:      
Purchase of property, plant and equipment (325) (1,153) (5,300)
Proceeds from disposal of property, plant and equipment 1 3 1
Purchase of investments (55,000) (44,000) (50,000)
Redemption of investments at maturity 62,000 36,000 46,000
Net cash provided (used) by investing activities 6,676 (9,150) (9,299)
Financing activities:      
Principal repayments on capital lease obligations (58) (59) (80)
Issuance of common stock 137 97 47
Dividends paid (3,492) (3,296) (2,026)
Purchase of treasury stock (29) (9,441)  
Excess tax (deficiency) benefit on stock awards (19) 6 200
Net cash used by financing activities (3,461) (12,693) (1,859)
Effect of exchange rate changes on cash (202) (107) 4
Net increase (decrease) in cash and cash equivalents 15,402 (3,199) (4,875)
Cash and cash equivalents at beginning of year 24,072 27,271 32,146
Cash and cash equivalents at end of year $ 39,474 $ 24,072 $ 27,271