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, unless otherwise specified
 12 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2012
Operating activities:      
Net income $ 10,145 $ 11,148 $ 10,553
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,977 1,851 1,685
Amortization 222 228 339
Amortization of unrecognized prior service cost and actuarial losses 886 893 392
Discount accretion on investments (8) (15) (5)
Stock-based compensation expense 639 576 611
Loss on disposal or sale of property, plant and equipment 223 85 23
Deferred income taxes (1,011) (2,357) 4,413
(Increase) decrease in operating assets:      
Accounts receivable (1,001) 2,264 (2,844)
Unbilled revenue 5,318 (415) 1,613
Inventories (5,161) (5,311) 2,191
Income taxes receivable/payable 2,137 1,845 (6,252)
Prepaid expenses and other current and non-current assets 185 (300) (105)
Prepaid pension asset (793) (767) (833)
Increase (decrease) in operating liabilities:      
Accounts payable 595 2,957 (3,689)
Accrued compensation, accrued expenses and other current and non-current liabilities 28 59 172
Customer deposits 1,009 (255) (5,626)
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits (160) (54) (33)
Net cash provided by operating activities 15,230 12,432 2,605
Investing activities:      
Purchase of property, plant and equipment (5,263) (1,655) (3,243)
Proceeds from disposal of property, plant and equipment 32 37 5
Purchase of investments (109,494) (83,984) (32,896)
Redemption of investments at maturity 108,000 73,000 39,920
Acquisition of Energy Steel & Supply Co. (See Note 2)     384
Net cash ( used) provided by investing activities (6,725) (12,602) 4,170
Financing activities:      
Principal repayments on capital lease obligations (88) (85) (81)
Issuance of common stock 581 83 386
Dividends paid (1,308) (899) (793)
Purchase of treasury stock     (221)
Excess tax deduction on stock awards 271 43 247
Payment of contingent earn-out     (746)
Net cash used by financing activities (544) (858) (1,208)
Effect of exchange rate changes on cash (9) 33 57
Net increase (decrease) in cash and cash equivalents 7,952 (995) 5,624
Cash and cash equivalents at beginning of year 24,194 25,189 19,565
Cash and cash equivalents at end of year $ 32,146 $ 24,194 $ 25,189