Annual report pursuant to Section 13 and 15(d)

Leases

v2.4.0.8
Leases
12 Months Ended
Mar. 31, 2014
Leases [Abstract]  
Leases

Note 7 — Leases:

The Company leases equipment and office space under various operating leases. Lease expense applicable to operating leases was $563, $513 and $478 in fiscal 2014, fiscal 2013, and fiscal 2012, respectively.

Property, plant and equipment include the following amounts for leases which have been capitalized:

 

     March 31,  
     2014      2013  

Machinery and equipment

   $ 457       $ 429   

Less accumulated amortization

     240         219   
  

 

 

    

 

 

 
   $ 217       $ 210   
  

 

 

    

 

 

 

Amortization of machinery and equipment under capital leases amounted to $72, $84 and $82 in fiscal 2014, fiscal 2013, and fiscal 2012, respectively, and is included in depreciation expense.

As of March 31, 2014, future minimum payments required under non-cancelable leases are:

 

     Operating
Leases
     Capital
Leases
 

2015

   $ 588       $ 90   

2016

     366         63   

2017

     118         34   

2018

     52         29   

2019

     15         23   
  

 

 

    

 

 

 

Total minimum lease payments

   $ 1,139         239   
  

 

 

    

Less — amount representing interest

        23   
     

 

 

 

Present value of net minimum lease payments

      $ 216