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, 2012
Mar. 31, 2011
Mar. 31, 2010
Operating activities:      
Net income $ 10,553 $ 5,874 $ 6,361
Adjustments to reconcile net income to net cash provided (used) by operating activities:      
Depreciation 1,685 1,334 1,107
Amortization 339 314 12
Amortization of unrecognized prior service cost and actuarial losses 392 293 678
Discount accretion on investments (5) (50) (50)
Stock-based compensation expense 611 478 436
Loss on disposal or sale of property, plant and equipment 23 23 70
Deferred income taxes 4,413 (923) (4,568)
(Increase) decrease in operating assets, net of acquisition:      
Accounts receivable (2,844) 155 (299)
Unbilled revenue 1,613 (10,672) 7,407
Inventories 2,191 (1,723) (1,433)
Income taxes receivable/payable (6,252) 1,703 4,122
Prepaid expenses and other current and non-current assets (105) 63 (24)
Prepaid pension asset (833) (776) (245)
Increase (decrease) in operating liabilities, net of acquisition:      
Accounts payable (3,689) 2,679 990
Accrued compensation, accrued expenses and other current and non-current liabilities 172 461 (401)
Customer deposits (5,626) (9,498) 16,130
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits (33) (104) (23)
Net cash provided (used) by operating activities 2,605 (10,369) 30,270
Investing activities:      
Purchase of property, plant and equipment (3,243) (1,979) (1,003)
Proceeds from disposal of property, plant and equipment 5 14 9
Purchase of investments (32,896) (155,717) (182,481)
Redemption of investments at maturity 39,920 202,310 153,530
Acquisition of Energy Steel & Supply Company (See Note 2) 384 (17,899)  
Net cash provided (used) by investing activities 4,170 26,729 (29,945)
Financing activities:      
Proceeds from issuance of long-term debt     822
Principal repayments on long-term debt (81) (68) (861)
Issuance of common stock 386 236 63
Dividends paid (793) (790) (788)
Purchase of treasury stock (221) (874) (229)
Excess tax deduction on stock awards 247 120 40
Payment of contingent earn-out (746)    
Other     5
Net cash used by financing activities (1,208) (1,376) (948)
Effect of exchange rate changes on cash 57 51 3
Net increase (decrease) in cash and cash equivalents 5,624 15,035 (620)
Cash and cash equivalents at beginning of year 19,565 4,530 5,150
Cash and cash equivalents at end of year $ 25,189 $ 19,565 $ 4,530