Annual report pursuant to Section 13 and 15(d)

Leases

v3.4.0.3
Leases
12 Months Ended
Mar. 31, 2016
Leases [Abstract]  
Leases

 

Note 6 - Leases:

The Company leases equipment and office space under various operating leases.  Lease expense applicable to operating leases was $677, $596, and $563 in fiscal 2016, fiscal 2015, and fiscal 2014, respectively.

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

 

 

 

March 31,

 

 

 

2016

 

 

2015

 

Machinery and equipment

 

$

280

 

 

$

288

 

Less accumulated amortization

 

 

75

 

 

 

135

 

 

 

$

205

 

 

$

153

 

 

Amortization of machinery and equipment under capital leases amounted to $40, $54 and $72 in fiscal 2016, fiscal 2015, and fiscal 2014, respectively, and is included in depreciation expense.

As of March 31, 2016, future minimum payments required under non-cancelable leases are:

 

 

 

Operating

Leases

 

 

Capital

Leases

 

2017

 

$

580

 

 

$

64

 

2018

 

 

408

 

 

 

62

 

2019

 

 

364

 

 

 

55

 

2020

 

 

353

 

 

 

33

 

2021

 

 

238

 

 

 

18

 

Total minimum lease payments

 

$

1,943

 

 

$

232

 

 

 

 

 

 

 

 

 

 

Less – amount representing interest

 

 

 

 

 

 

20

 

Present value of net minimum lease payments

 

 

 

 

 

$

212