Annual report pursuant to Section 13 and 15(d)

The Company and Its Accounting Policies (Tables)

v3.4.0.3
The Company and Its Accounting Policies (Tables)
 12 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Summary of Costs and Estimated Earnings on Contracts

A summary of costs and estimated earnings on contracts in progress at March 31, 2016 and 2015 is as follows:

 

 

 

March 31,

 

 

 

2016

 

 

2015

 

Costs incurred since inception on contracts in progress

 

$

35,893

 

 

$

64,912

 

Estimated earnings since inception on contracts in progress

 

 

1,185

 

 

 

16,067

 

 

 

 

37,078

 

 

 

80,979

 

Less billings to date

 

 

38,267

 

 

 

69,636

 

Net under (over) billings

 

$

(1,189

)

 

$

11,343

 

 
Accompanying Consolidated Balance Sheets

The above activity is included in the accompanying Consolidated Balance Sheets under the following captions at March 31, 2016 and 2015 or Notes to Consolidated Financial Statements:

 

 

 

March 31,

 

 

 

2016

 

 

2015

 

Unbilled revenue

 

$

11,852

 

 

$

18,665

 

Progress payments reducing inventory (Note 2)

 

 

(4,641

)

 

 

(3,143

)

Customer deposits

 

 

(8,400

)

 

 

(4,179

)

Net under (over) billings

 

$

(1,189

)

 

$

11,343

 

 
Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share

A reconciliation of the numerators and denominators of basic and diluted income per share is presented below:

 

 

 

Year ended March 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Basic income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

6,131

 

 

$

14,735

 

 

$

10,145

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted common shares outstanding

 

 

9,976

 

 

 

10,123

 

 

 

10,056

 

Share equivalent units ("SEUs") outstanding

 

 

—

 

 

 

—

 

 

 

14

 

Weighted average common shares and SEUs

   outstanding

 

 

9,976

 

 

 

10,123

 

 

 

10,070

 

Basic income per share

 

$

0.61

 

 

$

1.46

 

 

$

1.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

6,131

 

 

$

14,735

 

 

$

10,145

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares and SEUs

   outstanding

 

 

9,976

 

 

 

10,123

 

 

 

10,070

 

Stock options outstanding

 

 

7

 

 

 

20

 

 

 

34

 

Weighted average common and potential common

   shares outstanding

 

 

9,983

 

 

 

10,143

 

 

 

10,104

 

Diluted income per share

 

$

0.61

 

 

$

1.45

 

 

$

1.00

 

 
Schedule of Effects of Retrospective Application of Provision in Condensed Consolidated Balance Sheet

The following table presents the impact of applying the provisions retrospectively on individual line items in the Company’s Consolidated Balance Sheet at March 31, 2015:

 

Balance Sheet Caption

 

Before Application

of Guidance

 

 

Reclassification

 

 

After Application

of Guidance

 

Current deferred income tax asset

 

$

647

 

 

$

(647

)

 

$

—

 

Other assets

 

$

150

 

 

$

(4

)

 

$

146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current deferred income tax liability

 

$

(164

)

 

$

164

 

 

$

—

 

Long-term deferred income tax liability

 

$

(6,363

)

 

$

487

 

 

$

(5,876

)