Quarterly report pursuant to Section 13 or 15(d)

Inventories

 v2.3.0.11
Inventories
 3 Months Ended
Jun. 30, 2011
Inventories [Abstract]  
INVENTORIES
NOTE 5 — INVENTORIES:
     Inventories are stated at the lower of cost or market, using the average cost method. For contracts accounted for on the completed contract method, progress payments received are netted against inventory to the extent the payment is less than the inventory balance relating to the applicable contract. Progress payments that are in excess of the corresponding inventory balance are presented as customer deposits in the Condensed Consolidated Balance Sheets. Unbilled revenue in the Condensed Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts accounted for on the percentage-of-completion method. For contracts accounted for on the percentage-of—completion method, progress payments are netted against unbilled revenue to the extent the payment is less than the unbilled revenue for the applicable contract. Progress payments exceeding unbilled revenue are netted against inventory to the extent the payment is less than or equal to the inventory balance relating to the applicable contract, and the excess is presented as customer deposits in the Condensed Consolidated Balance Sheets.
     Major classifications of inventories are as follows:
                 
    June 30,     March 31,  
    2011     2011  
Raw materials and supplies
  $ 2,108     $ 2,293  
Work in process
    10,702       12,983  
Finished products
    621       543  
 
           
 
    13,431       15,819  
Less — progress payments
    7,789       7,562  
 
           
Total
  $ 5,642     $ 8,257