Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Operating activities:    
Net income $ 7,052 $ 10,124
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,390 1,177
Amortization 170 283
Amortization of unrecognized prior service cost and actuarial losses 666 293
Discount accretion on investments (10) (4)
Stock-based compensation expense 463 465
Loss on disposal of property, plant and equipment 8 5
Deferred income taxes (259) 192
(Increase) decrease in operating assets:    
Accounts receivable 210 (1,657)
Unbilled revenue 5,017 1,642
Inventories (1,335) 2,264
Prepaid expenses and other current and non-current assets 74 (224)
Prepaid pension asset (575) (624)
Increase (decrease) in operating liabilities:    
Accounts payable (257) (3,665)
Accrued compensation, accrued expenses and other current and non-current liabilities (1,138) 678
Customer deposits 2,087 (4,893)
Income taxes receivable 1,354 (2,196)
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits 31 54
Net cash provided by operating activities 14,948 3,914
Investing activities:    
Purchase of property, plant and equipment (971) (2,621)
Proceeds from disposal of property, plant and equipment 4 4
Purchase of investments (60,488) (16,398)
Redemption of investments at maturity 50,000 37,920
Acquisition of Energy Steel & Supply Co   384
Net cash (used) provided by investing activities (11,455) 19,289
Financing activities:    
Principal repayments on capital lease obligations (61) (57)
Issuance of common stock 55 378
Dividends paid (599) (594)
Purchase of treasury stock   (221)
Excess tax (deficiency) benefit on stock awards (2) 197
Net cash used by financing activities (607) (297)
Effect of exchange rate changes on cash 35 47
Net increase in cash and cash equivalents 2,921 22,953
Cash and cash equivalents at beginning of period 25,189 19,565
Cash and cash equivalents at end of period $ 28,110 $ 42,518