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
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 2,966 $ 2,640
Adjustments to reconcile net income to net cash provided(used) by operating activities:    
Depreciation 857 793
Amortization of intangible Assets 554 446
Amortization of actuarial losses 195 211
Amortization of debt issuance costs 0 59
Equity-based compensation expense 344 293
Change in fair value of contingent consideration (130) 0
Deferred income taxes 99 855
(Increase) decrease in operating assets, net of acquisition:    
Accounts receivable 7,611 (5,769)
Unbilled revenue (12,023) 5,171
Inventories 647 780
Prepaid expenses and other current and non-current assets (926) (1,065)
Income taxes receivable 0 (159)
Operating lease assets 321 293
Prepaid pension asset (58) (72)
(Increase) decrease in operating liabilities, net of acquisition:    
Accounts payable (909) (4,745)
Accrued compensation, accrued expenses and other current and non-current liabilities (6,380) (868)
Customer deposits 15,672 10,002
Income taxes payable 182 0
Operating lease liabilities (310) (256)
Long-term portion of accrued compensation, accrued pension and postretirement benefit liabilities 4 (6)
Net cash provided by operating activities 8,716 8,603
Investing activities:    
Purchase of property, plant and equipment (2,978) (1,499)
Acquisition of Barber-Nichols, LLC (170) 0
Net cash used by investing activities (3,148) (1,499)
Financing activities:    
Principal repayments on debt 0 (500)
Repayments on financing lease obligations (79) (85)
Purchase of treasury stock (810) (57)
Net cash used by financing activities (889) (642)
Effect of exchange rate changes on cash (7) (57)
Net increase in cash and cash equivalents 4,672 6,405
Cash and cash equivalents at beginning of period 16,939 18,257
Cash and cash equivalents at end of period $ 21,611 $ 24,662