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
 3 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Operating activities:    
Net income $ 2,392 $ 3,808
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 520 493
Amortization 54 57
Amortization of unrecognized prior service cost and actuarial losses 130 221
Discount accretion on investments   (3)
Stock-based compensation expense 123 195
Deferred income taxes (7) 183
(Increase) decrease in operating assets:    
Accounts receivable (1,958) (7,900)
Unbilled revenue 196 2,992
Inventories 3,702 1,843
Prepaid expenses and other current and non-current assets (487) (645)
Prepaid pension asset (320) (198)
Increase (decrease) in operating liabilities:    
Accounts payable (3,015) (1,731)
Accrued compensation, accrued expenses and other current and non-current liabilities 259 234
Customer deposits 502 797
Income taxes payable/receivable 1,236 1,628
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits (138) 26
Net cash provided by operating activities 3,189 2,000
Investing activities:    
Purchase of property, plant and equipment (2,569) (295)
Purchase of investments (5,000) (22,999)
Redemption of investments at maturity 19,000 23,000
Net cash provided (used) by investing activities 11,431 (294)
Financing activities:    
Principal repayments on capital lease obligations (21) (21)
Issuance of common stock 29 48
Dividends paid (405) (301)
Excess tax benefit on stock awards 34 61
Net cash used by financing activities (363) (213)
Effect of exchange rate changes on cash 7 6
Net increase in cash and cash equivalents 14,264 1,499
Cash and cash equivalents at beginning of year 32,146 24,194
Cash and cash equivalents at end of period $ 46,410 $ 25,693