Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows

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Condensed Consolidated Statement of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Operating activities    
Net income (loss) $ (6,938) $ 6,600
Adjustment to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 3,533 3,417
Amortization of debt costs 4,207 1,180
Stock compensation expense 366 58
Deferred income taxes (4,901) 76
Premiums paid on redemptions, included as financing activities 15,485 0
Changes in operating assets and liabilities:    
Accounts receivable 5,386 (4,842)
Inventories 232 902
Costs and estimated earnings in excess of billings on uncompleted contracts (552) 103
Other current and noncurrent assets (503) (106)
Accounts payable (1,688) (541)
Accrued liabilities and noncurrent liabilities (9,035) (7,040)
Income taxes payable 569 550
Net cash provided by operating activities 6,161 357
Investing activities    
Purchases of property, plant and equipment (617) (1,268)
Cash paid for Thermon Holding Corp. 0 (131)
Net cash used in investing activities (617) (1,399)
Financing activities    
Payments on senior secured notes (118,145) (21,000)
Proceeds from revolving line of credit and long term debt   12,769
Proceeds from Notes Payable 135,000  
Payments on revolving lines of credit and long term debt (3,375) 0
Issuance costs associated with revolving line of credit and long term debt (1,728) 0
Capital contributions 0 0
Proceeds from exercise of stock options 486 1,912
Benefit from excess tax deduction from option exercises 0 1,243
Loss on retirement of senior secured notes (15,485) (630)
Net cash used in financing activities (3,247) (5,706)
Effect of exchange rate changes on cash and cash equivalents (779) (1,090)
Change in cash and cash equivalents 1,518 (7,838)
Cash and cash equivalents at beginning of period 43,847 21,468
Cash and cash equivalents at end of period $ 45,365 $ 13,630