Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v2.4.0.8
Consolidated Statement of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2012
Operating activities      
Net income (loss) $ 25,799 $ 26,974 $ 12,030
Adjustment to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 14,178 13,831 13,971
Amortization of debt costs 4,572 3,321 4,127
Stock compensation expense 2,203 1,341 6,514
Deferred income taxes (4,429) (1,919) (4,947)
Premiums paid on redemptions, included as financing activities 15,485 0 3,825
Other non-cash operating activities (177) 551 721
Changes in operating assets and liabilities:      
Accounts receivable 2,894 (7,120) (11,435)
Inventories (3,500) 3,389 (8,189)
Costs and estimated earnings in excess of billings on uncompleted contracts 648 (1,807) (478)
Other current and noncurrent assets (1,477) (611) (1,591)
Accounts payable (3,157) 4,895 (1,292)
Accrued liabilities and noncurrent liabilities (11,069) (3,354) (3,549)
Income taxes payable 1,190 657 (9,777)
Net cash provided by operating activities 46,114 41,370 3,112
Investing activities      
Purchases of property, plant and equipment (3,367) (6,264) (8,883)
Cash paid to settle the CHS Transactions (2,055) (289) (685)
Net cash used in investing activities (5,422) (6,553) (9,568)
Financing activities      
Proceeds from long term debt 135,000 0 0
Payments on senior secured notes (118,145) (21,000) (70,855)
Payments on long term debt 0 0 (2,063)
Proceeds or payments on revolving lines of credit (13,500) 0 0
Capital Lease Obligations Incurred 59 0 0
Proceeds from Initial Public Offering, net of transaction costs 0 0 48,459
Issuance costs associated with debt financing (1,728) (248) 0
Proceeds from Stock Options Exercised 3,340 5,558 3,432
Benefit (loss) from excess tax deduction from option exercises (118) 4,131 2,181
Redemption Premium (15,485) (630) (3,825)
Net cash used in financing activities (10,577) (12,189) (22,671)
Effect of exchange rate changes on cash and cash equivalents (1,321) (249) (671)
Change in cash and cash equivalents 28,794 22,379 (29,798)
Cash and cash equivalents at beginning of period 43,847 21,468 51,266
Cash and cash equivalents at end of period 72,640 43,847 21,468
Interest, net 10,138 12,734 19,022
Income taxes paid 11,098 10,639 17,723
Proceeds from Income Tax Refunds $ (2,004) $ (207) $ (512)