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
 3 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating activities    
Net income $ 4,526 $ 11,534
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,012 3,558
Amortization of deferred debt issuance costs 109 118
Stock compensation expense 875 556
Deferred income taxes (592) (4,046)
Other (254) (684)
Changes in operating assets and liabilities:    
Accounts receivable 7,206 (7,395)
Inventories (1,370) 205
Costs and estimated earnings in excess of billings on uncompleted contracts 993 122
Other current and noncurrent assets (1,036) (1,034)
Accounts payable (1,457) 583
Accrued liabilities and noncurrent liabilities (5,297) 2,365
Income taxes payable and receivable (3,736) 238
Net cash provided by operating activities 3,979 6,120
Investing activities    
Purchases of property, plant and equipment (3,783) (751)
Cash paid for acquisitions (10,956) 0
Net cash used in investing activities (14,739) (751)
Financing activities    
Payments on long term debt (3,375) (3,375)
Issuance costs associated with revolving line of credit and long term debt 0 (290)
Proceeds from exercise of stock options 64 326
Repurchase of employee stock units on vesting (708) 0
Benefit from excess tax deduction from option exercises 0 1,364
Lease financing (52) 24
Net cash used in financing activities (4,071) (1,951)
Effect of exchange rate changes on cash and cash equivalents 420 1,201
Change in cash and cash equivalents (14,411) 4,619
Cash and cash equivalents at beginning of period 93,774 72,640
Cash and cash equivalents at end of period $ 79,363 $ 77,259