Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v3.4.0.3
Consolidated Statement of Cash Flows - USD ($)
 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2014
Operating activities      
Net income $ 23,650,000 $ 49,386,000 $ 25,799,000
Adjustment to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 17,409,000 14,143,000 14,178,000
Amortization of debt costs 732,000 464,000 4,572,000
Stock compensation expense 3,749,000 3,295,000 2,203,000
Impairment of acquisition related to goodwill and intangibles 1,713,000 0 0
Deferred income taxes (4,090,000) (7,164,000) (4,429,000)
Release of reserve of for uncertain tax positions (1,312,000) 0 0
Premiums paid on redemptions, included as financing activities 0 0 15,485,000
Other non-cash operating activities 510,000 1,833,000 (177,000)
Changes in operating assets and liabilities:      
Accounts receivable 6,272,000 (12,242,000) 2,894,000
Inventories 1,637,000 (6,862,000) (3,500,000)
Costs and estimated earnings in excess of billings on uncompleted contracts (350,000) (3,512,000) 648,000
Other current and non-current assets 3,186,000 841,000 (1,477,000)
Accounts payable 1,006,000 (297,000) (3,157,000)
Accrued liabilities and non-current liabilities (594,000) 8,396,000 (11,069,000)
Income taxes payable 774,000 5,132,000 1,190,000
Net cash provided by operating activities 47,920,000 51,731,000 46,114,000
Investing activities      
Purchases of property, plant and equipment (12,581,000) (6,075,000) (3,367,000)
Sales of rental equipment at net book value 2,193,000 0 0
Cash paid for acquisitions, net of cash acquired (31,180,000) (3,890,000) 0
Cash paid to settle the CHS Transactions 0 0 (2,055,000)
Net cash used in investing activities (41,568,000) (9,965,000) (5,422,000)
Financing activities      
Proceeds from long term debt 0 0 135,000,000
Payments on senior secured notes 0 0 (118,145,000)
Payments on long term debt (13,500,000) (13,500,000) (13,500,000)
Lease financing, net 235,000 186,000 (59,000)
Issuance costs associated with debt financing (341,000) (290,000) (1,728,000)
Issuance of common stock including exercise of stock options 240,000 547,000 3,340,000
Benefit (loss) from excess tax deduction from option exercises 92,000 1,592,000 (118,000)
Payments Related to Tax Withholding for Share-based Compensation (1,265,000) 0 0
Premium paid on redemption of senior secured notes 0 0 (15,485,000)
Net cash used in financing activities (15,009,000) (11,837,000) (10,577,000)
Effect of exchange rate changes on cash and cash equivalents (547,000) (8,795,000) (1,321,000)
Change in cash and cash equivalents (9,204,000) 21,134,000 28,794,000
Cash and cash equivalents at beginning of period 93,774,000   72,640,000
Cash and cash equivalents at end of period 84,570,000 93,774,000  
Interest 3,366,000 4,057,000 10,138,000
Income taxes paid 15,652,000 17,262,000 11,098,000
Income tax refunds received $ 121,000 $ 3,577,000 $ 2,004,000