Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v3.7.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2015
Operating activities      
Net income $ 14,984 $ 23,650 $ 49,386
Adjustment to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 17,832 17,409 14,143
Amortization of debt costs 390 732 464
Stock compensation expense 3,402 3,749 3,295
Impairment of acquisition related to goodwill and intangibles 0 1,713 0
Deferred income taxes (3,262) (4,090) (7,164)
Release of reserve for uncertain tax positions (128) (1,312) 0
Other 152 510 1,833
Changes in operating assets and liabilities:      
Accounts receivable (5,212) 5,211 (12,242)
Inventories 6,579 1,637 (6,862)
Costs and estimated earnings in excess of billings on uncompleted contracts 2,599 (350) (3,512)
Other current and non-current assets 570 2,125 841
Accounts payable (4,608) 1,006 (297)
Accrued liabilities and non-current liabilities (3,173) (594) 8,396
Income taxes payable and receivable (2,545) 774 5,132
Net cash provided by operating activities 26,440 47,920 51,731
Investing activities      
Purchases of property, plant and equipment (8,370) (12,581) (6,075)
Sales of rental equipment at net book value 350 2,193 0
Proceeds from the sale of property, plant and equipment 811 0 0
Cash paid for acquisitions, net of cash acquired 0 (31,180) (3,890)
Purchase of investments (44,786) 0 0
Net cash used in investing activities (51,995) (41,568) (9,965)
Financing activities      
Payments on long term debt (13,500) (13,500) (13,500)
Lease financing, net 257 235 186
Issuance costs associated with debt financing 0 (341) (290)
Issuance of common stock including exercise of stock options 168 240 547
Benefit (loss) from excess tax deduction from option exercises (448) 92 1,592
Repurchase of employee stock units on vesting (621) (1,265) 0
Net cash used in financing activities (14,658) (15,009) (11,837)
Effect of exchange rate changes on cash and cash equivalents (1,516) (547) (8,795)
Change in cash and cash equivalents (41,729) (9,204) 21,134
Cash and cash equivalents at beginning of period 84,570 93,774 72,640
Cash and cash equivalents at end of period 42,842 84,570 93,774
Interest 3,085 3,366 4,057
Income taxes paid 9,280 15,652 17,262
Income tax refunds received $ 0 $ 121 $ 3,577