Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v3.8.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2016
Operating activities      
Net income $ 13,219 $ 14,984 $ 23,650
Adjustment to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 24,420 17,832 17,409
Amortization of debt costs 1,657 390 732
Amortization of inventory step-up 869 0 0
Loss on extinguishment of debt 376 0 0
Stock compensation expense 3,519 3,402 3,749
Impairment of acquisition related to goodwill and intangibles 0 0 1,713
Deferred income taxes (11,337) (3,262) (4,090)
Long term foreign exchange derivative 1,540 0 0
Release of reserve for uncertain tax positions 0 (128) (1,312)
Other (773) 152 510
Changes in operating assets and liabilities:      
Accounts receivable (13,818) (5,212) 5,211
Inventories (9,059) 6,579 1,637
Costs and estimated earnings in excess of billings on uncompleted contracts (6,067) 2,599 (350)
Other current and non-current assets (2,625) (570) (2,125)
Accounts payable 2,003 (4,608) 1,006
Accrued liabilities and non-current liabilities 13,950 (3,173) (594)
Income taxes payable and receivable 4,041 (2,545) 774
Net cash provided by operating activities 21,915 26,440 47,920
Investing activities      
Purchases of property, plant and equipment (10,008) (8,370) (12,581)
Sales of rental equipment at net book value 936 350 2,193
Proceeds from the sale of property, plant and equipment 13 811 0
Cash paid for acquisitions, net of cash acquired (202,693) 0 (31,180)
Purchase of investments (8,123) (44,786) 0
Proceeds from the sale of investments 53,406 0 0
Net cash used in investing activities (166,469) (51,995) (41,568)
Financing activities      
Proceeds from senior secured notes 250,000 0 0
Payments on long term debt and revolving credit facility (116,000) (13,500) (13,500)
Proceeds from revolving credit facility 10,000 0 0
Lease financing, net (264) (257) (235)
Issuance costs associated with debt financing (9,698) 0 (341)
Issuance of common stock including exercise of stock options 383 168 240
Benefit (loss) from excess tax deduction from option exercises 0 (448) 92
Repurchase of employee stock units on vesting (481) (621) (1,265)
Net cash provided by (used in) financing activities 133,940 (14,658) (15,009)
Effect of exchange rate changes on cash and cash equivalents 1,651 (1,516) (547)
Change in cash and cash equivalents (8,963) (41,729) (9,204)
Cash and cash equivalents at beginning of period 42,842 84,570 93,774
Cash and cash equivalents at end of period 33,879 42,842 84,570
Interest 7,348 3,085 3,366
Income taxes paid 7,728 9,280 15,652
Income tax refunds received $ 818 $ 0 $ 121