Organization and Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Mar. 31, 2022 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Cash and Cash Equivalents |
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March 31,
2022 |
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March 31,
2021 |
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March 31,
2020 |
| Cash and cash equivalents |
$ |
41,445 |
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$ |
40,124 |
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$ |
43,237 |
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| Restricted cash included in prepaid expenses and other current assets |
2,486 |
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1,962 |
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2,421 |
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| Restricted cash included in other long-term assets |
— |
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364 |
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348 |
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| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows |
$ |
43,931 |
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$ |
42,450 |
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$ |
46,006 |
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| Schedule of Changes in Allowance for Doubtful Accounts |
The following table summarizes the annual changes in our allowance for doubtful accounts:
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| Balance at March 31, 2019 |
$ |
987 |
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Additions to reserve |
674 |
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Write-off of uncollectible accounts |
(827) |
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| Balance at March 31, 2020 |
834 |
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Additions to reserve |
1,466 |
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Write-off of uncollectible accounts |
(226) |
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| Balance at March 31, 2021 |
2,074 |
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Additions to reserve |
683 |
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Write-off of uncollectible accounts |
(580) |
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| Balance at March 31, 2022 |
$ |
2,177 |
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| Schedule of Property, Plant and Equipment |
Depreciation is computed using the straight-line method over the following lives:
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Useful Lives in Years |
| Buildings and improvements |
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10 |
- |
30 |
| Machinery and equipment |
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3 |
- |
25 |
| Office furniture and equipment |
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3 |
- |
10 |
| Internally developed software |
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5 |
- |
7 |
Property, plant and equipment consisted of the following at March 31:
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March 31, |
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2022 |
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2021 |
| Land, buildings and improvements |
$ |
57,306 |
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$ |
57,317 |
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| Machinery and equipment |
48,365 |
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47,138 |
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| Office furniture and equipment |
17,014 |
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15,375 |
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| Internally developed software |
5,851 |
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7,336 |
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| Construction in progress |
1,457 |
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1,019 |
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| Property, plant and equipment at cost |
129,993 |
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128,185 |
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| Accumulated depreciation |
(63,954) |
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(55,555) |
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| Property, plant and equipment, net |
$ |
66,039 |
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$ |
72,630 |
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| Schedule of Error Corrections and Prior Period Adjustments |
During the second quarter of fiscal 2022, we identified an error in our previously issued unaudited condensed consolidated financial statements as of and for the three months ended June 30, 2021, as well as our consolidated financial statements as of and for the three months and year ended March 31, 2021. The error was due to underreported warranty costs associated with the operational execution of a large project in our US-LAM segment that completed in a prior year for which we are supplying engineering services, installation services, and equipment. Management evaluated the materiality of the error from a qualitative and quantitative perspective and concluded that the error was not material to any one quarterly or annual period. Accordingly, we corrected the error in the consolidated balance sheets at March 31, 2021 and consolidated statements of operations and comprehensive income/(loss) for the three and twelve months ended March 31, 2021. We also corrected the error in the unaudited condensed consolidated balance sheets at June 30, 2021, and unaudited condensed consolidated statements of operations and comprehensive income/(loss) for the three months ended June 30, 2021. The corrected financial statements for the periods in this annual report are as follows:
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| Consolidated Balance Sheets |
March 31, 2021 |
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March 31, 2021 |
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as reported |
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Adjustments |
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as corrected |
| Accrued liabilities |
$ |
23,517 |
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$ |
371 |
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$ |
23,888 |
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| Deferred income taxes |
21,088 |
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(82) |
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21,006 |
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| Retained earnings |
183,725 |
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(289) |
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183,436 |
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| Consolidated Statements of Operations and Comprehensive Income/(loss) |
Three Months Ended March 31, 2021 |
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Three Months Ended March 31, 2021 |
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as reported |
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Adjustments |
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as corrected |
| Sales |
$ |
73,323 |
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$ |
— |
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$ |
73,323 |
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| Cost of sales |
46,090 |
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|
371 |
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46,461 |
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| Gross profit |
27,233 |
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(371) |
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26,862 |
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| Net income/(loss) |
$ |
(763) |
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$ |
(288) |
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$ |
(1,051) |
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| Net income/(loss) per common share: |
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| Basic |
$ |
(0.02) |
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$ |
(0.01) |
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$ |
(0.03) |
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| Diluted |
$ |
(0.02) |
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$ |
(0.01) |
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$ |
(0.03) |
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| Consolidated Statements of Operations and Comprehensive Income/(loss) |
Twelve Months Ended March 31, 2021 |
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Twelve Months Ended March 31, 2021 |
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as reported |
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Adjustments |
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as corrected |
| Sales |
$ |
276,181 |
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$ |
— |
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$ |
276,181 |
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| Cost of sales |
158,938 |
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|
371 |
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159,309 |
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| Gross profit |
117,243 |
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(371) |
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116,872 |
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| Net income/(loss) |
$ |
1,165 |
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$ |
(288) |
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$ |
877 |
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| Net income/(loss) per common share: |
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| Basic |
$ |
0.04 |
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$ |
(0.01) |
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$ |
0.03 |
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| Diluted |
$ |
0.03 |
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$ |
0.00 |
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$ |
0.03 |
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