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, unless otherwise specified
 6 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Operating activities    
Net income (loss) $ 3,634 $ 13,587
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,076 6,856
Amortization of debt costs 4,331 2,904
Stock compensation expense 910 394
Deferred income taxes (5,870) (3,005)
Loss on retirement of senior secured notes 15,485 0
Changes in operating assets and liabilities:    
Accounts receivable (2,184) (3,693)
Inventories (2,160) (3,526)
Costs and estimated earnings in excess of billings on uncompleted contracts (75) (608)
Other current and noncurrent assets 922 (429)
Accounts payable 2,305 6,611
Accrued liabilities and noncurrent liabilities (6,636) (5,833)
Income taxes payable (686) 567
Net cash provided by operating activities 17,052 13,825
Investing activities    
Purchases of property, plant and equipment (1,465) (2,880)
Cash paid for Thermon Holding Corp. (95) (137)
Net cash used in investing activities (1,560) (3,017)
Financing activities    
Payments on senior secured notes (118,145) (21,000)
Proceeds from revolving line of credit and long term debt 135,000 0
Payments on revolving lines of credit and long term debt (6,750) 0
Issuance costs associated with revolving line of credit and long term debt (1,728) 0
Capital contributions 0 0
Proceeds from exercise of stock options 1,315 3,251
Benefit from excess tax deduction from option exercises 0 2,585
Premiums paid on redemptions, included as financing activities (15,485) (630)
Net cash used in financing activities (5,793) (15,794)
Effect of exchange rate changes on cash and cash equivalents (178) (72)
Change in cash and cash equivalents 9,521 (5,058)
Cash and cash equivalents at beginning of period 43,847 21,468
Cash and cash equivalents at end of period $ 53,368 $ 16,410