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 $)
 3 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Operating activities    
Net income (loss) $ 11,534,000 $ (6,938,000)
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,558,000 3,533,000
Amortization of deferred debt issuance costs 118,000 4,207,000
Stock compensation expense 556,000 366,000
Deferred income taxes (4,046,000) (4,901,000)
Loss on retirement of senior secured notes 0 15,485,000
Other (684,000) 0
Changes in operating assets and liabilities:    
Accounts receivable (7,395,000) 5,386,000
Inventories 205,000 232,000
Costs and estimated earnings in excess of billings on uncompleted contracts 122,000 (552,000)
Other current and noncurrent assets (1,034,000) (503,000)
Accounts payable 583,000 (1,688,000)
Accrued liabilities and noncurrent liabilities 2,365,000 (9,035,000)
Income taxes payable and receivable 238,000 569,000
Net cash provided by operating activities 6,120,000 6,161,000
Investing activities    
Purchases of property, plant and equipment (751,000) (617,000)
Net cash used in investing activities (751,000) (617,000)
Financing activities    
Payments on senior secured notes 0 (118,145,000)
Proceeds from long term debt 0 135,000,000
Payments on long term debt (3,375,000) (3,375,000)
Issuance costs associated with revolving line of credit and long term debt (290,000) (1,728,000)
Proceeds from exercise of stock options 326,000 486,000
Benefit from excess tax deduction from option exercises 1,364,000 0
Premiums paid on redemptions 0 (15,485,000)
Lease financing, net 24,000 0
Net cash used in financing activities (1,951,000) (3,247,000)
Effect of exchange rate changes on cash and cash equivalents 1,201,000 (779,000)
Change in cash and cash equivalents 4,619,000 1,518,000
Cash and cash equivalents at beginning of period 72,640,000 43,847,000
Cash and cash equivalents at end of period $ 77,259,000 $ 45,365,000