Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows

v2.4.0.8
Condensed Consolidated Statement of Cash Flows (USD $)
 6 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Operating activities    
Net income $ 23,282,000 $ 3,634,000
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,134,000 7,076,000
Amortization of deferred debt issuance costs 237,000 4,331,000
Stock compensation expense 1,372,000 910,000
Deferred income taxes (5,124,000) (5,870,000)
Loss on retirement of senior secured notes 0 15,485,000
Other 514,000 0
Changes in operating assets and liabilities:    
Accounts receivable (13,013,000) (2,184,000)
Inventories (4,888,000) (2,160,000)
Costs and estimated earnings in excess of billings on uncompleted contracts (386,000) (75,000)
Other current and noncurrent assets (1,633,000) 922,000
Accounts payable 5,485,000 2,305,000
Accrued liabilities and noncurrent liabilities 2,742,000 (6,636,000)
Income taxes payable and receivable 1,942,000 (686,000)
Net cash provided by operating activities 17,664,000 17,052,000
Investing activities    
Purchases of property, plant and equipment (1,627,000) (1,465,000)
Cash paid to settle the CHS Transactions 0 (95,000)
Net cash used in investing activities (1,627,000) (1,560,000)
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 (6,750,000) (6,750,000)
Issuance costs associated with revolving line of credit and long term debt (290,000) (1,728,000)
Proceeds from exercise of stock options 456,000 1,315,000
Benefit from excess tax deduction from option exercises 1,449,000 0
Premiums paid on redemptions 0 (15,485,000)
Lease financing, net (60,000) 0
Net cash used in financing activities (5,195,000) (5,793,000)
Effect of exchange rate changes on cash and cash equivalents (1,353,000) (178,000)
Change in cash and cash equivalents 9,489,000 9,521,000
Cash and cash equivalents at beginning of period 72,640,000 43,847,000
Cash and cash equivalents at end of period $ 82,129,000