American Science & Engineering (ASEI) 10-Q 10 Nov 14 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Sep. 30, 2014	Nov. 03, 2014
Document and Entity Information	'	'
Entity Registrant Name	'AMERICAN SCIENCE & ENGINEERING, INC.	'
Entity Central Index Key	'0000005768	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--03-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	7,866,168
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q2	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$39,829	$62,143
Restricted cash and investments	13,474	14,603
Short-term investments, at fair value	76,359	88,649
Accounts receivable, net of allowances of $343 and $323 at September 30, 2014 and March 31, 2014, respectively	29,419	34,317
Unbilled costs and fees	5,763	2,491
Inventories, net	45,200	32,935
Prepaid expenses and other current assets	10,441	5,459
Deferred income taxes	4,775	4,775
Total current assets	225,260	245,372
Building, equipment and leasehold improvements, net	10,866	12,969
Restricted cash and investments	716	313
Deferred income taxes	6,318	6,318
Other assets, net	993	539
Total assets	244,153	265,511
Current liabilities:	'	'
Accounts payable	3,856	10,618
Accrued salaries and benefits	8,308	10,805
Accrued warranty costs	186	404
Accrued income taxes	'	2,338
Deferred revenue	11,360	10,934
Customer deposits	22,022	16,589
Current portion of lease financing liability	1,521	1,511
Other current liabilities	4,975	9,292
Total current liabilities	52,228	62,491
Lease financing liability, net of current portion	640	1,404
Deferred revenue	1,668	3,941
Other long-term liabilities	38	280
Total liabilities	54,574	68,116
Stockholders' equity:	'	'
Preferred stock, no par value, 100,000 shares authorized; no shares issued	'	'
Common stock, $0.66 2/3 par value, 20,000,000 shares authorized 7,930,618 and 7,884,015 shares issued and outstanding at September 30, 2014 and March 31, 2014, respectively	5,287	5,255
Capital in excess of par value	37,854	35,236
Accumulated other comprehensive income (loss), net	-16	13
Retained earnings	146,454	156,891
Total stockholders' equity	189,579	197,395
Total liabilities and stockholders' equity	$244,153	$265,511

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Mar. 31, 2014
In Thousands, except Share data, unless otherwise specified
CONDENSED CONSOLIDATED BALANCE SHEETS	'	'
Accounts receivable, allowances (in dollars)	$343	$323
Preferred stock, no par value (in dollars per share)	$0	$0
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$0.67	$0.67
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	7,930,618	7,884,015
Common stock, shares outstanding	7,930,618	7,884,015

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net sales and contract revenues:	'	'	'	'
Net product sales and contract revenues	$11,004	$22,208	$34,255	$43,488
Net service revenues	12,062	21,608	24,348	43,412
Total net sales and contract revenues	23,066	43,816	58,603	86,900
Cost of sales and contracts:	'	'	'	'
Cost of product sales and contracts	6,531	14,341	18,829	26,894
Cost of service revenues	6,852	10,269	13,622	21,653
Total cost of sales and contracts	13,383	24,610	32,451	48,547
Gross profit	9,683	19,206	26,152	38,353
Expenses:	'	'	'	'
Selling, general and administrative expenses	9,118	6,913	17,309	14,322
Research and development costs	6,418	5,172	12,424	9,586
Total operating expenses	15,536	12,085	29,733	23,908
Operating income (loss)	-5,853	7,121	-3,581	14,445
Other income (expense):	'	'	'	'
Interest and investment income	87	75	165	169
Interest expense	-9	-14	-19	-29
Other, net	-99	-56	-252	-143
Total other income (expense)	-21	5	-106	-3
Income (loss) before provision for (benefit from) income taxes	-5,874	7,126	-3,687	14,442
Provision for (benefit from) income taxes	-1,968	2,387	-1,235	4,838
Net income (loss)	-3,906	4,739	-2,452	9,604
Other comprehensive income (loss):	'	'	'	'
Unrealized gain (loss) on available for sale securities (net of tax)	-15	60	-29	34
Comprehensive income (loss)	($3,921)	$4,799	($2,481)	$9,638
Income (loss) per share - Basic (in dollars per share)	($0.49)	$0.61	($0.31)	$1.23
Income (loss) per share - Diluted (in dollars per share)	($0.49)	$0.60	($0.31)	$1.22
Weighted average shares - Basic (in shares)	7,917	7,820	7,904	7,831
Weighted average shares - Diluted (in shares)	7,917	7,851	7,904	7,866
Dividends declared per share (in dollars per share)	$0.50	$0.50	$1	$1

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income (loss)	($2,452)	$9,604
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:	'	'
Depreciation and amortization	2,605	2,613
Provisions for contracts, inventory and accounts receivable reserves	-270	1,543
Amortization of bond premium	540	855
Deferred income taxes	'	1,894
Stock compensation expense	1,770	641
Changes in assets and liabilities:	'	'
Accounts receivable	4,878	7,490
Unbilled costs and fees	-3,272	5
Inventories	-11,534	-4,332
Prepaid expenses and other assets	-5,436	1,640
Accounts payable	-6,762	2,873
Accrued income taxes	-2,338	-2,094
Customer deposits	5,433	12,731
Deferred revenue	-1,847	-3,077
Accrued expenses and other liabilities	-7,274	-3,756
Net cash (used for) provided by operating activities	-25,959	28,630
Cash flows from investing activities:	'	'
Purchases of short-term investments	-29,212	-18,311
Proceeds from sales and maturities of short-term investments	40,933	57,534
Purchases of property and equipment, net	-943	-1,249
Net cash provided by investing activities	10,778	37,974
Cash flows from financing activities:	'	'
Decrease (increase) in restricted cash and investments	726	-1,222
Proceeds from exercise of stock options	888	1,497
Repurchase of shares of common stock	'	-12,306
Repayment of leasehold financing liability	-754	-742
Payment of common stock dividend	-7,993	-7,800
Reduction of income taxes paid due to the tax benefit from employee stock option expense	'	20
Net cash used for financing activities	-7,133	-20,553
Net (decrease) increase in cash and cash equivalents	-22,314	46,051
Cash and cash equivalents at beginning of period	62,143	40,418
Cash and cash equivalents at end of period	$39,829	$86,469

GENERAL

GENERAL	6 Months Ended
	Sep. 30, 2014
GENERAL	'
GENERAL	'
	1.GENERAL
	The condensed consolidated financial statements include the accounts of American Science and Engineering, Inc. and its wholly owned subsidiaries (the “Company”). All significant intercompany transactions and balances have been eliminated.
	The unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required by Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014, or fiscal 2014, as filed with the Securities and Exchange Commission on June 6, 2014.
	The unaudited condensed consolidated financial statements, in the opinion of management, include all necessary adjustments, consisting solely of normal recurring adjustments, to present fairly the Company’s financial position, results of operations and cash flows.  These results are not necessarily indicative of the results to be expected for the entire year.
	Nature of Operations
	The Company develops, manufactures, markets, and sells X-ray inspection and other detection products for homeland security, force protection, and other critical defense applications.  The Company provides maintenance, warranty, engineering, and training services related to these products.  The Company has one reporting segment, X-ray screening products.
	Significant Accounting Policies
	For systems that are produced in a standard manufacturing operation and have shorter order to delivery cycles, the Company recognizes sales when title passes and when other revenue recognition criteria (such as transfer of risk and customer acceptance) are met.  Revenues on cost reimbursable and custom long-term fixed price contracts are generally recorded as costs are incurred using the percentage of completion method.
	Occasionally, the Company receives requests from customers to hold product being purchased for a valid business purpose. The Company recognizes revenue for such arrangements provided the transaction meets, at a minimum, the following criteria: a valid business purpose for the arrangement exists; risk of ownership of the purchased product has transferred to the buyer; there is a fixed delivery date that is reasonable and consistent with the buyer’s business purpose; the product is ready for shipment; the Company has no continuing performance obligation in regards to the product and the product has been segregated from the Company’s inventories and cannot be used to fill other orders received.  There was no product being held under such arrangements at September 30, 2014 or March 31, 2014.
	The other significant accounting policies followed by the Company and its subsidiaries in preparing its consolidated financial statements are set forth in Note 1 to the consolidated financial statements included in its Form 10-K for the year ended March 31, 2014.  There have been no changes to the Company’s critical accounting policies during the six months ended September 30, 2014.
	Stock Repurchase Program
	On May 7, 2013, the Board of Directors announced the approval of its fifth Stock Repurchase Program which authorized the Company to repurchase up to an additional $35 million of shares of its common stock from time to time on the open market or in privately negotiated transactions.
	During the six months ended September 30, 2014, the Company made no stock repurchases.  As of September 30, 2014, the remaining balance available under our fifth Stock Repurchase Program was $35,000,000.
	Since September 30, 2014, the Company has repurchased 65,200 shares of its common stock at an average price of $48.33.
	Dividends
		Three Months Ended				Six Months Ended
	(In thousands)	September 30,		September 30,		September 30,		September 30,
		2014		2013		2014		2013
	Dividends declared	$	0.50	$	0.50	$	1.00	$	1.00
	Dividends paid	$	0.50	$	0.50	$	1.00	$	1.00
	On November 10, 2014, the Company declared a cash dividend of $0.50 per share. The dividend will be paid on December 2, 2014 to all shareholders of record at the close of business on November 25, 2014.  Future dividends will be declared at the discretion of the Board of Directors and will depend upon such factors as the Board of Directors deems relevant.
	Concentrations of Credit Risk
	Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, restricted cash, short-term investments and accounts and unbilled receivables.  At times, the Company maintains cash balances in excess of insured limits. The Company maintains its cash and cash equivalents with major financial institutions.  The Company’s credit risk is managed by investing its cash in investment grade corporate debentures/bonds, U.S. government agency bonds, commercial paper, U.S. treasury bills, money market funds, and certificates of deposit.
	New Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for the goods or services transferred to its customers. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016 (early adoption is not permitted). The Company is currently assessing the impact that this standard will have on its consolidated financial statements.

ACCOUNTING_FOR_STOCKBASED_COMP

ACCOUNTING FOR STOCK-BASED COMPENSATION	6 Months Ended
	Sep. 30, 2014
ACCOUNTING FOR STOCK-BASED COMPENSATION	'
ACCOUNTING FOR STOCK-BASED COMPENSATION	'
	2.ACCOUNTING FOR STOCK-BASED COMPENSATION
	The Company accounts for stock-based awards made to its employees and Board of Directors in accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 718, Compensation—Stock Compensation, which requires the measurement and recognition of all compensation costs for stock-based awards made to employees and the Board of Directors based upon fair value over the requisite service period for awards expected to vest.
	The Company recognized $991,000 and $333,000 of stock-based compensation costs for the three months ended September 30, 2014 and September 30, 2013, respectively.  The Company recognized $1,770,000 and $641,000 of stock-based compensation costs for the six months ended September 30, 2014 and September 30, 2013, respectively.  The income tax benefit recognized related to the compensation costs for the three months ended September 30, 2014 and September 30, 2013 was approximately $332,000 and $112,000 respectively.  The income tax benefit recognized related to the compensation costs for the six months ended September 30, 2014 and September 30, 2013 was approximately $593,000 and $211,000, respectively.
	The following table summarizes stock-based compensation costs included in the Company’s consolidated statements of operations and comprehensive income (loss):
		Three Months Ended						Six Months Ended
	(In thousands)	September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Cost of revenues	$	297		$	104		$	523		$	217
	Selling, general and administrative	694			229			1,247			424
	Total share-based compensation expense before tax	$	991		$	333		$	1,770		$	641
	Stock Option and Other Compensation Plans
	The Company has various stock option and other compensation plans for directors, officers, and employees.  The Company had the following stock plans outstanding as of September 30, 2014: the 2002 Combination Plan, the 2003 Stock Plan for Non-Employee Directors, the 2005 Equity and Incentive Plan and the 2014 Equity and Incentive Plan. There are 513,000 shares remaining available for issuance under these plans. Vesting periods are at the discretion of the Board of Directors and typically range from one to three years. Certain of the options granted vest upon the achievement of certain performance based goals as well as service time incurred.  Options under these plans are granted at fair market value and have a term of ten years from the date of grant.
	Stock Options
	The following tables summarize stock option activity for the six months ended September 30, 2014:
		Number of		Weighted			Weighted		Aggregate
		Shares		Average			Average		Intrinsic
				Exercise			Contractual		Value
				Price ($)			Life
							(years)
	Options outstanding at March 31, 2014	224,964		$	62.75		3.57
	Grants	—		—
	Exercises	(22,224	)	39.9					$	588,000
	Cancellations	(906	)	61.4
	Options outstanding at September 30, 2014	201,834		$	65.27		3.29
	Options exercisable at September 30, 2014	201,834
	Information related to the stock options outstanding as of September 30, 2014 is as follows:
	Range of Exercise Prices	Number of		Weighted-Average		Weighted-Average			Exercisable		Exercisable
		Shares		Remaining		Exercise Price			Number of		Weighted-Average
				Contractual		($)			Shares		Exercise Price
				Life (years)							($)
	$ 46.68-$60.00	36,933		1.01		$	52.76		36,933		$	52.76
	$ 60.01-$75.82	164,901		3.80		68.07			164,901		68.07
	$ 46.68-$75.82	201,834		3.29		$	65.27		201,834		$	65.27
	The Company deems the Black-Scholes option pricing model as the most appropriate method for determining the estimated fair value of stock-based awards. The Black-Scholes method of valuation requires several assumptions: (1) the expected term of the stock-based award; (2) the expected future stock volatility over the expected term; (3) a risk-free interest rate; and (4) the expected dividend yield. The expected term represents the expected period of time that the Company believes the options will be outstanding based on historical information. Estimates of expected future stock price volatility are based on the historic volatility of the Company’s common stock and the risk-free interest rate is based on the U.S. Zero-Bond rate. The expected dividend yield is based on the assumption that the Company would continue paying dividends on its common stock at the same rate for the foreseeable future.
	There were no options granted in the six month periods ended September 30, 2014 or September 30, 2013.
	As of September 30, 2014, there was no remaining unrecognized compensation cost related to options granted.
	Restricted Stock and Restricted Stock Units
	The Company has instituted long-term incentive plans for certain key employees. These plans call for the issuance of restricted stock, restricted stock units, restricted stock options, and/or cash incentives which vest or are paid upon the achievement of certain performance-based goals as well as service time incurred.  Restricted stock and restricted stock units may also be granted to other employees with vesting periods that range from one to three years.  In addition, annually the non-employee directors are granted restricted stock. Restricted stock shares granted to our non-employee directors vest on a pro-rata basis, based on service time performed over a one-year period.  The fair values of the restricted stock and restricted stock unit awards are equal to the market price per share of the Company’s common stock on the date of grant.
	Non-vested restricted stock and restricted stock unit awards are subject to the risk of forfeiture until the fulfillment of specified conditions. As of September 30, 2014, there was $4,320,000 of total unrecognized compensation costs related to non-vested restricted stock and restricted stock unit awards granted under the Company’s stock plans. These costs are expected to be recognized over a weighted average period of 1.15 years.
	The following table summarizes the status of the Company’s non-vested restricted stock and restricted stock unit awards for the six months ended September 30, 2014:
		Number of		Weighted Average
		Shares		Grant Date
				Fair Value
				($)
	Outstanding at March 31, 2014	72,000		$	61.3
	Granted	64,950		63.84
	Vested	(26,028	)	61.19
	Forfeited	(7,009	)	61.64
	Outstanding at September 30, 2014	103,913		$	62.89

INVENTORIES

INVENTORIES	6 Months Ended
	Sep. 30, 2014
INVENTORIES	'
INVENTORIES	'
	3.INVENTORIES
	Inventories consist of material, labor and manufacturing overhead and are recorded at the lower of cost, using the weighted average cost method, or net realizable value. Excess manufacturing overhead costs attributable to idle facility expenses, freight, handling costs and wasted material (spoilage) attributable to abnormally low production volumes (levels that materially differ from budgeted production plans due primarily to changes in customer demand) are excluded from inventory and recorded as an expense in the period incurred.
	The components of inventories at September 30, 2014 and March 31, 2014 were as follows:
	(In thousands)	September 30,		March 31,
		2014		2014
	Raw materials, completed sub-assemblies, and spare parts	$	20,033	$	18,482
	Work-in-process	20,401		13,199
	Finished goods	4,766		1,254
	Total	$	45,200	$	32,935

INCOME_LOSS_PER_COMMON_AND_COM

INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE	6 Months Ended
	Sep. 30, 2014
INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE	'
INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE	'
	4.INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE
	Basic earnings (loss) per common share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period.  Share-based payment awards entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus are included in the calculation of basic earnings per share under the two-class method.  Diluted earnings per share include the dilutive impact of options, and restricted stock units using the average share price of the Company’s common stock for the period. For the three months ended September 30, 2014 and September 30, 2013, common stock equivalents of 298,000 and 181,000 shares, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive. For the six months ended September 30, 2014 and September 30, 2013, common stock equivalents of 294,000 and 181,000 shares, respectively, are excluded from diluted earnings per share, as their effect is anti-dilutive.
		Three Months Ended					Six Months Ended
	(In thousands except per share amounts)	September 30,			September 30,		September 30,			September 30,
		2014			2013		2014			2013
	Income (Loss) Per Share
	Basic:
	Net income (loss)	$	(3,906	)	$	4,739	$	(2,452	)	$	9,604
	Weighted average number of common shares outstanding — basic	7,917			7,820		7,904			7,831
	Net income (loss) per share — basic	$	(0.49	)	$	0.61	$	(0.31	)	$	1.23
	Diluted:
	Net income (loss)	$	(3,906	)	$	4,739	$	(2,452	)	$	9,604
	Weighted average number of common shares outstanding	7,917			7,820		7,904			7,831
	Assumed exercise of dilutive stock options and restricted stock units, using the treasury stock method	—			31		—			35
	Weighted average number of common and potential common shares outstanding — diluted	7,917			7,851		7,904			7,866
	Net income (loss) per share — diluted	$	(0.49	)	$	0.6	$	(0.31	)	$	1.22

LETTERS_OF_CREDIT

LETTERS OF CREDIT	6 Months Ended
	Sep. 30, 2014
LETTERS OF CREDIT	'
LETTERS OF CREDIT	'
	5.LETTERS OF CREDIT
	In the normal course of business, the Company may provide certain customers and potential customers with performance guarantees, which are generally backed by standby letters of credit. In general, the Company would only be liable for the amount of these guarantees in the event of default in the performance of its obligations, the probability of which management believes is low.  As of September 30, 2014, the Company had outstanding $26,512,000 in standby letters of credit.  These outstanding standby letters of credit are cash-secured at amounts ranging from 52% to 100% of the outstanding letters of credit, resulting in restricted cash and investments balance of $14,190,000 at September 30, 2014, of which $716,000 was considered long-term restricted cash and investments due to the expiration date of the underlying letters of credit.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Sep. 30, 2014
FAIR VALUE MEASUREMENTS	'
FAIR VALUE MEASUREMENTS	'
	6.FAIR VALUE MEASUREMENTS
	The Company has categorized its financial assets, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. If the inputs used to measure a financial instrument fall within different levels of the hierarchy, the categorization of such financial asset is based on the lowest level input that is significant to the fair value measurement of such instrument.
	Financial assets are categorized based on the inputs to the valuation techniques as follows:
	Level 1 - Financial assets whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access at the measurement date (examples include actively exchange-traded equity securities, listed derivatives, and most U.S. government and agency securities).
	Level 2 - Financial assets whose values are based on quoted prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets.  Level 2 inputs include the following:
		·		Quoted prices for identical or similar assets or liabilities in non-active markets;
		·		Inputs other than quoted prices that are observable for substantially the full term of the asset or liability; and
		·		Inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability.
	Level 3 - Financial assets whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. The Company currently does not have any Level 3 financial assets or liabilities.
	The following table presents the financial assets that the Company measures at fair value on a recurring basis, based on the fair value hierarchy as of September 30, 2014 and March 31, 2014:
	(In thousands)		September 30,		March 31,
			2014		2014
	Level 1 — Financial Assets
	Money market funds		$	34,762	$	33,623
	Treasury bills		17,721		17,722
	Total Level 1 Financial Assets		52,483		51,345
	Level 2 — Financial Assets
	Corporate debentures/bonds		31,996		41,424
	Commercial paper		—		6,193
	Government agency bonds		26,642		26,660
	Total Level 2 Financial Assets		58,638		74,277
	Total cash equivalents and short-term investments		$	111,121	$	125,622
	These investments are classified as available-for-sale and are recorded at their fair market values using the specific identification method. As of September 30, 2014, all of the Company’s available-for-sale securities had contractual maturities of sixteen months or less. The Company had no material realized gains or losses on its available-for-sale securities for the three and six months ended September 30, 2014 and September 30, 2013, respectively. The unrealized holding gains or losses on these securities are included as a component of other comprehensive income (loss), as disclosed in the condensed consolidated statements of operations and comprehensive income (loss).
	(In thousands)		Amortized		Gross		Gross			Fair Value
			Cost		Unrealized		Unrealized
					Gains		Losses
	September 30, 2014:
	Short-term investments:
	Corporate debentures/bonds		$	32,032	$	1	$	(37	)	$	31,996
	Government agency bonds		26,633		9		—			26,642
	Treasury bills		17,704		17		—			17,721
	Total short-term investments		$	76,369	$	27	$	(37	)	$	76,359
	Cash equivalents:
	Money market funds		$	34,762	$	—	$	—		$	34,762
	Total cash equivalents		$	34,762	$	—	$	—		$	34,762
	(In thousands)		Amortized		Gross		Gross			Fair Value
			Cost		Unrealized		Unrealized
					Gains		Losses
	March 31, 2014:
	Short-term investments:
	Corporate debentures/bonds		$	38,076	$	9	$	(11	)	$	38,074
	Commercial paper		6,193		—		—			6,193
	Government agency bonds		26,652		10		(2		)	26,660
	Treasury bills		17,708		14		—			17,722
	Total short-term investments		$	88,629	$	33	$	(13	)	$	88,649
	Cash equivalents:
	Money market funds		$	33,623	$	—	$	—		$	33,623
	Corporate debentures/bonds		3,350		—		—			3,350
	Total cash equivalents		$	36,973	$	—	$	—		$	36,973

INCOME_TAXES

INCOME TAXES	6 Months Ended
	Sep. 30, 2014
INCOME TAXES	'
INCOME TAXES	'
	7.INCOME TAXES
	The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes, and recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. The Company evaluates the need for a valuation allowance against its net deferred tax assets at period end based upon its three year cumulative income and its projections of future income, and records a valuation allowance against any net deferred tax assets if it is more likely than not that they will not be realized.
	The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending March 31, 2011 through 2013 and by various state taxing authorities for the years ending March 31, 2007 through 2013.

GUARANTEES

GUARANTEES	6 Months Ended
	Sep. 30, 2014
GUARANTEES	'
Product Warranty Disclosure [Text Block]	'
	8.GUARANTEES
	Certain of the Company’s products carry a one-year warranty, the costs of which are accrued for at the time of shipment or delivery.  Accrual rates are based upon historical experience for the trailing twelve months and management’s judgment of future exposure.  Warranty experience for the three and six months ended September 30, 2014 and 2013 was as follows:
		Three Months Ended						Six Months Ended
	(In thousands)	September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Warranty accrual - beginning of period	$	246		$	364		$	404		$	397
	Accruals for warranties issued during the period	43			123			85			228
	Adjustment of preexisting accrual estimates	(16		)	(51		)	(160		)	(66		)
	Warranty costs incurred during the period	(87		)	(91		)	(143		)	(214		)
	Warranty accrual — end of period	$	186		$	345		$	186		$	345

LEASE_COMMITMENTS

LEASE COMMITMENTS	6 Months Ended
	Sep. 30, 2014
LEASE COMMITMENTS	'
LEASE COMMITMENTS	'
	9.LEASE COMMITMENTS
	In March 2005, the Company renewed its lease agreement for its corporate headquarters and manufacturing facilities in Billerica, Massachusetts.  As part of the lease agreement, the Company’s landlord agreed to certain renovations to the Billerica facility including the construction of additional high bay manufacturing space.  The Company was responsible for a portion of the construction costs and was deemed to be the owner of the building during the construction period under FASB ASC 840, Leases. In January 2007, the Company amended this lease agreement to expand its lease to include the remaining available space in the building.  A total of $7,182,000 was capitalized to record the facility on its books with an offsetting credit to the lease financing liability.  In addition, amounts paid for construction were capitalized to fixed assets and the landlord construction allowances of $6,009,000 were recorded as additional lease financing liability.
	At the completion of the construction of the initial renovations in February 2006, the lease was reviewed for potential sale-leaseback treatment in accordance with FASB ASC 840-40, Leases — Sale-Leaseback Transactions.  Based on this review, it was determined that the lease did not qualify for sale-leaseback treatment in accordance with FASB ASC 840-40.  As a result, the building and tenant improvement and associated lease financing liabilities remain on the Company’s books.  The lease financing liability is being amortized over the original lease term based on the payments designated in the agreement and the building and tenant improvement assets are being depreciated on a straight line basis over the lesser of their useful lives or the lease term.
	In October 2014, the Company entered into an amendment to the lease agreement for the Billerica facilities extending the term of the lease through February 28, 2023 with an adjusted rent schedule commencing October 1, 2014.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 30, 2014
COMMITMENTS AND CONTINGENCIES.	'
COMMITMENTS AND CONTINGENCIES	'
	10.COMMITMENTS AND CONTINGENCIES
	Deferred Revenue
	The Company offers extended warranty and service contracts to its customers. These contracts typically cover a period of one to five years, and include advance payments that are recorded as deferred revenue. Revenue is recognized as services are performed over the life of the contract, which represents the period over which these revenues are earned. Costs associated with these extended warranty and service contracts are expensed to cost of goods sold as incurred.

GENERAL_Policies

GENERAL (Policies)	6 Months Ended
	Sep. 30, 2014
GENERAL	'
Nature of Operations and Basis of Presentation	'
	The condensed consolidated financial statements include the accounts of American Science and Engineering, Inc. and its wholly owned subsidiaries (the “Company”). All significant intercompany transactions and balances have been eliminated.
	The unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required by Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014, or fiscal 2014, as filed with the Securities and Exchange Commission on June 6, 2014.
	The unaudited condensed consolidated financial statements, in the opinion of management, include all necessary adjustments, consisting solely of normal recurring adjustments, to present fairly the Company’s financial position, results of operations and cash flows.  These results are not necessarily indicative of the results to be expected for the entire year.
	Nature of Operations
	The Company develops, manufactures, markets, and sells X-ray inspection and other detection products for homeland security, force protection, and other critical defense applications.  The Company provides maintenance, warranty, engineering, and training services related to these products.  The Company has one reporting segment, X-ray screening products.
Revenue Recognition	'
	For systems that are produced in a standard manufacturing operation and have shorter order to delivery cycles, the Company recognizes sales when title passes and when other revenue recognition criteria (such as transfer of risk and customer acceptance) are met.  Revenues on cost reimbursable and custom long-term fixed price contracts are generally recorded as costs are incurred using the percentage of completion method.
	Occasionally, the Company receives requests from customers to hold product being purchased for a valid business purpose. The Company recognizes revenue for such arrangements provided the transaction meets, at a minimum, the following criteria: a valid business purpose for the arrangement exists; risk of ownership of the purchased product has transferred to the buyer; there is a fixed delivery date that is reasonable and consistent with the buyer’s business purpose; the product is ready for shipment; the Company has no continuing performance obligation in regards to the product and the product has been segregated from the Company’s inventories and cannot be used to fill other orders received.  There was no product being held under such arrangements at September 30, 2014 or March 31, 2014.
Stock Repurchase Program and Dividends	'
	Stock Repurchase Program
	On May 7, 2013, the Board of Directors announced the approval of its fifth Stock Repurchase Program which authorized the Company to repurchase up to an additional $35 million of shares of its common stock from time to time on the open market or in privately negotiated transactions.
	During the six months ended September 30, 2014, the Company made no stock repurchases.  As of September 30, 2014, the remaining balance available under our fifth Stock Repurchase Program was $35,000,000.
	Since September 30, 2014, the Company has repurchased 65,200 shares of its common stock at an average price of $48.33.
	Dividends
		Three Months Ended				Six Months Ended
	(In thousands)	September 30,		September 30,		September 30,		September 30,
		2014		2013		2014		2013
	Dividends declared	$	0.50	$	0.50	$	1.00	$	1.00
	Dividends paid	$	0.50	$	0.50	$	1.00	$	1.00
	On November 10, 2014, the Company declared a cash dividend of $0.50 per share. The dividend will be paid on December 2, 2014 to all shareholders of record at the close of business on November 25, 2014.  Future dividends will be declared at the discretion of the Board of Directors and will depend upon such factors as the Board of Directors deems relevant.
Concentrations of Credit Risk	'
	Concentrations of Credit Risk
	Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, restricted cash, short-term investments and accounts and unbilled receivables.  At times, the Company maintains cash balances in excess of insured limits. The Company maintains its cash and cash equivalents with major financial institutions.  The Company’s credit risk is managed by investing its cash in investment grade corporate debentures/bonds, U.S. government agency bonds, commercial paper, U.S. treasury bills, money market funds, and certificates of deposit.
New Accounting Pronouncements	'
	New Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for the goods or services transferred to its customers. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016 (early adoption is not permitted). The Company is currently assessing the impact that this standard will have on its consolidated financial statements.

GENERAL_Tables

GENERAL (Tables)	6 Months Ended
	Sep. 30, 2014
GENERAL	'
Schedule of dividends	'
		Three Months Ended				Six Months Ended
	(In thousands)	September 30,		September 30,		September 30,		September 30,
		2014		2013		2014		2013
	Dividends declared	$	0.50	$	0.50	$	1.00	$	1.00
	Dividends paid	$	0.50	$	0.50	$	1.00	$	1.00

ACCOUNTING_FOR_STOCKBASED_COMP1

ACCOUNTING FOR STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Sep. 30, 2014
ACCOUNTING FOR STOCK-BASED COMPENSATION	'
Summary of stock-based compensation costs in the statements of operations and comprehensive income	'
		Three Months Ended						Six Months Ended
	(In thousands)	September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Cost of revenues	$	297		$	104		$	523		$	217
	Selling, general and administrative	694			229			1,247			424
	Total share-based compensation expense before tax	$	991		$	333		$	1,770		$	641
Summary of stock option activity	'
		Number of		Weighted			Weighted		Aggregate
		Shares		Average			Average		Intrinsic
				Exercise			Contractual		Value
				Price ($)			Life
							(years)
	Options outstanding at March 31, 2014	224,964		$	62.75		3.57
	Grants	—		—
	Exercises	(22,224	)	39.9					$	588,000
	Cancellations	(906	)	61.4
	Options outstanding at September 30, 2014	201,834		$	65.27		3.29
	Options exercisable at September 30, 2014	201,834
Schedule of information related to stock options by exercise price range	'
	Range of Exercise Prices	Number of		Weighted-Average		Weighted-Average			Exercisable		Exercisable
		Shares		Remaining		Exercise Price			Number of		Weighted-Average
				Contractual		($)			Shares		Exercise Price
				Life (years)							($)
	$ 46.68-$60.00	36,933		1.01		$	52.76		36,933		$	52.76
	$ 60.01-$75.82	164,901		3.80		68.07			164,901		68.07
	$ 46.68-$75.82	201,834		3.29		$	65.27		201,834		$	65.27
Summary of the status of the non-vested restricted stock and stock unit awards	'
		Number of		Weighted Average
		Shares		Grant Date
				Fair Value
				($)
	Outstanding at March 31, 2014	72,000		$	61.3
	Granted	64,950		63.84
	Vested	(26,028	)	61.19
	Forfeited	(7,009	)	61.64
	Outstanding at September 30, 2014	103,913		$	62.89

INVENTORIES_Tables

INVENTORIES (Tables)	6 Months Ended
	Sep. 30, 2014
INVENTORIES	'
Schedule of components of inventories	'
	(In thousands)	September 30,		March 31,
		2014		2014
	Raw materials, completed sub-assemblies, and spare parts	$	20,033	$	18,482
	Work-in-process	20,401		13,199
	Finished goods	4,766		1,254
	Total	$	45,200	$	32,935

INCOME_PER_COMMON_AND_COMMON_E

INCOME PER COMMON AND COMMON EQUIVALENT SHARE (Tables)	6 Months Ended
	Sep. 30, 2014
INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE	'
Schedule of calculation of basic and diluted earnings per share	'
		Three Months Ended					Six Months Ended
	(In thousands except per share amounts)	September 30,			September 30,		September 30,			September 30,
		2014			2013		2014			2013
	Income (Loss) Per Share
	Basic:
	Net income (loss)	$	(3,906	)	$	4,739	$	(2,452	)	$	9,604
	Weighted average number of common shares outstanding — basic	7,917			7,820		7,904			7,831
	Net income (loss) per share — basic	$	(0.49	)	$	0.61	$	(0.31	)	$	1.23
	Diluted:
	Net income (loss)	$	(3,906	)	$	4,739	$	(2,452	)	$	9,604
	Weighted average number of common shares outstanding	7,917			7,820		7,904			7,831
	Assumed exercise of dilutive stock options and restricted stock units, using the treasury stock method	—			31		—			35
	Weighted average number of common and potential common shares outstanding — diluted	7,917			7,851		7,904			7,866
	Net income (loss) per share — diluted	$	(0.49	)	$	0.6	$	(0.31	)	$	1.22

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Sep. 30, 2014
FAIR VALUE MEASUREMENTS	'
Schedule of financial assets measured at fair value on recurring basis, based on the fair value hierarchy	'
	(In thousands)	September 30,		March 31,
		2014		2014
	Level 1 — Financial Assets
	Money market funds	$	34,762	$	33,623
	Treasury bills	17,721		17,722
	Total Level 1 Financial Assets	52,483		51,345
	Level 2 — Financial Assets
	Corporate debentures/bonds	31,996		41,424
	Commercial paper	—		6,193
	Government agency bonds	26,642		26,660
	Total Level 2 Financial Assets	58,638		74,277
	Total cash equivalents and short-term investments	$	111,121	$	125,622
Schedule of available-for-sale securities	'
	(In thousands)	Amortized		Gross		Gross			Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
	September 30, 2014:
	Short-term investments:
	Corporate debentures/bonds	$	32,032	$	1	$	(37	)	$	31,996
	Government agency bonds	26,633		9		—			26,642
	Treasury bills	17,704		17		—			17,721
	Total short-term investments	$	76,369	$	27	$	(37	)	$	76,359
	Cash equivalents:
	Money market funds	$	34,762	$	—	$	—		$	34,762
	Total cash equivalents	$	34,762	$	—	$	—		$	34,762
	(In thousands)	Amortized		Gross		Gross			Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
	March 31, 2014:
	Short-term investments:
	Corporate debentures/bonds	$	38,076	$	9	$	(11	)	$	38,074
	Commercial paper	6,193		—		—			6,193
	Government agency bonds	26,652		10		(2		)	26,660
	Treasury bills	17,708		14		—			17,722
	Total short-term investments	$	88,629	$	33	$	(13	)	$	88,649
	Cash equivalents:
	Money market funds	$	33,623	$	—	$	—		$	33,623
	Corporate debentures/bonds	3,350		—		—			3,350
	Total cash equivalents	$	36,973	$	—	$	—		$	36,973

GUARANTEES_Tables

GUARANTEES (Tables)	6 Months Ended
	Sep. 30, 2014
GUARANTEES	'
Schedule of warranty experience	'
		Three Months Ended						Six Months Ended
	(In thousands)	September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Warranty accrual - beginning of period	$	246		$	364		$	404		$	397
	Accruals for warranties issued during the period	43			123			85			228
	Adjustment of preexisting accrual estimates	(16		)	(51		)	(160		)	(66		)
	Warranty costs incurred during the period	(87		)	(91		)	(143		)	(214		)
	Warranty accrual — end of period	$	186		$	345		$	186		$	345

GENERAL_Details

GENERAL (Details) (USD $)	3 Months Ended		6 Months Ended		0 Months Ended			6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Nov. 10, 2014	Dec. 31, 2014	7-May-12	Sep. 30, 2014	Sep. 30, 2014
			segment		Subsequent Event	Subsequent Event	Fifth Stock Repurchase Program	Fifth Stock Repurchase Program	Fifth Stock Repurchase Program
						Forecast			Subsequent Event
Nature of Operations	'	'	'	'	'	'	'	'	'
Number of reporting segments	'	'	1	'	'	'	'	'	'
Stock Repurchase Program	'	'	'	'	'	'	'	'	'
Authorized amount of repurchase of common stock	'	'	'	'	'	'	$35,000,000	'	'
Number of shares repurchased under the stock repurchase program	'	'	'	'	'	'	'	0	65,200
Maximum dollar value of shares that may still be purchased under stock repurchase program	'	'	'	'	'	'	'	$35,000,000	'
Average price of shares repurchased	'	'	'	'	'	'	'	'	$48.33
Dividends	'	'	'	'	'	'	'	'	'
Dividends declared (in dollars per share)	$0.50	$0.50	$1	$1	$0.50	'	'	'	'
Dividends paid (in dollars per share)	$0.50	$0.50	$1	$1	'	$0.50	'	'	'

ACCOUNTING_FOR_STOCKBASED_COMP2

ACCOUNTING FOR STOCK-BASED COMPENSATION (Details) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Stock-based compensation cost	'	'	'	'
Share-based compensation expense before tax	$991,000	$333,000	$1,770,000	$641,000
Income tax (expense) benefit recognized related to the compensation costs (credits)	332,000	112,000	593,000	211,000
Cost of revenues	'	'	'	'
Stock-based compensation cost	'	'	'	'
Share-based compensation expense before tax	297,000	104,000	523,000	217,000
Selling, general and administrative	'	'	'	'
Stock-based compensation cost	'	'	'	'
Share-based compensation expense before tax	$694,000	$229,000	$1,247,000	$424,000

ACCOUNTING_FOR_STOCKBASED_COMP3

ACCOUNTING FOR STOCK-BASED COMPENSATION (Details 2) (USD $)	6 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014
Stock Option and Other Compensation Plans	'	'	'
Number of shares that remain available for future issuance under the plans	513,000	'	'
Minimum	'	'	'
Stock Option and Other Compensation Plans	'	'	'
Vesting period for awards granted under the plans	'1 year	'	'
Maximum	'	'	'
Stock Option and Other Compensation Plans	'	'	'
Vesting period for awards granted under the plans	'3 years	'	'
Stock options	'	'	'
Stock Option and Other Compensation Plans	'	'	'
Term of awards from the date of grant	'10 years	'	'
Number of Shares	'	'	'
Options outstanding at the beginning of the period (in shares)	224,964	'	'
Grants (in shares)	0	0	'
Exercises (in shares)	-22,224	'	'
Cancellations (in shares)	-906	'	'
Options outstanding at the end of the period (in shares)	201,834	'	224,964
Options exercisable at the end of the period (in shares)	201,834	'	'
Weighted Average Exercise Price	'	'	'
Options outstanding at the beginning of the period (in dollars per share)	$62.75	'	'
Exercises (in dollars per share)	$39.90	'	'
Cancellations (in dollars per share)	$61.40	'	'
Options outstanding at the end of the period (in dollars per share)	$65.27	'	$62.75
Weighted Average Contractual Life	'	'	'
Options outstanding at the end of the period	'3 years 3 months 15 days	'	'3 years 6 months 26 days
Aggregate Intrinsic Value	'	'	'
Exercises (in dollars)	$588,000	'	'
Remaining unrecognized compensation cost (in dollars)	$0	'	'

ACCOUNTING_FOR_STOCKBASED_COMP4

ACCOUNTING FOR STOCK-BASED COMPENSATION (Details 3) (Stock options, USD $)	6 Months Ended
	Sep. 30, 2014
Information related to the stock options outstanding	'
Exercise price, low end of range (in dollars per share)	$46.68
Exercise price, high end of range (in dollars per share)	$75.82
Number of Shares	201,834
Weighted-Average Remaining Contractual Life	'3 years 3 months 15 days
Weighted-Average Exercise Price (in dollars per share)	$63.45
Exercisable Number of Shares	201,834
Exercisable Weighted-Average Exercise Price (in dollars per share)	$63.45
$40.01 - $50.00	'
Information related to the stock options outstanding	'
Exercise price, low end of range (in dollars per share)	$46.68
Exercise price, high end of range (in dollars per share)	$60
Number of Shares	36,933
Weighted-Average Remaining Contractual Life	'1 year 4 days
Weighted-Average Exercise Price (in dollars per share)	$51.99
Exercisable Number of Shares	36,933
Exercisable Weighted-Average Exercise Price (in dollars per share)	$51.99
$60.01 - $70.00	'
Information related to the stock options outstanding	'
Exercise price, low end of range (in dollars per share)	$60.01
Exercise price, high end of range (in dollars per share)	$70
Number of Shares	164,901
Weighted-Average Remaining Contractual Life	'3 years 9 months 18 days
Weighted-Average Exercise Price (in dollars per share)	$68.07
Exercisable Number of Shares	164,901
Exercisable Weighted-Average Exercise Price (in dollars per share)	$68.07

ACCOUNTING_FOR_STOCKBASED_COMP5

ACCOUNTING FOR STOCK-BASED COMPENSATION (Details 4) (USD $)	6 Months Ended
	Sep. 30, 2014
Minimum	'
Accounting for stock-based compensation	'
Vesting period for awards granted under the plans	'1 year
Maximum	'
Accounting for stock-based compensation	'
Vesting period for awards granted under the plans	'3 years
Restricted Stock and Restricted Stock Units	'
Accounting for stock-based compensation	'
Unrecognized compensation costs (in dollars)	4,320,000
Expected period to recognize unrecognized compensation costs	'1 year 1 month 24 days
Number of Shares	'
Outstanding at the beginning of the period (in shares)	72,000
Granted (in shares)	64,950
Vested (in shares)	-26,028
Forfeited (in shares)	-7,009
Outstanding at the end of the period (in shares)	103,913
Weighted Average Grant Date Fair Value	'
Outstanding at the beginning of the period (in dollars per share)	61.3
Granted (in dollars per share)	63.84
Vested (in dollars per share)	61.19
Forfeited (in dollars per share)	61.64
Outstanding at the end of the period (in dollars per share)	62.89
Restricted Stock and Restricted Stock Units | Employees | Minimum	'
Accounting for stock-based compensation	'
Vesting period for awards granted under the plans	'1 year
Restricted Stock and Restricted Stock Units | Employees | Maximum	'
Accounting for stock-based compensation	'
Vesting period for awards granted under the plans	'3 years
Restricted Stock | Non-employee directors	'
Accounting for stock-based compensation	'
Vesting period for awards granted under the plans	'1 year

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Sep. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
INVENTORIES	'	'
Raw materials, completed sub-assemblies, and spare parts	$20,033	$18,482
Work-in-process	20,401	13,199
Finished goods	4,766	1,254
Total	$45,200	$32,935

INCOME_LOSS_PER_COMMON_AND_COM1

INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE	'	'	'	'
Common stock equivalents excluded from diluted earnings per share as their effect is anti-dilutive (in shares)	298,000	181,000	294,000	181,000
Basic:	'	'	'	'
Net income (loss)	($3,906)	$4,739	($2,452)	$9,604
Weighted average number of common shares outstanding - basic (in shares)	7,917,000	7,820,000	7,904,000	7,831,000
Net income (loss) per share - basic (in dollars per share)	($0.49)	$0.61	($0.31)	$1.23
Diluted:	'	'	'	'
Weighted average number of common shares outstanding - basic (in shares)	7,917,000	7,820,000	7,904,000	7,831,000
Assumed exercise of dilutive stock options and restricted stock units, using the treasury stock method (in shares)	'	31,000	'	35,000
Weighted average number of common and potential common shares (in shares)	7,917,000	7,851,000	7,904,000	7,866,000
Net income (loss) per share - diluted (in dollars per share)	($0.49)	$0.60	($0.31)	$1.22

LETTERS_OF_CREDIT_Details

LETTERS OF CREDIT (Details) (USD $)	Sep. 30, 2014	Mar. 31, 2014
Credit facilities	'	'
Long-term restricted cash and investment, as determined by the expiration date of the underlying letters of credit	$716,000	$313,000
Standby letters of credit	'	'
Credit facilities	'	'
Outstanding Amount	26,512,000	'
Restricted cash and investment balance	14,190,000	'
Long-term restricted cash and investment, as determined by the expiration date of the underlying letters of credit	$716,000	'
Standby letters of credit | Minimum	'	'
Credit facilities	'	'
Percentage of outstanding amount that is cash secured	52.00%	'
Standby letters of credit | Maximum	'	'
Credit facilities	'	'
Percentage of outstanding amount that is cash secured	100.00%	'

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (Recurring basis, USD $)	Sep. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Level 1	'	'
Financial Assets	'	'
Total cash equivalents and short-term investments	$52,483	$51,345
Level 1 | Money market funds	'	'
Financial Assets	'	'
Total cash equivalents and short-term investments	34,762	33,623
Level 1 | Treasury bills	'	'
Financial Assets	'	'
Total cash equivalents and short-term investments	17,721	17,722
Level 2	'	'
Financial Assets	'	'
Total cash equivalents and short-term investments	58,638	74,277
Level 2 | Corporate debentures/bonds	'	'
Financial Assets	'	'
Total cash equivalents and short-term investments	31,996	41,424
Level 2 | Commercial paper	'	'
Financial Assets	'	'
Total cash equivalents and short-term investments	'	6,193
Level 2 | Government agency bonds	'	'
Financial Assets	'	'
Total cash equivalents and short-term investments	26,642	26,660
Total fair value	'	'
Financial Assets	'	'
Total cash equivalents and short-term investments	$111,121	$125,622

FAIR_VALUE_MEASUREMENTS_Detail1

FAIR VALUE MEASUREMENTS (Details 2) (USD $)

6 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Mar. 31, 2014

Mar. 31, 2014

Maximum

Short-term investments.

Short-term investments.

Short-term investments.

Short-term investments.

Short-term investments.

Short-term investments.

Short-term investments.

Short-term investments.

Short-term investments.

Cash equivalents

Cash equivalents

Cash equivalents

Cash equivalents

Cash equivalents

Treasury bills

Corporate debentures/bonds

Corporate debentures/bonds

Government agency bonds

Government agency bonds

Commercial paper

Treasury bills

Money market funds

Money market funds

Corporate debentures/bonds

Available-for-sale securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contractual maturity period

'16 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortized Cost

'

$76,369

$88,629

$17,704

$32,032

$38,076

$26,633

$26,652

$6,193

$17,708

$34,762

$36,973

$34,762

$33,623

$3,350

Gross Unrealized Gains

'

27

33

17

1

9

9

10

'

14

'

'

'

'

'

Gross Unrealized Losses

'

-37

-13

'

-37

-11

'

-2

'

'

'

'

'

'

'

Fair Value

'

$76,359

$88,649

$17,721

$31,996

$38,074

$26,642

$26,660

$6,193

$17,722

$34,762

$36,973

$34,762

$33,623

$3,350

GUARANTEES_Details

GUARANTEES (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
GUARANTEES	'	'	'	'
Warranty period for certain products	'	'	'1 year	'
Historical experience trailing period based on how product warranty accrual rates are determined	'	'	'12 months	'
Warranty Experience	'	'	'	'
Warranty accrual - beginning of period	$246	$364	$404	$397
Accruals for warranties issued during the period	43	123	85	228
Adjustment of preexisting accrual estimates	-16	-51	-160	-66
Warranty costs incurred during the period	-87	-91	-143	-214
Warranty accrual - end of period	$186	$345	$186	$345

LEASE_COMMITMENTS_Details

LEASE COMMITMENTS (Details) (USD $)	1 Months Ended
	Jan. 31, 2007
LEASE COMMITMENTS	'
Amount capitalized	$7,182,000
Landlord construction allowances recorded as additional lease financing liability	$6,009,000

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details)	6 Months Ended
	Sep. 30, 2014
COMMITMENTS AND CONTINGENCIES.	'
Minimum period covered under extended warranty and service contracts	'1 year
Maximum period covered under extended warranty and service contracts	'5 years