Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2022 | Jan. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GHM | |
Entity Registrant Name | GRAHAM CORPORATION | |
Entity Central Index Key | 0000716314 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, Par Value $0.10 Per Share | |
Security Exchange Name | NYSE | |
Entity File Number | 001-08462 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-1194720 | |
Entity Address, Address Line One | 20 Florence Avenue | |
Entity Address, City or Town | Batavia | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14020 | |
City Area Code | 585 | |
Local Phone Number | 343-2216 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 10,638,041 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 39,873 | $ 28,774 | $ 114,091 | $ 83,077 |
Cost of products sold | 33,646 | 28,213 | 95,840 | 78,159 |
Gross profit | 6,227 | 561 | 18,251 | 4,918 |
Other expenses and income: | ||||
Selling, general and administrative | 5,284 | 4,729 | 15,828 | 14,534 |
Selling, general and administrative – amortization | 274 | 274 | 821 | 639 |
Other operating expense (income), net | 0 | 140 | 0 | (962) |
Operating income (loss) | 669 | (4,582) | 1,602 | (9,293) |
Other income, net | (63) | (111) | (188) | (416) |
Interest income | (39) | (12) | (71) | (43) |
Interest expense | 333 | 132 | 768 | 300 |
Income (loss) before provision (benefit) for income taxes | 438 | (4,591) | 1,093 | (9,134) |
Provision (benefit) for income taxes | 70 | (861) | 245 | (1,786) |
Net income (loss) | $ 368 | $ (3,730) | $ 848 | $ (7,348) |
Basic: | ||||
Net income (loss) | $ 0.03 | $ (0.35) | $ 0.08 | $ (0.70) |
Diluted: | ||||
Net income (loss) | $ 0.03 | $ (0.35) | $ 0.08 | $ (0.70) |
Weighted average common shares outstanding: | ||||
Basic | 10,611 | 10,638 | 10,613 | 10,507 |
Diluted | 10,660 | 10,638 | 10,632 | 10,507 |
Dividends declared per share | $ 0 | $ 0.11 | $ 0 | $ 0.33 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 368 | $ (3,730) | $ 848 | $ (7,348) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 161 | 108 | (519) | 201 |
Defined benefit pension and other postretirement plans net of income tax expense of $38 and $60 for the three months ended December 31, 2022 and 2021, respectively, and $112 and $182 for the nine months ended December 31, 2022 and 2021, respectively | 131 | 210 | 393 | 631 |
Total other comprehensive income (loss) | 292 | 318 | (126) | 832 |
Total comprehensive income (loss) | $ 660 | $ (3,412) | $ 722 | $ (6,516) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Defined benefit pension and other postretirement plans, tax expense | $ 38 | $ 60 | $ 112 | $ 182 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 17,215 | $ 14,741 |
Trade accounts receivable, net of allowances ($71 and $87 at December 31 and March 31, 2022, respectively) | 35,019 | 27,645 |
Unbilled revenue | 33,509 | 25,570 |
Inventories | 24,077 | 17,414 |
Prepaid expenses and other current assets | 1,899 | 1,391 |
Income taxes receivable | 590 | 459 |
Total current assets | 112,309 | 87,220 |
Property, plant and equipment, net | 25,248 | 24,884 |
Prepaid pension asset | 7,547 | 7,058 |
Operating lease assets | 8,530 | 8,394 |
Goodwill | 23,523 | 23,523 |
Other intangible assets, net | 7,955 | 8,990 |
Deferred income tax asset | 2,212 | 2,441 |
Other assets | 167 | 194 |
Total assets | 207,657 | 183,691 |
Current liabilities: | ||
Current portion of long-term debt | 2,000 | 2,000 |
Current portion of finance lease obligations | 17 | 23 |
Accounts payable | 22,532 | 16,662 |
Accrued compensation | 10,823 | 7,991 |
Accrued expenses and other current liabilities | 5,204 | 6,047 |
Customer deposits | 44,300 | 25,644 |
Operating lease liabilities | 1,008 | 1,057 |
Income taxes payable | 27 | 0 |
Total current liabilities | 85,911 | 59,424 |
Long-term debt | 12,184 | 16,378 |
Finance lease obligations | 0 | 11 |
Operating lease liabilities | 7,759 | 7,460 |
Deferred income tax liability | 127 | 62 |
Accrued pension and postretirement benefit liabilities | 1,665 | 1,666 |
Other long-term liabilities | 2,115 | 2,196 |
Total liabilities | 109,761 | 87,197 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $1.00 par value, 500 shares authorized | 0 | 0 |
Common stock, $0.10 par value, 25,500 shares authorized, 10,758 and 10,801 shares issued and 10,611 and 10,636 shares outstanding at December 31 andMarch 31, 2022, respectively | 1,076 | 1,080 |
Capital in excess of par value | 28,119 | 27,770 |
Retained earnings | 77,924 | 77,076 |
Accumulated other comprehensive loss | (6,597) | (6,471) |
Treasury stock (147 and 164 shares at December 31 and March 31, 2022, respectively) | (2,626) | (2,961) |
Total stockholders’ equity | 97,896 | 96,494 |
Total liabilities and stockholders’ equity | 207,657 | 183,691 |
Customer Relationships [Member] | ||
Current assets: | ||
Finite-Lived Intangible Assets, Net | 10,866 | 11,308 |
Technology and Technical Know-How [Member] | ||
Current assets: | ||
Finite-Lived Intangible Assets, Net | $ 9,300 | $ 9,679 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 71 | $ 87 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 25,500,000 | 25,500,000 |
Common stock, shares issued | 10,758,000 | 10,801,000 |
Common stock, shares outstanding | 10,611,000 | 10,636,000 |
Treasury stock, shares | 147,000 | 164,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | ||
Net (loss) income | $ 848 | $ (7,348) |
Adjustments to reconcile net income (loss)to net cash provided (used) by operating activities: | ||
Depreciation | 2,611 | 2,232 |
Amortization of intangible assets | 1,857 | 1,765 |
Amortization of actuarial losses | 504 | 725 |
Amortization of debt issuance costs | 153 | 0 |
Equity-based compensation expense | 582 | 599 |
Gain on disposal or sale of property, plant and equipment | 0 | 22 |
Change in fair value of contingent consideration | 0 | (1,900) |
Deferred income taxes | 232 | 152 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (7,755) | (10,964) |
Unbilled revenue | (8,082) | 2,186 |
Inventories | (6,801) | 579 |
Prepaid expenses and other current and non-current assets | (500) | (933) |
Income taxes receivable | (137) | (3,423) |
Operating lease assets | 913 | 744 |
Prepaid pension asset | (488) | (905) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | 5,511 | (6,058) |
Accrued compensation, accrued expenses and other current and non-current liabilities | 2,116 | 465 |
Customer deposits | 18,776 | 7,553 |
Operating lease liabilities | (802) | (663) |
Long-term portion of accrued compensation, accrued pension and postretirement benefit liabilities | (592) | 620 |
Net cash provided (used) by operating activities | 8,946 | (14,552) |
Investing activities: | ||
Purchase of property, plant and equipment | (2,394) | (1,909) |
Redemption of investments at maturity | 0 | 5,500 |
Acquisition of Barber-Nichols, LLC | 0 | (59,563) |
Net cash used by investing activities | (2,394) | (55,972) |
Financing activities: | ||
Borrowings of short-term debt obligations | 5,000 | 9,750 |
Principal repayments on long-term debt | (8,517) | (1,015) |
Proceeds from the issuance of debt | 0 | 20,000 |
Repayments on financing lease obligations | (205) | (157) |
Payment of debt issuance costs | (122) | (150) |
Dividends paid | 0 | (3,524) |
Purchase of treasury stock | (22) | (41) |
Net cash (used) provided by financing activities | (3,866) | 24,863 |
Effect of exchange rate changes on cash | (212) | 120 |
Net increase (decrease) in cash and cash equivalents | 2,474 | (45,541) |
Cash and cash equivalents at beginning of period | 14,741 | 59,532 |
Cash and cash equivalents at end of period | $ 17,215 | $ 13,991 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Beginning balance at Mar. 31, 2021 | $ 97,929 | $ 1,075 | $ 27,272 | $ 89,372 | $ (7,397) | $ (12,393) |
Beginning balance, shares at Mar. 31, 2021 | 10,748,000 | |||||
Comprehensive income (loss) | (2,828) | (3,126) | 298 | |||
Issuance of shares | $ 13 | (13) | ||||
Issuance of shares, shares | 135,000 | |||||
Forfeiture of shares | $ (1) | 1 | ||||
Forfeiture of shares, shares | (9,000) | |||||
Dividends | (1,177) | (1,177) | ||||
Recognition of equity-based compensation expense | 353 | 353 | ||||
Issuance of treasury stock | 8,964 | (194) | 9,158 | |||
Purchase of treasury stock | (41) | (41) | ||||
Ending Balance at Jun. 30, 2021 | 103,200 | $ 1,087 | 27,419 | 85,069 | (7,099) | (3,276) |
Ending Balance, shares at Jun. 30, 2021 | 10,874,000 | |||||
Beginning balance at Mar. 31, 2021 | 97,929 | $ 1,075 | 27,272 | 89,372 | (7,397) | (12,393) |
Beginning balance, shares at Mar. 31, 2021 | 10,748,000 | |||||
Comprehensive income (loss) | (6,516) | |||||
Ending Balance at Dec. 31, 2021 | 97,539 | $ 1,081 | 27,608 | 78,500 | (6,565) | (3,085) |
Ending Balance, shares at Dec. 31, 2021 | 10,810,000 | |||||
Beginning balance at Jun. 30, 2021 | 103,200 | $ 1,087 | 27,419 | 85,069 | (7,099) | (3,276) |
Beginning balance, shares at Jun. 30, 2021 | 10,874,000 | |||||
Comprehensive income (loss) | (276) | (492) | 216 | |||
Issuance of shares | $ 3 | (3) | ||||
Issuance of shares, shares | 27,000 | |||||
Forfeiture of shares | $ (9) | 9 | ||||
Forfeiture of shares, shares | (91,000) | |||||
Dividends | (1,177) | (1,177) | ||||
Recognition of equity-based compensation expense | (23) | (23) | ||||
Issuance of treasury stock | 128 | (63) | 191 | |||
Ending Balance at Sep. 30, 2021 | 101,852 | $ 1,081 | 27,339 | 83,400 | (6,883) | (3,085) |
Ending Balance, shares at Sep. 30, 2021 | 10,810,000 | |||||
Comprehensive income (loss) | (3,412) | (3,730) | 318 | |||
Dividends | (1,170) | (1,170) | ||||
Recognition of equity-based compensation expense | 269 | 269 | ||||
Ending Balance at Dec. 31, 2021 | 97,539 | $ 1,081 | 27,608 | 78,500 | (6,565) | (3,085) |
Ending Balance, shares at Dec. 31, 2021 | 10,810,000 | |||||
Beginning balance at Mar. 31, 2022 | 96,494 | $ 1,080 | 27,770 | 77,076 | (6,471) | (2,961) |
Beginning balance, shares at Mar. 31, 2022 | 10,801,000 | |||||
Comprehensive income (loss) | 464 | 676 | (212) | |||
Forfeiture of shares | $ (3) | 3 | ||||
Forfeiture of shares, shares | (32,000) | |||||
Recognition of equity-based compensation expense | 114 | 114 | ||||
Purchase of treasury stock | (21) | (21) | ||||
Ending Balance at Jun. 30, 2022 | 97,051 | $ 1,077 | 27,887 | 77,752 | (6,683) | (2,982) |
Ending Balance, shares at Jun. 30, 2022 | 10,769,000 | |||||
Beginning balance at Mar. 31, 2022 | 96,494 | $ 1,080 | 27,770 | 77,076 | (6,471) | (2,961) |
Beginning balance, shares at Mar. 31, 2022 | 10,801,000 | |||||
Comprehensive income (loss) | 722 | |||||
Ending Balance at Dec. 31, 2022 | 97,896 | $ 1,076 | 28,119 | 77,924 | (6,597) | (2,626) |
Ending Balance, shares at Dec. 31, 2022 | 10,758,000 | |||||
Beginning balance at Jun. 30, 2022 | 97,051 | $ 1,077 | 27,887 | 77,752 | (6,683) | (2,982) |
Beginning balance, shares at Jun. 30, 2022 | 10,769,000 | |||||
Comprehensive income (loss) | (402) | (196) | (206) | |||
Forfeiture of shares | $ (1) | 1 | ||||
Forfeiture of shares, shares | (11,000) | |||||
Recognition of equity-based compensation expense | 198 | 198 | ||||
Issuance of treasury stock | 119 | (237) | 356 | |||
Ending Balance at Sep. 30, 2022 | 96,966 | $ 1,076 | 27,849 | 77,556 | (6,889) | (2,626) |
Ending Balance, shares at Sep. 30, 2022 | 10,758,000 | |||||
Comprehensive income (loss) | 660 | 368 | 292 | |||
Recognition of equity-based compensation expense | 270 | 270 | ||||
Ending Balance at Dec. 31, 2022 | $ 97,896 | $ 1,076 | $ 28,119 | $ 77,924 | $ (6,597) | $ (2,626) |
Ending Balance, shares at Dec. 31, 2022 | 10,758,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION: Graham Corporation's (the "Company's") Condensed Consolidated Financial Statements include its wholly-owned subsidiaries located in Suzhou, China and Ahmedabad, India at December 31, 2022 and March 31, 2022, and its recently acquired wholly-owned subsidiary, Barber-Nichols, LLC ("BN"), located in Arvada, Colorado at December 31, 2022 and for the period June 1, 2021 through December 31, 2021 (See Note 2). The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X, each as promulgated by the U.S. Securities and Exchange Commission. The Company's Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for complete financial statements. The unaudited Condensed Consolidated Balance Sheet as of March 31, 2022 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2022. For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2022 ("fiscal 2022"). In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included in the Company's Condensed Consolidated Financial Statements. The Company's results of operations and cash flows for the three and nine months ended December 31, 2022 are not necessarily indicative of the results that may be expected for the current fiscal year, which ends March 31, 2023 ("fiscal 2023 "). |
Acquisition
Acquisition | 9 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 2 – ACQUISITION : On June 1, 2021, the Company completed its acquisition of Barber-Nichols, LLC, a privately-owned designer and manufacturer of turbomachinery products located in Arvada, Colorado that serves the defense and aerospace industry as well as the energy and cryogenic markets. The Company believes this acquisition furthers its growth strategy through market and product diversification, broadens its offerings and strengthens its presence in the defense industry, builds on its presence in the energy markets and adds capabilities in the space industry. This transaction was accounted for as a business combination which requires that assets acquired and liabilities assumed be recognized at their fair value as of the acquisition date. The purchase price of $ 72,014 was comprised of 610 shares of the Company's common stock, representing a value of $ 8,964 at a price of $ 14.69 per share, and cash consideration of $ 61,150 , subject to certain potential adjustments, including a customary working capital adjustment. The cash consideration was funded through cash on-hand and debt proceeds. The purchase agreement included a contingent earn-out dependent upon certain financial measures of BN post-acquisition, in which the sellers were eligible to receive up to $ 14,000 in additional cash consideration. At June 30, 2021, a liability of $ 1,900 was recorded for the contingent earn-out. Subsequent to the acquisition, the earn out agreement was terminated and the contingent liability was reversed into other operating expense (income), net, on the Company’s Condensed Consolidated Statement of Operations. Prior to the acquisition, BN and Ascent Properties Group, LLC, a related party, entered into a nine year operating lease agreement for an office and manufacturing building in Arvada, Colorado. This lease was acquired as part of the Company's acquisition of BN and has a monthly payment in the amount of $ 40 with a 3 % yearly escalation. Also prior to the acquisition, BN and Ascent Properties Group, LLC entered into a seven-year equipment lease agreement to lease various machinery and equipment. This equipment lease was also acquired as part of the Company's acquisition of BN and has a monthly payment of $ 16 . Acquisition related costs of $ 111 and $ 373 were expensed in the three and nine months ending December 31, 2021, respectively, and are included in selling, general and administrative expenses in the Condensed Consolidated Statement of Operations. The cost of the acquisition was allocated to the assets acquired and liabilities assumed based upon its estimated fair value at the date of acquisition. The following table summarizes the final purchase price allocation, after adjustments were recorded in the measurement period, of the assets acquired and liabilities assumed: June 1 2021 Assets acquired: Cash and cash equivalents $ 868 Accounts receivable, net of allowances 8,074 Unbilled revenue 7,068 Inventories 3,549 Prepaid expenses and other current assets 476 Property, plant & equipment, net 8,037 Operating lease assets 9,026 Goodwill 23,523 Customer relationships 11,800 Technology and technical know-how 10,100 Other intangibles, net 10,600 Total assets acquired 93,121 Liabilities assumed: Accounts payable 1,842 Accrued compensation 1,341 Accrued expenses and other current 707 Customer deposits 6,048 Operating lease liabilities 9,066 Other long-term liabilities 2,103 Total liabilities assumed 21,107 Purchase price $ 72,014 The fair value of acquisition-related intangible assets includes customer relationships, technology and technical know-how, backlog and tradename. Backlog and trade name are included in the line item "Other intangible assets, net" in the Condensed Consolidated Balance Sheets. The fair value of customer relationships was calculated using an income approach, specifically the Multi Period Excess Earning method, which incorporates assumptions regarding retention rate, new customer growth and customer related costs. The fair value of trade name and technology and technical know-how were both calculated using a Relief from Royalty method, which develops a market based royalty rate used to reflect the after tax royalty savings attributable to owning the intangible asset. The fair value of backlog was determined using a net realizable value methodology, and was computed as the present value of the expected sales attributable to backlog less the remaining costs to fulfill the backlog. The purchase price was allocated to specific intangible assets as follows: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount At December 31, 2022 Intangibles subject to amortization: Customer relationships 20 years $ 11,800 $ 934 $ 10,866 Technology and technical know-how 20 years 10,100 800 9,300 Backlog 4 years 3,900 2,645 1,255 $ 25,800 $ 4,379 $ 21,421 Intangibles not subject to amortization: Tradename Indefinite $ 6,700 $ — $ 6,700 $ 6,700 $ — $ 6,700 Technology and technical know-how and customer relationships are amortized in selling, general and administrative expense on a straight line basis over their estimated useful lives. Backlog is amortized in cost of products sold over the projected conversion period based on management estimates at time of purchase. Intangible amortization was $ 619 and $ 756 for the three months ended December 31, 2022 and 2021 , respectively, and $ 1,857 and $ 1,765 for the nine months ended December 31, 2022 and 2021 , respectively. The estimated annual amortization expense is as follows: Annual Amortization Remainder of 2023 $ 619 2024 1,782 2025 1,318 2026 1,095 2027 1,095 2028 and thereafter 15,512 Total intangible amortization $ 21,421 The Condensed Consolidated Statement of Operations for the three and nine months ended December 31, 2021 includes net sales of BN of $ 11,968 and $ 31,925 , respectively. The following unaudited pro forma information presents the consolidated results of operations of the Company as if the BN acquisition had occurred at the beginning of each of the fiscal periods presented: Nine Months Ended December 31, 2021 Net sales $ 94,890 Net loss ( 5,902 ) Loss per share Basic $ ( 0.55 ) Diluted $ ( 0.55 ) The unaudited pro forma information presents the combined operating results of Graham Corporation and BN, with the results prior to the acquisition date adjusted to include the pro forma impact of the adjustment of depreciation of fixed assets based on the preliminary purchase price allocation, the adjustment to interest income reflecting the cash paid in connection with the acquisition, including acquisition-related expenses, at the Company’s weighted average interest income rate, interest expense and loan origination fees at the Company’s current interest rate, amortization expense related to the fair value adjustments for intangible assets, non-recurring acquisition-related costs and the impact of income taxes on the pro forma adjustments utilizing the applicable statutory tax rate. The unaudited pro forma results are presented for illustrative purposes only. These pro forma results do not purport to be indicative of the results that would have actually been obtained if the acquisition occurred as of the beginning of each of the periods presented, nor does the pro forma data intend to be a projection of results that may be obtained in the future. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | NOTE 3 – REVENUE RECOGNITION: The Company recognizes revenue on contracts when or as it satisfies a performance obligation by transferring control of the product to the customer. For contracts in which revenue is recognized upon shipment, control is generally transferred when products are shipped, title is transferred, significant risks of ownership have transferred, the Company has rights to payment, and rewards of ownership pass to the customer. For contracts in which revenue is recognized over time, control is generally transferred as the Company creates an asset that does not have an alternative use to the Company and the Company has an enforceable right to payment for the performance completed to date. The following table presents the Company’s revenue disaggregated by product line and geographic area: Three Months Ended Nine Months Ended December 31, December 31, Product Line 2022 2021 2022 2021 Refining $ 6,497 $ 3,958 $ 21,940 $ 14,894 Chemical/Petrochemical 3,927 3,047 15,606 11,132 Defense 21,687 16,598 46,342 43,475 Space 3,510 1,449 14,278 3,466 Other Commercial 4,252 3,722 15,925 10,110 Net sales $ 39,873 $ 28,774 $ 114,091 $ 83,077 Geographic Region Asia $ 4,226 $ 1,493 $ 12,729 $ 10,485 Canada 557 924 3,261 3,011 Middle East 621 628 1,766 2,202 South America 649 242 2,509 720 U.S. 33,163 24,737 91,657 64,832 All other 657 750 2,169 1,827 Net sales $ 39,873 $ 28,774 $ 114,091 $ 83,077 A performance obligation represents a promise in a contract to provide a distinct good or service to a customer. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Transaction price reflects the amount of consideration to which the Company expects to be entitled in exchange for transferred products. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized as the performance obligation is satisfied. In certain cases, the Company may separate a contract into more than one performance obligation, while in other cases, several products may be part of a fully integrated solution and are bundled into a single performance obligation. If a contract is separated into more than one performance obligation, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods underlying each performance obligation. The Company has made an accounting policy election to exclude from the measurement of the contract price all taxes assessed by government authorities that are collected by the Company from its customers. The Company does not adjust the contract price for the effects of a financing component if the Company expects, at contract inception, that the period between when a product is transferred to a customer and when the customer pays for the product will be one year or less. Shipping and handling fees billed to the customer are recorded in revenue and the related costs incurred for shipping and handling are included in cost of products sold. The Company recognizes revenue over time when contract performance results in the creation of a product for which the Company does not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. To measure progress towards completion on performance obligations for which revenue is recognized over time the Company utilizes an input method based upon a ratio of direct labor hours incurred to date to management’s estimate of the total labor hours to be incurred on each contract, an input method based upon a ratio of total contract costs incurred to date to management’s estimate of the total contract costs to be incurred or an output method based upon completion of operational milestones, depending upon the nature of the contract. The Company has established the systems and procedures essential to developing the estimates required to account for performance obligations over time. These procedures include monthly review by management of costs incurred, progress towards completion, identified risks and opportunities, sourcing determinations, changes in estimates of costs yet to be incurred, availability of materials, and execution by subcontractors. Sales and earnings are adjusted in current accounting periods based on revisions in the contract value due to pricing changes and estimated costs at completion. Losses on contracts are recognized immediately when evident to management. Revenue on the majority of the Company’s contracts, as measured by number of contracts, is recognized upon shipment to the customer. Revenue on larger contracts, which are fewer in number but represent the majority of revenue, is recognized over time. The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Revenue recognized over time 80 % 75 % 73 % 75 % Revenue recognized at shipment 20 % 25 % 27 % 25 % The timing of revenue recognition, invoicing and cash collections affect trade accounts receivable, unbilled revenue (contract assets) and customer deposits (contract liabilities) on the Condensed Consolidated Balance Sheets. Unbilled revenue represents revenue on contracts that is recognized over time and exceeds the amount that has been billed to the customer. Unbilled revenue is separately presented in the Condensed Consolidated Balance Sheets. The Company may have an unconditional right to payment upon billing and prior to satisfying the performance obligations. The Company will then record a contract liability and an offsetting asset of equal amount until the deposit is collected and the performance obligations are satisfied. Customer deposits are separately presented in the Condensed Consolidated Balance Sheets. Customer deposits are not considered a significant financing component as they are generally received less than one year before the product is completed or used to procure specific material on a contract, as well as related overhead costs incurred during design and construction. Net contract assets (liabilities) consisted of the following: December 31, 2022 March 31, 2022 Change Change due to revenue recognized Change due to invoicing customers/ Unbilled revenue (contract assets) $ 33,509 $ 25,570 $ 7,939 $ 58,274 $ 50,335 Customer deposits (contract liabilities) ( 44,300 ) ( 25,644 ) ( 18,656 ) 22,918 41,574 Net contract (liabilities) assets $ ( 10,791 ) $ ( 74 ) $ ( 10,717 ) Contract liabilities at December 31, and March 31, 2022 include $ 15,040 and $ 4,216 , respectively, of customer deposits for which the Company has an unconditional right to collect payment. Trade accounts receivable, as presented on the Condensed Consolidated Balance Sheets, includes corresponding balances at December 31, and March 31, 2022, respectively. Receivables billed but not paid under retainage provisions in the Company’s customer contracts were $ 2,723 and $ 3,182 at December 31, and March 31, 2022, respectively. Incremental costs to obtain a contract consist of sales employee and agent commissions. Commissions paid to employees and sales agents are capitalized when paid and amortized to selling, general and administrative expense when the related revenue is recognized. Capitalized costs, net of amortization, to obtain a contract were $ 27 and $ 32 at December 31, and March 31, 2022 , respectively, and are included in the line item "Prepaid expenses and other current assets" in the Condensed Consolidated Balance Sheets. The related amortization expense was $ 12 in each of the three months ended December 31, 2022 and 2021 , and $ 36 and $ 46 in the nine months ended December 31, 2022 and 2021, respectively. The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company also refers to this measure as backlog. As of December 31, 2022 , the Company had remaining unsatisfied performance obligations of $ 293,671 . The Company expects to recognize revenue on approximately 40 % to 50 % of the remaining performance obligations within one year , 20 % to 30 % in one to two years and the remaining beyond two years. |
Inventories
Inventories | 9 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – INVENTORIES: Inventories are stated at the lower of cost or net realizable value, using the average cost method. Major classifications of inventories are as follows: December 31, March 31, 2022 2022 Raw materials and supplies $ 4,173 $ 4,145 Work in process 18,425 11,631 Finished products 1,479 1,638 Total $ 24,077 $ 17,414 |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | NOTE 5 – EQUITY-BASED COMPENSATION: The 2020 Graham Corporation Equity Incentive Plan (the "2020 Plan"), as approved by the Company’s stockholders at the annual meeting of stockholders on August 11, 2020, provides for the issuance of 422 shares of common stock in connection with grants of incentive stock options, non-qualified stock options, restricted stock units and stock awards to officers, key employees and outside directors. The shares available for issuance under the 2020 Plan include 112 shares that remained available under the Company’s prior plan, the Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value (the"2000 Plan"), at the time the 2020 Plan was adopted. As of August 11, 2020, the effective date of the 2020 Plan, no further awards will be granted under the 2000 Plan. However, 13 shares of unvested restricted stock under the 2000 Plan remains subject to the terms of such plan until the time such shares of restricted stock vest or are forfeited. The following restricted stock units were granted in the nine months ended December 31, 2022: Nine Months Ended December 31, 2022 Officers $ 186 Directors 37 $ 223 112 restricted stock units, granted to officers, vest 100 % on the third anniversary of the grant date subject to the satisfaction of the performance metrics for the applicable three-year period. 56 restricted stock units, granted to officers, vest 33⅓ % per year over a three-year term. 18 restricted stock units, granted to an officer, vest 100 % on the third anniversary of the grant date. 37 restricted stock units, granted to directors, vest 100 % on the first year anniversary of the grant date. No restricted stock units were granted in the nine months ended December 31, 2021. No restricted stock awards were granted in the three-month periods ended December 31, 2022 and 2021 . 162 restricted stock awards were granted in the nine-month period ended December 31, 2021. 88 restricted shares were granted to officers in fiscal 2022 that vest 100 % on the third anniversary of the grant date, subject to the satisfaction of the performance metrics for the applicable three-year period. 54 restricted shares granted to officers and key employees in fiscal 2022 vest 33⅓ % per year over a three-year term. 20 restricted shares granted to directors in fiscal 2022 vest 100 % on the first year anniversary of the grant date. No stock option awards were granted in the nine-month periods ended December 31, 2022 and 2021. The Company has an Employee Stock Purchase Plan, as amended (the "ESPP"), which allows eligible employees to purchase shares of the Company's common stock at a discount of up to 15 % of its fair market value on the lower of the last or first day of the six-month offering period. As of December 31, 2022 , a total of 400 shares of common stock may be purchased under the ESPP. The Company has recognized equity-based compensation costs as follows: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Restricted stock awards $ 106 $ 260 $ 201 $ 575 Restricted stock units 157 — 368 — Employee stock purchase plan 7 9 13 24 $ 270 $ 269 $ 582 $ 599 Income tax benefit recognized $ 60 $ 59 $ 128 $ 132 |
Income (Loss) Per Share
Income (Loss) Per Share | 9 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Share | NOTE 6 – INCOME (LOSS) PER SHARE: Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted income (loss) per share is presented below: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Basic income (loss) per share Numerator: Net income (loss) $ 368 $ ( 3,730 ) $ 848 $ ( 7,348 ) Denominator: Weighted average common shares 10,611 10,638 10,613 10,507 Basic income (loss) per share $ 0.03 $ ( 0.35 ) $ 0.08 $ ( 0.70 ) Diluted income (loss) per share Numerator: Net income (loss) $ 368 $ ( 3,730 ) $ 848 $ ( 7,348 ) Denominator: Weighted average common shares 10,611 10,638 10,613 10,507 Restricted stock units outstanding 49 — 19 — Weighted average common and 10,660 10,638 10,632 10,507 Diluted income (loss) per share $ 0.03 $ ( 0.35 ) 0.08 $ ( 0.70 ) |
Product Warranty Liability
Product Warranty Liability | 9 Months Ended |
Dec. 31, 2022 | |
Guarantees [Abstract] | |
Product Warranty Liability | NOTE 7 – PRODUCT WARRANTY LIABILITY: The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Balance at beginning of period $ 487 $ 449 $ 441 $ 626 BN warranty accrual acquired — — — 169 Expense (income) for product warranties 238 19 326 ( 2 ) Product warranty claims paid ( 4 ) ( 35 ) ( 46 ) ( 360 ) Balance at end of period $ 721 $ 433 $ 721 $ 433 Income of $ 2 for product warranties in the nine months ended December 31, 2021 resulted from the reversal of provisions made that were no longer required due to lower claims experience. The product warranty liability is included in the line item "Accrued expenses and other current liabilities" in the Condensed Consolidated Balance Sheets. |
Cash Flow Statement
Cash Flow Statement | 9 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Statement | NOTE 8 – CASH FLOW STATEMENT: Interest paid was $ 722 and $ 263 in the nine-month periods ended December 31, 2022 and 2021, respectively. Income taxes paid for the nine months ended December 31, 2022 and 2021 were $ 160 and $ 1,388 , respectively. At December 31, 2022 and 2021 , there were $ 768 and $ 80 , respectively, of capital purchases that were recorded in accounts payable and are not included in the caption "Purchase of property, plant and equipment" in the Condensed Consolidated Statements of Cash Flows. The $ 59,563 of cash utilized for the acquisition of BN included cash consideration of $ 61,150 , net of cash acquired of $ 1,587 . Upon completion of the final purchase price allocation and after the adjustments made during the measurement period, the cash utilized for the acquisition was $ 60,282 , including cash consideration of $ 61,150 , net of cash acquired of $ 868 . In the nine months ended December 31, 2021, non-cash activities included the issuance of 610 treasury shares valued at $ 8,964 , included as part of the consideration for the acquisition. In the nine months ended December 31, 2021 , non-cash activities included pension adjustments, net of income tax, of $ 68 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9 – COMMITMENTS AND CONTINGENCIES: The Company has been named as a defendant in lawsuits alleging personal injury from exposure to asbestos allegedly contained in, or accompanying, products made by the Company. The Company is a co-defendant with numerous other defendants in these lawsuits and intends to vigorously defend itself against these claims. The claims in the Company’s current lawsuits are similar to those made in previous asbestos-related suits that named the Company as a defendant, which either were dismissed when it was shown that the Company had not supplied products to the plaintiffs’ places of work or were settled for immaterial amounts. The Company cannot provide any assurances that any pending or future matters will be resolved in the same manner as previous lawsuits. As of December 31, 2022, the Company was subject to the claims noted above, as well as other legal proceedings and potential claims that have arisen in the ordinary course of business. Although the outcome of the lawsuits, legal proceedings or potential claims to which the Company is, or may become, a party to cannot be determined and an estimate of the reasonably possible loss or range of loss cannot be made for the majority of the claims, management does not believe that the outcomes, either individually or in the aggregate, will have a material adverse effect on the Company’s results of operations, financial position or cash flows. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 – INCOME TAXES: The Company files federal and state income tax returns in several domestic and international jurisdictions. In most tax jurisdictions, returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed. The Company is subject to U.S. federal examination for the tax years 2018 through 2021 and examination in state tax jurisdictions for the tax years 2017 through 2021 . The Company is subject to examination in the People’s Republic of China for tax years 2018 through 2021 and in India for tax year 2018 through 2021 . There was no liability for unrecognized tax benefits at either December 31, 2022 or March 31, 2022 . |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | NOTE 11 – CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS: The changes in accumulated other comprehensive loss by component for the nine months ended December 31, 2022 and 2021 are as follows: Pension and Foreign Total Balance at April 1, 2022 $ ( 6,970 ) $ 499 $ ( 6,471 ) Other comprehensive loss before reclassifications — ( 519 ) ( 519 ) Amounts reclassified from accumulated other comprehensive 393 — 393 Net current-period other comprehensive income (loss) 393 ( 519 ) $ ( 126 ) Balance at December 31, 2022 $ ( 6,577 ) $ ( 20 ) $ ( 6,597 ) Pension and Foreign Total Balance at April 1, 2021 $ ( 7,698 ) $ 301 $ ( 7,397 ) Other comprehensive income before reclassifications 68 201 269 Amounts reclassified from accumulated other comprehensive 563 — 563 Net current-period other comprehensive income 631 201 832 Balance at December 31, 2021 $ ( 7,067 ) $ 502 $ ( 6,565 ) The reclassifications out of accumulated other comprehensive loss by component for the three and nine months ended December 31, 2022 and 2021 are as follows: Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Three Months Ended December 31, 2022 2021 Pension and other postretirement benefit items: Amortization of actuarial loss $ ( 169 ) (1) $ ( 270 ) (1) Loss before benefit for income taxes ( 38 ) ( 60 ) Benefit for income taxes $ ( 131 ) $ ( 210 ) Net loss Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Nine Months Ended December 31, 2022 2021 Pension and other postretirement benefit items: Amortization of actuarial loss $ ( 505 ) (1) $ ( 725 ) (1) Loss before benefit for income taxes ( 112 ) ( 162 ) Benefit for income taxes $ ( 393 ) $ ( 563 ) Net loss (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. |
Leases
Leases | 9 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | NOTE 12 – LEASES: The Company leases certain manufacturing facilities, office space, machinery and office equipment. An arrangement is considered to contain a lease if it conveys the right to use and control an identified asset for a period of time in exchange for consideration. If it is determined that an arrangement contains a lease, then a classification of a lease as operating or finance is determined by evaluating the five criteria outlined in the lease accounting guidance at inception. Leases generally have remaining terms of one year to five years , whereas leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets. The depreciable life of leased assets related to finance leases is limited by the expected term of the lease, unless there is a transfer of title or purchase option that the Company believes is reasonably certain of exercise. Certain leases include options to renew or terminate. Renewal options are exercisable per the discretion of the Company and vary based on the nature of each lease. The term of the lease includes renewal periods only if the Company is reasonably certain that it will exercise the renewal option. When determining if a renewal option is reasonably certain of being exercised, the Company considers several factors, including but not limited to, the cost of moving to another location, the cost of disrupting operations, whether the purpose or location of the leased asset is unique and the contractual terms associated with extending the lease. The Company’s lease agreements do not contain any residual value guarantees or any material restrictive covenants and the Company does not sublease to any third parties. As of December 31, 2022, the Company did not have any material leases that have been signed but not commenced. Right-of-use ("ROU") lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments in exchange for that right of use. Finance lease ROU assets and operating lease ROU assets are included in the line items "Property, plant and equipment, net" and "Operating lease assets", respectively, in the Condensed Consolidated Balance Sheets. The current portion and non-current portion of finance and operating lease liabilities are all presented separately in the Condensed Consolidated Balance Sheets. The Company previously entered into related party operating leases with Ascent Properties Group, LLC ("Ascent"), for an office and manufacturing building in Arvada, Colorado, as well as machinery and equipment. During the third quarter of fiscal 2023, the Company entered into another lease with Ascent for another manufacturing building in Arvada, Colorado. In connection with such leases, the Company made fixed minimum lease payments to the lessor of $ 211 and $ 632 during the three and nine-month periods ended December 31, 2022 , respectively, and is obligated to make payments of $ 211 during the remainder of fiscal 2023. Future fixed minimum lease payments under these leases as of December 31, 2022 are $ 6,738 . The discount rate implicit within the Company’s leases is generally not readily determinable, and therefore, the Company uses an incremental borrowing rate in determining the present value of lease payments based on rates available at commencement. The weighted average remaining lease term and discount rate for finance and operating leases are as follows: December 31, December 31, 2022 2021 Finance Leases Weighted-average remaining lease term in years 0.67 1.67 Weighted-average discount rate 10.67 % 10.67 % Operating Leases Weighted-average remaining lease term in years 7.22 7.72 Weighted-average discount rate 3.25 % 3.27 % The components of lease expense are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 5 $ 5 $ 15 $ 15 Interest on lease liabilities — 1 2 4 Operating lease cost 355 384 1,026 924 Short-term lease cost 6 3 11 18 Total lease cost $ 366 $ 393 $ 1,054 $ 961 Operating lease costs during the nine months ended December 31, 2022 and 2021 were included within cost of sales and selling, general and administrative expenses. As of December 31, 2022, future minimum payments required under non-cancelable leases were: Operating Finance Remainder of 2023 $ 301 $ 6 2024 1,293 11 2025 1,298 — 2026 1,309 — 2027 1,349 — 2028 and thereafter 4,328 — Total lease payments 9,878 17 Less – amount representing interest 1,111 1 Present value of net minimum lease payments $ 8,767 $ 16 |
Debt
Debt | 9 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 13 – DEBT: On June 1, 2021, the Company entered into a $ 20,000 five-year term loan with Bank of America. The term loan requires monthly principal payments of $ 167 through June 1, 2026, with the remaining principal amount plus all interest due on the maturity date. The interest rate on the term loan is the applicable Bloomberg Short-Term Bank Yield Index ("BSBY"), plus 1.50 %, subject to a 0.00 % floor. Long term debt is comprised of the following: December 31, March 31, 2022 2022 Bank of America term loan $ 15,000 $ 18,500 Less: unamortized debt issuance costs ( 816 ) ( 122 ) 14,184 18,378 Less: current portion 2,000 2,000 Total $ 12,184 $ 16,378 As of December 31, 2022, future minimum payments required were as follows: Remainder of 2023 $ 500 2024 2,000 2025 2,000 2026 10,500 2027 — 2028 and thereafter — Total $ 15,000 On June 1, 2021, the Company terminated its revolving credit facility agreement with JPMorgan Chase Bank, N.A. and entered into a five-year revolving credit facility with Bank of America that provided a $ 30,000 line of credit, including letters of credit and bank guarantees, expandable at the Company's option and the bank's approval at any time up to $ 40,000 . As of December 31, 2022 and March 31, 2022 , there was $ 0 outstanding on the line of credit. Amounts outstanding under the facility agreement bear interest at a rate equal to BSBY plus 1.50 %, subject to a 0.00 % floor. As of December 31, 2022 , the BSBY rate was 3.95916 %. Outstanding letters of credit under this agreement are subject to a fee of 1.50 % per annum of the outstanding undrawn amount of each letter of credit that is not secured by cash and 0.60 % of each letter of credit that is secured by cash. Amounts available for borrowing under the revolving credit facility are subject to an unused commitment fee of 0.25 %. As of December 31, 2022 , there was $ 5,954 letters of credit outstanding with Bank of America. Under the original Bank of America term loan agreement and revolving credit facility, the Company covenanted to maintain a maximum total leverage ratio, as defined in such agreements, of 3.0 to 1.0, with an allowable increase to 3.25 to 1.0 following an acquisition for a period of twelve months following the closing of the acquisition. In addition, the Company covenanted to maintain a minimum fixed charge coverage ratio, as defined in such agreements, of 1.2 to 1.0 and minimum margined assets, as defined in such agreements, of 100 % of total amounts outstanding on the revolving credit facility, including letters of credit. At December 31, 2021, the Company was out of compliance with its bank agreement covenants and was granted a waiver for noncompliance by Bank of America. The Company has entered into amendment agreements with Bank of America since origination. Under the amended agreements, the Company is not required to comply with the maximum total leverage ratio and the minimum fixed charge coverage ratio covenants contained in the original term loan agreement for the periods ending December 31, 2021 and March 31, June 30 and September 30, 2022. The principal balance outstanding on the line of credit may not exceed $ 15,000 , unless letters of credit exceed $ 11,500 , in which case the limit is $ 17,000 , until the compliance date. The compliance date is defined as the date on which Bank of America has received all required financial information with respect to the Company for the fiscal year ending March 31, 2023 and no event of default exists. In addition, on or before September 1, 2023 and at all times thereafter, all of the Company's deposit accounts, except certain accounts, will be either subject to a deposit account control agreement or maintained with Bank of America. The Company covenants to maintain EBITDA, as defined in such amendment, of at least ($ 700 ) for the twelve-month period ending June 30, 2022 and $ 1,800 for the twelve-month period ending September 30, 2022; maintain a total maximum leverage ratio of 4.0 to 1.0 for the twelve-month period ending December 31, 2022 and 3.0 to 1.0 for the period ending March 31, 2023; and maintain liquidity, as defined in such amendment, of at least $ 10,000 prior to the occurrence of the compliance date and $ 20,000 from and after the occurrence of the compliance date. As of December 31, 2022, the Company was in compliance with the amended financial covenants of its loan agreement. At December 31, 2022, the amount available under the revolving credit facility was $ 9,926 , subject to the above liquidity and leverage covenants . In connection with the waiver and amendments discussed above, the Company is required to pay a back-end fee of $ 725 to Bank of America payable upon the earliest to occur of (i) any default or event of default, (ii) the last date of availability under the revolving credit facility, and (iii) repayment in full of all principal, interest, fees and other obligations, which may be waived or cancelled if certain criteria are met. On June 1, 2021, the Company entered into an agreement to amend its letter of credit facility agreement with HSBC Bank USA, N.A. and decreased the Company's line of credit from $ 15,000 to $ 7,500 . Under the amended agreement, the Company incurs an annual facility fee of $ 5 and outstanding letters of credit are subject to a fee of between 0.75 % and 0.85 %, depending on the term of the letter of credit. Interest is payable on the principal amounts of unreimbursed letter of credit draws under the facility at a rate of 3 % plus the bank's prime rate. The Company's obligations under the agreement are secured by cash held with the bank. As of December 31, 2022 , there was $ 6,471 letters of credit outstanding with HSBC. The agreement is subject to an annual renewal by the bank on July 31 of each year. Letters of credit outstanding as of December 31, 2022 and March 31, 2022 were $ 12,578 and $ 12,233 , respectively. |
Other Operating Expense (Income
Other Operating Expense (Income), Net | 9 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Operating Expense (Income), Net | NOTE 14 – OTHER OPERATING EXPENSE (INCOME), NET: On November 29, 2021, the Company and Jeffrey F. Glajch entered into a Severance and Transition Agreement (the "Agreement") pursuant to which Mr. Glajch agreed to retire from his position the earlier of June 30, 2022 or as of a date upon which the Company and Mr. Glajch otherwise mutually agreed. As a result, each month an expense of $ 70 is recognized and included in other operating expense (income), net on the Condensed Consolidated Statements of Operations. At December 31, 2021, the related liability of $ 140 was included in Other long-term liabilities in the Condensed Consolidated Balance Sheets. On August 9, 2021, the Company and James R. Lines entered into a Severance and Transition Agreement (the "Transition Agreement" ) pursuant to which Mr. Lines resigned from his position as the Company’s Chief Executive Officer and as a member of the Company's Board of Directors, and from positions he held with all Company subsidiaries and affiliates, effective as of the close of business on August 31, 2021. The Transition Agreement provides that for a period of 18 months following the separation date, Mr. Lines is paid his base salary as well as health care premiums. As a result, a liability was recorded in the amount of $ 798 in Accrued Compensation on the Company’s Condensed Consolidated Balance Sheets and recognized against other operating expense (income), net on the Condensed Consolidated Statements of Operations. During the second quarter ended September 30, 2021, the Company terminated the earn out agreement related to the acquisition of BN (see Note 2), therefore the Company recognized a change in fair value of the contingent liability in the amount of $ 1,900 , which was included in other operating expense (income), net on the Company’s Condensed Consolidated Statement of Operations. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of Final Purchase Price Allocation, After Adjustments of the Assets Acquired and Liabilities Assumed | The following table summarizes the final purchase price allocation, after adjustments were recorded in the measurement period, of the assets acquired and liabilities assumed: June 1 2021 Assets acquired: Cash and cash equivalents $ 868 Accounts receivable, net of allowances 8,074 Unbilled revenue 7,068 Inventories 3,549 Prepaid expenses and other current assets 476 Property, plant & equipment, net 8,037 Operating lease assets 9,026 Goodwill 23,523 Customer relationships 11,800 Technology and technical know-how 10,100 Other intangibles, net 10,600 Total assets acquired 93,121 Liabilities assumed: Accounts payable 1,842 Accrued compensation 1,341 Accrued expenses and other current 707 Customer deposits 6,048 Operating lease liabilities 9,066 Other long-term liabilities 2,103 Total liabilities assumed 21,107 Purchase price $ 72,014 |
Schedule of Purchase Price Allocated to Intangible Assets | The purchase price was allocated to specific intangible assets as follows: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount At December 31, 2022 Intangibles subject to amortization: Customer relationships 20 years $ 11,800 $ 934 $ 10,866 Technology and technical know-how 20 years 10,100 800 9,300 Backlog 4 years 3,900 2,645 1,255 $ 25,800 $ 4,379 $ 21,421 Intangibles not subject to amortization: Tradename Indefinite $ 6,700 $ — $ 6,700 $ 6,700 $ — $ 6,700 |
Schedule of Estimated Annual Amortization Expense | The estimated annual amortization expense is as follows: Annual Amortization Remainder of 2023 $ 619 2024 1,782 2025 1,318 2026 1,095 2027 1,095 2028 and thereafter 15,512 Total intangible amortization $ 21,421 |
Schedule of Unaudited Pro Forma Information | The Condensed Consolidated Statement of Operations for the three and nine months ended December 31, 2021 includes net sales of BN of $ 11,968 and $ 31,925 , respectively. The following unaudited pro forma information presents the consolidated results of operations of the Company as if the BN acquisition had occurred at the beginning of each of the fiscal periods presented: Nine Months Ended December 31, 2021 Net sales $ 94,890 Net loss ( 5,902 ) Loss per share Basic $ ( 0.55 ) Diluted $ ( 0.55 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Disaggregated by Product Line and Geographic Area | The following table presents the Company’s revenue disaggregated by product line and geographic area: Three Months Ended Nine Months Ended December 31, December 31, Product Line 2022 2021 2022 2021 Refining $ 6,497 $ 3,958 $ 21,940 $ 14,894 Chemical/Petrochemical 3,927 3,047 15,606 11,132 Defense 21,687 16,598 46,342 43,475 Space 3,510 1,449 14,278 3,466 Other Commercial 4,252 3,722 15,925 10,110 Net sales $ 39,873 $ 28,774 $ 114,091 $ 83,077 Geographic Region Asia $ 4,226 $ 1,493 $ 12,729 $ 10,485 Canada 557 924 3,261 3,011 Middle East 621 628 1,766 2,202 South America 649 242 2,509 720 U.S. 33,163 24,737 91,657 64,832 All other 657 750 2,169 1,827 Net sales $ 39,873 $ 28,774 $ 114,091 $ 83,077 The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Revenue recognized over time 80 % 75 % 73 % 75 % Revenue recognized at shipment 20 % 25 % 27 % 25 % |
Schedule of Disaggregation of Revenue | The following table presents the Company’s revenue disaggregated by product line and geographic area: Three Months Ended Nine Months Ended December 31, December 31, Product Line 2022 2021 2022 2021 Refining $ 6,497 $ 3,958 $ 21,940 $ 14,894 Chemical/Petrochemical 3,927 3,047 15,606 11,132 Defense 21,687 16,598 46,342 43,475 Space 3,510 1,449 14,278 3,466 Other Commercial 4,252 3,722 15,925 10,110 Net sales $ 39,873 $ 28,774 $ 114,091 $ 83,077 Geographic Region Asia $ 4,226 $ 1,493 $ 12,729 $ 10,485 Canada 557 924 3,261 3,011 Middle East 621 628 1,766 2,202 South America 649 242 2,509 720 U.S. 33,163 24,737 91,657 64,832 All other 657 750 2,169 1,827 Net sales $ 39,873 $ 28,774 $ 114,091 $ 83,077 The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Revenue recognized over time 80 % 75 % 73 % 75 % Revenue recognized at shipment 20 % 25 % 27 % 25 % |
Schedule of Net Contract Assets (Liabilities) | Net contract assets (liabilities) consisted of the following: December 31, 2022 March 31, 2022 Change Change due to revenue recognized Change due to invoicing customers/ Unbilled revenue (contract assets) $ 33,509 $ 25,570 $ 7,939 $ 58,274 $ 50,335 Customer deposits (contract liabilities) ( 44,300 ) ( 25,644 ) ( 18,656 ) 22,918 41,574 Net contract (liabilities) assets $ ( 10,791 ) $ ( 74 ) $ ( 10,717 ) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Major Classifications of Inventories | Major classifications of inventories are as follows: December 31, March 31, 2022 2022 Raw materials and supplies $ 4,173 $ 4,145 Work in process 18,425 11,631 Finished products 1,479 1,638 Total $ 24,077 $ 17,414 |
Equity based compensation (Tabl
Equity based compensation (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | The following restricted stock units were granted in the nine months ended December 31, 2022: Nine Months Ended December 31, 2022 Officers $ 186 Directors 37 $ 223 |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | The Company has recognized equity-based compensation costs as follows: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Restricted stock awards $ 106 $ 260 $ 201 $ 575 Restricted stock units 157 — 368 — Employee stock purchase plan 7 9 13 24 $ 270 $ 269 $ 582 $ 599 Income tax benefit recognized $ 60 $ 59 $ 128 $ 132 |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Income (Loss) Per Share | A reconciliation of the numerators and denominators of basic and diluted income (loss) per share is presented below: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Basic income (loss) per share Numerator: Net income (loss) $ 368 $ ( 3,730 ) $ 848 $ ( 7,348 ) Denominator: Weighted average common shares 10,611 10,638 10,613 10,507 Basic income (loss) per share $ 0.03 $ ( 0.35 ) $ 0.08 $ ( 0.70 ) Diluted income (loss) per share Numerator: Net income (loss) $ 368 $ ( 3,730 ) $ 848 $ ( 7,348 ) Denominator: Weighted average common shares 10,611 10,638 10,613 10,507 Restricted stock units outstanding 49 — 19 — Weighted average common and 10,660 10,638 10,632 10,507 Diluted income (loss) per share $ 0.03 $ ( 0.35 ) 0.08 $ ( 0.70 ) |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Guarantees [Abstract] | |
Reconciliation of the Changes in Product Warranty Liability | The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Balance at beginning of period $ 487 $ 449 $ 441 $ 626 BN warranty accrual acquired — — — 169 Expense (income) for product warranties 238 19 326 ( 2 ) Product warranty claims paid ( 4 ) ( 35 ) ( 46 ) ( 360 ) Balance at end of period $ 721 $ 433 $ 721 $ 433 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for the nine months ended December 31, 2022 and 2021 are as follows: Pension and Foreign Total Balance at April 1, 2022 $ ( 6,970 ) $ 499 $ ( 6,471 ) Other comprehensive loss before reclassifications — ( 519 ) ( 519 ) Amounts reclassified from accumulated other comprehensive 393 — 393 Net current-period other comprehensive income (loss) 393 ( 519 ) $ ( 126 ) Balance at December 31, 2022 $ ( 6,577 ) $ ( 20 ) $ ( 6,597 ) Pension and Foreign Total Balance at April 1, 2021 $ ( 7,698 ) $ 301 $ ( 7,397 ) Other comprehensive income before reclassifications 68 201 269 Amounts reclassified from accumulated other comprehensive 563 — 563 Net current-period other comprehensive income 631 201 832 Balance at December 31, 2021 $ ( 7,067 ) $ 502 $ ( 6,565 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component for the three and nine months ended December 31, 2022 and 2021 are as follows: Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Three Months Ended December 31, 2022 2021 Pension and other postretirement benefit items: Amortization of actuarial loss $ ( 169 ) (1) $ ( 270 ) (1) Loss before benefit for income taxes ( 38 ) ( 60 ) Benefit for income taxes $ ( 131 ) $ ( 210 ) Net loss Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Nine Months Ended December 31, 2022 2021 Pension and other postretirement benefit items: Amortization of actuarial loss $ ( 505 ) (1) $ ( 725 ) (1) Loss before benefit for income taxes ( 112 ) ( 162 ) Benefit for income taxes $ ( 393 ) $ ( 563 ) Net loss |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Weighted Average Remaining Lease Term and Discount Rate for Finance and Operating Leases | The weighted average remaining lease term and discount rate for finance and operating leases are as follows: December 31, December 31, 2022 2021 Finance Leases Weighted-average remaining lease term in years 0.67 1.67 Weighted-average discount rate 10.67 % 10.67 % Operating Leases Weighted-average remaining lease term in years 7.22 7.72 Weighted-average discount rate 3.25 % 3.27 % |
Schedule of Components of Lease Expense | The components of lease expense are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 5 $ 5 $ 15 $ 15 Interest on lease liabilities — 1 2 4 Operating lease cost 355 384 1,026 924 Short-term lease cost 6 3 11 18 Total lease cost $ 366 $ 393 $ 1,054 $ 961 |
Future Minimum Payments Required under Non-cancelable Leases | As of December 31, 2022, future minimum payments required under non-cancelable leases were: Operating Finance Remainder of 2023 $ 301 $ 6 2024 1,293 11 2025 1,298 — 2026 1,309 — 2027 1,349 — 2028 and thereafter 4,328 — Total lease payments 9,878 17 Less – amount representing interest 1,111 1 Present value of net minimum lease payments $ 8,767 $ 16 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term debt | Long term debt is comprised of the following: December 31, March 31, 2022 2022 Bank of America term loan $ 15,000 $ 18,500 Less: unamortized debt issuance costs ( 816 ) ( 122 ) 14,184 18,378 Less: current portion 2,000 2,000 Total $ 12,184 $ 16,378 |
Schedule of Future Minimum Payments | As of December 31, 2022, future minimum payments required were as follows: Remainder of 2023 $ 500 2024 2,000 2025 2,000 2026 10,500 2027 — 2028 and thereafter — Total $ 15,000 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Thousands | Jun. 01, 2021 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) |
Line of Credit Facility [Line Items] | |||
Term loan, balance | $ 14,184 | $ 18,378 | |
Line of credit | 17,000 | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum leverage ratio upon acquisition | 3.25 | ||
Minimum fixed charge coverage ratio | 1.2 | ||
Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit | $ 30,000 | 0 | $ 0 |
Line of Credit [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit | 15,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit | $ 9,926 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | ||||||
Monthly lease payment | $ 211 | $ 632 | ||||
Amortization of intangible assets | 619 | $ 756 | 1,857 | $ 1,765 | ||
Net sales | $ 39,873 | 28,774 | 114,091 | 83,077 | ||
Barber-Nichols, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, purchase price | $ 72,014 | |||||
Business combination, common stock, shares | 610 | |||||
Business combination, common stock value | $ 8,964 | |||||
Business combination share price | $ 14.69 | |||||
Business combination, cash consideration | $ 61,150 | 61,150 | ||||
Business combination, contingent earn-out | $ 1,900 | |||||
Term of lease agreement | 9 years | |||||
Monthly lease payment | $ 40 | |||||
Annual escalation in lease payment | 3% | |||||
Business combination, Acquisition related costs | $ 111 | 373 | ||||
Equipment on lease, monthly payment | $ 16 | |||||
Net sales | $ 11,968 | $ 31,925 | ||||
Barber-Nichols, Inc. [Member] | Lease Agreements Member | ||||||
Business Acquisition [Line Items] | ||||||
Term of lease agreement | 7 years | |||||
Barber-Nichols, Inc. [Member] | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Business combination contingent earn-out eligible to receive, additional cash consideration | $ 14,000 |
Acquisition - Schedule of Final
Acquisition - Schedule of Final Purchase Price Allocation , After Adjustments of the Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 | Jun. 01, 2021 |
Assets acquired: | |||
Goodwill | $ 23,523 | $ 23,523 | |
Barber-Nichols, Inc. [Member] | |||
Assets acquired: | |||
Cash and cash equivalents | $ 868 | ||
Accounts receivable, net of allowances | 8,074 | ||
Unbilled revenue | 7,068 | ||
Inventories | 3,549 | ||
Prepaid expenses and other current assets | 476 | ||
Property, plant & equipment, net | 8,037 | ||
Operating lease assets | 9,026 | ||
Goodwill | 23,523 | ||
Intangibles | 10,600 | ||
Total assets acquired | 93,121 | ||
Liabilities assumed: | |||
Accounts payable | 1,842 | ||
Accrued compensation | 1,341 | ||
Accrued expenses and other current liabilities | 707 | ||
Customer deposits | 6,048 | ||
Operating lease liabilities | 9,066 | ||
Other long term liabilities | 2,103 | ||
Total liabilities assumed | 21,107 | ||
Purchase price | 72,014 | ||
Customer Relationships [Member] | Barber-Nichols, Inc. [Member] | |||
Assets acquired: | |||
Intangibles | 11,800 | ||
Technology and Technical Know-How [Member] | Barber-Nichols, Inc. [Member] | |||
Assets acquired: | |||
Intangibles | $ 10,100 |
Acquisition - Schedule of Purch
Acquisition - Schedule of Purchase Price Allocated to Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2022 | |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 10,866 | $ 11,308 |
Technology and Technical Know-How [Member] | ||
Business Acquisition [Line Items] | ||
Finite-Lived Intangible Assets, Net | 9,300 | $ 9,679 |
Barber-Nichols, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Gross Carrying Amount | 25,800 | |
Intangibles subject to amortization, Accumulated Amortization | 4,379 | |
Finite-Lived Intangible Assets, Net | 21,421 | |
Intangibles not subject to amortization, Gross Carrying Amount | 6,700 | |
Intangibles not subject to amortization, Net Carrying Amount | $ 6,700 | |
Barber-Nichols, Inc. [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years | |
Intangibles subject to amortization, Gross Carrying Amount | $ 11,800 | |
Intangibles subject to amortization, Accumulated Amortization | 934 | |
Finite-Lived Intangible Assets, Net | $ 10,866 | |
Barber-Nichols, Inc. [Member] | Technology and Technical Know-How [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years | |
Intangibles subject to amortization, Gross Carrying Amount | $ 10,100 | |
Intangibles subject to amortization, Accumulated Amortization | 800 | |
Finite-Lived Intangible Assets, Net | $ 9,300 | |
Barber-Nichols, Inc. [Member] | Backlog [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 4 years | |
Intangibles subject to amortization, Gross Carrying Amount | $ 3,900 | |
Intangibles subject to amortization, Accumulated Amortization | 2,645 | |
Finite-Lived Intangible Assets, Net | $ 1,255 | |
Barber-Nichols, Inc. [Member] | Tradename [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles not subject to amortization, Weighted Average Amortization Period | Indefinite | |
Intangibles not subject to amortization, Gross Carrying Amount | $ 6,700 | |
Intangibles not subject to amortization, Net Carrying Amount | $ 6,700 |
Acquisition - Schedule of Estim
Acquisition - Schedule of Estimated Annual Amortization Expense (Detail) - Barber-Nichols, Inc. [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Business Acquisition [Line Items] | |
Remainder of 2023 | $ 619 |
2024 | 1,782 |
2025 | 1,318 |
2026 | 1,095 |
2027 | 1,095 |
2028 and thereafter | 15,512 |
Total intangible amortization | $ 21,421 |
Acquisition - Schedule of Unaud
Acquisition - Schedule of Unaudited Pro Forma Information (Detail) - Barber-Nichols, Inc. [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Dec. 31, 2021 USD ($) $ / shares | |
Business Acquisition [Line Items] | |
Net sales | $ | $ 94,890 |
Net loss | $ | $ (5,902) |
Basic | $ / shares | $ (0.55) |
Diluted | $ / shares | $ (0.55) |
Revenue Recognition - Revenue D
Revenue Recognition - Revenue Disaggregated by Product Line and Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 39,873 | $ 28,774 | $ 114,091 | $ 83,077 |
Refining [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 6,497 | 3,958 | 21,940 | 14,894 |
Chemical/Petrochemical [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 3,927 | 3,047 | 15,606 | 11,132 |
Defense [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 21,687 | 16,598 | 46,342 | 43,475 |
Space [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 3,510 | 1,449 | 14,278 | 3,466 |
Other Commercial [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 4,252 | 3,722 | 15,925 | 10,110 |
Asia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 4,226 | 1,493 | 12,729 | 10,485 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 557 | 924 | 3,261 | 3,011 |
Middle East [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 621 | 628 | 1,766 | 2,202 |
South America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 649 | 242 | 2,509 | 720 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 33,163 | 24,737 | 91,657 | 64,832 |
All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 657 | $ 750 | $ 2,169 | $ 1,827 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue (Detail) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Abstract] | ||||
Percentage of revenue from contracts recognized upon shipment | 20% | 25% | 27% | 25% |
Percentage of revenue from contracts recognized over time | 80% | 75% | 73% | 75% |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | |
Contract With Customer Assets And Liabilities [Line Items] | |||||
Receivables billed but not paid under retainage provisions in its customer contracts | $ 2,723 | $ 2,723 | $ 3,182 | ||
Amortization expense | 12 | $ 12 | 36 | $ 46 | |
Revenue remaining unsatisfied performance obligations amount | 293,671 | 293,671 | |||
Customer Deposit [Member] | |||||
Contract With Customer Assets And Liabilities [Line Items] | |||||
Contract liabilities | 15,040 | 15,040 | 4,216 | ||
Prepaid Expenses and Other Current Assets [Member] | |||||
Contract With Customer Assets And Liabilities [Line Items] | |||||
Capitalized costs, net of amortization | $ 27 | $ 27 | $ 32 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Unbilled revenue (contract assets) | $ 33,509 | $ 25,570 |
Customer deposits (contract liabilities) | (44,300) | (25,644) |
Net contract (liabilities) assets | (10,791) | $ (74) |
Unbilled revenue (contract assets) | 7,939 | |
Customer deposits (contract liabilities) | (18,656) | |
Net contract liabilities | (10,717) | |
Change due to revenue recognized (Contract assets) | 58,274 | |
Change due to revenue recognized(Contract Liabilities) | 22,918 | |
Change due to invoicing customers/ additional deposits (Contract Assets) | 50,335 | |
Change due to invoicing customers/ additional deposits (Contract Liabilities) | $ 41,574 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail1) | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Revenue remaining performance obligation percentage | 40% | |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Revenue remaining performance obligation percentage | 20% | |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Revenue remaining performance obligation percentage | 50% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Revenue remaining performance obligation percentage | 30% | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 2 years |
Inventories - Major Classificat
Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 4,173 | $ 4,145 |
Work in process | 18,425 | 11,631 |
Finished products | 1,479 | 1,638 |
Total | $ 24,077 | $ 17,414 |
Equity Based Compensation - Res
Equity Based Compensation - Restricted stock units granted (Details) shares in Thousands | 9 Months Ended |
Dec. 31, 2022 shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Restricted stock awarded | 223 |
Officer [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Restricted stock awarded | 186 |
Directors [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Restricted stock awarded | 37 |
Equity Based Compensation - Rec
Equity Based Compensation - Recoganized equity based compensation costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Income tax benefit recoganized | $ 60 | $ 59 | $ 128 | $ 132 |
Share-Based Payment Arrangement, Expense, after Tax | 270 | 269 | 582 | 599 |
Employee Stock Purchase Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense, after Tax | 7 | 9 | 13 | 24 |
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense, after Tax | 106 | 260 | 201 | 575 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense, after Tax | $ 157 | $ 0 | $ 368 | $ 0 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Aug. 11, 2020 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awarded | 223,000 | ||||||||||
Income tax benefit recoganized | $ 60 | $ 59 | $ 128 | $ 132 | |||||||
Maximum discount on purchase price of common stock percentage on fair market value | 15% | ||||||||||
Common stock may be purchased | 4 | 4 | 4 | ||||||||
Restricted Stock [Member] | Time Vested Restricted Stock [Member] | Director [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 1 year | ||||||||||
Two Thousand Incentive Plan [Member] | Stock Compensation Plan [Member] | Maximum | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares authorized | 422,000 | 422,000 | 422,000 | ||||||||
Two Thousand Incentive Plan [Member] | Stock Compensation Prior Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Remaining available shares under equity based compensation plan | 112,000 | ||||||||||
Two Thousand Incentive Plan [Member] | Employee Stock Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock option awards granted | 0 | 0 | 0 | ||||||||
Two Thousand Incentive Plan [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of unvested restricted stock | 13,000 | ||||||||||
Two Thousand Incentive Plan [Member] | Restricted Stock [Member] | Performance Vested Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awarded | 0 | 0 | 162,000 | ||||||||
Two Thousand Incentive Plan [Member] | Restricted Stock [Member] | Performance Vested Restricted Stock [Member] | Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awarded | 112,000 | ||||||||||
Share-based compensation vesting percentage | 100% | 100% | |||||||||
Vesting period | 3 years | ||||||||||
Two Thousand Incentive Plan [Member] | Restricted Stock [Member] | Time Vested Restricted Stock [Member] | Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awarded | 18,000 | ||||||||||
Share-based compensation vesting percentage | 100% | ||||||||||
Two Thousand Incentive Plan [Member] | Restricted Stock [Member] | Time Vested Restricted Stock [Member] | Officers and Key Employees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awarded | 56,000 | 54,000 | |||||||||
Share-based compensation vesting percentage | 33.33% | 33.33% | |||||||||
Vesting period | 3 years | 3 years | |||||||||
Two Thousand Incentive Plan [Member] | Restricted Stock [Member] | Time Vested Restricted Stock [Member] | Director [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awarded | 37,000 | 20,000 | |||||||||
Share-based compensation vesting percentage | 100% | 100% | |||||||||
Vesting period | 1 year | ||||||||||
Two Thousand Incentive Plan [Member] | Restricted Stock [Member] | Scenario Forecast [Member] | Performance Vested Restricted Stock [Member] | Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock awarded | 88,000 |
Income (Loss) Per Share - Recon
Income (Loss) Per Share - Reconciliation of Numerators and Denominators of Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | ||||
Net income (loss) | $ 368 | $ (3,730) | $ 848 | $ (7,348) |
Denominator: | ||||
Weighted average common shares outstanding | 10,611 | 10,638 | 10,613 | 10,507 |
Basic income (loss) per share | $ 0.03 | $ (0.35) | $ 0.08 | $ (0.70) |
Numerator: | ||||
Net income (loss) | $ 368 | $ (3,730) | $ 848 | $ (7,348) |
Denominator: | ||||
Weighted average common shares outstanding | 10,611 | 10,638 | 10,613 | 10,507 |
Restricted stock units outstanding | 49 | 0 | 19 | 0 |
Weighted average common and potential common shares outstanding | 10,660 | 10,638 | 10,632 | 10,507 |
Diluted income (loss) per share | $ 0.03 | $ (0.35) | $ 0.08 | $ (0.70) |
Product Warranty Liability - Re
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Guarantees [Abstract] | ||||
Balance at beginning of period | $ 487 | $ 449 | $ 441 | $ 626 |
BNI warranty accrual acquired | 0 | 0 | 0 | 169 |
Expense (income) for product warranties | 238 | 19 | 326 | (2) |
Product warranty claims paid | (4) | (35) | (46) | (360) |
Balance at end of period | $ 721 | $ 433 | $ 721 | $ 433 |
Product Warranty Liability - Ad
Product Warranty Liability - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2021 USD ($) | |
Guarantees [Abstract] | |
Income for product warranties | $ 2 |
Cash Flow Statement - Additiona
Cash Flow Statement - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | ||
Jun. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest paid | $ 722 | $ 263 | |
Income taxes paid | 160 | 1,388 | |
Capital expenditures | 768 | 80 | |
Business combination, net cash consideration | 0 | $ 59,563 | |
Issuance of treasury stock, shares | 610 | ||
Issuance of treasury stock, value | $ 8,964 | ||
Pension adjustments, net of income tax | $ 68 | ||
Barber-Nichols, Inc. [Member] | |||
Business combination, net cash consideration | $ 59,563 | 60,282 | |
Business combination, gross cash consideration | 61,150 | 61,150 | |
Net of cash acquired | $ 1,587 | $ 868 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2022 | |
Income Taxes [Line Items] | ||
Liability unrecognized tax benefits | $ 0 | $ 0 |
Earliest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2018 | |
Earliest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2017 | |
Earliest Tax Year [Member] | International Tax Jurisdictions [Member] | State Administration of Taxation, China [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2018 | |
Earliest Tax Year [Member] | International Tax Jurisdictions [Member] | Ministry of Finance, India [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2018 | |
Latest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2021 | |
Latest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2021 | |
Latest Tax Year [Member] | International Tax Jurisdictions [Member] | State Administration of Taxation, China [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2021 | |
Latest Tax Year [Member] | International Tax Jurisdictions [Member] | Ministry of Finance, India [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2021 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 96,966 | $ 101,852 | $ 96,494 | $ 97,929 |
Other comprehensive income (loss) before reclassifications | (519) | 269 | ||
Amounts reclassified from accumulated other comprehensive loss | 393 | 563 | ||
Total other comprehensive income (loss) | 292 | 318 | (126) | 832 |
Ending Balance | 97,896 | 97,539 | 97,896 | 97,539 |
Pension and Other Postretirement Benefits Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (6,970) | (7,698) | ||
Other comprehensive income (loss) before reclassifications | 0 | 68 | ||
Amounts reclassified from accumulated other comprehensive loss | 393 | 563 | ||
Total other comprehensive income (loss) | 393 | 631 | ||
Ending Balance | (6,577) | (7,067) | (6,577) | (7,067) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 499 | 301 | ||
Other comprehensive income (loss) before reclassifications | (519) | 201 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Total other comprehensive income (loss) | (519) | 201 | ||
Ending Balance | (20) | 502 | (20) | 502 |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (6,889) | (6,883) | (6,471) | (7,397) |
Ending Balance | $ (6,597) | $ (6,565) | $ (6,597) | $ (6,565) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (loss) before benefit for income taxes | $ 438 | $ (4,591) | $ 1,093 | $ (9,134) | |
Benefit for income taxes | 70 | (861) | 245 | (1,786) | |
Net income (loss) | 368 | (3,730) | 848 | (7,348) | |
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Amortization of Actuarial income (loss) [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (loss) before benefit for income taxes | [1] | 169 | (270) | (505) | (725) |
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Pension and Other Postretirement Benefits Items [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Benefit for income taxes | 38 | (60) | 112 | (162) | |
Net income (loss) | $ 131 | $ (210) | $ 393 | $ (563) | |
[1] These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Leases [Line Items] | ||
Lessee, option to renew or terminate leases, description | Certain leases include options to renew or terminate. Renewal options are exercisable per the discretion of the Company and vary based on the nature of each lease. | |
Operating Lease Payments | $ 211 | $ 632 |
Remainder operating lease payment | 211 | 211 |
Future fixed minimum lease payments | $ 6,738 | $ 6,738 |
Minimum [Member] | ||
Leases [Line Items] | ||
Remaining term of contract | 1 year | |
Maximum [Member] | ||
Leases [Line Items] | ||
Remaining term of contract | 5 years |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate for Finance and Operating Leases (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Finance Leases | ||
Weighted-average remaining lease term in years | 8 months 1 day | 1 year 8 months 1 day |
Weighted-average discount rate | 10.67% | 10.67% |
Operating Leases | ||
Weighted-average remaining lease term in years | 7 years 2 months 19 days | 7 years 8 months 19 days |
Weighted-average discount rate | 3.25% | 3.27% |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance lease cost: | ||||
Amortization of right-of-use assets | $ 5 | $ 5 | $ 15 | $ 15 |
Interest on lease liabilities | 0 | 1 | 2 | 4 |
Operating lease cost | 355 | 384 | 1,026 | 924 |
Short-term lease cost | 6 | 3 | 11 | 18 |
Total lease cost | $ 366 | $ 393 | $ 1,054 | $ 961 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Required under Non-cancelable Leases (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Operating Leases | |
Remainder of 2023 | $ 301 |
2024 | 1,293 |
2025 | 1,298 |
2026 | 1,309 |
2027 | 1,349 |
2028 and thereafter | 4,328 |
Total lease payments | 9,878 |
Less – amount representing interest | 1,111 |
Present value of net minimum lease payments | 8,767 |
Finance Leases | |
Remainder of 2023 | 6 |
2024 | 11 |
Total lease payments | 17 |
Less – amount representing interest | 1 |
Present value of net minimum lease payments | $ 16 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||||
Jun. 01, 2021 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | May 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Line of credit | $ 17,000 | $ 17,000 | ||||||
Unused commitment fee for borrowing | 0.25% | |||||||
Maximum leverage ratio | 3 | |||||||
EBITDA | $ 1,800 | $ 700 | ||||||
Minimum funded debt to liquidity prior to occurrence of compliance date | 10,000 | |||||||
Minimum funded debt to liquidity from and after occurrence of compliance date | 20,000 | |||||||
Percentage of minimum margined assets on outstanding facility | 100% | |||||||
Forecast [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum leverage ratio | 1 | |||||||
Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum leverage ratio | 1 | |||||||
Maximum leverage ratio upon acquisition | 1 | |||||||
Minimum fixed charge coverage ratio | 1 | |||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum leverage ratio | 4 | |||||||
Maximum leverage ratio upon acquisition | 3.25 | |||||||
Minimum fixed charge coverage ratio | 1.2 | |||||||
Maximum [Member] | Forecast [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum leverage ratio | 3 | |||||||
Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit | 11,500 | $ 11,500 | ||||||
Fee for outstanding letters of credit | 1.50% | |||||||
Letters of credit outstanding amount | 12,578 | 12,578 | $ 12,233 | |||||
HSBC Bank USA [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit outstanding amount | 6,471 | 6,471 | ||||||
HSBC Bank USA [Member] | Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit | $ 7,500 | $ 15,000 | ||||||
Bank of America [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Back end fee | 725 | |||||||
Letters of credit outstanding amount | $ 5,954 | 5,954 | ||||||
Five Year Term Loan With Bank Of America [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan payment | $ 20,000 | |||||||
Term loan payment period | 5 years | |||||||
Term loan principal payment frequency | monthly | |||||||
Term loan principal payment | $ 167 | |||||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 3.95916% | |||||||
Line of credit | 30,000 | $ 0 | 0 | $ 0 | ||||
Maximum limit of credit facility | $ 40,000 | |||||||
Line of Credit [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit | 15,000 | 15,000 | ||||||
Letter of Credit Secured by Cash [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Fee for outstanding letters of credit | 0.60% | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit | $ 9,926 | $ 9,926 | ||||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual facility fee | $ 5 | |||||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Fee for outstanding letters of credit | 0.75% | |||||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Fee for outstanding letters of credit | 0.85% | |||||||
BSBY [Member] | Five Year Term Loan With Bank Of America [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||||
BSBY [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||||
Floor Rate [Member] | Five Year Term Loan With Bank Of America [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0% | |||||||
Floor Rate [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0% | |||||||
Prime Rate [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 3% |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 |
Debt Instrument [Line Items] | ||
Less: unamortized debt issuance costs | $ (816) | $ (122) |
Long-term debt, gross | 14,184 | 18,378 |
Less: current portion | 2,000 | 2,000 |
Total | 12,184 | 16,378 |
Bank of America Term Loan | ||
Debt Instrument [Line Items] | ||
Bank of America term loan | $ 15,000 | $ 18,500 |
Debt - Shedule of Future Minimu
Debt - Shedule of Future Minimum Payments (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2023 | $ 500 |
2024 | 2,000 |
2025 | 2,000 |
2026 | 10,500 |
2027 | 0 |
2028 and thereafter | 0 |
Total | $ 15,000 |
Other Operating Expense (Inco_2
Other Operating Expense (Income), Net - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Aug. 09, 2021 | |
Other Long-Term Liabilities [Member] | Agreement [Member] | |||
Other Operating Income Net [Line Items] | |||
Restructuring Reserve | $ 140 | ||
Other Operating Income, Net [Member] | Barber-Nichols, Inc. [Member] | |||
Other Operating Income Net [Line Items] | |||
Change in fair value of contingent liability | $ 1,900 | ||
Other Operating Income, Net [Member] | Transaction Agreement [Member] | |||
Other Operating Income Net [Line Items] | |||
Accrued Liabilities | $ 798 | ||
Other Operating Income, Net [Member] | Agreement [Member] | |||
Other Operating Income Net [Line Items] | |||
Severance payment | $ 70 |