Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | GRAHAM CORP | |
Entity Central Index Key | 716314 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 10,058,568 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Retained Earnings (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ||||
Net sales | $24,490 | $25,902 | $52,746 | $48,435 |
Cost of products sold | 16,201 | 17,989 | 34,442 | 34,286 |
Gross profit | 8,289 | 7,913 | 18,304 | 14,149 |
Other expenses and income: | ||||
Selling, general and administrative | 4,393 | 4,379 | 8,739 | 8,407 |
Selling, general and administrative - amortization | 56 | 57 | 113 | 113 |
Interest income | -10 | -14 | -21 | -25 |
Interest expense | 4 | -370 | 9 | -290 |
Total other expenses and income | 4,443 | 4,052 | 8,840 | 8,205 |
Income before provision for income taxes | 3,846 | 3,861 | 9,464 | 5,944 |
Provision for income taxes | 1,257 | 1,246 | 3,067 | 1,939 |
Net income | 2,589 | 2,615 | 6,397 | 4,005 |
Retained earnings at beginning of period | 88,139 | 75,573 | 84,632 | 74,383 |
Dividends | -302 | -199 | -603 | -399 |
Retained earnings at end of period | $90,426 | $77,989 | $90,426 | $77,989 |
Basic: | ||||
Net income | $0.26 | $0.26 | $0.64 | $0.40 |
Diluted: | ||||
Net income | $0.26 | $0.26 | $0.63 | $0.40 |
Weighted average common shares outstanding: | ||||
Basic: | 10,062 | 10,031 | 10,060 | 10,017 |
Diluted: | 10,104 | 10,054 | 10,095 | 10,041 |
Dividends declared per share | $0.03 | $0.02 | $0.06 | $0.04 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $2,589 | $2,615 | $6,397 | $4,005 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | 38 | 3 | 45 | -12 |
Defined benefit pension and other postretirement plans net of income tax of $78 and $78 for the three months ended September 30, 2013 and 2012, respectively, and $156 and $157 for the six months ended September 30, 2013 and 2012, respectively | 143 | 144 | 286 | 287 |
Total other comprehensive income | 181 | 147 | 331 | 275 |
Total comprehensive income | $2,770 | $2,762 | $6,728 | $4,280 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Defined benefit pension and other postretirement plans, tax | $78 | $78 | $156 | $157 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $22,862 | $24,194 |
Investments | 31,999 | 27,498 |
Trade accounts receivable, net of allowances ($39 and $33 at September 30 and March 31, 2013, respectively) | 13,946 | 9,440 |
Unbilled revenue | 9,510 | 13,113 |
Inventories | 11,222 | 11,171 |
Prepaid expenses and other current assets | 1,226 | 783 |
Income taxes receivable | 2,067 | 2,635 |
Deferred income tax asset | 87 | 69 |
Total current assets | 92,919 | 88,903 |
Property, plant and equipment, net | 13,239 | 13,288 |
Prepaid pension asset | 2,745 | 2,349 |
Goodwill | 6,938 | 6,938 |
Permits | 10,300 | 10,300 |
Other intangible assets, net | 4,698 | 4,788 |
Other assets | 11 | 167 |
Total assets | 130,850 | 126,733 |
Current liabilities: | ||
Current portion of capital lease obligations | 85 | 87 |
Accounts payable | 7,563 | 9,429 |
Accrued compensation | 5,141 | 5,018 |
Accrued expenses and other current liabilities | 2,906 | 3,051 |
Customer deposits | 5,662 | 6,919 |
Deferred income tax liability | 378 | 373 |
Total current liabilities | 21,735 | 24,877 |
Capital lease obligations | 85 | 127 |
Accrued compensation | 315 | 308 |
Deferred income tax liability | 7,374 | 7,131 |
Accrued pension liability | 250 | 227 |
Accrued postretirement benefits | 939 | 923 |
Other long-term liabilities | 149 | 145 |
Total liabilities | 30,847 | 33,738 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Preferred stock, $1.00 par value - Authorized, 500 shares | ||
Common stock, $.10 par value - Authorized, 25,500 shares Issued, 10,376 and 10,331 shares at September 30 and March 31, 2013, respectively | 1,038 | 1,033 |
Capital in excess of par value | 19,398 | 18,596 |
Retained earnings | 90,426 | 84,632 |
Accumulated other comprehensive loss | -7,702 | -8,033 |
Treasury stock, 317 and 327 shares at September 30 and March 31, 2013, respectively | -3,157 | -3,233 |
Total stockholders' equity | 100,003 | 92,995 |
Total liabilities and stockholders' equity | $130,850 | $126,733 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $39 | $33 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 500 | 500 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 25,500 | 25,500 |
Common stock, shares issued | 10,376 | 10,331 |
Treasury stock, shares | 317 | 327 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ||
Net income | $6,397 | $4,005 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 986 | 927 |
Amortization | 113 | 113 |
Amortization of unrecognized prior service cost and actuarial losses | 442 | 444 |
Discount accretion on investments | -4 | -6 |
Stock-based compensation expense | 342 | 319 |
Loss on disposal of property, plant and equipment | -1 | |
Deferred income taxes | 220 | -58 |
(Increase) decrease in operating assets: | ||
Accounts receivable | -4,596 | 40 |
Unbilled revenue | 3,640 | 2,909 |
Inventories | 139 | -3,623 |
Prepaid expenses and other current and non-current assets | -457 | -145 |
Prepaid pension asset | -397 | -384 |
Increase (decrease) in operating liabilities: | ||
Accounts payable | -1,938 | 2,233 |
Accrued compensation, accrued expenses and other current and non-current liabilities | 135 | 35 |
Customer deposits | -1,343 | -1,765 |
Income taxes payable/receivable | 568 | 1,186 |
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits | 46 | 15 |
Net cash provided by operating activities | 4,293 | 6,244 |
Investing activities: | ||
Purchase of property, plant and equipment | -898 | -578 |
Proceeds from disposal of property, plant and equipment | 4 | |
Purchase of investments | -54,997 | -33,494 |
Redemption of investments at maturity | 50,500 | 27,500 |
Net cash used by investing activities | -5,395 | -6,568 |
Financing activities: | ||
Principal repayments on capital lease obligations | -44 | -41 |
Issuance of common stock | 259 | 14 |
Dividends paid | -603 | -399 |
Excess tax benefit (deficiency) on stock awards | 119 | -5 |
Net cash used by financing activities | -269 | -431 |
Effect of exchange rate changes on cash | 39 | -11 |
Net decrease in cash and cash equivalents | -1,332 | -766 |
Cash and cash equivalents at beginning of period | 24,194 | 25,189 |
Cash and cash equivalents at end of period | $22,862 | $24,423 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION: |
Graham Corporation’s (the “Company’s”) Condensed Consolidated Financial Statements include (i) its wholly-owned foreign subsidiary located in China and (ii) its wholly-owned domestic subsidiary located in Lapeer, Michigan. 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 10-01 of Regulation S-X, each as promulgated by the 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, 2013 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2013. 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, 2013 (“fiscal 2013”). 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 six months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2014 (“fiscal 2014”). |
Revenue_Recognition
Revenue Recognition | 6 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | |
Revenue Recognition | NOTE 2 – REVENUE RECOGNITION: |
The Company recognizes revenue on all contracts with a planned manufacturing process in excess of four weeks (which approximates 575 direct labor hours) using the percentage-of-completion method. The majority of the Company’s revenue is recognized under this methodology. The percentage-of-completion method is determined by comparing actual labor incurred to a specific date to management’s estimate of the total labor to be incurred on each contract. Contracts in progress are reviewed monthly, and sales and earnings are adjusted in current accounting periods based on revisions in the contract value and estimated costs at completion. Losses on contracts are recognized immediately when evident. There is no reserve for credit losses related to unbilled revenue recorded for contracts accounted for on the percentage-of-completion method. Any reserve for credit losses related to unbilled revenue is recorded as a reduction to revenue. | |
Revenue on contracts not accounted for using the percentage-of-completion method is recognized utilizing the completed contract method. The majority of the Company’s contracts (as opposed to revenue) have a planned manufacturing process of less than four weeks and the results reported under this method do not vary materially from the percentage-of-completion method. The Company recognizes revenue and all related costs on these contracts upon substantial completion or shipment to the customer. Substantial completion is consistently defined as at least 95% complete with regard to direct labor hours. Customer acceptance is generally required throughout the construction process and the Company has no further material obligations under its contracts after the revenue is recognized. |
Investments
Investments | 6 Months Ended |
Sep. 30, 2013 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | NOTE 3 – INVESTMENTS: |
Investments consist solely of fixed-income debt securities issued by the U.S. Treasury with original maturities of greater than three months and less than one year. All investments are classified as held-to-maturity, as the Company has the intent and ability to hold the securities to maturity. The investments are stated at amortized cost which approximates fair value. All investments held by the Company at September 30, 2013 are scheduled to mature on or before January 9, 2014. |
Inventories
Inventories | 6 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Inventory Disclosure [Abstract] | |||||||||||
Inventories | NOTE 4 – INVENTORIES: | ||||||||||
Inventories are stated at the lower of cost or market, using the average cost method. For contracts accounted for on the completed contract method, progress payments received are netted against inventory to the extent the payment is less than the inventory balance relating to the applicable contract. Progress payments that are in excess of the corresponding inventory balance are presented as customer deposits in the Condensed Consolidated Balance Sheets. Unbilled revenue in the Condensed Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts accounted for on the percentage-of-completion method. For contracts accounted for on the percentage–of–completion method, progress payments are netted against unbilled revenue to the extent the payment is less than the unbilled revenue for the applicable contract. Progress payments exceeding unbilled revenue are netted against inventory to the extent the payment is less than or equal to the inventory balance relating to the applicable contract, and the excess is presented as customer deposits in the Condensed Consolidated Balance Sheets. | |||||||||||
Major classifications of inventories are as follows: | |||||||||||
September 30, | March 31, | ||||||||||
2013 | 2013 | ||||||||||
Raw materials and supplies | $ 2,599 | $ 2,865 | |||||||||
Work in process | 11,838 | 13,470 | |||||||||
Finished products | 559 | 572 | |||||||||
14,996 | 16,907 | ||||||||||
Less - progress payments | 3,774 | 5,736 | |||||||||
Total | $11,222 | $11,171 |
Intangible_Assets
Intangible Assets | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Intangible Assets | NOTE 5 – INTANGIBLE ASSETS: | |||||||||||||||
Intangible assets are comprised of the following: | ||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||
Amount | Amount | |||||||||||||||
At September 30, 2013 | ||||||||||||||||
Intangibles subject to amortization: | ||||||||||||||||
Backlog | $ | 170 | $ | 170 | $ | - | ||||||||||
Customer relationships | 2,700 | 502 | 2,198 | |||||||||||||
$ | 2,870 | $ | 672 | $ | 2,198 | |||||||||||
Intangibles not subject to amortization: | ||||||||||||||||
Permits | $ | 10,300 | $ | - | $ | 10,300 | ||||||||||
Tradename | 2,500 | - | 2,500 | |||||||||||||
$ | 12,800 | $ | - | $ | 12,800 | |||||||||||
At March 31, 2013 | ||||||||||||||||
Intangibles subject to amortization: | ||||||||||||||||
Backlog | $ | 170 | $ | 170 | $ | - | ||||||||||
Customer relationships | 2,700 | 412 | 2,288 | |||||||||||||
$ | 2,870 | $ | 582 | $ | 2,288 | |||||||||||
Intangibles not subject to amortization: | ||||||||||||||||
Permits | $ | 10,300 | $ | - | $ | 10,300 | ||||||||||
Tradename | 2,500 | - | 2,500 | |||||||||||||
$ | 12,800 | $ | - | $ | 12,800 | |||||||||||
Intangible assets are amortized on a straight line basis over their estimated useful lives. Intangible amortization expense for each of the three-month periods ended September 30, 2013 and 2012 was $45. Intangible amortization expense for each of the six months ended September 30, 2013 and 2012 was $90. As of September 30, 2013, amortization expense is estimated to be $90 for the remainder of fiscal 2014 and $180 in each of the fiscal years ending March 31, 2015, 2016, 2017 and 2018. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 6 – STOCK-BASED COMPENSATION: |
The Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value provides for the issuance of up to 1,375 shares of common stock in connection with grants of incentive stock options, non-qualified stock options, stock awards and performance awards to officers, key employees and outside directors; provided, however, that no more than 250 shares of common stock may be used for awards other than stock options. Stock options may be granted at prices not less than the fair market value at the date of grant and expire no later than ten years after the date of grant. | |
There were no stock option awards granted in the three months ended September 30, 2013 and 2012. Stock option awards granted in the six months ended September 30, 2013 and 2012 were 0 and 49, respectively. The stock option awards granted in fiscal 2013 vest 33 1⁄3% per year over a three-year term and have a term of ten years from their grant date. | |
There were no restricted stock awards granted in the three-month periods ended September 30, 2013 and 2012. Restricted stock awards granted in the six-month periods ended September 30, 2013 and 2012 were 32 and 26, respectively. Performance-vested restricted stock awards of 14 and 18 granted to officers in fiscal 2014 and fiscal 2013, respectively, vest 100% on the third anniversary of the grant date, subject to the satisfaction of the performance metrics for the applicable three-year period. Time-vested restricted stock awards of 12 granted to officers and key employees in fiscal 2014 vest 33 1⁄3% per year over a three-year period. Time-vested restricted stock awards of 6 and 8 granted to directors in fiscal 2014 and fiscal 2013, respectively, vest 100% on the first anniversary of the grant date. | |
During the three months ended September 30, 2013 and 2012, the Company recognized stock-based compensation costs related to stock option and restricted stock awards of $134 and $136, respectively. The income tax benefit recognized related to stock-based compensation was $47 and $48 for the three months ended September 30, 2013 and 2012, respectively. During the six months ended September 30, 2013 and 2012, the Company recognized stock-based compensation costs related to stock option and restricted stock awards of $314 and $292, respectively. The income tax benefit recognized related to stock-based compensation was $110 and $103 for the six months ended September 30, 2013 and 2012, respectively. | |
The Company has an Employee Stock Purchase Plan (the “ESPP”), which allows eligible employees to purchase shares of the Company’s common stock on the last day of a six-month offering period at a purchase price equal to the lesser of 85% of the fair market value of the common stock on either the first day or the last day of the offering period. A total of 200 shares of common stock were authorized for purchase under the ESPP. During the three months ended September 30, 2013 and 2012, the Company recognized stock-based compensation costs of $13 and $11, respectively, related to the ESPP and $4 and $4, respectively, of related tax benefits. During the six months ended September 30, 2013 and 2012, the Company recognized stock-based compensation costs of $28 and $26, respectively, related to the ESPP and $9 and $8, respectively, of related tax benefits. |
Income_Per_Share
Income Per Share | 6 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||
Income Per Share | NOTE 7 – INCOME PER SHARE: | ||||||||||||||||||||||||||||||||
Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Common shares outstanding include share equivalent units, which are contingently issuable shares. Diluted income per share is calculated by dividing net income 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 per share is presented below: | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Basic income per share | |||||||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||||||
Net income | $ | 2,589 | $ | 2,615 | $ | 6,397 | $ | 4,005 | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||
Weighted common shares outstanding | 10,051 | 9,988 | 10,033 | 9,975 | |||||||||||||||||||||||||||||
Share equivalent units (“SEUs”) | 11 | 43 | 27 | 42 | |||||||||||||||||||||||||||||
Weighted average common shares and SEUs | 10,062 | 10,031 | 10,060 | 10,017 | |||||||||||||||||||||||||||||
Basic income per share | $0.26 | $0.26 | $0.64 | $0.40 | |||||||||||||||||||||||||||||
Diluted income per share | |||||||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||||||
Net income | $ | 2,589 | $ | 2,615 | $ | 6,397 | $ | 4,005 | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||
Weighted average shares and SEUs outstanding | 10,062 | 10,031 | 10,060 | 10,017 | |||||||||||||||||||||||||||||
Stock options outstanding | 42 | 23 | 35 | 24 | |||||||||||||||||||||||||||||
Weighted average common and potential common shares outstanding | 10,104 | 10,054 | 10,095 | 10,041 | |||||||||||||||||||||||||||||
Diluted income per share | $0.26 | $0.26 | $0.63 | $0.40 | |||||||||||||||||||||||||||||
Options to purchase a total of 2 and 71 shares of common stock were outstanding at September 2013 and 2012, respectively, but were not included in the above computation of diluted income per share given their exercise prices as they would be anti-dilutive upon issuance. |
Product_Warranty_Liability
Product Warranty Liability | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||
Product Warranty Liability | NOTE 8 – PRODUCT WARRANTY LIABILITY: | ||||||||||||||||
The reconciliation of the changes in the product warranty liability is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Balance at beginning of period | $331 | $194 | $408 | $215 | |||||||||||||
Expense (income) for product warranties | 78 | -3 | 58 | 8 | |||||||||||||
Product warranty claims paid | -110 | -17 | -167 | -49 | |||||||||||||
Balance at end of period | $299 | $174 | $299 | $174 | |||||||||||||
The income of $3 for product warranties in the three months ended September 30, 2012 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 | 6 Months Ended |
Sep. 30, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Statement | NOTE 9 - CASH FLOW STATEMENT: |
Interest paid was $6 and $52 for the six-month periods ended September 30, 2013 and 2012, respectively. In addition, income taxes paid for the six months ended September 30, 2013 and 2012 were $2,161 and $39, respectively. | |
During the six months ended September 30, 2013 and 2012, respectively, stock option awards were exercised and restricted stock awards vested. In connection with such stock option exercises and vesting, the related income tax benefit realized exceeded (reduced) the tax benefit that had been recorded pertaining to the compensation cost recognized by $119 and $(5), respectively, for such periods. This excess tax benefit (deficiency) has been separately reported under “Financing activities” in the Condensed Consolidated Statements of Cash Flows. | |
At September 30, 2013 and 2012, respectively, there were $38 and $24 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. In the six months ended September 30, 2013 and 2012, capital expenditures totaling $0 and $11, respectively, were financed through the issuance of capital leases. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Employee Benefit Plans | NOTE 10 – EMPLOYEE BENEFIT PLANS: | ||||||||||||||||||||||||||||||||
The components of pension cost are as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Service cost | $ | 144 | $ | 136 | $ | 288 | $ | 272 | |||||||||||||||||||||||||
Interest cost | 339 | 356 | 679 | 713 | |||||||||||||||||||||||||||||
Expected returns on assets | (682 | ) | (685 | ) | (1,364 | ) | (1,369 | ) | |||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Unrecognized prior service cost | 1 | 1 | 2 | 2 | |||||||||||||||||||||||||||||
Actuarial loss | 251 | 254 | 501 | 506 | |||||||||||||||||||||||||||||
Net pension cost | $ | 53 | $ | 62 | $ | 106 | $ | 124 | |||||||||||||||||||||||||
The Company made no contributions to its defined benefit pension plan during the six months ended September 30, 2013 and does not expect to make any contributions to the plan for the balance of fiscal 2014. | |||||||||||||||||||||||||||||||||
The components of the postretirement benefit income are as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Service cost | $ - | $ - | $ - | $ - | |||||||||||||||||||||||||||||
Interest cost | 8 | 10 | 16 | 19 | |||||||||||||||||||||||||||||
Amortization of prior service benefit | (42 | ) | (42 | ) | (83 | ) | (83 | ) | |||||||||||||||||||||||||
Amortization of actuarial loss | 11 | 9 | 22 | 19 | |||||||||||||||||||||||||||||
Net postretirement benefit income | $(23 | ) | $(23 | ) | $(45 | ) | $(45 | ) | |||||||||||||||||||||||||
The Company paid benefits of $2 related to its postretirement benefit plan during the six months ended September 30, 2013. The Company expects to pay benefits of approximately $105 during the balance of fiscal 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – COMMITMENTS AND CONTINGENCIES: |
The Company has been named as a defendant in certain lawsuits alleging personal injury from exposure to asbestos allegedly contained in 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 are similar to previous asbestos suits that named the Company as 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. | |
As of September 30, 2013, 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 to which the Company is a party cannot be determined and an estimate of the reasonably possible loss or range of loss cannot be made, management does not believe that the outcomes, either individually or in the aggregate, will have a material effect on the Company’s results of operations, financial position or cash flows. |
Income_Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 – 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. During fiscal 2012, the Company reached a resolution with the U.S. Internal Revenue Service (the “IRS”) with regard to the research and development tax credits claimed during tax years 2006 through 2008. As a result of such resolution, the tax credits claimed during such years were reduced by approximately 40% and interest was assessed on the underpayment of tax. During fiscal 2013, the Company reached a resolution with the IRS that reduced the research and development tax credits claimed during tax years 2009 and 2010 by approximately 30%. In addition, in fiscal 2013, the Company paid all settlement amounts to the IRS for tax years 2006 through 2010. | |
The liability for unrecognized tax benefits related to research and development tax credits was $134 at each of September 30, 2013 and March 31, 2013. The Company had one additional unrecognized tax benefit of $882 as of March 31, 2012 which was resolved with the IRS during the three months ended June 30, 2012, resulting in a reversal of the liability. | |
The Company is subject to examination in federal and state tax jurisdictions for tax years 2011 through 2012 and tax years 2008 through 2012, respectively. The Company is subject to examination in the People’s Republic of China for tax years 2010 through 2012. It is the Company’s policy to recognize any interest related to uncertain tax positions in interest expense and any penalties related to uncertain tax positions in selling, general and administrative expense. During the three and six months ended September 30, 2013, the Company recorded $2 and $4, respectively, for interest related to its uncertain tax positions. During the three months ended September 30, 2012, the Company reversed provisions that had been made in previous periods for interest related to its uncertain tax positions of $387 due to lower interest assessments by the IRS than expected. Including this reversal, the Company recorded $(325) for interest related to its uncertain tax positions during the six months ended September 30, 2012. No penalties related to uncertain tax positions were recorded in the three-month or six-month periods ended September 30, 2013 or 2012. | |
In September 2013, the IRS issued final regulations affecting costs to acquire, produce, or improve tangible property and re-proposed regulations affecting dispositions of tangible property. The final regulations are effective for taxable years beginning on or after January 1, 2014. The Company has evaluated the final regulations and does not expect the adoption of the regulations to have a material impact on its consolidated financial statements. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Changes in Accumulated Other Comprehensive Loss | NOTE 13 – CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS: | ||||||||||||||||
The changes in accumulated other comprehensive loss by component for the six months ended September 30, 2013 are as follows: | |||||||||||||||||
Pension and Other | Foreign | Total | |||||||||||||||
Postretirement | Currency | ||||||||||||||||
Benefit Items | Items | ||||||||||||||||
Balance at April 1, 2013 | $ | (8,443 | ) | $ | 410 | $ | (8,033 | ) | |||||||||
Other comprehensive income before reclassifications | - | 45 | 45 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 286 | - | 286 | ||||||||||||||
Net current-period other comprehensive income | 286 | 45 | 331 | ||||||||||||||
Balance at September 30, 2013 | $ | (8,157 | ) | $ | 455 | $ | (7,702 | ) | |||||||||
The reclassifications out of accumulated other comprehensive loss by component for the three and six months ended September 30, 2013 are as follows: | |||||||||||||||||
Details about Accumulated Other | Amount Reclassified from | Affected Line Item in the Condensed | |||||||||||||||
Comprehensive Loss Components | Accumulated Other | Consolidated Statements of | |||||||||||||||
Comprehensive Loss | Operations and Retained Earnings | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||
Pension and other postretirement benefit items: | |||||||||||||||||
Amortization of unrecognized prior service benefit | $ 41 | $ 81 | -1 | ||||||||||||||
Amortization of actuarial loss | (262 | ) | (523 | )(1) | |||||||||||||
(221 | ) | (442 | ) | Income before provision for income taxes | |||||||||||||
(78 | ) | (156 | ) | Provision for income taxes | |||||||||||||
$(143 | ) | $(286 | ) | Net income | |||||||||||||
(1) | These accumulated other comprehensive loss components are included within the computation of net periodic pension and other postretirement benefit costs. See Note 10. |
Accounting_and_Reporting_Chang
Accounting and Reporting Changes | 6 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | |
Accounting and Reporting Changes | NOTE 14 – ACCOUNTING AND REPORTING CHANGES: |
In the normal course of business, management evaluates all new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”), the Securities and Exchange Commission, the Emerging Issues Task Force, the American Institute of Certified Public Accountants or any other authoritative accounting body to determine the potential impact they may have on the Company’s consolidated financial statements. | |
In July 2012, the FASB amended its guidance related to periodic testing of indefinite-lived intangible assets for impairment. The amended guidance is intended to reduce cost and complexity by providing an entity with the option to make a qualitative assessment about the likelihood that an indefinite-lived intangible asset is impaired to determine whether it should perform a quantitative impairment test. The guidance also enhances the consistency of impairment testing among long-lived asset categories by permitting an entity to assess qualitative factors to determine whether it is necessary to calculate the asset’s fair value when testing an indefinite-lived intangible asset for impairment, which is equivalent to the impairment testing requirements for other long-lived assets. In accordance with the guidance, an entity will have an option not to calculate annually the fair value of an indefinite-lived intangible asset if the entity determines that it is not more-likely-than-not that the asset is impaired. The provisions of the amended guidance are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The Company will perform its annual impairment testing of indefinite-lived intangible assets pursuant to this guidance during the third quarter of fiscal 2014. The adoption of the amended guidance is not expected to have a material impact on its consolidated financial statements. | |
In February 2013, the FASB issued guidance related to the disclosure of amounts reclassified out of accumulated other comprehensive income. This guidance adds new disclosure requirements either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income (“AOCI”) based on its source and the income statement line items affected by the reclassification. This guidance gives companies the flexibility to present the information either in the notes or parenthetically on the face of the financial statements, provided that all of the required information is presented in a single location. This guidance is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The Company adopted this guidance during the first quarter of fiscal 2014 and such adoption did not have a material impact on the Company’s Condensed Consolidated Financial Statements as it only changed the disclosures surrounding AOCI (See Note 13). | |
Management does not expect any other recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company’s consolidated financial statements. |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Inventory Disclosure [Abstract] | |||||||||||
Major Classifications of Inventories | Major classifications of inventories are as follows: | ||||||||||
September 30, | March 31, | ||||||||||
2013 | 2013 | ||||||||||
Raw materials and supplies | $ 2,599 | $ 2,865 | |||||||||
Work in process | 11,838 | 13,470 | |||||||||
Finished products | 559 | 572 | |||||||||
14,996 | 16,907 | ||||||||||
Less - progress payments | 3,774 | 5,736 | |||||||||
Total | $11,222 | $11,171 | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Summary of Intangible Assets | Intangible assets are comprised of the following: | |||||||||||||||
Gross | Accumulated | Net | ||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||
Amount | Amount | |||||||||||||||
At September 30, 2013 | ||||||||||||||||
Intangibles subject to amortization: | ||||||||||||||||
Backlog | $ | 170 | $ | 170 | $ | - | ||||||||||
Customer relationships | 2,700 | 502 | 2,198 | |||||||||||||
$ | 2,870 | $ | 672 | $ | 2,198 | |||||||||||
Intangibles not subject to amortization: | ||||||||||||||||
Permits | $ | 10,300 | $ | - | $ | 10,300 | ||||||||||
Tradename | 2,500 | - | 2,500 | |||||||||||||
$ | 12,800 | $ | - | $ | 12,800 | |||||||||||
At March 31, 2013 | ||||||||||||||||
Intangibles subject to amortization: | ||||||||||||||||
Backlog | $ | 170 | $ | 170 | $ | - | ||||||||||
Customer relationships | 2,700 | 412 | 2,288 | |||||||||||||
$ | 2,870 | $ | 582 | $ | 2,288 | |||||||||||
Intangibles not subject to amortization: | ||||||||||||||||
Permits | $ | 10,300 | $ | - | $ | 10,300 | ||||||||||
Tradename | 2,500 | - | 2,500 | |||||||||||||
$ | 12,800 | $ | - | $ | 12,800 | |||||||||||
Income_Per_Share_Tables
Income Per Share (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||
Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share | A reconciliation of the numerators and denominators of basic and diluted income per share is presented below: | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Basic income per share | |||||||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||||||
Net income | $ | 2,589 | $ | 2,615 | $ | 6,397 | $ | 4,005 | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||
Weighted common shares outstanding | 10,051 | 9,988 | 10,033 | 9,975 | |||||||||||||||||||||||||||||
Share equivalent units (“SEUs”) | 11 | 43 | 27 | 42 | |||||||||||||||||||||||||||||
Weighted average common shares and SEUs | 10,062 | 10,031 | 10,060 | 10,017 | |||||||||||||||||||||||||||||
Basic income per share | $0.26 | $0.26 | $0.64 | $0.40 | |||||||||||||||||||||||||||||
Diluted income per share | |||||||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||||||
Net income | $ | 2,589 | $ | 2,615 | $ | 6,397 | $ | 4,005 | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||
Weighted average shares and SEUs outstanding | 10,062 | 10,031 | 10,060 | 10,017 | |||||||||||||||||||||||||||||
Stock options outstanding | 42 | 23 | 35 | 24 | |||||||||||||||||||||||||||||
Weighted average common and potential common shares outstanding | 10,104 | 10,054 | 10,095 | 10,041 | |||||||||||||||||||||||||||||
Diluted income per share | $0.26 | $0.26 | $0.63 | $0.40 | |||||||||||||||||||||||||||||
Product_Warranty_Liability_Tab
Product Warranty Liability (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
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 | Six Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Balance at beginning of period | $331 | $194 | $408 | $215 | |||||||||||||
Expense (income) for product warranties | 78 | -3 | 58 | 8 | |||||||||||||
Product warranty claims paid | -110 | -17 | -167 | -49 | |||||||||||||
Balance at end of period | $299 | $174 | $299 | $174 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Pension Plans, Defined Benefit [Member] | |||||||||||||||||||||||||||||||||
Components of Postretirement Benefit Income and Pension Cost | The components of pension cost are as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Service cost | $ | 144 | $ | 136 | $ | 288 | $ | 272 | |||||||||||||||||||||||||
Interest cost | 339 | 356 | 679 | 713 | |||||||||||||||||||||||||||||
Expected returns on assets | (682 | ) | (685 | ) | (1,364 | ) | (1,369 | ) | |||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Unrecognized prior service cost | 1 | 1 | 2 | 2 | |||||||||||||||||||||||||||||
Actuarial loss | 251 | 254 | 501 | 506 | |||||||||||||||||||||||||||||
Net pension cost | $ | 53 | $ | 62 | $ | 106 | $ | 124 | |||||||||||||||||||||||||
Other Postretirement Benefit Plans [Member] | |||||||||||||||||||||||||||||||||
Components of Postretirement Benefit Income and Pension Cost | The components of the postretirement benefit income are as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Service cost | $ - | $ - | $ - | $ - | |||||||||||||||||||||||||||||
Interest cost | 8 | 10 | 16 | 19 | |||||||||||||||||||||||||||||
Amortization of prior service benefit | (42 | ) | (42 | ) | (83 | ) | (83 | ) | |||||||||||||||||||||||||
Amortization of actuarial loss | 11 | 9 | 22 | 19 | |||||||||||||||||||||||||||||
Net postretirement benefit income | $(23 | ) | $(23 | ) | $(45 | ) | $(45 | ) | |||||||||||||||||||||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for the six months ended September 30, 2013 are as follows: | ||||||||||||||||
Pension and Other | Foreign | Total | |||||||||||||||
Postretirement | Currency | ||||||||||||||||
Benefit Items | Items | ||||||||||||||||
Balance at April 1, 2013 | $ | (8,443 | ) | $ | 410 | $ | (8,033 | ) | |||||||||
Other comprehensive income before reclassifications | - | 45 | 45 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 286 | - | 286 | ||||||||||||||
Net current-period other comprehensive income | 286 | 45 | 331 | ||||||||||||||
Balance at September 30, 2013 | $ | (8,157 | ) | $ | 455 | $ | (7,702 | ) | |||||||||
The Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component for the three and six months ended September 30, 2013 are as follows: | ||||||||||||||||
Details about Accumulated Other | Amount Reclassified from | Affected Line Item in the Condensed | |||||||||||||||
Comprehensive Loss Components | Accumulated Other | Consolidated Statements of | |||||||||||||||
Comprehensive Loss | Operations and Retained Earnings | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||
Pension and other postretirement benefit items: | |||||||||||||||||
Amortization of unrecognized prior service benefit | $ 41 | $ 81 | -1 | ||||||||||||||
Amortization of actuarial loss | (262 | ) | (523 | )(1) | |||||||||||||
(221 | ) | (442 | ) | Income before provision for income taxes | |||||||||||||
(78 | ) | (156 | ) | Provision for income taxes | |||||||||||||
$(143 | ) | $(286 | ) | Net income | |||||||||||||
(1) | These accumulated other comprehensive loss components are included within the computation of net periodic pension and other postretirement benefit costs. See Note 10. |
Revenue_Recognition_Additional
Revenue Recognition - Additional Information (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Revenue Recognition [Line Items] | |
Company recognizes planned manufacturing process | 28 days |
Direct labor hours worked on contracts | 0 days 575 hours |
Reserve for credit losses related to unbilled revenue | $0 |
Minimum [Member] | |
Revenue Recognition [Line Items] | |
Substantial completion of manufacturing process | 95.00% |
Investments_Additional_Informa
Investments - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2013 | |
Minimum [Member] | |
Investment Securities [Line Items] | |
Treasury with original maturities period | 3 months |
Maximum [Member] | |
Investment Securities [Line Items] | |
Investment maturity date range end | 9-Jan-14 |
Treasury with original maturities period | 1 year |
Inventories_Major_Classificati
Inventories - Major Classifications of Inventories (Detail) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $2,599 | $2,865 |
Work in process | 11,838 | 13,470 |
Finished products | 559 | 572 |
Inventory Gross | 14,996 | 16,907 |
Less - progress payments | 3,774 | 5,736 |
Total | $11,222 | $11,171 |
Intangible_Assets_Summary_of_I
Intangible Assets - Summary of Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | $2,870 | $2,870 |
Finite-Lived Intangible Assets, Accumulated Amortization | 672 | 582 |
Finite-Lived Intangible Assets, Net Carrying Amount | 2,198 | 2,288 |
Indefinite Lived Intangible Assets, Gross Carrying Amount | 12,800 | 12,800 |
Indefinite Lived Intangible Assets, Net Carrying Amount | 12,800 | 12,800 |
Backlog [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 170 | 170 |
Finite-Lived Intangible Assets, Accumulated Amortization | 170 | 170 |
Finite-Lived Intangible Assets, Net Carrying Amount | ||
Customer Relationships [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 2,700 | 2,700 |
Finite-Lived Intangible Assets, Accumulated Amortization | 502 | 412 |
Finite-Lived Intangible Assets, Net Carrying Amount | 2,198 | 2,288 |
Permits [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Indefinite Lived Intangible Assets, Gross Carrying Amount | 10,300 | 10,300 |
Indefinite Lived Intangible Assets, Net Carrying Amount | 10,300 | 10,300 |
Tradename [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Indefinite Lived Intangible Assets, Gross Carrying Amount | 2,500 | 2,500 |
Indefinite Lived Intangible Assets, Net Carrying Amount | $2,500 | $2,500 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Intangible amortization expense | $45 | $45 | $90 | $90 |
Future amortization expenses, remainder of fiscal, 2014 | 90 | 90 | ||
Future amortization expenses, 2015 | 180 | 180 | ||
Future amortization expenses, 2016 | 180 | 180 | ||
Future amortization expenses, 2017 | 180 | 180 | ||
Future amortization expenses, 2018 | $180 | $180 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 1,375 | 1,375 | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 250 | 250 | ||
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options maximum term | 10 years | |||
Stock option awards granted | 0 | 0 | 0 | 49 |
Share-based compensation vesting percentage | 33.33% | |||
Stock vesting period | 3 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards | 0 | 0 | 32 | 26 |
Performance Vested Restricted Stock [Member] | Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation vesting percentage | 100.00% | |||
Restricted stock awards | 14 | 18 | ||
Period of performance metrics | 3 years | |||
Time Vested Restricted Stock [Member] | Officers and Key Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation vesting percentage | 33.33% | |||
Stock vesting period | 3 years | |||
Restricted stock awards | 12 | |||
Time Vested Restricted Stock [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation vesting percentage | 100.00% | |||
Restricted stock awards | 6 | 8 | ||
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 134 | 136 | 314 | 292 |
Income tax benefit to stock-based compensation | 47 | 48 | 110 | 103 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 13 | 11 | 28 | 26 |
Income tax benefit to stock-based compensation | 4 | 4 | 9 | 8 |
Discounted purchase price of common stock percentage on fair market value | 85.00% | |||
Shares approved for purchase under ESPP | 200 | 200 |
Income_Per_Share_Reconciliatio
Income Per Share - Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ||||
Net income | $2,589 | $2,615 | $6,397 | $4,005 |
Denominator: | ||||
Weighted common shares outstanding | 10,051 | 9,988 | 10,033 | 9,975 |
Share equivalent units ("SEUs") | 11 | 43 | 27 | 42 |
Weighted average shares and SEUs | 10,062 | 10,031 | 10,060 | 10,017 |
Basic income per share | $0.26 | $0.26 | $0.64 | $0.40 |
Numerator: | ||||
Net income | $2,589 | $2,615 | $6,397 | $4,005 |
Denominator: | ||||
Weighted average shares and SEUs outstanding | 10,062 | 10,031 | 10,060 | 10,017 |
Stock options outstanding | 42 | 23 | 35 | 24 |
Weighted average common and potential common shares outstanding | 10,104 | 10,054 | 10,095 | 10,041 |
Diluted income per share | $0.26 | $0.26 | $0.63 | $0.40 |
Income_Per_Share_Additional_In
Income Per Share - Additional Information (Detail) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 2 | 71 |
Product_Warranty_Liability_Rec
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Guarantees [Abstract] | ||||
Balance at beginning of period | $331 | $194 | $408 | $215 |
Expense (income) for product warranties | 78 | -3 | 58 | 8 |
Product warranty claims paid | -110 | -17 | -167 | -49 |
Balance at end of period | $299 | $174 | $299 | $174 |
Product_Warranty_Liability_Add
Product Warranty Liability - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Guarantees [Abstract] | ||||
Product warranties | ($78) | $3 | ($58) | ($8) |
Cash_Flow_Statement_Additional
Cash Flow Statement - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $6 | $52 |
Income taxes paid | 2,161 | 39 |
Excess tax benefit (deficiency) on stock awards | 119 | -5 |
Capital expenditures | 38 | 24 |
Capital leases | $0 | $11 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Postretirement Benefit Income and Pension Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $144 | $136 | $288 | $272 |
Interest cost | 339 | 356 | 679 | 713 |
Expected returns on assets | -682 | -685 | -1,364 | -1,369 |
Amortization of unrecognized prior service cost (benefit) | 1 | 1 | 2 | 2 |
Amortization of actuarial loss | 251 | 254 | 501 | 506 |
Net pension cost and postretirement benefit income | 53 | 62 | 106 | 124 |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | ||||
Interest cost | 8 | 10 | 16 | 19 |
Amortization of unrecognized prior service cost (benefit) | -42 | -42 | -83 | -83 |
Amortization of actuarial loss | 11 | 9 | 22 | 19 |
Net pension cost and postretirement benefit income | ($23) | ($23) | ($45) | ($45) |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions to its defined benefit pension plan | $0 |
Contributions to the plan for the fiscal 2014 | 0 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Post retirement benefit plan | 2 |
Defined benefit plan, benefit expected to pay | $105 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Taxes [Line Items] | ||||||
Percentage of tax credits claimed reduction | 30.00% | 40.00% | ||||
Liability unrecognized tax benefits | $134 | $134 | $134 | |||
Additional unrecognized tax benefit | 882 | |||||
Interest uncertain tax positions | 2 | -387 | 4 | -325 | ||
Penalties related to uncertain tax positions | $0 | $0 | $0 | $0 | ||
Maximum [Member] | Federal Tax Jurisdictions [Member] | ||||||
Income Taxes [Line Items] | ||||||
Federal and State tax jurisdictions for tax period | 2012 | |||||
Maximum [Member] | State Tax Jurisdictions [Member] | ||||||
Income Taxes [Line Items] | ||||||
Federal and State tax jurisdictions for tax period | 2012 | |||||
Maximum [Member] | International Tax Jurisdictions [Member] | ||||||
Income Taxes [Line Items] | ||||||
Federal and State tax jurisdictions for tax period | 2012 | |||||
Minimum [Member] | Federal Tax Jurisdictions [Member] | ||||||
Income Taxes [Line Items] | ||||||
Federal and State tax jurisdictions for tax period | 2011 | |||||
Minimum [Member] | State Tax Jurisdictions [Member] | ||||||
Income Taxes [Line Items] | ||||||
Federal and State tax jurisdictions for tax period | 2008 | |||||
Minimum [Member] | International Tax Jurisdictions [Member] | ||||||
Income Taxes [Line Items] | ||||||
Federal and State tax jurisdictions for tax period | 2010 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at April 1, 2013 | ($8,033) | |||
Other comprehensive income before reclassifications | 45 | |||
Amounts reclassified from accumulated other comprehensive loss | 286 | |||
Total other comprehensive income | 181 | 147 | 331 | 275 |
Balance at September 30, 2013 | -7,702 | -7,702 | ||
Pension and Other Postretirement Benefits Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at April 1, 2013 | -8,443 | |||
Other comprehensive income before reclassifications | ||||
Amounts reclassified from accumulated other comprehensive loss | 286 | |||
Total other comprehensive income | 286 | |||
Balance at September 30, 2013 | -8,157 | -8,157 | ||
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at April 1, 2013 | 410 | |||
Other comprehensive income before reclassifications | 45 | |||
Amounts reclassified from accumulated other comprehensive loss | ||||
Total other comprehensive income | 45 | |||
Balance at September 30, 2013 | $455 | $455 |
Changes_in_Accumulated_Other_C3
Changes in Accumulated Other Comprehensive Loss - The Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | $3,846 | $3,861 | $9,464 | $5,944 |
Provision for income taxes | 1,257 | 1,246 | 3,067 | 1,939 |
Net income | 2,589 | 2,615 | 6,397 | 4,005 |
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Amortization of Unrecognized Prior Service Benefit [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | 41 | 81 | ||
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Amortization of Actuarial Loss [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | -262 | -523 | ||
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] | ||||
Income before provision for income taxes | -221 | -442 | ||
Provision for income taxes | -78 | -156 | ||
Net income | ($143) | ($286) |