Graham (GHM) 10-Q 5 Aug 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Jun. 30, 2014	Aug. 01, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'
Entity Registrant Name	'GRAHAM CORP	'
Entity Central Index Key	'0000716314	'
Current Fiscal Year End Date	'--03-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	10,118,906

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'
Net sales	$28,502	$28,256
Cost of products sold	20,570	18,241
Gross profit	7,932	10,015
Other expenses and income:	'	'
Selling, general and administrative	4,295	4,346
Selling, general and administrative-amortization	54	57
Interest income	-46	-11
Interest expense	3	5
Total other expenses and income	4,306	4,397
Income before provision for income taxes	3,626	5,618
Provision for income taxes	1,234	1,810
Net income	2,392	3,808
Retained earnings at beginning of period	93,469	84,632
Dividends	-405	-301
Retained earnings at end of period	$95,456	$88,139
Basic:	'	'
Net income	$0.24	$0.38
Diluted:	'	'
Net income	$0.24	$0.38
Weighted average common shares outstanding:	'	'
Basic	10,105	10,057
Diluted	10,127	10,086
Dividends declared per share	$0.04	$0.03

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'
Net income	$2,392	$3,808
Other comprehensive income:	'	'
Foreign currency translation adjustment	5	7
Defined benefit pension and other postretirement plans net of income tax of $46 and $78, for the three months ended June 30, 2014 and 2013, respectively	84	143
Total other comprehensive income	89	150
Total comprehensive income	$2,481	$3,958

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'
Defined benefit pension and other postretirement plans, tax	$46	$78

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$46,410	$32,146
Investments	15,000	29,000
Trade accounts receivable, net of allowances ($22 and $46 at June 30 and March 31, 2014, respectively)	12,297	10,339
Unbilled revenue	7,634	7,830
Inventories	12,817	16,518
Prepaid expenses and other current assets	865	457
Income taxes receivable	'	498
Deferred income tax asset	715	668
Total current assets	95,738	97,456
Property, plant and equipment, net	18,559	16,449
Prepaid pension asset	6,077	5,759
Goodwill	6,938	6,938
Permits	10,300	10,300
Other intangible assets, net	4,563	4,608
Other assets	213	124
Total assets	142,388	141,634
Current liabilities:	'	'
Current portion of capital lease obligations	70	80
Accounts payable	7,132	10,084
Accrued compensation	5,505	5,701
Accrued expenses and other current liabilities	2,688	2,233
Customer deposits	8,515	8,012
Income taxes payable	738	'
Total current liabilities	24,648	26,110
Capital lease obligations	124	136
Accrued compensation	'	158
Deferred income tax liability	8,301	8,197
Accrued pension liability	283	272
Accrued postretirement benefits	862	853
Total liabilities	34,218	35,726
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, 10,430 and 10,409 shares at June 30 and March 31, 2014, respectively	1,043	1,041
Capital in excess of par value	20,458	20,274
Retained earnings	95,456	93,469
Accumulated other comprehensive loss	-5,676	-5,765
Treasury stock, 311 shares at each of June 30 and March 31, 2014	-3,111	-3,111
Total stockholders' equity	108,170	105,908
Total liabilities and stockholders' equity	$142,388	$141,634

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, except Per Share data, unless otherwise specified
Statement Of Financial Position [Abstract]	'	'
Allowances on trade accounts receivable	$22	$46
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	10,430	10,409
Treasury stock, shares	311	311

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Operating activities:	'	'
Net income	$2,392	$3,808
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	520	493
Amortization	54	57
Amortization of unrecognized prior service cost and actuarial losses	130	221
Discount accretion on investments	'	-3
Stock-based compensation expense	123	195
Deferred income taxes	-7	183
(Increase) decrease in operating assets:	'	'
Accounts receivable	-1,958	-7,900
Unbilled revenue	196	2,992
Inventories	3,702	1,843
Prepaid expenses and other current and non-current assets	-487	-645
Prepaid pension asset	-320	-198
Increase (decrease) in operating liabilities:	'	'
Accounts payable	-3,015	-1,731
Accrued compensation, accrued expenses and other current and non-current liabilities	259	234
Customer deposits	502	797
Income taxes payable/receivable	1,236	1,628
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits	-138	26
Net cash provided by operating activities	3,189	2,000
Investing activities:	'	'
Purchase of property, plant and equipment	-2,569	-295
Purchase of investments	-5,000	-22,999
Redemption of investments at maturity	19,000	23,000
Net cash provided (used) by investing activities	11,431	-294
Financing activities:	'	'
Principal repayments on capital lease obligations	-21	-21
Issuance of common stock	29	48
Dividends paid	-405	-301
Excess tax benefit on stock awards	34	61
Net cash used by financing activities	-363	-213
Effect of exchange rate changes on cash	7	6
Net increase in cash and cash equivalents	14,264	1,499
Cash and cash equivalents at beginning of year	32,146	24,194
Cash and cash equivalents at end of period	$46,410	$25,693

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2014
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, 2014 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2014. 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, 2014 (“fiscal 2014”). 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 months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the current fiscal year ending March 31, 2015 (“fiscal 2015”).

Revenue_Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2014
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 to management. 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.
	Receivables billed but not paid under retainage provisions in contracts were $1,409 and $901 at June 30, 2014 and March 31, 2014, respectively.

Investments

Investments	3 Months Ended
	Jun. 30, 2014
Investments Debt And Equity Securities [Abstract]	'
Investments	'
	NOTE 3 – INVESTMENTS:
	Investments consist solely of certificates of deposits with financial institutions and fixed-income debt securities issued by the U.S. Treasury. All investments have original maturities of greater than three months and less than one year and are classified as held-to-maturity, as the Company believes it 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 June 30, 2014 are scheduled to mature on or before October 14, 2014.

Inventories

Inventories	3 Months Ended
	Jun. 30, 2014
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:
		June 30,		March 31,
		2014		2014
	Raw materials and supplies	$	3,091	$	3,185
	Work in process		16,534		17,767
	Finished products		691		646
			20,316		21,598
	Less - progress payments		7,499		5,080
	Total	$	12,817	$	16,518

Intangible_Assets

Intangible Assets	3 Months Ended
	Jun. 30, 2014
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 June 30, 2014
	Intangibles subject to amortization:
	Backlog	$	170	$	170	$	-
	Customer relationships		2,700		637		2,063
		$	2,870	$	807	$	2,063
	Intangibles not subject to amortization:
	Permits	$	10,300	$	-	$	10,300
	Tradename		2,500		-		2,500
		$	12,800	$	-	$	12,800
	At March 31, 2014
	Intangibles subject to amortization:
	Backlog	$	170	$	170	$	-
	Customer relationships		2,700		592		2,108
		$	2,870	$	762	$	2,108
	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 the estimated useful lives. Intangible amortization expense for the three months ended June 30, 2014 and 2013 was $45 and $45, respectively. As of June 30, 2014, amortization expense is estimated to be $135 for the remainder of fiscal 2015 and $180 in each of the fiscal years ending March 31, 2016, 2017, 2018 and 2019.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2014
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.
	Restricted stock awards granted in the three-month periods ended June 30, 2014 and 2013 were 28 and 32, respectively. Restricted shares of 12 and 14 granted to officers in fiscal 2015 and fiscal 2014, 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. Restricted shares of 11 and 12 granted to officers and key employees in fiscal 2015 and fiscal 2014, respectively, vest 33 1⁄3% per year over a three-year term. Restricted shares of 5 and 6 granted to directors in fiscal 2015 and fiscal 2014, respectively, vest 100% on the first anniversary of the grant date. No stock options were awarded in the three months ended June 30, 2014 or 2013.
	During the three months ended June 30, 2014 and 2013, the Company recognized stock-based compensation costs related to restricted stock awards of $106 and $180, respectively. The income tax benefit recognized related to stock-based compensation was $37 and $63 for the three months ended June 30, 2014 and 2013, 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 may be purchased under the ESPP. During the three months ended June 30, 2014 and 2013, the Company recognized stock-based compensation costs of $17 and $15, respectively, related to the ESPP and $6 and $5, respectively, of related tax benefits.

Income_Per_Share

Income Per Share	3 Months Ended
	Jun. 30, 2014
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
		June 30,
		2014		2013
	Basic income per share
	Numerator:
	Net income		$  2,392		$  3,808
	Denominator:
	Weighted common shares outstanding		10,105		10,014
	Share equivalent units (“SEUs”) outstanding		-		43
	Weighted average common shares and SEUs outstanding		10,105		10,057
	Basic income per share		$0.24		$0.38
	Diluted income per share
	Numerator:
	Net income		$  2,392		$  3,808
	Denominator:
	Weighted average common shares and SEUs outstanding		10,105		10,057
	Stock options outstanding		22		29
	Weighted average common and potential common shares outstanding		10,127		10,086
	Diluted income per share		$0.24		$0.38
	1 Options to purchase a total of 12 and 14 shares of common stock were outstanding at June 30, 2014 and 2013, 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	3 Months Ended
	Jun. 30, 2014
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
		June 30,
		2014			2013
	Balance at beginning of period		$308			$408
	Expense (income) for product warranties		97			(20	)
	Product warranty claims paid		(32	)		(57	)
	Balance at end of period		$373			$331
	The income of $20 for product warranties in the three months ended June 30, 2013 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	3 Months Ended
	Jun. 30, 2014
Supplemental Cash Flow Elements [Abstract]	'
Cash Flow Statement	'
	NOTE 9 – CASH FLOW STATEMENT:
	Interest paid was $3 in each of the three months ended June 30, 2014 and 2013. Income taxes refunded for the three months ended June 30, 2014 and 2013 were $29 and $61, respectively.
	During the three months ended June 30, 2014 and 2013, 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 the tax benefit that had been recorded pertaining to the compensation cost recognized by $34 and $61, respectively, for such periods. This excess tax benefit has been separately reported under “Financing activities” in the Condensed Consolidated Statements of Cash Flows.
	At June 30, 2014 and 2013, respectively, there were $61 and $10 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.

Employee_Benefit_Plans

Employee Benefit Plans	3 Months Ended
	Jun. 30, 2014
Compensation And Retirement Disclosure [Abstract]	'
Employee Benefit Plans	'
	NOTE 10 – EMPLOYEE BENEFIT PLANS:
	The components of pension cost are as follows:
		Three Months Ended
		June 30,
		2014			2013
	Service cost	$	136		$	144
	Interest cost		359			340
	Expected return on assets		(758	)		(682	)
	Amortization of:
	Unrecognized prior service cost		1			1
	Actuarial loss		145			250
	Net pension (benefit) cost	$	(117	)	$	53
	The Company made contributions to its defined benefit pension plan during the three months ended June 30, 2014 of $55. The Company does not expect to make any contributions to the plan for the balance of fiscal 2015.
	The components of the postretirement benefit income are as follows:
		Three Months Ended
		June 30,
		2014			2013
	Service cost	$	-		$	-
	Interest cost		8			8
	Amortization of prior service benefit		(26	)		(41	)
	Amortization of actuarial loss		10			11
	Net postretirement benefit income	$	(8	)	$	(22	)
	The Company did not pay benefits related to its postretirement benefit plan during the three months ended June 30, 2014. The Company expects to pay benefits of approximately $98 for the balance of fiscal 2015.
	The Company’s self-funds the medical insurance coverage it provides to its U.S. based employees. The Company has obtained a stop loss insurance policy in an effort to limit its exposure to claims. The liability of $305 and $221 on June 30 and March 31, 2014, respectively, related to the Company’s self-insured medical plan is primarily based upon claim history and is included in the caption “Accrued compensation” in the Condensed Consolidated Balance Sheets.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	NOTE 11 – COMMITMENTS AND CONTINGENCIES:
	The Company has been named as a defendant in lawsuits alleging personal injury from exposure to asbestos allegedly contained in our products. 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 June 30, 2014, 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	3 Months Ended
	Jun. 30, 2014
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. The Company is subject to examination in U.S. federal and state tax jurisdictions for the tax year 2013 and tax years 2009 through 2013, respectively. The Company is subject to examination in the People’s Republic of China for tax years 2011 through 2013.
	The liability for unrecognized tax benefits was $0 at both June 30 and March 31, 2014. 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 months ended June 30, 2014 and 2013, the Company recorded $0 and $2, respectively, for interest related to its uncertain tax positions. No penalties related to uncertain tax positions were recorded in the three-month periods ended June 30, 2014 or 2013.

Changes_in_Accumulated_Other_C

Changes in Accumulated Other Comprehensive Loss	3 Months Ended
	Jun. 30, 2014
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 three months ended June 30, 2014 and 2013 are as follows:
			Pension and					Foreign			Total
			Other					Currency
			Postretirement					Items
			Benefit Items
	Balance at April 1, 2014			($6,168)					$  403			($5,765)
	Other comprehensive income before reclassifications			-					5			5
	Amounts reclassified from accumulated other comprehensive loss			84					-			84
	Net current-period other comprehensive income			84					5			89
	Balance at June 30, 2014			($6,084)					$  408			($5,676)
			Pension and					Foreign			Total
			Other					Currency
			Postretirement					Items
			Benefit Items
	Balance at April 1, 2013			$  (8,443)					$  410			$  (8,033)
	Other comprehensive income before reclassifications			-					7			7
	Amounts reclassified from accumulated other comprehensive loss			143					-			143
	Net current-period other comprehensive income			143					7			150
	Balance at June 30, 2013			$  (8,300)					$  417			$  (7,883)
	The reclassifications out of accumulated other comprehensive loss by component for the three months ended June 30, 2014 and 2013 are as follows:
	Details about Accumulated Other		Amount Reclassified from							Affected Line Item in the Condensed
			Accumulated Other
	Comprehensive Loss Components		Comprehensive Loss							Consolidated Statements of Operations and
										Retained Earnings
			Three Months Ended
			June 30,
			2014			2013
	Pension and other postretirement benefit items:
	Amortization of unrecognized prior service benefit		$	25	(1)	$	40	(1)
	Amortization of actuarial loss			(155	)(1)		(261	)(1)
				(130	)		(221	)		Income before provision for income taxes
				(46	)		(78	)		Provision for income taxes
			$	(84	)	$	(143	)		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	3 Months Ended
	Jun. 30, 2014
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 May 2014, the FASB issued guidance related to the accounting for revenue from contracts with customers. This guidance establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company’s contracts with customers. The guidance requires companies to apply a five-step model when recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. The guidance also includes a cohesive set of disclosure requirements regarding revenue recognition. The provisions of the guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the impact this guidance will have on its financial position, results of operations and cash flows. See Note 2 for a description of the Company’s current revenue recognition policy.
	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)	3 Months Ended
	Jun. 30, 2014
Inventory Disclosure [Abstract]	'
Major Classifications of Inventories	'
	Major classifications of inventories are as follows:
		June 30,		March 31,
		2014		2014
	Raw materials and supplies	$	3,091	$	3,185
	Work in process		16,534		17,767
	Finished products		691		646
			20,316		21,598
	Less - progress payments		7,499		5,080
	Total	$	12,817	$	16,518

Intangible_Assets_Tables

Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2014
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 June 30, 2014
	Intangibles subject to amortization:
	Backlog	$	170	$	170	$	-
	Customer relationships		2,700		637		2,063
		$	2,870	$	807	$	2,063
	Intangibles not subject to amortization:
	Permits	$	10,300	$	-	$	10,300
	Tradename		2,500		-		2,500
		$	12,800	$	-	$	12,800
	At March 31, 2014
	Intangibles subject to amortization:
	Backlog	$	170	$	170	$	-
	Customer relationships		2,700		592		2,108
		$	2,870	$	762	$	2,108
	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)	3 Months Ended
	Jun. 30, 2014
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
		June 30,
		2014		2013
	Basic income per share
	Numerator:
	Net income		$  2,392		$  3,808
	Denominator:
	Weighted common shares outstanding		10,105		10,014
	Share equivalent units (“SEUs”) outstanding		-		43
	Weighted average common shares and SEUs outstanding		10,105		10,057
	Basic income per share		$0.24		$0.38
	Diluted income per share
	Numerator:
	Net income		$  2,392		$  3,808
	Denominator:
	Weighted average common shares and SEUs outstanding		10,105		10,057
	Stock options outstanding		22		29
	Weighted average common and potential common shares outstanding		10,127		10,086
	Diluted income per share		$0.24		$0.38

Product_Warranty_Liability_Tab

Product Warranty Liability (Tables)	3 Months Ended
	Jun. 30, 2014
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
		June 30,
		2014			2013
	Balance at beginning of period		$308			$408
	Expense (income) for product warranties		97			(20	)
	Product warranty claims paid		(32	)		(57	)
	Balance at end of period		$373			$331

Employee_Benefit_Plans_Tables

Employee Benefit Plans (Tables)	3 Months Ended
	Jun. 30, 2014
Pension Plans, Defined Benefit [Member]	'
Components of Postretirement Benefit Income and Pension Cost	'
	The components of pension cost are as follows:
		Three Months Ended
		June 30,
		2014			2013
	Service cost	$	136		$	144
	Interest cost		359			340
	Expected return on assets		(758	)		(682	)
	Amortization of:
	Unrecognized prior service cost		1			1
	Actuarial loss		145			250
	Net pension (benefit) cost	$	(117	)	$	53
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
		June 30,
		2014			2013
	Service cost	$	-		$	-
	Interest cost		8			8
	Amortization of prior service benefit		(26	)		(41	)
	Amortization of actuarial loss		10			11
	Net postretirement benefit income	$	(8	)	$	(22	)

Changes_in_Accumulated_Other_C1

Changes in Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Changes in Accumulated Other Comprehensive Loss by Component	'
	The changes in accumulated other comprehensive loss by component for the three months ended June 30, 2014 and 2013 are as follows:
			Pension and					Foreign			Total
			Other					Currency
			Postretirement					Items
			Benefit Items
	Balance at April 1, 2014			($6,168)					$  403			($5,765)
	Other comprehensive income before reclassifications			-					5			5
	Amounts reclassified from accumulated other comprehensive loss			84					-			84
	Net current-period other comprehensive income			84					5			89
	Balance at June 30, 2014			($6,084)					$  408			($5,676)
			Pension and					Foreign			Total
			Other					Currency
			Postretirement					Items
			Benefit Items
	Balance at April 1, 2013			$  (8,443)					$  410			$  (8,033)
	Other comprehensive income before reclassifications			-					7			7
	Amounts reclassified from accumulated other comprehensive loss			143					-			143
	Net current-period other comprehensive income			143					7			150
	Balance at June 30, 2013			$  (8,300)					$  417			$  (7,883)
The Reclassifications Out of Accumulated Other Comprehensive Loss by Component	'
	The reclassifications out of accumulated other comprehensive loss by component for the three months ended June 30, 2014 and 2013 are as follows:
	Details about Accumulated Other		Amount Reclassified from							Affected Line Item in the Condensed
			Accumulated Other
	Comprehensive Loss Components		Comprehensive Loss							Consolidated Statements of Operations and
										Retained Earnings
			Three Months Ended
			June 30,
			2014			2013
	Pension and other postretirement benefit items:
	Amortization of unrecognized prior service benefit		$	25	(1)	$	40	(1)
	Amortization of actuarial loss			(155	)(1)		(261	)(1)
				(130	)		(221	)		Income before provision for income taxes
				(46	)		(78	)		Provision for income taxes
			$	(84	)	$	(143	)		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 $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014
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	'
Receivables billed but not paid under retainage provisions in contracts	$1,409	$901
Minimum [Member]	'	'
Revenue Recognition [Line Items]	'	'
Substantial completion of manufacturing process	95.00%	'

Investments_Additional_Informa

Investments - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2014
Minimum [Member]	'
Investment Securities [Line Items]	'
Treasury with original maturities period	'3 months
Maximum [Member]	'
Investment Securities [Line Items]	'
Investment maturity date range end	14-Oct-14
Treasury with original maturities period	'1 year

Inventories_Major_Classificati

Inventories - Major Classifications of Inventories (Detail) (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]	'	'
Raw materials and supplies	$3,091	$3,185
Work in process	16,534	17,767
Finished products	691	646
Inventory Gross	20,316	21,598
Less-progress payments	7,499	5,080
Total	$12,817	$16,518

Intangible_Assets_Summary_of_I

Intangible Assets - Summary of Intangible Assets (Detail) (USD $)	Jun. 30, 2014	Mar. 31, 2014
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	807	762
Finite-Lived Intangible Assets, Net Carrying Amount	2,063	2,108
Indefinite Lived Intangible Assets, Gross Carrying Amount	12,800	12,800
Indefinite Lived Intangible Assets, Accumulated Amortization	0	0
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	0	0
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	637	592
Finite-Lived Intangible Assets, Net Carrying Amount	2,063	2,108
Permits [Member]	'	'
Schedule Of Intangible Assets [Line Items]	'	'
Indefinite Lived Intangible Assets, Gross Carrying Amount	10,300	10,300
Indefinite Lived Intangible Assets, Accumulated Amortization	0	0
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, Accumulated Amortization	0	0
Indefinite Lived Intangible Assets, Net Carrying Amount	$2,500	$2,500

Intangible_Assets_Additional_I

Intangible Assets - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Goodwill And Intangible Assets Disclosure [Abstract]	'	'
Intangible amortization expense	$54	$57
Future amortization expenses, 2015	135	'
Future amortization expenses, 2016	180	'
Future amortization expenses, 2017	180	'
Future amortization expenses, 2018	180	'
Future amortization expenses, 2019	$180	'

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Restricted Stock [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock based compensation expense	$106	$180
Income tax benefit to stock based compensation	37	63
Employee Stock Purchase Plan [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock based compensation expense	17	15
Income tax benefit to stock based compensation	$6	$5
Discounted purchase price of common stock percentage on fair market value	85.00%	85.00%
Shares approved for purchase under ESPP	200	'
Amended And Restated 2000 Incentive Plan [Member] | Employee 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
Amended And Restated 2000 Incentive Plan [Member] | Employee Stock Option [Member] | Maximum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of shares authorized	1,375	'
Amended And Restated 2000 Incentive Plan [Member] | Restricted Stock [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Restricted stock awards	28	32
Amended And Restated 2000 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 awards	12	14
Share-based compensation vesting percentage	100.00%	100.00%
Amended And Restated 2000 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 awards	11	12
Share-based compensation vesting percentage	33.33%	33.33%
Vesting period	'3 years	'3 years
Amended And Restated 2000 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 awards	5	6
Share-based compensation vesting percentage	100.00%	100.00%
Vesting period	'1 year	'1 year
Amended And Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Maximum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of shares authorized	250	'

Income_Per_Share_Reconciliatio

Income Per Share - Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Numerator:	'	'
Net income	$2,392	$3,808
Denominator:	'	'
Weighted common shares outstanding	10,105	10,014
Share equivalent units ("SEUs") outstanding	'	43
Weighted average common shares and SEUs outstanding	10,105	10,057
Basic income per share	$0.24	$0.38
Numerator:	'	'
Net income	$2,392	$3,808
Denominator:	'	'
Weighted average common shares and SEUs outstanding	10,105	10,057
Stock options outstanding	22	29
Weighted average common and potential common shares outstanding	10,127	10,086
Diluted income per share	$0.24	$0.38

Income_Per_Share_Additional_In

Income Per Share - Additional Information (Detail)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]	'	'
Antidilutive securities excluded from computation of earnings per share	12	14

Product_Warranty_Liability_Rec

Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Guarantees [Abstract]	'	'
Balance at beginning of period	$308	$408
Expense (Income) for product warranties	97	-20
Product warranty claims paid	-32	-57
Balance at end of period	$373	$331

Product_Warranty_Liability_Add

Product Warranty Liability - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Guarantees [Abstract]	'	'
(Income) expense for product warranties	$97	($20)

Cash_Flow_Statement_Additional

Cash Flow Statement - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Supplemental Cash Flow Elements [Abstract]	'	'
Interest paid	$3	$3
Income taxes refunded	29	61
Excess tax benefit on stock awards	34	61
Capital expenditures	$61	$10

Employee_Benefit_Plans_Compone

Employee Benefit Plans - Components of Postretirement Benefit Income and Pension Cost (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Pension Plans, Defined Benefit [Member]	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'
Service cost	$136	$144
Interest cost	359	340
Expected return on assets	-758	-682
Amortization of prior service benefit	1	1
Amortization of actuarial loss	145	250
Net pension cost (income) and postretirement benefit (income)	-117	53
Other Postretirement Benefit Plans [Member]	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'
Service cost	0	0
Interest cost	8	8
Amortization of prior service benefit	-26	-41
Amortization of actuarial loss	10	11
Net pension cost (income) and postretirement benefit (income)	($8)	($22)

Employee_Benefit_Plans_Additio

Employee Benefit Plans - Additional Information (Detail) (USD $)	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified			Other Postretirement Benefit Plans [Member]	Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]	'	'	'	'
Contributions to its defined benefit pension plan	'	'	'	$55
Contributions to the plan for the fiscal 2015	'	'	'	0
Post retirement benefit plan	'	'	0	'
Defined benefit plan, benefit expected to pay	'	'	98	'
Self-Insured medical plan liability	$305	$221	'	'

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
Income Taxes [Line Items]	'	'	'
Liability unrecognized tax benefits	$0	'	$0
Unrecognized tax benefits, interest expense on income taxes	0	2	'
Penalties related to uncertain tax positions	$0	$0	'
Maximum [Member] | Federal Tax Jurisdictions [Member]	'	'	'
Income Taxes [Line Items]	'	'	'
Federal and State tax jurisdictions for tax period	'2013	'	'
Maximum [Member] | State Tax Jurisdictions [Member]	'	'	'
Income Taxes [Line Items]	'	'	'
Federal and State tax jurisdictions for tax period	'2013	'	'
Maximum [Member] | International Tax Jurisdictions [Member]	'	'	'
Income Taxes [Line Items]	'	'	'
Federal and State tax jurisdictions for tax period	'2013	'	'
Minimum [Member] | State Tax Jurisdictions [Member]	'	'	'
Income Taxes [Line Items]	'	'	'
Federal and State tax jurisdictions for tax period	'2009	'	'
Minimum [Member] | International Tax Jurisdictions [Member]	'	'	'
Income Taxes [Line Items]	'	'	'
Federal and State tax jurisdictions for tax period	'2011	'	'

Changes_in_Accumulated_Other_C2

Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Accumulated other comprehensive loss, beginning balance	($5,765)	($8,033)
Other comprehensive income before reclassifications	5	7
Amounts reclassified from accumulated other comprehensive loss	84	143
Total other comprehensive income	89	150
Accumulated other comprehensive loss, ending balance	-5,676	-7,883
Pension and Other Postretirement Benefits Items [Member]	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Accumulated other comprehensive loss, beginning balance	-6,168	-8,443
Amounts reclassified from accumulated other comprehensive loss	84	143
Total other comprehensive income	84	143
Accumulated other comprehensive loss, ending balance	-6,084	-8,300
Foreign Currency Items [Member]	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Accumulated other comprehensive loss, beginning balance	403	410
Other comprehensive income before reclassifications	5	7
Total other comprehensive income	5	7
Accumulated other comprehensive loss, ending balance	$408	$417

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
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'
Income before provision for income taxes	$3,626	$5,618
Provision for income taxes	1,234	1,810
Net income	2,392	3,808
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	25	40
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	-155	-261
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	-130	-221
Provision for income taxes	-46	-78
Net income	($84)	($143)