Graham (GHM) 10-Q 4 Aug 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2015	Jul. 27, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	GHM
Entity Registrant Name	GRAHAM CORP
Entity Central Index Key	716,314
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		10,111,730

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Retained Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 27,617	$ 28,502
Cost of products sold	19,580	20,570
Gross profit	8,037	7,932
Other expenses and income:
Selling, general and administrative	4,580	4,295
Selling, general and administrative - amortization	58	54
Interest income	(52)	(46)
Interest expense	3	3
Total other expenses and income	4,589	4,306
Income before provision for income taxes	3,448	3,626
Provision for income taxes	1,087	1,234
Net income	2,361	2,392
Retained earnings at beginning of period	106,178	93,469
Dividends	(813)	(405)
Retained earnings at end of period	$ 107,726	$ 95,456
Basic:
Net income	$ 0.23	$ 0.24
Diluted:
Net income	$ 0.23	$ 0.24
Weighted average common shares outstanding:
Basic	10,148	10,105
Diluted	10,161	10,127
Dividends declared per share	$ 0.08	$ 0.04

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 2,361	$ 2,392
Other comprehensive income:
Foreign currency translation adjustment	(1)	5
Defined benefit pension and other postretirement plans net of income tax of $107 and $46, for the three months ended June 30, 2015 and 2014, respectively	196	84
Total other comprehensive income	195	89
Total comprehensive income	$ 2,556	$ 2,481

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Defined benefit pension and other postretirement plans, tax	$ 107	$ 46

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Current assets:
Cash and cash equivalents	$ 29,616	$ 27,271
Investments	33,000	33,000
Trade accounts receivable, net of allowances ($21 and $62 at June 30 and March 31, 2015, respectively)	15,547	17,249
Unbilled revenue	18,487	18,665
Inventories	11,710	13,994
Prepaid expenses and other current assets	985	529
Income taxes receivable		339
Deferred income tax asset	534	647
Total current assets	109,879	111,694
Property, plant and equipment, net	19,361	19,812
Prepaid pension asset	1,637	1,332
Goodwill	6,938	6,938
Permits	10,300	10,300
Other intangible assets, net	4,383	4,428
Other assets	144	150
Total assets	152,642	154,654
Current liabilities:
Current portion of capital lease obligations	57	60
Accounts payable	12,036	13,334
Accrued compensation	6,227	9,343
Accrued expenses and other current liabilities	4,079	3,247
Customer deposits	3,383	4,179
Income taxes payable	21
Deferred income tax liability	266	164
Total current liabilities	26,069	30,327
Capital lease obligations	86	98
Accrued compensation	10	124
Deferred income tax liability	6,644	6,363
Accrued pension liability	328	315
Accrued postretirement benefits	883	876
Total liabilities	$ 34,020	$ 38,103
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $1.00 par value, 500 shares authorized
Common stock, $.10 par value, 25,500 shares authorized 10,469 and 10,433 shares issued and 10,169 and 10,133 shares outstanding	$ 1,047	$ 1,043
Capital in excess of par value	21,722	21,398
Retained earnings	107,726	106,178
Accumulated other comprehensive loss	(8,861)	(9,056)
Treasury stock, (299 shares)	(3,012)	(3,012)
Total stockholders' equity	118,622	116,551
Total liabilities and stockholders' equity	$ 152,642	$ 154,654

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Statement of Financial Position [Abstract]
Allowances on trade accounts receivable	$ 21	$ 62
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	500,000	500,000
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	25,500,000	25,500,000
Common stock, shares issued	10,469,000	10,433,000
Common stock, shares outstanding	10,169,000	10,133,000
Treasury stock, shares	299,000	299,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income	$ 2,361	$ 2,392
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	563	520
Amortization	58	54
Amortization of unrecognized prior service cost and actuarial losses	303	130
Stock-based compensation expense	220	123
Deferred income taxes	390	(7)
(Increase) decrease in operating assets:
Accounts receivable	1,701	(1,958)
Unbilled revenue	177	196
Inventories	2,284	3,702
Prepaid expenses and other current and non-current assets	(462)	(487)
Prepaid pension asset	(305)	(320)
Increase (decrease) in operating liabilities:
Accounts payable	(1,145)	(3,015)
Accrued compensation, accrued expenses and other current and non-current liabilities	(2,284)	259
Customer deposits	(796)	502
Income taxes payable/receivable	361	1,236
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits	(95)	(138)
Net cash provided by operating activities	3,331	3,189
Investing activities:
Purchase of property, plant and equipment	(264)	(2,569)
Purchase of investments	(9,000)	(5,000)
Redemption of investments at maturity	9,000	19,000
Net cash (used) provided by investing activities	(264)	11,431
Financing activities:
Principal repayments on capital lease obligations	(15)	(21)
Issuance of common stock	96	29
Dividends paid	(813)	(405)
Excess tax benefit on stock awards	12	34
Net cash used by financing activities	(720)	(363)
Effect of exchange rate changes on cash	(2)	7
Net increase in cash and cash equivalents	2,345	14,264
Cash and cash equivalents at beginning of year	27,271	32,146
Cash and cash equivalents at end of period	$ 29,616	$ 46,410

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE 1 – BASIS OF PRESENTATION: Graham Corporation’s (the “Company’s”) Condensed Consolidated Financial Statements include its (i) wholly-owned foreign subsidiary located in Suzhou, China and (ii) 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 Regulation S-X, Form 10-K The Company’s results of operations and cash flows for the three months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the current fiscal year, which ends March 31, 2016 (“fiscal 2016”).

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2015
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 Company has established the systems and procedures essential to developing the estimates required to account for contracts using the percentage-of-completion method. 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 or completion of operational milestones assigned to each contract. Contracts in progress are reviewed monthly by management, 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. 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 the Company’s customer contracts were $1,315 and $1,751 at June 30, 2015 and March 31, 2015, respectively.

Investments

Investments	3 Months Ended
	Jun. 30, 2015
Investments Schedule [Abstract]
Investments	NOTE 3 – INVESTMENTS: Investments consist solely of certificates of deposits with financial institutions. 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. Investments are stated at amortized cost which approximates fair value. All investments held by the Company at June 30, 2015 are scheduled to mature on or before May 11, 2016.

Inventories

Inventories	3 Months Ended
	Jun. 30, 2015
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, 2015 March 31, 2015 Raw materials and supplies $ 2,592 $ 2,763 Work in process 10,678 13,685 Finished products 526 689 13,796 17,137 Less - progress payments 2,086 3,143 Total $ 11,710 $ 13,994

Intangible Assets

Intangible Assets	3 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 5 – INTANGIBLE ASSETS: Intangible assets are comprised of the following: Gross Accumulated Net At June 30, 2015 Intangibles subject to amortization: Customer relationships $ 2,700 $ 817 $ 1,883 Intangibles not subject to amortization: Permits $ 10,300 $ - $ 10,300 Tradename 2,500 - 2,500 $ 12,800 $ - $ 12,800 At March 31, 2015 Intangibles subject to amortization: Customer relationships $ 2,700 $ 772 $ 1,928 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, 2015 and 2014 was $45 and $45, respectively. As of June 30, 2015, amortization expense is estimated to be $135 for the remainder of fiscal 2016 and $180 in each of the fiscal years ending March 31, 2017, 2018, 2019 and 2020.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based 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, 2015 and 2014 were 34 and 28, respectively. Restricted shares of 15 and 12 granted to officers in fiscal 2016 and fiscal 2015, 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 12 and 11 granted to officers and key employees in fiscal 2016 and fiscal 2015, respectively, vest 33 1 3 During the three months ended June 30, 2015 and 2014, the Company recognized stock-based compensation costs related to stock option and restricted stock awards of $206 and $106, respectively. The income tax benefit recognized related to stock-based compensation was $73 and $37 for the three months ended June 30, 2015 and 2014, 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, 2015 and 2014, the Company recognized stock-based compensation costs of $14 and $17, respectively, related to the ESPP and $5 and $6, respectively, of related tax benefits.

Income Per Share

Income Per Share	3 Months Ended
	Jun. 30, 2015
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. 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 2015 2014 Basic income per share Numerator: Net income $ 2,361 $ 2,392 Denominator: Weighted average common shares outstanding 10,148 10,105 Basic income per share $ .23 $ .24 Diluted income per share Numerator: Net income $ 2,361 $ 2,392 Denominator: Weighted average common shares outstanding 10,148 10,105 Stock options outstanding 13 22 Weighted average common and potential common shares outstanding 10,161 10,127 Diluted income per share $ .23 $ .24 Options to purchase a total of 12 shares of common stock were outstanding at each of June 30, 2015 and 2014, but were not included in the above computation of diluted income per share given their exercise prices as they would not be dilutive upon issuance.

Product Warranty Liability

Product Warranty Liability	3 Months Ended
	Jun. 30, 2015
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 2015 2014 Balance at beginning of period $ 653 $ 308 Expense for product warranties 91 97 Product warranty claims paid (112 ) (32 ) Balance at end of period $ 632 $ 373 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, 2015
Supplemental Cash Flow Elements [Abstract]
Cash Flow Statement	NOTE 9 – CASH FLOW STATEMENT: Interest paid was $3 for each of the three month periods ended June 30, 2015 and 2014. Income taxes paid (refunded) for the three months ended June 30, 2015 and 2014 were $324 and $(29), respectively. During the three months ended June 30, 2015 and 2014, 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 $12 and $34, 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, 2015 and 2014, respectively, there were $22 and $61 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, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	NOTE 10 – EMPLOYEE BENEFIT PLANS: The components of pension benefit income are as follows: Three Months Ended 2015 2014 Service cost $ 131 $ 136 Interest cost 359 359 Expected return on assets (795 ) (758 ) Amortization of: Unrecognized prior service cost - 1 Actuarial loss 293 145 Net pension benefit income $ (12 ) $ (117 ) The Company made no contributions to its defined benefit pension plan during the three months ended June 30, 2015 and does not expect to make any contributions to the plan for the balance of fiscal 2016. The components of the postretirement benefit cost (income) are as follows: Three Months Ended 2015 2014 Service cost $ - $ - Interest cost 7 8 Amortization of prior service benefit - (26 ) Amortization of actuarial loss 10 10 Net postretirement benefit cost (income) $ 17 $ (8 ) The Company paid no benefits related to its postretirement benefit plan during the three months ended June 30, 2015. The Company expects to pay benefits of approximately $92 for the balance of fiscal 2016. The Company self-funds the medical insurance coverage provided 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 $408 and $446 on June 30, 2015 and March 31, 2015, respectively, related to the self-insured medical plan is primarily based upon claim history and is included in the caption “Accrual Compensation” in the Condensed Consolidated Balance Sheets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2015
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 or accompanying products made by the Company. The Company is a co-defendant with numerous other defendants in these lawsuits and intends to vigorously defend itself against these claims. The claims in the Company’s current lawsuits are similar to those made in previous asbestos 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, 2015, the Company was subject to the claims noted above, as well as other legal proceedings and potential claims that have arisen in the ordinary course of business. Although the outcome of the lawsuits, legal proceedings or potential claims to which the Company is or may become a party 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, 2015
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 U.S. federal examination for the tax years 2013 and 2014 and examination in state tax jurisdictions for the tax years 2010 through 2014. The Company is subject to examination in the People’s Republic of China for tax years 2012 through 2014. There was no liability for unrecognized tax benefits at each of June 30, 2015 and March 31, 2015.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss	3 Months Ended
	Jun. 30, 2015
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, 2015 and 2014 are as follows: Pension and Foreign Total Balance at April 1, 2015 $ (9,462 ) $ 406 $ (9,056 ) Other comprehensive income before reclassifications — (1 ) (1 ) Amounts reclassified from accumulated other comprehensive loss 196 — 196 Net current-period other comprehensive income 196 (1 ) 195 Balance at June 30, 2015 $ (9,266 ) $ 405 $ (8,861 ) Pension and Foreign Total 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 ) The reclassifications out of accumulated other comprehensive loss by component for the three months ended June 30, 2015 and 2014 are as follows: Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Affected Line Item in the Condensed Consolidated Statements of Operations and Retained Earnings Three Months Ended June 30, 2015 2014 Pension and other postretirement benefit items: Amortization of unrecognized prior service benefit $ — $ 25 (1) Amortization of actuarial loss (303 ) (1) (155 ) (1) (303 ) (130 ) Income before provision for income taxes (107 ) (46 ) Provision for income taxes $ (196 ) $ (84 ) 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 Change

Accounting and Reporting Changes	3 Months Ended
	Jun. 30, 2015
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 comprehensive 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, 2017. 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, 2015
Inventory Disclosure [Abstract]
Major Classifications of Inventories	Major classifications of inventories are as follows: June 30, 2015 March 31, 2015 Raw materials and supplies $ 2,592 $ 2,763 Work in process 10,678 13,685 Finished products 526 689 13,796 17,137 Less - progress payments 2,086 3,143 Total $ 11,710 $ 13,994

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Intangible assets are comprised of the following: Gross Accumulated Net At June 30, 2015 Intangibles subject to amortization: Customer relationships $ 2,700 $ 817 $ 1,883 Intangibles not subject to amortization: Permits $ 10,300 $ - $ 10,300 Tradename 2,500 - 2,500 $ 12,800 $ - $ 12,800 At March 31, 2015 Intangibles subject to amortization: Customer relationships $ 2,700 $ 772 $ 1,928 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, 2015
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 2015 2014 Basic income per share Numerator: Net income $ 2,361 $ 2,392 Denominator: Weighted average common shares outstanding 10,148 10,105 Basic income per share $ .23 $ .24 Diluted income per share Numerator: Net income $ 2,361 $ 2,392 Denominator: Weighted average common shares outstanding 10,148 10,105 Stock options outstanding 13 22 Weighted average common and potential common shares outstanding 10,161 10,127 Diluted income per share $ .23 $ .24

Product Warranty Liability (Tab

Product Warranty Liability (Tables)	3 Months Ended
	Jun. 30, 2015
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 2015 2014 Balance at beginning of period $ 653 $ 308 Expense for product warranties 91 97 Product warranty claims paid (112 ) (32 ) Balance at end of period $ 632 $ 373

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Jun. 30, 2015
Pension Plans, Defined Benefit [Member]
Components of Postretirement Benefit Cost (Income) and Pension Benefit Income	The components of pension benefit income are as follows: Three Months Ended 2015 2014 Service cost $ 131 $ 136 Interest cost 359 359 Expected return on assets (795 ) (758 ) Amortization of: Unrecognized prior service cost - 1 Actuarial loss 293 145 Net pension benefit income $ (12 ) $ (117 )
Other Postretirement Benefit Plans [Member]
Components of Postretirement Benefit Cost (Income) and Pension Benefit Income	The components of the postretirement benefit cost (income) are as follows: Three Months Ended 2015 2014 Service cost $ - $ - Interest cost 7 8 Amortization of prior service benefit - (26 ) Amortization of actuarial loss 10 10 Net postretirement benefit cost (income) $ 17 $ (8 )

Changes in Accumulated Other 27

Changes in Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Jun. 30, 2015
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, 2015 and 2014 are as follows: Pension and Foreign Total Balance at April 1, 2015 $ (9,462) $ 406 $ (9,056) Other comprehensive income before reclassifications - (1) (1) Amounts reclassified from accumulated other comprehensive loss 196 - 196 Net current-period other comprehensive income 196 (1) 195 Balance at June 30, 2015 $ (9,266) $ 405 $ (8,861) Pension and Foreign Total 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)
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, 2015 and 2014 are as follows: Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Affected Line Item in the Condensed Consolidated Statements of Operations and Three Months Ended June 30, 2015 2014 Pension and other postretirement benefit items: Amortization of unrecognized prior service benefit $ - $ 25 (1) Amortization of actuarial loss (303 ) (1) (155 ) (1) (303 ) (130 ) Income before provision for income taxes (107 ) (46 ) Provision for income taxes $ (196 ) $ (84 ) 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 - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Revenue Recognition [Line Items]
Company recognizes planned manufacturing process	28 days
Direct labor hours worked on contracts	575 hours
Receivables billed but not paid under retainage provisions in its customer contracts	$ 1,315	$ 1,751
Minimum [Member]
Revenue Recognition [Line Items]
Substantial completion of manufacturing process	95.00%

Investments - Additional Inform

Investments - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2015
Minimum [Member]
Investment Securities [Line Items]
Treasury with original maturities period	3 months
Maximum [Member]
Investment Securities [Line Items]
Investment maturity date range end	May 11, 2016
Treasury with original maturities period	1 year

Inventories - Major Classificat

Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 2,592	$ 2,763
Work in process	10,678	13,685
Finished products	526	689
Inventory Gross	13,796	17,137
Less - progress payments	2,086	3,143
Total	$ 11,710	$ 13,994

Intangible Assets - Summary of

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015
Schedule Of Intangible Assets [Line Items]
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
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
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	817	772
Finite-Lived Intangible Assets, Net Carrying Amount	$ 1,883	$ 1,928

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Intangible amortization expense	$ 58	$ 54
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible amortization expense	45	$ 45
Future amortization expenses, 2016	135
Future amortization expenses, 2017	180
Future amortization expenses, 2018	180
Future amortization expenses, 2019	180
Future amortization expenses, 2020	$ 180

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	200,000
Stock based compensation expense	$ 14	$ 17
Income tax benefit to stock based compensation	$ 5	$ 6
Discounted purchase price of common stock percentage on fair market value	85.00%	85.00%
Amended and Restated 2000 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	1,375,000
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	250,000
Restricted stock awards	34,000	28,000
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] | Performance Vested Restricted Stock [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards	15,000	12,000
Vesting period	3 years
Amended and Restated 2000 Incentive Plan [Member] | Performance Vested Restricted Stock [Member] | Officer [Member] | Third Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting percentage	100.00%
Amended and Restated 2000 Incentive Plan [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	12,000	11,000
Vesting period	3 years
Amended and Restated 2000 Incentive Plan [Member] | Time Vested Restricted Stock [Member] | Officers and Key Employees [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting percentage	33.33%
Amended and Restated 2000 Incentive Plan [Member] | Time Vested Restricted Stock [Member] | Officers and Key Employees [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting percentage	33.33%
Amended and Restated 2000 Incentive Plan [Member] | Time Vested Restricted Stock [Member] | Officers and Key Employees [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting percentage	33.33%
Amended and Restated 2000 Incentive Plan [Member] | Time Vested Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards	7,000	5,000
Vesting period	1 year
Amended and Restated 2000 Incentive Plan [Member] | Time Vested Restricted Stock [Member] | Director [Member] | First Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting percentage	100.00%
Amended and Restated 2000 Incentive Plan [Member] | Stock Option and Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 206	$ 106
Income tax benefit to stock based compensation	$ 73	$ 37

Income Per Share - Reconciliati

Income Per Share - Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income	$ 2,361	$ 2,392
Denominator:
Weighted average common shares outstanding	10,148	10,105
Basic income per share	$ 0.23	$ 0.24
Numerator:
Net income	$ 2,361	$ 2,392
Denominator:
Weighted average common shares outstanding	10,148	10,105
Stock options outstanding	13	22
Weighted average common and potential common shares outstanding	10,161	10,127
Diluted income per share	$ 0.23	$ 0.24

Income Per Share - Additional I

Income Per Share - Additional Information (Detail) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	12	12

Product Warranty Liability - Re

Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Guarantees [Abstract]
Balance at beginning of period	$ 653	$ 308
Expense for product warranties	91	97
Product warranty claims paid	(112)	(32)
Balance at end of period	$ 632	$ 373

Cash Flow Statement - Additiona

Cash Flow Statement - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 3	$ 3
Income taxes paid (refunded)	324	(29)
Excess tax benefit on stock awards	12	34
Capital expenditures incurred but not yet paid	$ 22	$ 61

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Postretirement Benefit Cost (Income) and Pension Benefit Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 131	$ 136
Interest cost	359	359
Expected return on assets	(795)	(758)
Amortization of prior service benefit		1
Amortization of actuarial loss	293	145
Net pension benefit income and postretirement benefit cost (income)	(12)	(117)
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	7	8
Amortization of prior service benefit		(26)
Amortization of actuarial loss	10	10
Net pension benefit income and postretirement benefit cost (income)	$ 17	$ (8)

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Self-Insured medical plan liability	$ 408,000	$ 446,000
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 2016	0
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Post retirement benefit plan	0
Defined benefit plan, benefit expected to pay	$ 92,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Income Taxes [Line Items]
Liability unrecognized tax benefits	$ 0	$ 0
Latest Tax Year [Member] | Federal Tax Jurisdictions [Member]
Income Taxes [Line Items]
Open tax year	2,014
Latest Tax Year [Member] | State Tax Jurisdictions [Member]
Income Taxes [Line Items]
Open tax year	2,014
Latest Tax Year [Member] | International Tax Jurisdictions [Member]
Income Taxes [Line Items]
Open tax year	2,014
Earliest Tax Year [Member] | Federal Tax Jurisdictions [Member]
Income Taxes [Line Items]
Open tax year	2,013
Earliest Tax Year [Member] | State Tax Jurisdictions [Member]
Income Taxes [Line Items]
Open tax year	2,010
Earliest Tax Year [Member] | International Tax Jurisdictions [Member]
Income Taxes [Line Items]
Open tax year	2,012

Changes in Accumulated Other 41

Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income/(loss), beginning balance	$ (9,056)	$ (5,765)
Other comprehensive income before reclassifications	(1)	5
Amounts reclassified from accumulated other comprehensive loss	196	84
Total other comprehensive income	195	89
Accumulated other comprehensive income/(loss), ending balance	(8,861)	(5,676)
Pension and Other Postretirement Benefits Items [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income/(loss), beginning balance	(9,462)	(6,168)
Amounts reclassified from accumulated other comprehensive loss	196	84
Total other comprehensive income	196	84
Accumulated other comprehensive income/(loss), ending balance	(9,266)	(6,084)
Foreign Currency Items [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income/(loss), beginning balance	406	403
Other comprehensive income before reclassifications	(1)	5
Total other comprehensive income	(1)	5
Accumulated other comprehensive income/(loss), ending balance	$ 405	$ 408

Changes in Accumulated Other 42

Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before provision for income taxes	$ 3,448	$ 3,626
Provision for income taxes	1,087	1,234
Net income	2,361	2,392
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
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	(303)	(155)
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	(303)	(130)
Provision for income taxes	(107)	(46)
Net income	$ (196)	$ (84)