Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2015 | Jan. 26, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | 9,808,004 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Retained Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 17,323 | $ 33,646 | $ 67,738 | $ 97,714 |
Cost of products sold | 13,799 | 23,543 | 49,042 | 68,695 |
Gross profit | 3,524 | 10,103 | 18,696 | 29,019 |
Other expenses and income: | ||||
Selling, general and administrative | 3,680 | 4,424 | 12,447 | 13,413 |
Selling, general and administrative - amortization | 58 | 59 | 175 | 171 |
Interest income | (72) | (50) | (177) | (139) |
Interest expense | 4 | 2 | 8 | 8 |
Other income | (1,784) | (1,784) | ||
Total other expenses and income | 1,886 | 4,435 | 10,669 | 13,453 |
Income before provision for income taxes | 1,638 | 5,668 | 8,027 | 15,566 |
Provision for income taxes | 364 | 1,676 | 2,416 | 4,996 |
Net income | 1,274 | 3,992 | 5,611 | 10,570 |
Retained earnings at beginning of period | 108,895 | 99,237 | 106,178 | 93,469 |
Dividends | (795) | (405) | (2,415) | (1,215) |
Retained earnings at end of period | $ 109,374 | $ 102,824 | $ 109,374 | $ 102,824 |
Basic: | ||||
Net income | $ 0.13 | $ 0.39 | $ 0.56 | $ 1.04 |
Diluted: | ||||
Net income | $ 0.13 | $ 0.39 | $ 0.56 | $ 1.04 |
Weighted average common shares outstanding: | ||||
Basic | 9,922 | 10,127 | 10,051 | 10,119 |
Diluted | 9,927 | 10,149 | 10,059 | 10,142 |
Dividends declared per share | $ 0.08 | $ 0.04 | $ 0.24 | $ 0.12 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,274 | $ 3,992 | $ 5,611 | $ 10,570 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | (73) | (40) | (184) | 4 |
Defined benefit pension and other postretirement plans, net of income tax of $107 and $46 for the three months ended December 31, 2015 and 2014, respectively, and $322 and $137 for the nine months ended December 31, 2015 and 2014, respectively | 197 | 84 | 589 | 252 |
Total other comprehensive income | 124 | 44 | 405 | 256 |
Total comprehensive income | $ 1,398 | $ 4,036 | $ 6,016 | $ 10,826 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Defined benefit pension and other postretirement plans, tax | $ 107 | $ 46 | $ 322 | $ 137 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 31,215 | $ 27,271 |
Investments | 42,000 | 33,000 |
Trade accounts receivable, net of allowances ($76 and $62 at December 31 and March 31, 2015, respectively) | 10,860 | 17,249 |
Unbilled revenue | 8,454 | 18,665 |
Inventories | 11,803 | 13,994 |
Prepaid expenses and other current assets | 866 | 529 |
Income taxes receivable | 2,871 | 339 |
Total current assets | 108,069 | 111,047 |
Property, plant and equipment, net | 18,975 | 19,812 |
Prepaid pension asset | 2,248 | 1,332 |
Goodwill | 6,938 | 6,938 |
Permits | 10,300 | 10,300 |
Other intangible assets, net | 4,293 | 4,428 |
Other assets | 186 | 146 |
Total assets | 151,009 | 154,003 |
Current liabilities: | ||
Current portion of capital lease obligations | 55 | 60 |
Accounts payable | 10,909 | 13,334 |
Accrued compensation | 5,500 | 9,343 |
Accrued expenses and other current liabilities | 3,153 | 3,247 |
Customer deposits | 8,120 | 4,179 |
Total current liabilities | 27,737 | 30,163 |
Capital lease obligations | 174 | 98 |
Accrued compensation | 124 | |
Deferred income tax liability | 6,784 | 5,876 |
Accrued pension liability | 353 | 315 |
Accrued postretirement benefits | 895 | 876 |
Total liabilities | $ 35,943 | $ 37,452 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Preferred stock, $1.00 par value, 500 shares authorized | $ 0 | $ 0 |
Common stock, $.10 par value, 25,500 shares authorized 10,468 and 10,432 shares issued and 9,848 and 10,133 shares outstanding | 1,047 | 1,043 |
Capital in excess of par value | 22,101 | 21,398 |
Retained earnings | 109,374 | 106,178 |
Accumulated other comprehensive loss | (8,651) | (9,056) |
Treasury stock (620 and 299 shares) | (8,805) | (3,012) |
Total stockholders' equity | 115,066 | 116,551 |
Total liabilities and stockholders' equity | $ 151,009 | $ 154,003 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 76 | $ 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 | 10,468,000 | 10,432,000 |
Common stock, shares outstanding | 9,848,000 | 10,133,000 |
Treasury stock, shares | 620,000 | 299,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | ||
Net income | $ 5,611 | $ 10,570 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,675 | 1,561 |
Amortization | 175 | 171 |
Amortization of unrecognized prior service cost and actuarial losses | 911 | 389 |
Stock-based compensation expense | 540 | 481 |
(Gain) loss on disposal of property, plant and equipment | (1) | 3 |
Deferred income taxes | 596 | (281) |
(Increase) decrease in operating assets: | ||
Accounts receivable | 6,329 | (4,938) |
Unbilled revenue | 10,152 | (5,463) |
Inventories | 2,186 | 1,887 |
Prepaid expenses and other current and non-current assets | (420) | (430) |
Prepaid pension asset | (917) | (845) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (2,216) | 2,584 |
Accrued compensation, accrued expenses and other current and non-current liabilities | (3,795) | 2,138 |
Customer deposits | 3,944 | (964) |
Income taxes payable/receivable | (2,531) | 743 |
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits | (68) | (101) |
Net cash provided by operating activities | 22,171 | 7,505 |
Investing activities: | ||
Purchase of property, plant and equipment | (883) | (4,965) |
Proceeds from disposal of property, plant and equipment | 4 | 1 |
Purchase of investments | (36,000) | (41,000) |
Redemption of investments at maturity | 27,000 | 37,000 |
Net cash used by investing activities | (9,879) | (8,964) |
Financing activities: | ||
Principal repayments on capital lease obligations | (42) | (64) |
Issuance of common stock | 97 | 48 |
Dividends paid | (2,415) | (1,215) |
Purchase of treasury stock | (5,852) | |
Excess tax benefit on stock awards | 5 | 37 |
Net cash used by financing activities | (8,207) | (1,194) |
Effect of exchange rate changes on cash | (141) | 3 |
Net increase (decrease) in cash and cash equivalents | 3,944 | (2,650) |
Cash and cash equivalents at beginning of period | 27,271 | 32,146 |
Cash and cash equivalents at end of period | $ 31,215 | $ 29,496 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 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 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, 2015 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2015. 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, 2015 (“fiscal 2015”). In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included in the Company’s Condensed Consolidated Financial Statements. The Company’s results of operations and cash flows for the three and nine months ended December 31, 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 | 9 Months Ended |
Dec. 31, 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 $1,863 and $1,751 at December 31, 2015 and March 31, 2015, respectively. |
Investments
Investments | 9 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | NOTE 3 – INVESTMENTS: Investments consist solely of certificates of deposit 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. The investments are stated at amortized cost which approximates fair value. All investments held by the Company at December 31, 2015 are scheduled to mature on or before November 10, 2016. |
Inventories
Inventories | 9 Months Ended |
Dec. 31, 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: December 31, 2015 March 31, 2015 Raw materials and supplies $ 2,775 $ 2,763 Work in process 13,277 13,685 Finished products 666 689 16,718 17,137 Less - progress payments 4,915 3,143 Total $ 11,803 $ 13,994 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 5 – INTANGIBLE ASSETS: Intangible assets are comprised of the following: Gross Accumulated Net At December 31, 2015 Intangibles subject to amortization: Customer relationships $ 2,700 $ 907 $ 1,793 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 their estimated useful lives. Intangible amortization expense for each of the three-month periods ended December 31, 2015 and 2014 was $45. Intangible amortization expense for each of the nine months ended December 31, 2015 and 2014 was $135. As of December 31, 2015, amortization expense is estimated to be $45 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 | 9 Months Ended |
Dec. 31, 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. There were no restricted stock awards granted in the three-month periods ended December 31, 2015 and 2014. Restricted stock awards granted in the nine-month periods ended December 31, 2015 and 2014 were 34 and 30, 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 December 31, 2015 and 2014, the Company recognized stock-based compensation costs related to stock option and restricted stock awards of $148 and $166, respectively. The income tax benefit recognized related to stock-based compensation was $52 and $59 for the three months ended December 31, 2015 and 2014, respectively. During the nine months ended December 31, 2015 and 2014, the Company recognized stock-based compensation costs related to stock option and restricted stock awards of $505 and $435, respectively. The income tax benefit recognized related to stock-based compensation was $178 and $153 for the nine months ended December 31, 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 December 31, 2015 and 2014, the Company recognized stock-based compensation costs of $14 and $16, respectively, related to the ESPP and $5 and $6, respectively, of related tax benefits. During the nine months ended December 31, 2015 and 2014, the Company recognized stock-based compensation costs of $35 and $46, respectively, related to the ESPP and $13 and $16, respectively, of related tax benefits. |
Income Per Share
Income Per Share | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2015 2014 2015 2014 Basic income per share Numerator: Net income $ 1,274 $ 3,992 $ 5,611 $ 10,570 Denominator: Weighted average common shares outstanding 9,922 10,127 10,051 10,119 Basic income per share $ .13 $ .39 $ .56 $ 1.04 Diluted income per share Numerator: Net income $ 1,274 $ 3,992 $ 5,611 $ 10,570 Denominator: Weighted average common shares outstanding 9,922 10,127 10,051 10,119 Stock options outstanding 5 22 8 23 Weighted average common and potential common shares outstanding 9,927 10,149 10,059 10,142 Diluted income per share $ .13 $ .39 $ .56 $ 1.04 Options to purchase a total of 54 and 12 shares of common stock were outstanding at December 31, 2015 and 2014, respectively, 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 | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2015 2014 2015 2014 Balance at beginning of period $ 504 $ 347 $ 653 $ 308 (Income) expense for product warranties (158 ) 436 (45 ) 573 Product warranty claims paid (11 ) (63 ) (273 ) (161 ) Balance at end of period $ 335 $ 720 $ 335 $ 720 The income of $158 and $45 for product warranties in the three and nine months ended December 31, 2015, respectively, resulted from the reversal of provisions made that were no longer required due to lower claim experience. The product warranty liability is included in the line item “Accrued expenses and other current liabilities” in the Condensed Consolidated Balance Sheets. |
Cash Flow Statement
Cash Flow Statement | 9 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Statement | NOTE 9 – CASH FLOW STATEMENT: Interest paid was $8 for each of the nine-month periods ended December 31, 2015 and 2014. In addition, income taxes paid for the nine months ended December 31, 2015 and 2014 were $4,348 and $4,497, respectively. During the nine months ended December 31, 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 $5 and $37, respectively, for such periods. This excess tax benefit has been separately reported under “Financing activities” in the Condensed Consolidated Statements of Cash Flows. At December 31, 2015 and 2014, there were $20 and $35, respectively, of capital purchases that were recorded in accounts payable and are not included in the caption “Purchase of property, plant and equipment” in the Condensed Consolidated Statements of Cash Flows. During the nine months ended December 31, 2015 and 2014, capital expenditures totaling $113 and $0, respectively, were financed through the issuance of capital leases. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2015 2014 2015 2014 Service cost $ 130 $ 136 $ 391 $ 409 Interest cost 360 359 1,078 1,076 Expected return on assets (795 ) (758 ) (2,385 ) (2,275 ) Amortization of: Unrecognized prior service cost - 1 - 3 Actuarial loss 293 145 880 435 Net pension benefit income $ (12 ) $ (117 ) $ (36 ) $ (352 ) The Company made no contributions to its defined benefit pension plan during the nine months ended December 31, 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 Nine Months Ended 2015 2014 2015 2014 Service cost $ - $ - $ - $ - Interest cost 7 8 20 24 Amortization of prior service benefit - (26 ) - (79 ) Amortization of actuarial loss 10 10 30 30 Net postretirement benefit cost (income) $ 17 $ (8 ) $ 50 $ (25 ) The Company paid benefits of $1 related to its postretirement benefit plan during the nine months ended December 31, 2015. The Company expects to pay benefits of approximately $91 for the balance of fiscal 2016. The Company 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 $273 and $446 on December 31, 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 “Accrued compensation” in the Condensed Consolidated Balance Sheets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 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 December 31, 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 | 9 Months Ended |
Dec. 31, 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 through 2015 and examination in state tax jurisdictions for the tax years 2011 through 2015. The Company is subject to examination in the People’s Republic of China for tax years 2012 through 2015. There was no liability for unrecognized tax benefits at each of December 31, 2015 and March 31, 2015. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended |
Dec. 31, 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 nine months ended December 31, 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 - (184) (184) Amounts reclassified from accumulated other comprehensive loss 589 - 589 Net current-period other comprehensive income 589 (184) 405 Balance at December 31, 2015 $ (8,873) $ 222 $ (8,651) Pension and Foreign Total Balance at April 1, 2014 $ (6,168) $ 403 $ (5,765) Other comprehensive income before reclassifications - 4 4 Amounts reclassified from accumulated other comprehensive loss 252 - 252 Net current-period other comprehensive income 252 4 256 Balance at December 31, 2014 $ (5,916) $ (407) $ (5,509) The reclassifications out of accumulated other comprehensive loss by component for the three and nine months ended December 31, 2015 and 2014 are as follows: Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Operations and Retained Earnings Three Months December 31, 2015 Three Months December 31, 2014 Pension and other postretirement benefit items: Amortization of unrecognized prior service benefit $ - (1) $ 25 (1) Amortization of actuarial loss (304 ) (1) (155 ) (1) (304 ) (130 ) Income before provision for income taxes (107 ) (46 ) Provision for income taxes $ (197 ) $ (84 ) Net income Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Operations and Retained Earnings Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Pension and other postretirement benefit items: Amortization of unrecognized prior service benefit $ - (1) $ 76 (1) Amortization of actuarial loss (911 ) (1) (465 ) (1) (911 ) (389 ) Income before provision for income taxes (322 ) (137 ) Provision for income taxes $ (589 ) $ (252 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of net pension and other postretirement benefit costs. See Note 10. |
Purchase of Treasury Stock
Purchase of Treasury Stock | 9 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Purchase of Treasury Stock | NOTE 14 – PURCHASE OF TREASURY STOCK: On January 29, 2015, the Company’s Board of Directors authorized a stock repurchase program. Under the stock repurchase program the Company is permitted to repurchase up to $18,000 of its common stock either in the open market or through privately negotiated transactions. Cash on hand has been used to fund all stock repurchases under the program. At December 31, 2015, the Company had purchased 328 shares at an aggregate cost of $5,852 under this program. |
Debt
Debt | 9 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 15 – DEBT: On December 2, 2015, the Company entered into a new revolving credit facility agreement with JPMorgan Chase Bank, N.A. that provides a $25,000 line of credit, including letters of credit and bank guarantees, expandable at the Company’s option at any time up to $50,000. The agreement has a five year term. This facility replaced a similar facility with Bank of America, N.A. At the Company’s option, amounts outstanding under the agreement will bear interest at either: (i) a rate equal to the bank’s prime rate; or (ii) a rate equal to LIBOR plus a margin. The margin is based on the Company’s funded debt to earnings before interest expense, income taxes, depreciation and amortization (“EBITDA”) and may range from 1.75% to .95%. Amounts available for borrowing under the agreement are subject to an unused commitment fee of between 0.30% and 0.20%, depending on the above ratio. Outstanding letters of credit under the agreement are subject to a fee of between 1.20% and 0.70%, depending on the Company’s ratio of funded debt to EBITDA. The agreement allows the Company to reduce the fee on outstanding letters of credit to a fixed rate of .40% by securing outstanding letters of credit with cash and cash equivalents. At December 31, 2015, there were no letters of credit outstanding on the new revolving credit facility and $10,042 outstanding with Bank of America, N.A., which were secured by cash and cash equivalents. Under the new revolving credit facility, the Company covenants to maintain a maximum funded debt to EBITDA ratio of 3.5 to 1.0 and a minimum earnings before interest expense and income taxes to interest ratio of 4.0 to 1.0. The agreement also provides that the Company is permitted to pay dividends without limitation if it maintains a maximum funded debt to EBITDA ratio equal to or less than 2.0 to 1.0 and permits the Company to pay dividends in an amount equal to 25% of net income if it maintains a maximum funded debt to EBITDA ratio of greater than 2.0 to 1.0. |
Other Income
Other Income | 9 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income | NOTE 16 – OTHER INCOME: During the three and nine months ended December 31, 2015, certain orders from customers were cancelled. The contracts for the cancelled orders included provisions that entitled the Company to cancellation charges. The amount of the cancellation charges were negotiated and settled with the customers. This income, net of costs incurred on the contracts, of $1,784 is presented in the caption “Other Income” in the Condensed Consolidated Statements of Operations and Retained Earnings for the three and nine months ended December 31, 2015. |
Accounting and Reporting Change
Accounting and Reporting Changes | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting and Reporting Changes | NOTE 17 – ACCOUNTING AND REPORTING CHANGES: In the normal course of business, Company 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. In June 2015, the FASB issued guidance covering a wide range of topics in the FASB Accounting Standards Codifications (the “Codification”). This guidance included changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost on most entities. The provisions of the guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and early adoption is permitted. The Company is currently assessing the impact this guidance will have on its financial position, results of operations, cash flows and disclosures. In November 2015, the FASB issued guidance related to the balance sheet classification of deferred income taxes. This guidance simplifies the presentation of deferred income taxes and requires deferred tax liabilities and assets be offset and presented as a single noncurrent amount for all tax-paying components of an entity within a particular tax jurisdiction. The provisions of the guidance are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Earlier application of the guidance is permitted as of the beginning of any interim or annual reporting period and may be applied prospectively or retrospectively to all periods presented. The provisions of the guidance were adopted by the Company during the third quarter of fiscal 2016, and the Company elected to apply the provisions retrospectively to all periods presented. The following table presents the impact of applying the provisions retrospectively on individual line items in the Company’s Condensed Consolidated Balance Sheet at March 31, 2015: Balance Sheet Caption Before Application of Guidance Reclassification After Application Current deferred income tax asset $ 647 $ (647 ) $ - Other assets $ 150 $ (4 ) $ 146 Current deferred income tax liability $ (164 ) $ 164 $ - Long-term deferred income tax liability $ (6,363 ) $ 487 $ (5,876 ) 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) | 9 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Major Classifications of Inventories | Major classifications of inventories are as follows: December 31, 2015 March 31, 2015 Raw materials and supplies $ 2,775 $ 2,763 Work in process 13,277 13,685 Finished products 666 689 16,718 17,137 Less - progress payments 4,915 3,143 Total $ 11,803 $ 13,994 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets are comprised of the following: Gross Accumulated Net At December 31, 2015 Intangibles subject to amortization: Customer relationships $ 2,700 $ 907 $ 1,793 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) | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2015 2014 2015 2014 Basic income per share Numerator: Net income $ 1,274 $ 3,992 $ 5,611 $ 10,570 Denominator: Weighted average common shares outstanding 9,922 10,127 10,051 10,119 Basic income per share $ .13 $ .39 $ .56 $ 1.04 Diluted income per share Numerator: Net income $ 1,274 $ 3,992 $ 5,611 $ 10,570 Denominator: Weighted average common shares outstanding 9,922 10,127 10,051 10,119 Stock options outstanding 5 22 8 23 Weighted average common and potential common shares outstanding 9,927 10,149 10,059 10,142 Diluted income per share $ .13 $ .39 $ .56 $ 1.04 |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2015 2014 2015 2014 Balance at beginning of period $ 504 $ 347 $ 653 $ 308 (Income) expense for product warranties (158 ) 436 (45 ) 573 Product warranty claims paid (11 ) (63 ) (273 ) (161 ) Balance at end of period $ 335 $ 720 $ 335 $ 720 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Dec. 31, 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 Nine Months Ended 2015 2014 2015 2014 Service cost $ 130 $ 136 $ 391 $ 409 Interest cost 360 359 1,078 1,076 Expected return on assets (795 ) (758 ) (2,385 ) (2,275 ) Amortization of: Unrecognized prior service cost - 1 - 3 Actuarial loss 293 145 880 435 Net pension benefit income $ (12 ) $ (117 ) $ (36 ) $ (352 ) |
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 Nine Months Ended 2015 2014 2015 2014 Service cost $ - $ - $ - $ - Interest cost 7 8 20 24 Amortization of prior service benefit - (26 ) - (79 ) Amortization of actuarial loss 10 10 30 30 Net postretirement benefit cost (income) $ 17 $ (8 ) $ 50 $ (25 ) |
Changes in Accumulated Other 30
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for the nine months ended December 31, 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 - (184) (184) Amounts reclassified from accumulated other comprehensive loss 589 - 589 Net current-period other comprehensive income 589 (184) 405 Balance at December 31, 2015 $ (8,873) $ 222 $ (8,651) Pension and Foreign Total Balance at April 1, 2014 $ (6,168) $ 403 $ (5,765) Other comprehensive income before reclassifications - 4 4 Amounts reclassified from accumulated other comprehensive loss 252 - 252 Net current-period other comprehensive income 252 4 256 Balance at December 31, 2014 $ (5,916) $ (407) $ (5,509) |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component for the three and nine months ended December 31, 2015 and 2014 are as follows: Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Operations and Retained Earnings Three Months December 31, 2015 Three Months December 31, 2014 Pension and other postretirement benefit items: Amortization of unrecognized prior service benefit $ - (1) $ 25 (1) Amortization of actuarial loss (304 ) (1) (155 ) (1) (304 ) (130 ) Income before provision for income taxes (107 ) (46 ) Provision for income taxes $ (197 ) $ (84 ) Net income Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Operations and Retained Earnings Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Pension and other postretirement benefit items: Amortization of unrecognized prior service benefit $ - (1) $ 76 (1) Amortization of actuarial loss (911 ) (1) (465 ) (1) (911 ) (389 ) Income before provision for income taxes (322 ) (137 ) Provision for income taxes $ (589 ) $ (252 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of net pension and other postretirement benefit costs. See Note 10. |
Accounting and Reporting Chan31
Accounting and Reporting Changes (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Effects of Retrospective Application of Provision in Condensed Consolidated Balance Sheet | The following table presents the impact of applying the provisions retrospectively on individual line items in the Company’s Condensed Consolidated Balance Sheet at March 31, 2015: Balance Sheet Caption Before Application of Guidance Reclassification After Application Current deferred income tax asset $ 647 $ (647 ) $ - Other assets $ 150 $ (4 ) $ 146 Current deferred income tax liability $ (164 ) $ 164 $ - Long-term deferred income tax liability $ (6,363 ) $ 487 $ (5,876 ) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2015 | |
Revenue Recognition [Abstract] | ||
Company recognizes planned manufacturing process | 28 days | |
Direct labor hours worked on contracts | 575 hours | |
Substantial completion of manufacturing process | 95.00% | |
Receivables billed but not paid under retainage provisions in its customer contracts | $ 1,863 | $ 1,751 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Treasury with original maturities period | 3 months |
Maximum [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Investment maturity date range end | Nov. 10, 2016 |
Treasury with original maturities period | 1 year |
Inventories - Major Classificat
Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 2,775 | $ 2,763 |
Work in process | 13,277 | 13,685 |
Finished products | 666 | 689 |
Inventory Gross | 16,718 | 17,137 |
Less - progress payments | 4,915 | 3,143 |
Total | $ 11,803 | $ 13,994 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | 907 | 772 |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 1,793 | $ 1,928 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible amortization expense | $ 58 | $ 59 | $ 175 | $ 171 |
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible amortization expense | 45 | $ 45 | 135 | $ 135 |
Future amortization expenses, 2016 | 45 | 45 | ||
Future amortization expenses, 2017 | 180 | 180 | ||
Future amortization expenses, 2018 | 180 | 180 | ||
Future amortization expenses, 2019 | 180 | 180 | ||
Future amortization expenses, 2020 | $ 180 | $ 180 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 200,000 | 200,000 | ||
Stock based compensation expense | $ 14 | $ 16 | $ 35 | $ 46 |
Income tax benefit to stock based compensation | $ 5 | $ 6 | $ 13 | $ 16 |
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 | 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 | 250,000 | ||
Restricted stock awards | 0 | 0 | 34,000 | 30,000 |
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 | 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 | ||
Share-based compensation vesting percentage | 100.00% | 100.00% | ||
Vesting period | 3 years | 3 years | ||
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 | 7,000 | ||
Share-based compensation vesting percentage | 100.00% | 100.00% | ||
Vesting period | 1 year | 1 year | 1 year | |
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 | 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% | 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% | 33.33% | ||
Amended and Restated 2000 Incentive Plan [Member] | Time Vested Restricted Stock [Member] | Officers and Key Employees [Member] | Third Anniversary [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation vesting percentage | 33.33% | 33.33% | ||
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 | $ 148 | $ 166 | $ 505 | $ 435 |
Income tax benefit to stock based compensation | $ 52 | $ 59 | $ 178 | $ 153 |
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 | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Basic And Diluted Earnings Per Share [Abstract] | ||||
Net income | $ 1,274 | $ 3,992 | $ 5,611 | $ 10,570 |
Denominator: | ||||
Weighted average common shares outstanding | 9,922 | 10,127 | 10,051 | 10,119 |
Basic income per share | $ 0.13 | $ 0.39 | $ 0.56 | $ 1.04 |
Denominator: | ||||
Weighted average common shares outstanding | 9,922 | 10,127 | 10,051 | 10,119 |
Stock options outstanding | 5 | 22 | 8 | 23 |
Weighted average common and potential common shares outstanding | 9,927 | 10,149 | 10,059 | 10,142 |
Diluted income per share | $ 0.13 | $ 0.39 | $ 0.56 | $ 1.04 |
Income Per Share - Additional I
Income Per Share - Additional Information (Detail) - shares shares in Thousands | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 54 | 12 |
Product Warranty Liability - Re
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Guarantees [Abstract] | ||||
Balance at beginning of period | $ 504 | $ 347 | $ 653 | $ 308 |
(Income) expense for product warranties | (158) | 436 | (45) | 573 |
Product warranty claims paid | (11) | (63) | (273) | (161) |
Balance at end of period | $ 335 | $ 720 | $ 335 | $ 720 |
Product Warranty Liability - Ad
Product Warranty Liability - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Guarantees [Abstract] | ||||
Income (expense) for product warranties | $ 158 | $ (436) | $ 45 | $ (573) |
Cash Flow Statement - Additiona
Cash Flow Statement - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 8 | $ 8 |
Income taxes paid | 4,348 | 4,497 |
Excess tax benefit on stock awards | 5 | 37 |
Capital expenditures incurred but not yet paid | 20 | 35 |
Capital leases | $ 113 | $ 0 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Postretirement Benefit Cost (Income) and Pension Benefit Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 130 | $ 136 | $ 391 | $ 409 |
Interest cost | 360 | 359 | 1,078 | 1,076 |
Expected return on assets | (795) | (758) | (2,385) | (2,275) |
Amortization of prior service benefit | 1 | 3 | ||
Amortization of actuarial loss | 293 | 145 | 880 | 435 |
Net pension benefit income and postretirement benefit cost (income) | (12) | (117) | (36) | (352) |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 7 | 8 | 20 | 24 |
Amortization of prior service benefit | (26) | (79) | ||
Amortization of actuarial loss | 10 | 10 | 30 | 30 |
Net pension benefit income and postretirement benefit cost (income) | $ 17 | $ (8) | $ 50 | $ (25) |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Self-Insured medical plan liability | $ 273,000 | $ 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 balance of fiscal 2016 | 0 | |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Post retirement benefit plan | 1,000 | |
Defined benefit plan, benefit expected to pay for the balance of fiscal 2016 | $ 91,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2015 | |
Income Tax Contingency [Line Items] | ||
Liability unrecognized tax benefits | $ 0 | $ 0 |
Latest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Tax Contingency [Line Items] | ||
Open tax year | 2,015 | |
Latest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Tax Contingency [Line Items] | ||
Open tax year | 2,015 | |
Latest Tax Year [Member] | International Tax Jurisdictions [Member] | ||
Income Tax Contingency [Line Items] | ||
Open tax year | 2,015 | |
Earliest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Tax Contingency [Line Items] | ||
Open tax year | 2,013 | |
Earliest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Tax Contingency [Line Items] | ||
Open tax year | 2,011 | |
Earliest Tax Year [Member] | International Tax Jurisdictions [Member] | ||
Income Tax Contingency [Line Items] | ||
Open tax year | 2,012 |
Changes in Accumulated Other 46
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income/(loss), beginning balance | $ (9,056) | $ (5,765) | ||
Other comprehensive income before reclassifications | (184) | 4 | ||
Amounts reclassified from accumulated other comprehensive loss | 589 | 252 | ||
Total other comprehensive income | $ 124 | $ 44 | 405 | 256 |
Accumulated other comprehensive income/(loss), ending balance | (8,651) | (5,509) | (8,651) | (5,509) |
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 | 589 | 252 | ||
Total other comprehensive income | 589 | 252 | ||
Accumulated other comprehensive income/(loss), ending balance | (8,873) | (5,916) | (8,873) | (5,916) |
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 | (184) | 4 | ||
Total other comprehensive income | (184) | 4 | ||
Accumulated other comprehensive income/(loss), ending balance | $ 222 | $ (407) | $ 222 | $ (407) |
Changes in Accumulated Other 47
Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | $ 1,638 | $ 5,668 | $ 8,027 | $ 15,566 |
Provision for income taxes | 364 | 1,676 | 2,416 | 4,996 |
Net income | 1,274 | 3,992 | 5,611 | 10,570 |
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 | 76 | ||
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 | (304) | (155) | (911) | (465) |
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 | (304) | (130) | (911) | (389) |
Provision for income taxes | (107) | (46) | (322) | (137) |
Net income | $ (197) | $ (84) | $ (589) | $ (252) |
Purchase of Treasury Stock - Ad
Purchase of Treasury Stock - Additional Information (Detail) - USD ($) shares in Thousands | 9 Months Ended | 11 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Jan. 29, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchase program authorized amount | $ 18,000,000 | ||
Aggregate cost of shares purchased during period | $ 5,852,000 | ||
Stock Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of shares purchased during period | 328 | ||
Aggregate cost of shares purchased during period | $ 5,852,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) - 2015 Revolving Agreement [Member] - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 02, 2015 | |
Revolving credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit | $ 25,000,000 | |
Maximum limit of credit facility | $ 50,000,000 | |
Term period of agreement | 5 years | |
Interest rate description | Interest at either (i) a rate equal to the bank's prime rate; or (ii) a rate equal to LIBOR plus a margin. | |
Fix rate to reduce fee on outstanding | 0.40% | |
Letters of credit outstanding amount | $ 0 | |
Debt instrument, covenant description | Under the new revolving credit facility, the Company covenants to maintain a maximum funded debt to EBITDA ratio of 3.5 to 1.0 and a minimum earnings before interest expense and income taxes to interest ratio of 4.0 to 1.0. The agreement also provides that the Company is permitted to pay dividends without limitation if it maintains a maximum funded debt to EBITDA ratio equal to or less than 2.0 to 1.0 and permits the Company to pay dividends in an amount equal to 25% of net income if it maintains a maximum funded debt to EBITDA ratio of greater than 2.0 to 1.0. | |
Maximum funded debt to EBITDA ratio | 350.00% | |
Percentage of net income to be paid as dividend if EBITDA ratio is greater than 2.0 to 1 | 25.00% | |
Minimum earnings to interest ratio | 400.00% | |
Revolving credit facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Unused commitment fee for borrowing | 0.30% | |
Fee for outstanding letters of credit | 1.20% | |
Revolving credit facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Unused commitment fee for borrowing | 0.20% | |
Fee for outstanding letters of credit | 0.70% | |
Revolving credit facility [Member] | Dividend Payment Covenant [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Maximum funded debt to EBITDA ratio | 200.00% | |
Revolving credit facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.75% | |
Revolving credit facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.95% | |
Bank of America, N.A. [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding amount | $ 10,042,000 |
Other Income - Additional Infor
Other Income - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2015 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | ||
Other income | $ 1,784 | $ 1,784 |
Accounting and Reporting Chan51
Accounting and Reporting Changes - Schedule of Effects of Retrospective Application of Provision in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Income Taxes [Line Items] | ||
Other assets | $ 186 | $ 146 |
Long-term deferred income tax liability | $ (6,784) | (5,876) |
Scenario, Previously Reported [Member] | ||
Income Taxes [Line Items] | ||
Current deferred income tax asset | 647 | |
Other assets | 150 | |
Current deferred income tax liability | (164) | |
Long-term deferred income tax liability | (6,363) | |
Reclassification [Member] | ||
Income Taxes [Line Items] | ||
Current deferred income tax asset | (647) | |
Other assets | (4) | |
Current deferred income tax liability | 164 | |
Long-term deferred income tax liability | $ 487 |