Graham (GHM) 10-Q 2 Feb 16 2016 Q3 Quarterly report Financial data

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