Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | 9,726,101 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Retained Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 21,126 | $ 22,798 | $ 43,491 | $ 50,415 |
Cost of products sold | 16,116 | 15,663 | 34,370 | 35,243 |
Gross profit | 5,010 | 7,135 | 9,121 | 15,172 |
Other expenses and income: | ||||
Selling, general and administrative | 3,118 | 4,187 | 6,716 | 8,767 |
Selling, general and administrative – amortization | 59 | 59 | 117 | 117 |
Restructuring charge | 75 | 630 | ||
Interest income | (85) | (53) | (172) | (105) |
Interest expense | 2 | 1 | 4 | 4 |
Total other expenses and income | 3,169 | 4,194 | 7,295 | 8,783 |
Income before provision for income taxes | 1,841 | 2,941 | 1,826 | 6,389 |
Provision for income taxes | 544 | 965 | 444 | 2,052 |
Net income | 1,297 | 1,976 | 1,382 | 4,337 |
Retained earnings at beginning of period | 108,232 | 107,726 | 109,013 | 106,178 |
Dividends | (874) | (807) | (1,740) | (1,620) |
Retained earnings at end of period | $ 108,655 | $ 108,895 | $ 108,655 | $ 108,895 |
Basic: | ||||
Net income | $ 0.13 | $ 0.20 | $ 0.14 | $ 0.43 |
Diluted: | ||||
Net income | $ 0.13 | $ 0.20 | $ 0.14 | $ 0.43 |
Weighted average common shares outstanding: | ||||
Basic | 9,724 | 10,078 | 9,699 | 10,116 |
Diluted | 9,728 | 10,083 | 9,704 | 10,125 |
Dividends declared per share | $ 0.09 | $ 0.08 | $ 0.18 | $ 0.16 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 1,297 | $ 1,976 | $ 1,382 | $ 4,337 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | (10) | (110) | (148) | (111) |
Defined benefit pension and other postretirement plans net of income tax of $123 and $108, for the three months ended September 30, 2016 and 2015, respectively, and $246 and $215 for the six months ended September 30, 2016 and 2015, respectively | 224 | 196 | 449 | 392 |
Total other comprehensive income | 214 | 86 | 301 | 281 |
Total comprehensive income | $ 1,511 | $ 2,062 | $ 1,683 | $ 4,618 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Defined benefit pension and other postretirement plans, tax | $ 123 | $ 108 | $ 246 | $ 215 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 31,274 | $ 24,072 |
Investments | 35,000 | 41,000 |
Trade accounts receivable, net of allowances ($32 and $91 at September 30 and March 31, 2016, respectively) | 18,411 | 12,730 |
Unbilled revenue | 10,099 | 11,852 |
Inventories | 7,861 | 10,811 |
Prepaid expenses and other current assets | 1,358 | 613 |
Income taxes receivable | 1,255 | 1,652 |
Total current assets | 105,258 | 102,730 |
Property, plant and equipment, net | 17,813 | 18,747 |
Goodwill | 6,938 | 6,938 |
Permits | 10,300 | 10,300 |
Other intangible assets, net | 4,158 | 4,248 |
Other assets | 180 | 168 |
Total assets | 144,647 | 143,131 |
Current liabilities: | ||
Current portion of capital lease obligations | 54 | 55 |
Accounts payable | 6,247 | 10,325 |
Accrued compensation | 4,747 | 5,317 |
Accrued expenses and other current liabilities | 4,450 | 3,826 |
Customer deposits | 13,684 | 8,400 |
Total current liabilities | 29,182 | 27,923 |
Capital lease obligations | 138 | 157 |
Accrued compensation | 46 | |
Deferred income tax liability | 3,850 | 3,546 |
Accrued pension liability | 977 | 1,338 |
Accrued postretirement benefits | 802 | 787 |
Total liabilities | 34,995 | 33,751 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $1.00 par value, 500 shares authorized | ||
Common stock, $.10 par value, 25,500 shares authorized 10,542 and 10,468 shares issued and 9,726 and 9,646 shares outstanding at September 30 and March 31, respectively | 1,054 | 1,047 |
Capital in excess of par value | 22,608 | 22,315 |
Retained earnings | 108,655 | 109,013 |
Accumulated other comprehensive loss | (10,375) | (10,676) |
Treasury stock, (816 and 822 shares) | (12,290) | (12,319) |
Total stockholders’ equity | 109,652 | 109,380 |
Total liabilities and stockholders’ equity | $ 144,647 | $ 143,131 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 32 | $ 91 |
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 | 10,542,000 | 10,468,000 |
Common stock, shares outstanding | 9,726,000 | 9,646,000 |
Treasury stock, shares | 816,000 | 822,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net income | $ 1,382 | $ 4,337 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,048 | 1,126 |
Amortization | 117 | 117 |
Amortization of unrecognized prior service cost and actuarial losses | 695 | 607 |
Stock-based compensation expense | 234 | 379 |
Loss on disposal or sale of property, plant and equipment | 1 | |
Deferred income taxes | 21 | 632 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (5,754) | (4,941) |
Unbilled revenue | 1,752 | 10,084 |
Inventories | 2,950 | 3,337 |
Prepaid expenses and other current and non-current assets | (751) | (401) |
Income taxes payable/receivable | 402 | (2,013) |
Prepaid pension asset | (611) | |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (4,003) | (717) |
Accrued compensation, accrued expenses and other current and non-current liabilities | 170 | (2,831) |
Customer deposits | 5,287 | (1,319) |
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits | (300) | (87) |
Net cash provided by operating activities | 3,251 | 7,699 |
Investing activities: | ||
Purchase of property, plant and equipment | (159) | (523) |
Proceeds from disposal of property, plant and equipment | 3 | |
Purchase of investments | (24,000) | (18,000) |
Redemption of investments at maturity | 30,000 | 18,000 |
Net cash provided (used) by investing activities | 5,841 | (520) |
Financing activities: | ||
Principal repayments on capital lease obligations | (20) | (27) |
Issuance of common stock | 38 | 97 |
Dividends paid | (1,740) | (1,620) |
Purchase of treasury stock | (30) | (3,399) |
Excess tax (deficiency) benefit on stock awards | (20) | 5 |
Net cash used by financing activities | (1,772) | (4,944) |
Effect of exchange rate changes on cash | (118) | (90) |
Net increase in cash and cash equivalents | 7,202 | 2,145 |
Cash and cash equivalents at beginning of year | 24,072 | 27,271 |
Cash and cash equivalents at end of period | $ 31,274 | $ 29,416 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Sep. 30, 2016 | |
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, 2016 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2016. 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, 2016 ("fiscal 2016"). In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included in the Company's Condensed Consolidated Financial Statements. The Company's results of operations and cash flows for the three and six months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the current fiscal year, which ends March 31, 2017 ("fiscal 2017"). |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Sep. 30, 2016 | |
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 $1,817 and $2,071 at September 30, 2016 and March 31, 2016, respectively. |
Investments
Investments | 6 Months Ended |
Sep. 30, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | NOTE 3 – INVESTMENTS: Investments consist of certificates of deposits with financial institutions. All investments have original maturities of greater than three months and less than one year and are classified as held-to-maturity, as the Company believes it has the intent and ability to hold the securities to maturity. Investments are stated at amortized cost which approximates fair value. All investments held by the Company at September 30, 2016 are scheduled to mature on or before April 14, 2017. |
Inventories
Inventories | 6 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – INVENTORIES: Inventories are stated at the lower of cost or market, using the average cost method. Unbilled revenue in the Condensed Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts accounted for on the percentage-of-completion method. For contracts accounted for on the percentage-of-completion method, progress payments are netted against unbilled revenue to the extent the payment is less than the unbilled revenue for the applicable contract. Progress payments exceeding unbilled revenue are netted against inventory to the extent the payment is less than or equal to the inventory balance relating to the applicable contract, and the excess is presented as customer deposits in the Condensed Consolidated Balance Sheets. Major classifications of inventories are as follows: September 30, March 31, 2016 2016 Raw materials and supplies $ 2,782 $ 3,178 Work in process 11,388 11,615 Finished products 708 659 14,878 15,452 Less - progress payments 7,017 4,641 Total $ 7,861 $ 10,811 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 5 – INTANGIBLE ASSETS: Intangible assets are comprised of the following: Gross Carrying Amount Accumulated Amortization Net Carrying Amount At September 30, 2016 Intangibles subject to amortization: Customer relationships $ 2,700 $ 1,042 $ 1,658 Intangibles not subject to amortization: Permits $ 10,300 $ — $ 10,300 Tradename 2,500 — 2,500 $ 12,800 $ — $ 12,800 At March 31, 2016 Intangibles subject to amortization: Customer relationships $ 2,700 $ 952 $ 1,748 Intangibles not subject to amortization: Permits $ 10,300 $ — $ 10,300 Tradename 2,500 — 2,500 $ 12,800 $ — $ 12,800 Intangible assets are amortized on a straight line basis over the estimated useful lives. Intangible amortization expense for each of the three months ended September 30, 2016 and 2015 was $45. Intangible amortization expense for each of the six months ended September 30, 2016 and 2015 was $90. As of September 30, 2016, amortization expense is estimated to be $90 for the remainder of fiscal 2017 and $180 in each of the fiscal years ending March 31, 2018, 2019, 2020 and 2021. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 6 – STOCK-BASED COMPENSATION: The Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value, as approved by the Company’s stockholders at the Annual Meeting on July 28, 2016, 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. As of September 30, 2016, 309 shares remain available for future awards under the plan, 225 of which 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. No restricted stock awards were granted in the three-month periods ended September 30, 2016 and 2015. Restricted stock awards granted in the six-month periods ended September 30, 2016 and 2015 were 82 and 34, respectively. Restricted shares of 43 and 15 granted to officers in fiscal 2017 and fiscal 2016, 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 31 and 12 granted to officers and key employees in fiscal 2017 and fiscal 2016, respectively, vest 33⅓% per year over a three-year term. Restricted shares of 8 and 7 granted to directors in fiscal 2017 and fiscal 2016, respectively, vest 100% on the first year anniversary of the grant date. No stock option awards were granted in the three-month or six-month periods ended September 30, 2016 and 2015. During the three months ended September 30, 2016 and 2015, the Company recognized stock-based compensation costs related to stock option and restricted stock awards of $199 and $151, respectively. The income tax benefit recognized related to stock-based compensation was $71 and $53 for the three months ended September 30, 2016 and 2015, respectively. During the six months ended September 30, 2016 and 2015, the Company recognized stock-based compensation costs related to stock option and restricted stock awards of $228 and $357, respectively. The income tax benefit recognized related to stock-based compensation was $81 and $126 for the six months ended September 30, 2016 and 2015, respectively. The Company has an Employee Stock Purchase Plan (the "ESPP"), which allows eligible employees to purchase shares of the Company's common stock at a discount of up to 15% of its fair market value on the (1) last, (2) first or (3) lower of the last or first day of the six-month offering period. A total of 200 shares of common stock may be purchased under the ESPP. During the three months ended September 30, 2016 and 2015, the Company recognized stock-based compensation (income) costs of $(7) and $8, respectively, related to the ESPP and $(3) and $3, respectively, of related tax (expense) benefits. During the six months ended September 30, 2016 and 2015, the Company recognized stock-based compensation costs of $6 and $22, respectively, related to the ESPP and $2 and $8, respectively, of related tax benefits. |
Income Per Share
Income Per Share | 6 Months Ended |
Sep. 30, 2016 | |
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 Six Months Ended September 30, September 30, 2016 2015 2016 2015 Basic income per share Numerator: Net income $ 1,297 $ 1,976 $ 1,382 $ 4,337 Denominator: Weighted average common shares outstanding 9,724 10,078 9,699 10,116 Basic income per share $ .13 $ .20 $ .14 $ .43 Diluted income per share Numerator: Net income $ 1,297 $ 1,976 $ 1,382 $ 4,337 Denominator: Weighted average common shares outstanding 9,724 10,078 9,699 10,116 Stock options outstanding 4 5 5 9 Weighted average common and potential common shares outstanding 9,728 10,083 9,704 10,125 Diluted income per share $ .13 $ .20 $ .14 $ .43 Options to purchase a total of 16 and 54 shares of common stock were outstanding at September 30, 2016 and 2015, 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 | 6 Months Ended |
Sep. 30, 2016 | |
Guarantees [Abstract] | |
Product Warranty Liability | NOTE 8 – PRODUCT WARRANTY LIABILITY: The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Six Months Ended September 30, September 30, 2016 2015 2016 2015 Balance at beginning of period $ 694 $ 632 $ 686 $ 653 (Income) expense for product warranties (54 ) 22 111 113 Product warranty claims paid (58 ) (150 ) (215 ) (262 ) Balance at end of period $ 582 $ 504 $ 582 $ 504 Income of $54 for product warranties in the three months ended September 30, 2016 resulted from the reversal of provisions made that were no longer required due to lower claims experience. The product warranty liability is included in the line item "Accrued expenses and other current liabilities" in the Condensed Consolidated Balance Sheets. |
Cash Flow Statement
Cash Flow Statement | 6 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Statement | NOTE 9 - CASH FLOW STATEMENT: Interest paid was $4 in each of the six-month periods ended September 30, 2016 and 2015. Income taxes paid for the six months ended September 30, 2016 and 2015 were $41 and $3,428, respectively. During the six months ended September 30, 2016 and 2015, 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 was (less) greater than the tax benefit that had been recorded pertaining to the compensation cost recognized by $(20) and $5, respectively, for such periods. This excess tax (deficiency) benefit has been separately reported under "Financing activities" in the Condensed Consolidated Statements of Cash Flows. Also, in the six months ended September 30, 2016 and 2015, non-cash activities included the issuance of treasury stock valued at $107 and $124, respectively, to the Company’s Employee Stock Purchase Plan. At September 30, 2016 and 2015, respectively, there were $44 and $95 of capital purchases that were recorded in accounts payable and are not included in the caption "Purchase of property, plant and equipment" in the Condensed Consolidated Statements of Cash Flows. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Sep. 30, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 10 – EMPLOYEE BENEFIT PLANS: The components of pension cost (benefit) are as follows: Three Months Ended Six Months Ended September 30, September 30, 2016 2015 2016 2015 Service cost $ 150 $ 130 $ 300 $ 261 Interest cost 363 359 725 718 Expected return on assets (719 ) (795 ) (1,437 ) (1,590 ) Amortization of actuarial loss 338 294 676 587 Net pension cost (benefit) $ 132 $ (12 ) $ 264 $ (24 ) The Company made no contributions to its defined benefit pension plan during the six months ended September 30, 2016 and does not expect to make any contributions to the plan for the balance of fiscal 2017. The components of the postretirement benefit cost are as follows: Three Months Ended Six Months Ended September 30, September 30, 2016 2015 2016 2015 Interest cost $ 8 $ 6 $ 14 $ 13 Amortization of actuarial loss 9 10 19 20 Net postretirement benefit cost $ 17 $ 16 $ 33 $ 33 The Company paid no benefits related to its postretirement benefit plan during the six months ended September 30, 2016. The Company expects to pay benefits of approximately $88 for the balance of fiscal 2017. The Company self-funds the medical insurance coverage it provides to its U.S. based employees. The Company maintains a stop loss insurance policy in order to limit its exposure to claims. The liability of $144 and $176 on September 30, 2016 and March 31, 2016, respectively, related to the self-insured medical plan is primarily based upon claim history and is included in the caption “Accrued compensation” as a current liability in the Condensed Consolidated Balance Sheets. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2016 | |
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-related suits that named the Company as defendant, which either were dismissed when it was shown that the Company had not supplied products to the plaintiffs’ places of work or were settled for immaterial amounts. As of September 30, 2016, 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 to cannot be determined and an estimate of the reasonably possible loss or range of loss cannot be made, management does not believe that the outcomes, either individually or in the aggregate, will have a material effect on the Company’s results of operations, financial position or cash flows. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2016 | |
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 2013 through 2015. There was no liability for unrecognized tax benefits at each of September 30, 2016 and March 31, 2016. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 6 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | NOTE 13 – CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS: The changes in accumulated other comprehensive loss by component for the six months ended September 30, 2016 and 2015 are as follows: Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2016 $ (10,932 ) $ 256 $ (10,676 ) Other comprehensive income before reclassifications — (148 ) (148 ) Amounts reclassified from accumulated other comprehensive loss 449 — 449 Net current-period other comprehensive income 449 (148 ) 301 Balance at September 30, 2016 $ (10,483 ) $ 108 $ (10,375 ) Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2015 $ (9,462 ) $ 406 $ (9,056 ) Other comprehensive income before reclassifications — (111 ) (111 ) Amounts reclassified from accumulated other comprehensive loss 392 — 392 Net current-period other comprehensive income 392 (111 ) 281 Balance at September 30, 2015 $ (9,070 ) $ 295 $ (8,775 ) The reclassifications out of accumulated other comprehensive loss by component for the three and six months ended September 30, 2016 and 2015 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 Ended September 30, 2016 2015 Pension and other postretirement benefit items: Amortization of actuarial loss $ (347 ) (1) $ (304 ) (1) Income before provision for income taxes (123 ) (108 ) Provision for income taxes $ (224 ) $ (196 ) 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 Six Months Ended September 30, 2016 2015 Pension and other postretirement benefit items: Amortization of actuarial loss $ (695 ) (1) $ (607 ) (1) Income before provision for income taxes (246 ) (215 ) Provision for income taxes $ (449 ) $ (392 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. See Note 10. |
Restructuring Charge
Restructuring Charge | 6 Months Ended |
Sep. 30, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charge | NOTE 14 – RESTRUCTURING CHARGE: In the first half of fiscal 2017, the Company’s workforce was aligned with the current and projected market conditions by eliminating certain management, office and manufacturing positions. As a result, a restructuring charge of $630 was recognized, which included severance and related employee benefit costs. This charge is included in the caption “Restructuring Charge” in the Condensed Consolidated Statement of Operations and Retained Earnings for the six months ended September 30, 2016. The reconciliation of the changes in the restructuring reserve is as follows: Six Months Ended September 30, 2016 Balance at beginning of period $ 74 Expense for restructuring 630 Amounts paid for restructuring (475 ) Balance at end of period $ 229 The current portion of the liability of $183 and $74 at September 30, 2016 and March 31, 2016 respectively, is included in the caption “Accrued Compensation” in the Condensed Consolidated Balance Sheets. The long-term portion of $46 at September 30, 2016 is separately presented in the Condensed Consolidated Balance Sheet. |
Accounting and Reporting Change
Accounting and Reporting Changes | 6 Months Ended |
Sep. 30, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
Accounting and Reporting Changes | NOTE 15 – ACCOUNTING AND REPORTING CHANGES: In the normal course of business, management evaluates all new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”), the Securities and Exchange Commission, the Emerging Issues Task Force, the American Institute of Certified Public Accountants or other authoritative accounting bodies to determine the potential impact they may have on the Company's consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “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 guidance allows two methods of adoption: (1) a full retrospective approach where historical financial information is presented in accordance with the new standard and (2) a modified retrospective approach where the guidance is applied to the most current period presented in the financial statements. In August 2015, the FASB issued ASU No 2015-14 “Revenue from Contracts with Customers: Deferral of the Effective Date,” which deferred the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017, with earlier application permitted as of annual reporting periods beginning after December 15, 2016. In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” to clarify the implementation guidance on principal versus agent. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” which clarifies the identifying performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients,” which clarifies the implementation guidance related to collectability, presentation of sales tax, noncash consideration, contract modifications and completed contracts at transition. The Company is currently evaluating the impact of adopting these ASU’s and the methods of adoption; however, given the scope of the new standards, the Company is currently unable to provide a reasonable estimate regarding the financial impact or which method of adoption will be elected. See Note 2 for a description of the Company’s current revenue recognition policy. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory,” which simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of this ASU will have on its Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires companies to recognize all leases as assets and liabilities on the consolidated balance sheet. This ASU retains a distinction between finance leases and operating leases, and the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the current accounting guidance. As a result, the effect of leases on the consolidated statement of comprehensive income and a consolidated statement of cash flows is largely unchanged from previous generally accepted accounting principles. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period and the entity must adopt all of the amendments from ASU 2016-09 in the same period. The Company does not expect the adoption of this ASU will have a material effect on its Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326),” which requires companies to utilize an impairment model that is based on expected losses rather than incurred losses when estimating the allowance for credit losses. This ASU is effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of this ASU will have on its Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230),” which clarifies the presentation and classification of eight specific issues on the cash flow statement. This ASU is effective for public businesses for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not expect the adoption of this ASU will have a material effect on its Consolidated Financial Statements. Management does not expect any other recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company's consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Major Classifications of Inventories | Major classifications of inventories are as follows: September 30, March 31, 2016 2016 Raw materials and supplies $ 2,782 $ 3,178 Work in process 11,388 11,615 Finished products 708 659 14,878 15,452 Less - progress payments 7,017 4,641 Total $ 7,861 $ 10,811 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets are comprised of the following: Gross Carrying Amount Accumulated Amortization Net Carrying Amount At September 30, 2016 Intangibles subject to amortization: Customer relationships $ 2,700 $ 1,042 $ 1,658 Intangibles not subject to amortization: Permits $ 10,300 $ — $ 10,300 Tradename 2,500 — 2,500 $ 12,800 $ — $ 12,800 At March 31, 2016 Intangibles subject to amortization: Customer relationships $ 2,700 $ 952 $ 1,748 Intangibles not subject to amortization: Permits $ 10,300 $ — $ 10,300 Tradename 2,500 — 2,500 $ 12,800 $ — $ 12,800 |
Income Per Share (Tables)
Income Per Share (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share | A reconciliation of the numerators and denominators of basic and diluted income per share is presented below: Three Months Ended Six Months Ended September 30, September 30, 2016 2015 2016 2015 Basic income per share Numerator: Net income $ 1,297 $ 1,976 $ 1,382 $ 4,337 Denominator: Weighted average common shares outstanding 9,724 10,078 9,699 10,116 Basic income per share $ .13 $ .20 $ .14 $ .43 Diluted income per share Numerator: Net income $ 1,297 $ 1,976 $ 1,382 $ 4,337 Denominator: Weighted average common shares outstanding 9,724 10,078 9,699 10,116 Stock options outstanding 4 5 5 9 Weighted average common and potential common shares outstanding 9,728 10,083 9,704 10,125 Diluted income per share $ .13 $ .20 $ .14 $ .43 |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Guarantees [Abstract] | |
Reconciliation of the Changes in Product Warranty Liability | The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Six Months Ended September 30, September 30, 2016 2015 2016 2015 Balance at beginning of period $ 694 $ 632 $ 686 $ 653 (Income) expense for product warranties (54 ) 22 111 113 Product warranty claims paid (58 ) (150 ) (215 ) (262 ) Balance at end of period $ 582 $ 504 $ 582 $ 504 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Components of Postretirement Benefit Cost and Pension Cost (Benefit) | The components of the postretirement benefit cost are as follows: Three Months Ended Six Months Ended September 30, September 30, 2016 2015 2016 2015 Interest cost $ 8 $ 6 $ 14 $ 13 Amortization of actuarial loss 9 10 19 20 Net postretirement benefit cost $ 17 $ 16 $ 33 $ 33 |
Pension Plans, Defined Benefit [Member] | |
Components of Postretirement Benefit Cost and Pension Cost (Benefit) | The components of pension cost (benefit) are as follows: Three Months Ended Six Months Ended September 30, September 30, 2016 2015 2016 2015 Service cost $ 150 $ 130 $ 300 $ 261 Interest cost 363 359 725 718 Expected return on assets (719 ) (795 ) (1,437 ) (1,590 ) Amortization of actuarial loss 338 294 676 587 Net pension cost (benefit) $ 132 $ (12 ) $ 264 $ (24 ) |
Changes in Accumulated Other 28
Changes in Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for the six months ended September 30, 2016 and 2015 are as follows: Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2016 $ (10,932 ) $ 256 $ (10,676 ) Other comprehensive income before reclassifications — (148 ) (148 ) Amounts reclassified from accumulated other comprehensive loss 449 — 449 Net current-period other comprehensive income 449 (148 ) 301 Balance at September 30, 2016 $ (10,483 ) $ 108 $ (10,375 ) Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2015 $ (9,462 ) $ 406 $ (9,056 ) Other comprehensive income before reclassifications — (111 ) (111 ) Amounts reclassified from accumulated other comprehensive loss 392 — 392 Net current-period other comprehensive income 392 (111 ) 281 Balance at September 30, 2015 $ (9,070 ) $ 295 $ (8,775 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component for the three and six months ended September 30, 2016 and 2015 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 Ended September 30, 2016 2015 Pension and other postretirement benefit items: Amortization of actuarial loss $ (347 ) (1) $ (304 ) (1) Income before provision for income taxes (123 ) (108 ) Provision for income taxes $ (224 ) $ (196 ) 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 Six Months Ended September 30, 2016 2015 Pension and other postretirement benefit items: Amortization of actuarial loss $ (695 ) (1) $ (607 ) (1) Income before provision for income taxes (246 ) (215 ) Provision for income taxes $ (449 ) $ (392 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. See Note 10. |
Restructuring Charge (Tables)
Restructuring Charge (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Restructuring And Related Activities [Abstract] | |
Summary of Reconciliation of Changes in Restructuring Reserve | The reconciliation of the changes in the restructuring reserve is as follows: Six Months Ended September 30, 2016 Balance at beginning of period $ 74 Expense for restructuring 630 Amounts paid for restructuring (475 ) Balance at end of period $ 229 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
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 | $ 1,817 | $ 2,071 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2016 | |
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 | Apr. 14, 2017 |
Treasury with original maturities period | 1 year |
Inventories - Major Classificat
Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 2,782 | $ 3,178 |
Work in process | 11,388 | 11,615 |
Finished products | 708 | 659 |
Inventory Gross | 14,878 | 15,452 |
Less - progress payments | 7,017 | 4,641 |
Total | $ 7,861 | $ 10,811 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Mar. 31, 2016 |
Schedule Of Intangible Assets [Line Items] | ||
Indefinite Lived Intangible Assets, Gross Carrying Amount | $ 12,800 | $ 12,800 |
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, Net Carrying Amount | 10,300 | 10,300 |
Tradename [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Indefinite Lived Intangible Assets, Gross Carrying Amount | 2,500 | 2,500 |
Indefinite Lived Intangible Assets, Net Carrying Amount | 2,500 | 2,500 |
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 | 1,042 | 952 |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 1,658 | $ 1,748 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Finite Lived Intangible Assets [Line Items] | ||||
Intangible amortization expense | $ 59 | $ 59 | $ 117 | $ 117 |
Customer Relationships [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Intangible amortization expense | 45 | $ 45 | 90 | $ 90 |
Future amortization expenses, 2017 | 90 | 90 | ||
Future amortization expenses, 2018 | 180 | 180 | ||
Future amortization expenses, 2019 | 180 | 180 | ||
Future amortization expenses, 2020 | 180 | 180 | ||
Future amortization expenses, 2021 | $ 180 | $ 180 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Compensation Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 199 | $ 151 | $ 228 | $ 357 |
Income tax benefit to stock based compensation | $ 71 | $ 53 | $ 81 | $ 126 |
Employee Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options maximum term | 10 years | |||
Amended and Restated 2000 Incentive Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options, stock awards and performance awards available for future grants | 309,000 | 309,000 | ||
Amended and Restated 2000 Incentive Plan [Member] | Stock Compensation Plan [Member] | Maximum [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] | ||||
Available for future awards under the plan | 225,000 | 225,000 | ||
Restricted stock awarded | 0 | 0 | 82,000 | 34,000 |
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Performance Vested Restricted Stock [Member] | Officer [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock awarded | 43,000 | 15,000 | ||
Share-based compensation vesting percentage | 100.00% | |||
Vesting period | 3 years | |||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Time Vested Restricted Stock [Member] | Officers and Key Employees [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock awarded | 31,000 | 12,000 | ||
Share-based compensation vesting percentage | 33.33% | |||
Vesting period | 3 years | |||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Time Vested Restricted Stock [Member] | Director [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock awarded | 8,000 | 7,000 | ||
Share-based compensation vesting percentage | 100.00% | |||
Vesting period | 1 year | |||
Amended and Restated 2000 Incentive Plan [Member] | Employee Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option awards granted | 0 | 0 | 0 | 0 |
Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Discount on purchase price of common stock percentage on fair market value | 15.00% | |||
Stock based compensation (income) expense | $ (7) | $ 8 | $ 6 | $ 22 |
Income tax (expense) benefits to stock based compensation | $ (3) | $ 3 | $ 2 | $ 8 |
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 | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator: | ||||
Net income | $ 1,297 | $ 1,976 | $ 1,382 | $ 4,337 |
Denominator: | ||||
Weighted average common shares outstanding | 9,724 | 10,078 | 9,699 | 10,116 |
Basic income per share | $ 0.13 | $ 0.20 | $ 0.14 | $ 0.43 |
Numerator: | ||||
Net income | $ 1,297 | $ 1,976 | $ 1,382 | $ 4,337 |
Denominator: | ||||
Weighted average common shares outstanding | 9,724 | 10,078 | 9,699 | 10,116 |
Stock options outstanding | 4 | 5 | 5 | 9 |
Weighted average common and potential common shares outstanding | 9,728 | 10,083 | 9,704 | 10,125 |
Diluted income per share | $ 0.13 | $ 0.20 | $ 0.14 | $ 0.43 |
Income Per Share - Additional I
Income Per Share - Additional Information (Detail) - shares shares in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 16 | 54 |
Product Warranty Liability - Re
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Guarantees [Abstract] | ||||
Balance at beginning of period | $ 694 | $ 632 | $ 686 | $ 653 |
(Income) expense for product warranties | (54) | 22 | 111 | 113 |
Product warranty claims paid | (58) | (150) | (215) | (262) |
Balance at end of period | $ 582 | $ 504 | $ 582 | $ 504 |
Product Warranty Liability - Ad
Product Warranty Liability - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Guarantees [Abstract] | ||||
(Income) expense for product warranties | $ (54) | $ 22 | $ 111 | $ 113 |
Cash Flow Statement - Additiona
Cash Flow Statement - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 4 | $ 4 |
Income taxes paid | 41 | 3,428 |
Excess tax (deficiency) benefit on stock awards | (20) | 5 |
Issuance of treasury stock | 107 | 124 |
Capital expenditures incurred but not yet paid | $ 44 | $ 95 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Postretirement Benefit Cost and Pension Cost (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 150 | $ 130 | $ 300 | $ 261 |
Interest cost | 363 | 359 | 725 | 718 |
Expected return on assets | (719) | (795) | (1,437) | (1,590) |
Amortization of actuarial loss | 338 | 294 | 676 | 587 |
Net pension cost (benefit) and postretirement benefit cost | 132 | (12) | 264 | (24) |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 8 | 6 | 14 | 13 |
Amortization of actuarial loss | 9 | 10 | 19 | 20 |
Net pension cost (benefit) and postretirement benefit cost | $ 17 | $ 16 | $ 33 | $ 33 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Self-Insured medical plan liability | $ 144,000 | $ 176,000 |
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 2017 | 0 | |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Post retirement benefit plan | 0 | |
Defined benefit plan, benefit expected to pay for the balance of fiscal 2017 | $ 88,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
Income Taxes [Line Items] | ||
Liability unrecognized tax benefits | $ 0 | $ 0 |
Earliest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2,013 | |
Earliest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2,011 | |
Earliest Tax Year [Member] | International Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2,013 | |
Latest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2,015 | |
Latest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2,015 | |
Latest Tax Year [Member] | International Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2,015 |
Changes in Accumulated Other 44
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income/(loss), beginning balance | $ 109,380 | |||
Other comprehensive income before reclassifications | (148) | $ (111) | ||
Amounts reclassified from accumulated other comprehensive loss | 449 | 392 | ||
Total other comprehensive income | $ 214 | $ 86 | 301 | 281 |
Accumulated other comprehensive income/(loss), ending balance | 109,652 | 109,652 | ||
Pension and Other Postretirement Benefits Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income/(loss), beginning balance | (10,932) | (9,462) | ||
Amounts reclassified from accumulated other comprehensive loss | 449 | 392 | ||
Total other comprehensive income | 449 | 392 | ||
Accumulated other comprehensive income/(loss), ending balance | (10,483) | (9,070) | (10,483) | (9,070) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income/(loss), beginning balance | 256 | 406 | ||
Other comprehensive income before reclassifications | (148) | (111) | ||
Total other comprehensive income | (148) | (111) | ||
Accumulated other comprehensive income/(loss), ending balance | 108 | 295 | 108 | 295 |
AOCI Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income/(loss), beginning balance | (10,676) | (9,056) | ||
Accumulated other comprehensive income/(loss), ending balance | $ (10,375) | $ (8,775) | $ (10,375) | $ (8,775) |
Changes in Accumulated Other 45
Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | $ 1,841 | $ 2,941 | $ 1,826 | $ 6,389 |
Provision for income taxes | 544 | 965 | 444 | 2,052 |
Net income | 1,297 | 1,976 | 1,382 | 4,337 |
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 | (347) | (304) | (695) | (607) |
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] | ||||
Provision for income taxes | (123) | (108) | (246) | (215) |
Net income | $ (224) | $ (196) | $ (449) | $ (392) |
Restructuring Charge - Addition
Restructuring Charge - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |||
Restructuring charge | $ 75 | $ 630 | |
Current portion of liability included in accrued compensation | 183 | 183 | $ 74 |
Accrued compensation | $ 46 | $ 46 |
Restructuring Charge - Summary
Restructuring Charge - Summary of Reconciliation of Changes in Restructuring Reserve (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Restructuring And Related Activities [Abstract] | ||
Balance at beginning of year | $ 74 | |
Expense for restructuring | $ 75 | 630 |
Amounts paid for restructuring | (475) | |
Balance at end of year | $ 229 | $ 229 |