Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | May 23, 2016 | Sep. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K/A | ||
Amendment Flag | true | ||
Document Period End Date | Mar. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GHM | ||
Entity Registrant Name | GRAHAM CORP | ||
Entity Central Index Key | 716,314 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 9,646,981 | ||
Entity Public Float | $ 168,783,420 | ||
Amendment Description | This Amendment No. 1 on Form 10-K/A (the “Amendment”) amends the Annual Report on Form 10-K for the year ended March 31, 2016 of Graham Corporation (the “Company”), as originally filed with the U.S. Securities and Exchange Commission on June 1, 2016 (the “Original Filing”). The Company is filing the Amendment solely to amend: (i) Part II-Item 8 “Financial Statements and Supplementary Data” and (ii) Part IV-Item 15 “Exhibits and Financial Statement Schedules”, in each case to correct typographical errors relating to references to the dates of the audit reports (the “Reports”) of Deloitte & Touche LLP, the Company’s Independent Registered Public Accounting Firm. The correct reference to the date of the Reports is June 1, 2016. This Amendment is limited in scope to the portions of the Original Filing discussed above and does not amend, update or change any other items or disclosures contained in the Original Filing. This Amendment continues to speak as of the date of the Original Filing and we have not updated the disclosures contained therein to reflect any events that occurred at any subsequent date. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 90,039 | $ 135,169 | $ 102,218 |
Cost of products sold | 66,784 | 93,365 | 70,406 |
Gross profit | 23,255 | 41,804 | 31,812 |
Other expenses and income: | |||
Selling, general and administrative | 16,331 | 18,283 | 16,973 |
Selling, general and administrative - amortization | 234 | 229 | 222 |
Restructuring charge | 1,718 | ||
Other income | (1,789) | ||
Interest income | (261) | (189) | (94) |
Interest expense | 10 | 11 | 1 |
Total other expenses and income | 14,525 | 20,052 | 17,102 |
Income before provision for income taxes | 8,730 | 21,752 | 14,710 |
Provision for income taxes | 2,599 | 7,017 | 4,565 |
Net income | $ 6,131 | $ 14,735 | $ 10,145 |
Basic: | |||
Net income | $ 0.61 | $ 1.46 | $ 1.01 |
Diluted: | |||
Net income | $ 0.61 | $ 1.45 | $ 1 |
Average common shares outstanding: | |||
Basic | 9,976 | 10,123 | 10,070 |
Diluted | 9,983 | 10,143 | 10,104 |
Dividends declared per share | $ 0.33 | $ 0.20 | $ 0.13 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 6,131 | $ 14,735 | $ 10,145 |
Other comprehensive income: | |||
Foreign currency translation adjustment | (150) | 3 | (7) |
Defined benefit pension and other postretirement plans, net of income tax (benefit) provision, of $(804), $(1,802), and $1,244 for the years ended March 31, 2016, 2015 and 2014, respectively | (1,470) | (3,294) | 2,275 |
Total other comprehensive income | (1,620) | (3,291) | 2,268 |
Total comprehensive income | $ 4,511 | $ 11,444 | $ 12,413 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Defined benefit pension and other postretirement plans, tax (benefit) provision | $ (804) | $ (1,802) | $ 1,244 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 24,072 | $ 27,271 |
Investments | 41,000 | 33,000 |
Trade accounts receivable, net of allowances ($91 and $62 at March 31, 2016 and 2015, respectively) | 12,730 | 17,249 |
Unbilled revenue | 11,852 | 18,665 |
Inventories | 10,811 | 13,994 |
Prepaid expenses and other current assets | 613 | 529 |
Income taxes receivable | 1,652 | 339 |
Total current assets | 102,730 | 111,047 |
Property, plant and equipment, net | 18,747 | 19,812 |
Prepaid pension asset | 1,332 | |
Goodwill | 6,938 | 6,938 |
Permits | 10,300 | 10,300 |
Other intangible assets, net | 4,248 | 4,428 |
Other assets | 168 | 146 |
Total assets | 143,131 | 154,003 |
Current liabilities: | ||
Current portion of capital lease obligations | 55 | 60 |
Accounts payable | 10,325 | 13,334 |
Accrued compensation | 5,317 | 9,343 |
Accrued expenses and other current liabilities | 3,826 | 3,247 |
Customer deposits | 8,400 | 4,179 |
Total current liabilities | 27,923 | 30,163 |
Capital lease obligations | 157 | 98 |
Accrued compensation | 124 | |
Deferred income tax liability | 3,546 | 5,876 |
Accrued pension liability | 1,338 | 315 |
Accrued postretirement benefits | 787 | 876 |
Total liabilities | 33,751 | 37,452 |
Commitments and contingencies (Notes 6 and 17) | ||
Stockholders’ equity: | ||
Preferred stock, $1.00 par value, 500 shares authorized | ||
Common stock, $.10 par value, 25,500 shares authorized 10,468 and 10,433 shares issued and 9,646 and 10,133 shares outstanding at March 31, 2016 and 2015, respectively | 1,047 | 1,043 |
Capital in excess of par value | 22,315 | 21,398 |
Retained earnings | 109,013 | 106,178 |
Accumulated other comprehensive loss | (10,676) | (9,056) |
Treasury stock (822 and 299 shares) | (12,319) | (3,012) |
Total stockholders’ equity | 109,380 | 116,551 |
Total liabilities and stockholders’ equity | $ 143,131 | $ 154,003 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 91 | $ 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 | 10,433,000 |
Common stock, shares outstanding | 9,646,000 | 10,133,000 |
Treasury stock, shares | 822,000 | 299,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Operating activities: | |||
Net income | $ 6,131 | $ 14,735 | $ 10,145 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 2,201 | 2,079 | 1,977 |
Amortization | 234 | 229 | 222 |
Amortization of unrecognized prior service cost and actuarial losses | 1,214 | 514 | 886 |
Discount accretion on investments | (8) | ||
Stock-based compensation expense | 697 | 653 | 639 |
Loss on disposal or sale of property, plant and equipment | 4 | 14 | 223 |
Deferred income taxes | (1,522) | 157 | (1,011) |
(Increase) decrease in operating assets: | |||
Accounts receivable | 4,440 | (6,910) | (1,001) |
Unbilled revenue | 6,783 | (10,835) | 5,318 |
Inventories | 3,175 | 2,525 | (5,161) |
Income taxes receivable/payable | (1,309) | 158 | 2,137 |
Prepaid expenses and other current and non-current assets | (162) | (152) | 185 |
Prepaid pension asset | (1,222) | (1,108) | (793) |
Increase (decrease) in operating liabilities: | |||
Accounts payable | (2,836) | 3,115 | 595 |
Accrued compensation, accrued expenses and other current and non-current liabilities | (3,178) | 4,981 | 28 |
Customer deposits | 4,227 | (3,834) | 1,009 |
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits | (126) | (42) | (160) |
Net cash provided by operating activities | 18,751 | 6,279 | 15,230 |
Investing activities: | |||
Purchase of property, plant and equipment | (1,153) | (5,300) | (5,263) |
Proceeds from disposal of property, plant and equipment | 3 | 1 | 32 |
Purchase of investments | (44,000) | (50,000) | (109,494) |
Redemption of investments at maturity | 36,000 | 46,000 | 108,000 |
Net cash used by investing activities | (9,150) | (9,299) | (6,725) |
Financing activities: | |||
Principal repayments on capital lease obligations | (59) | (80) | (88) |
Issuance of common stock | 97 | 47 | 581 |
Dividends paid | (3,296) | (2,026) | (1,308) |
Purchase of treasury stock | (9,441) | ||
Excess tax deduction on stock awards | 6 | 200 | 271 |
Net cash used by financing activities | (12,693) | (1,859) | (544) |
Effect of exchange rate changes on cash | (107) | 4 | (9) |
Net (decrease) increase in cash and cash equivalents | (3,199) | (4,875) | 7,952 |
Cash and cash equivalents at beginning of year | 27,271 | 32,146 | 24,194 |
Cash and cash equivalents at end of year | $ 24,072 | $ 27,271 | $ 32,146 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital in Excess Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Beginning balance at Mar. 31, 2013 | $ 92,995 | $ 1,033 | $ 18,596 | $ 84,632 | $ (8,033) | $ (3,233) |
Beginning balance, shares at Mar. 31, 2013 | 10,331 | |||||
Comprehensive income | 12,413 | 10,145 | 2,268 | |||
Issuance of shares | 581 | $ 8 | 573 | |||
Issuance of shares, shares | 78 | |||||
Stock award tax benefit | 271 | 271 | ||||
Dividends | (1,308) | (1,308) | ||||
Recognition of equity-based compensation expense | 639 | 639 | ||||
Issuance of treasury stock | 317 | 195 | 122 | |||
Ending Balance at Mar. 31, 2014 | 105,908 | $ 1,041 | 20,274 | 93,469 | (5,765) | (3,111) |
Ending Balance, shares at Mar. 31, 2014 | 10,409 | |||||
Comprehensive income | 11,444 | 14,735 | (3,291) | |||
Issuance of shares | 47 | $ 2 | 45 | |||
Issuance of shares, shares | 24 | |||||
Stock award tax benefit | 200 | 200 | ||||
Dividends | (2,026) | (2,026) | ||||
Recognition of equity-based compensation expense | 653 | 653 | ||||
Issuance of treasury stock | 325 | 226 | 99 | |||
Ending Balance at Mar. 31, 2015 | 116,551 | $ 1,043 | 21,398 | 106,178 | (9,056) | (3,012) |
Ending Balance, shares at Mar. 31, 2015 | 10,433 | |||||
Comprehensive income | 4,511 | 6,131 | (1,620) | |||
Issuance of shares | 97 | $ 4 | 93 | |||
Issuance of shares, shares | 35 | |||||
Stock award tax benefit | 6 | 6 | ||||
Dividends | (3,296) | (3,296) | ||||
Recognition of equity-based compensation expense | 697 | 697 | ||||
Purchase of treasury stock | (9,441) | (9,441) | ||||
Issuance of treasury stock | 255 | 121 | 134 | |||
Ending Balance at Mar. 31, 2016 | $ 109,380 | $ 1,047 | $ 22,315 | $ 109,013 | $ (10,676) | $ (12,319) |
Ending Balance, shares at Mar. 31, 2016 | 10,468 |
The Company and Its Accounting
The Company and Its Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
The Company and Its Accounting Policies | Note 1 - The Company and Its Accounting Policies: Graham Corporation, and its operating subsidiaries, (together, the “Company”), is a global designer, manufacturer and supplier of vacuum and heat transfer equipment used in the chemical, petrochemical, petroleum refining, and electric power generating industries. Energy Steel & Supply Co. (“Energy Steel”), a wholly-owned subsidiary, is a nuclear code accredited fabrication and specialty machining company which provides products to the nuclear industry. The Company's significant accounting policies are set forth below. The Company's fiscal years ended March 31, 2016, 2015 and 2014 are referred to as fiscal 2016, fiscal 2015 and fiscal 2014, respectively. Principles of consolidation and use of estimates in the preparation of financial statements The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Energy Steel, located in Lapeer, Michigan, and Graham Vacuum and Heat Transfer Technology (Suzhou) Co., Ltd., located in China. All intercompany balances, transactions and profits are eliminated in consolidation. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimated. Translation of foreign currencies Assets and liabilities of the Company's foreign subsidiary are translated into U.S. dollars at currency exchange rates in effect at year-end and revenues and expenses are translated at average exchange rates in effect for the year. Gains and losses resulting from foreign currency transactions are included in results of operations. The Company’s sales and purchases in foreign currencies are minimal. Therefore, foreign currency transaction gains and losses are not significant. Gains and losses resulting from translation of foreign subsidiary balance sheets are included in a separate component of stockholders' equity. Translation adjustments are not adjusted for income taxes since they relate to an investment, which is permanent in nature. Revenue recognition Percentage-of-Completion Method 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 recognized on contracts accounted for utilizing percentage-of-completion are presented in net sales in the Consolidated Statement of Operations and unbilled revenue in the Consolidated Balance Sheets to the extent that the revenue recognized exceeds the amounts billed to customers. See "Inventories" below. Receivables billed but not paid under retainage provisions in its customer contracts were $2,071 and $1,751 at March 31, 2016 and 2015, respectively. Completed Contract Method 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. Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid, short-term investments with maturities at the time of purchase of three months or less. Shipping and handling fees and costs Shipping and handling fees billed to the customer are recorded in net sales and the related costs incurred for shipping and handling are included in cost of products sold. 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. The investments are stated at amortized cost which approximates fair value. All investments held by the Company at March 31, 2016 are scheduled to mature on or before February 3, 2017. Inventories Inventories are stated at the lower of cost or market, using the average cost method. Unbilled revenue in the 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 Consolidated Balance Sheets. A summary of costs and estimated earnings on contracts in progress at March 31, 2016 and 2015 is as follows: March 31, 2016 2015 Costs incurred since inception on contracts in progress $ 35,893 $ 64,912 Estimated earnings since inception on contracts in progress 1,185 16,067 37,078 80,979 Less billings to date 38,267 69,636 Net under (over) billings $ (1,189 ) $ 11,343 The above activity is included in the accompanying Consolidated Balance Sheets under the following captions at March 31, 2016 and 2015 or Notes to Consolidated Financial Statements: March 31, 2016 2015 Unbilled revenue $ 11,852 $ 18,665 Progress payments reducing inventory (Note 2) (4,641 ) (3,143 ) Customer deposits (8,400 ) (4,179 ) Net under (over) billings $ (1,189 ) $ 11,343 Property, plant, equipment, depreciation and amortization Property, plant and equipment are stated at cost net of accumulated depreciation and amortization. Major additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Depreciation and amortization are provided based upon the estimated useful lives, or lease term if shorter, under the straight line method. Estimated useful lives range from approximately five to eight years for office equipment, eight to 25 years for manufacturing equipment and 40 years for buildings and improvements. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations. Business combinations The Company records its business combinations under the acquisition method of accounting. Under the acquisition method of accounting, the Company allocates the purchase price of each acquisition to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values at the date of acquisition. The fair value of identifiable intangible assets is based upon detailed valuations that use various assumptions made by management. Any excess of the purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Direct acquisition-related costs are expensed as incurred. Intangible assets Acquired intangible assets other than goodwill consist of permits, customer relationships, and tradenames. The Company amortizes its definite-lived intangible assets on a straight-line basis over their estimated useful lives. The estimated useful life is fifteen years for customer relationships. All other intangibles have indefinite lives and are not amortized. Impairment of long-lived assets The Company assesses the impairment of definite-lived long-lived assets or asset groups when events or changes in circumstances indicate that the carrying value may not be recoverable. Factors that are considered in deciding when to perform an impairment review include: a significant decrease in the market price of the asset or asset group; a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction; a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group; or a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The term more likely than not refers to a level of likelihood that is more than 50%. Recoverability potential is measured by comparing the carrying amount of the asset or asset group to its related total future undiscounted cash flows. If the carrying value is not recoverable through related cash flows, the asset or asset group is considered to be impaired. Impairment is measured by comparing the asset or asset group's carrying amount to its fair value. When it is determined that useful lives of assets are shorter than originally estimated, and no impairment is present, the rate of depreciation is accelerated in order to fully depreciate the assets over their new shorter useful lives. Goodwill and intangible assets with indefinite lives are tested annually for impairment. The Company assesses goodwill for impairment by comparing the fair value of its reporting units to their carrying amounts. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the implied fair value of the goodwill within the reporting unit is less than its carrying value. Fair values for reporting units are determined based on discounted cash flows. Indefinite lived intangible assets are assessed for impairment by comparing the fair value of the asset to its carrying value. Product warranties The Company estimates the costs that may be incurred under its product warranties and records a liability in the amount of such costs at the time revenue is recognized. The reserve for product warranties is based upon past claims experience and ongoing evaluations of any specific probable claims from customers. A reconciliation of the changes in the product warranty liability is presented in Note 5. Research and development Research and development costs are expensed as incurred. The Company incurred research and development costs of $3,746, $3,585 and $3,436 in fiscal 2016, fiscal 2015 and fiscal 2014, respectively. Research and development costs are included in the line item “Cost of products sold” in the Consolidated Statements of Operations. Income taxes The Company recognizes deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. The Company evaluates the available evidence about future taxable income and other possible sources of realization of deferred income tax assets and records a valuation allowance to reduce deferred income tax assets to an amount that represents the Company's best estimate of the amount of such deferred income tax assets that more likely than not will be realized. The Company accounts for uncertain tax positions using a "more likely than not" recognition threshold. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective resolution of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. These tax positions are evaluated on a quarterly basis. It is the Company's policy to recognize any interest related to uncertain tax positions in interest expense and any penalties related to uncertain tax positions in selling, general and administrative expense. The Company files federal and state income tax returns in several U.S. and non-U.S. domestic and foreign 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. Stock-based compensation The Company records compensation costs related to stock-based awards based on the estimated fair value of the award on the grant date. Compensation cost is recognized in the Company's Consolidated Statements of Operations over the applicable vesting period. The Company uses the Black-Scholes valuation model as the method for determining the fair value of its equity awards. For restricted stock awards, the fair market value of the award is determined based upon the closing value of the Company's stock price on the grant date. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are ultimately expected to vest. The Company estimates the forfeiture rate at the grant date by analyzing historical data and revises the estimates in subsequent periods if the actual forfeiture rate differs from the estimates. Income per share data Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Common shares outstanding include share equivalent units which are contingently issuable shares. Diluted income per share is calculated by dividing net income by the weighted average number of common shares outstanding and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted income per share is presented below: Year ended March 31, 2016 2015 2014 Basic income per share: Numerator: Net income $ 6,131 $ 14,735 $ 10,145 Denominator: Weighted common shares outstanding 9,976 10,123 10,056 Share equivalent units ("SEUs") outstanding — — 14 Weighted average common shares and SEUs outstanding 9,976 10,123 10,070 Basic income per share $ 0.61 $ 1.46 $ 1.01 Diluted income per share: Numerator: Net income $ 6,131 $ 14,735 $ 10,145 Denominator: Weighted average common shares and SEUs outstanding 9,976 10,123 10,070 Stock options outstanding 7 20 34 Weighted average common and potential common shares outstanding 9,983 10,143 10,104 Diluted income per share $ 0.61 $ 1.45 $ 1.00 There were 54, 12 and 2 options to purchase shares of common stock at various exercise prices in fiscal 2016, fiscal 2015 and fiscal 2014, respectively, which were not included in the computation of diluted income per share as the effect would be anti-dilutive. Cash flow statement The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. Interest paid was $10 in fiscal 2016, $11 in fiscal 2015, and $12 in fiscal 2014. In addition, income taxes paid were $5,423 in fiscal 2016, $6,491 in fiscal 2015, and $3,302 in fiscal 2014. In fiscal 2016, fiscal 2015, and fiscal 2014, non-cash activities included pension and other postretirement benefit adjustments, net of income tax, of $1,470, $3,294 and $(2,275), respectively. Also, in fiscal 2016, fiscal 2015 and fiscal 2014, non-cash activities included the issuance of treasury stock valued at $255, $325 and $317, respectively, to the Company’s Employee Stock Purchase Plan (See Note 11). At March 31, 2016, 2015, and 2014, there were $53, $174, and $40, 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 Consolidated Statements of Cash Flows. In fiscal 2016, fiscal 2015 and fiscal 2014, capital expenditures totaling $126, $22 and $90, respectively, were financed through the issuance of capital leases. Accumulated other comprehensive loss Comprehensive income is comprised of net income and other comprehensive income or loss items, which are accumulated as a separate component of stockholders’ equity. For the Company, other comprehensive income or loss items include a foreign currency translation adjustment and pension and other postretirement benefit adjustments. Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. The accounting standard for fair value establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 – Valuations determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. Level 3 –Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The availability of observable inputs can vary and is affected by a wide variety of factors, including, the type of asset/liability, whether the asset/liability is established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of sales and expenses during the reporting period. Actual results could differ materially from those estimates. 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 (“SEC”), 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 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. The Company is currently evaluating the impact of adopting these ASU’s and the methods of adoption; however, given the scope of the new standard, the Company is currently unable to provide a reasonable estimate regarding the financial impact or which method of adoption will be elected. See Note 1 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 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 in 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 Consolidated Balance Sheet at March 31, 2015: Balance Sheet Caption Before Application of Guidance Reclassification After Application of Guidance 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 ) 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 is currently evaluating the impact that the adoption of this ASU will have 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
Inventories | 12 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2 – Inventories: Major classifications of inventories are as follows: March 31, 2016 2015 Raw materials and supplies $ 3,178 $ 2,763 Work in process 11,615 13,685 Finished products 659 689 15,452 17,137 Less – progress payments 4,641 3,143 $ 10,811 $ 13,994 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 3 – Property, Plant and Equipment: Major classifications of property, plant and equipment are as follows: March 31, 2016 2015 Land $ 210 $ 210 Buildings and leasehold improvements 18,774 18,682 Machinery and equipment 28,537 27,749 Construction in progress 70 70 47,591 46,711 Less – accumulated depreciation and amortization 28,844 26,899 $ 18,747 $ 19,812 Depreciation expense in fiscal 2016, fiscal 2015, and fiscal 2014 was $2,201, $2,079, and $1,977, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 4 – Intangible Assets: Intangible assets are comprised of the following: Gross Carrying Amount Accumulated Amortization Net Carrying Amount 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 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 was $180 in each of fiscal 2016, fiscal 2015 and fiscal 2014. As of March 31, 2016, amortization expense is estimated to be $180 in each of the fiscal years ending March 31, 2017, 2018, 2019, 2020 and 2021. There was no change in goodwill during fiscal 2016 or fiscal 2015. Goodwill was $6,938 at March 31, 2016 and 2015. |
Product Warranty Liability
Product Warranty Liability | 12 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Product Warranty Liability | Note 5 – Product Warranty Liability: The reconciliation of the changes in the product warranty liability is as follows: Year ended March 31, 2016 2015 Balance at beginning of year $ 653 $ 308 Expense for product warranties 336 930 Product warranty claims paid (303 ) (585 ) Balance at end of year $ 686 $ 653 The product warranty liability is included in the line item “Accrued expenses and other current liabilities” in the Consolidated Balance Sheets. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2016 | |
Leases [Abstract] | |
Leases | Note 6 - Leases: The Company leases equipment and office space under various operating leases. Lease expense applicable to operating leases was $677, $596, and $563 in fiscal 2016, fiscal 2015, and fiscal 2014, respectively. Property, plant and equipment include the following amounts for leases which have been capitalized: March 31, 2016 2015 Machinery and equipment $ 280 $ 288 Less accumulated amortization 75 135 $ 205 $ 153 Amortization of machinery and equipment under capital leases amounted to $40, $54 and $72 in fiscal 2016, fiscal 2015, and fiscal 2014, respectively, and is included in depreciation expense. As of March 31, 2016, future minimum payments required under non-cancelable leases are: Operating Leases Capital Leases 2017 $ 580 $ 64 2018 408 62 2019 364 55 2020 353 33 2021 238 18 Total minimum lease payments $ 1,943 $ 232 Less – amount representing interest 20 Present value of net minimum lease payments $ 212 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Note 7 - Debt: Short-Term Debt The Company and its subsidiaries had no short-term borrowings outstanding at March 31, 2016 and 2015. 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. The bank’s prime rate was 3.50% at March 31, 2016. The interest rate under the prior facility with Bank of America, N.A. was also the bank’s prime rate which was 3.25% at March 31, 2015. 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 March 31, 2016, all outstanding letters of credit were secured by cash and cash equivalents. At March 31, 2016, there were $1,749 letters of credit outstanding on the new revolving credit facility and $8,312 with Bank of America, N.A. Availability under the line of credit was $23,251 at March 31, 2016. Under the new revolving credit facility, the Company covenants to maintain a maximum funded debt to EBITDA ratio, as defined in such credit facility, of 3.5 to 1.0 and a minimum earnings before interest expense and income taxes (“EBIT") to interest ratio, as defined in such credit facility, 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 funded debt to EBITDA ratio of greater than 2.0 to 1.0. The Company was in compliance with all such provisions as of and for the year ended March 31, 2016. Assets with a book value of $104,059 have been pledged to secure borrowings under the credit facility. On March 24, 2014, the Company entered into a letter of credit facility agreement to further support its international operations. The agreement provides a $5,000 line of credit to be used for the issuance of letters of credit. Under the agreement, the Company incurs an annual facility fee of 0.375% of the maximum amount available under the facility and outstanding letters of credit are subject to a fee of between 1.25% and 0.75%, depending on the Company’s ratio of funded debt to EBITDA, as defined in such credit facility. The facility requires the Company to maintain a maximum funded debt to EBITDA ratio of 3.5 to 1.0 and a minimum EBIT to interest ratio, as defined in such credit facility, of 4.0 to 1.0. At March 31, 2016 there were $1,921 letters of credit outstanding and availability under the letter of credit facility was $3,079. Long-Term Debt The Company and its subsidiaries had long-term capital lease obligations outstanding as follows: March 31, 2016 2015 Capital lease obligations (Note 6) $ 212 $ 158 Less: current amounts 55 60 Total $ 157 $ 98 With the exception of capital leases, the Company has no long-term debt payment requirements over the next five years as of March 31, 2016. |
Financial Instruments and Deriv
Financial Instruments and Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Derivative Financial Instruments | Note 8 - Financial Instruments and Derivative Financial Instruments: Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, investments, and trade accounts receivable. The Company places its cash, cash equivalents, and investments with high credit quality financial institutions, and evaluates the credit worthiness of these financial institutions on a regular basis. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers comprising the Company's customer base and their geographic dispersion. At March 31, 2016 and 2015, the Company had no significant concentrations of credit risk. Letters of Credit The Company has entered into standby letter of credit agreements with financial institutions relating to the guarantee of future performance on certain contracts. At March 31, 2016 and 2015, the Company was contingently liable on outstanding standby letters of credit aggregating $11,982 and $10,903, respectively. See Note 7. Foreign Exchange Risk Management The Company, as a result of its global operating and financial activities, is exposed to market risks from changes in foreign exchange rates. In seeking to minimize the risks and/or costs associated with such activities, the Company may utilize foreign exchange forward contracts with fixed dates of maturity and exchange rates. The Company does not hold or issue financial instruments for trading or other speculative purposes and only holds contracts with high quality financial institutions. If the counter-parties to any such exchange contracts do not fulfill their obligations to deliver the contracted foreign currencies, the Company could be at risk for fluctuations, if any, required to settle the obligation. At March 31, 2016 and 2015, there were no foreign exchange forward contracts held by the Company. Fair Value of Financial Instruments The estimates of the fair value of financial instruments are summarized as follows: Cash and cash equivalents Investments |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes: An analysis of the components of income before income taxes is presented below: Year ended March 31, 2016 2015 2014 United States $ 8,301 $ 20,799 $ 14,127 China 429 953 583 $ 8,730 $ 21,752 $ 14,710 The provision for income taxes related to income before income taxes consists of: Year ended March 31, 2016 2015 2014 Current: Federal $ 3,795 $ 6,616 $ 5,146 State 54 165 68 Foreign 272 79 362 4,121 6,860 5,576 Deferred: Federal (1,319 ) (46 ) (761 ) State (82 ) (184 ) (184 ) Foreign (154 ) 173 (240 ) Changes in valuation allowance 33 214 174 (1,522 ) 157 (1,011 ) Total provision for income taxes $ 2,599 $ 7,017 $ 4,565 The reconciliation of the provision calculated using the U.S. federal tax rate with the provision for income taxes presented in the consolidated financial statements is as follows: Year ended March 31, 2016 2015 2014 Provision for income taxes at federal rate $ 3,055 $ 7,613 $ 5,149 State taxes (28 ) (103 ) (139 ) Charges not deductible for income tax purposes 64 79 59 Recognition of tax benefit generated by qualified production activities deduction (245 ) (382 ) (403 ) Research and development tax credits (232 ) (180 ) (80 ) Valuation allowance 33 214 174 Uncertain tax positions — — (134 ) Other (48 ) (224 ) (61 ) Provision for income taxes $ 2,599 $ 7,017 $ 4,565 The net deferred income tax liability recorded in the Consolidated Balance Sheets results from differences between financial statement and tax reporting of income and deductions. A summary of the composition of the Company's net deferred income tax liability follows: March 31, 2016 2015 Depreciation $ (2,352 ) $ (2,196 ) Accrued compensation 247 881 Prepaid pension asset 355 (465 ) Accrued pension liability 138 121 Accrued postretirement benefits 309 342 Compensated absences 571 629 Inventories 905 (1,042 ) Warranty liability 242 231 Accrued expenses 702 313 Stock-based compensation 485 500 Intangible assets (5,159 ) (5,230 ) New York State investment tax credit 985 952 Other 11 40 (2,561 ) (4,924 ) Less: Valuation allowance (985 ) (952 ) Total $ (3,546 ) $ (5,876 ) Deferred income taxes include the impact of state investment tax credits of $311, which expire from 2016 to 2030 and state investment tax credits of $674, which have an unlimited carryforward period. In assessing the realizability of deferred tax assets, management considers, within each taxing jurisdiction, whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the consideration of the weight of both positive and negative evidence, management determined that a portion of the deferred tax assets as of March 31, 2016 and 2015 related to certain state investment tax credits would not be realized, and recorded a valuation allowance of $985 and $952, respectively. 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 tax years 2013 through 2015 and examination in state tax jurisdictions for tax years 2011 through 2015. The Company is subject to examination in the People’s Republic of China for tax years 2012 through 2015. The liability for unrecognized tax benefits was $0 at each of March 31, 2016 and 2015. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 10 – Employee Benefit Plans: Retirement Plans The Company has a qualified defined benefit plan covering U.S. employees hired prior to January 1, 2003, which is non-contributory. Benefits are based on the employee's years of service and average earnings for the five highest consecutive calendar years of compensation in the ten-year period preceding retirement. The Company's funding policy for the plan is to contribute the amount required by the Employee Retirement Income Security Act of 1974, as amended. The components of pension (benefit) cost are: Year ended March 31, 2016 2015 2014 Service cost during the period $ 521 $ 546 $ 576 Interest cost on projected benefit obligation 1,437 1,434 1,359 Expected return on assets (3,181 ) (3,033 ) (2,728 ) Amortization of: Unrecognized prior service cost — 4 4 Actuarial loss 1,174 580 1,002 Net pension (benefit) cost $ (49 ) $ (469 ) $ 213 The weighted average actuarial assumptions used to determine net pension cost are: Year ended March 31, 2016 2015 2014 Discount rate 3.74 % 4.46 % 4.28 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Long-term rate of return on plan assets 8.00 % 8.00 % 8.00 % The expected long-term rate of return is based on the mix of investments that comprise plan assets and external forecasts of future long-term investment returns, historical returns, correlations and market volatilities. The Company does not expect to make any contributions to the plan during fiscal 2017. Changes in the Company's benefit obligation, plan assets and funded status for the pension plan are presented below: Year ended March 31, 2016 2015 Change in the benefit obligation Projected benefit obligation at beginning of year $ 39,052 $ 32,789 Service cost 417 442 Interest cost 1,437 1,434 Actuarial loss (gain) (402 ) 5,573 Benefit payments (1,350 ) (1,186 ) Liability released through annuity purchase (1,710 ) — Projected benefit obligation at end of year $ 37,444 $ 39,052 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 40,384 $ 38,548 Employer contribution — 55 Actual return on plan assets (765 ) 2,967 Benefit and administrative expense payments (1,350 ) (1,186 ) Annuities purchased (1,798 ) — Fair value of plan assets at end of year $ 36,471 $ 40,384 Funded status Funded status at end of year $ (973 ) $ 1,332 Amount recognized in the Consolidated Balance Sheets $ (973 ) $ 1,332 The weighted average actuarial assumptions used to determine the benefit obligation are: March 31, 2016 2015 Discount rate 3.93 % 3.74 % Rate of increase in compensation levels 3.00 % 3.00 % During fiscal 2016, the pension plan released liabilities for vested benefits of certain participants through the purchase of nonparticipating annuity contracts with a third party insurance company. As a result of this transaction, the projected benefit obligation and plan assets decreased $1,710 and $1,798, respectively. The projected benefit obligation is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. In fiscal 2015, the mortality assumption changed from the RP 2000 Mortality Table, projected to 2015 and weighted 50% blue collar for males and the RP 2000 Combined Healthy Table for females projected to 2015 to the sex district RP 2014 dollar weighted annuitant and non-annuitant Mortality Table projected to 2020 using scale MP-2014. This change resulted in an increase to the projected benefit obligation of approximately $2,145. The accumulated benefit obligation reflects the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases. The accumulated benefit obligation as of March 31, 2016 and 2015 was $32,270 and $33,998, respectively. At March 31, 2016 and 2015, the pension plan was fully funded on an accumulated benefit obligation basis. Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2016 2015 Net actuarial loss $ 10,662 $ 9,141 The increase (decrease) in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2016 2015 Net actuarial loss arising during the year $ 2,280 $ 3,578 Amortization of actuarial loss (759 ) (375 ) Amortization of prior service cost — (3 ) $ 1,521 $ 3,200 The estimated net actuarial loss and prior service cost for the pension plan that will be amortized from accumulated other comprehensive loss into net pension cost in fiscal 2017 are $1,351 and $0, respectively. The following benefit payments, which reflect future service, are expected to be paid: 2017 $ 1,239 2018 1,261 2019 1,270 2020 1,484 2021 1,639 2022-2026 8,896 Total $ 15,789 The weighted average asset allocation of the plan assets by asset category is as follows: March 31, Asset Category Target Allocation 2016 2015 Equity securities 50-70% 67 % 66 % Debt securities 20-50% 33 % 34 % 100 % 100 % The investment strategy of the plan is to generate a consistent total investment return sufficient to pay present and future plan benefits to retirees, while minimizing the long-term cost to the Company. Target allocations for asset categories are used to earn a reasonable rate of return, provide required liquidity and minimize the risk of large losses. Targets are adjusted when considered necessary to reflect trends and developments within the overall investment environment. The fair values of the Company's pension plan assets at March 31, 2016 and 2015, by asset category, are as follows: Fair Value Measurements Using Asset Category At March 31, 2016 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Cash $ 103 $ 103 $ — $ — Equity securities: U.S. companies 20,010 20,010 — — International companies 4,459 4,459 — — Fixed income: Corporate bond funds Intermediate-term 9,520 9,520 — — Short-term 2,379 2,379 — — $ 36,471 $ 36,471 $ — $ — Fair Value Measurements Using Asset Category At March 31, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Cash $ 126 $ 126 $ — $ — Equity securities: U.S. companies 21,586 21,586 — — International companies 4,854 4,854 — — Fixed income: Corporate bond funds Intermediate-term 11,109 11,109 — — Short-term 2,709 2,709 — — $ 40,384 $ 40,384 $ — $ — The fair value of Level 1 pension assets are obtained by reference to the last quoted price of the respective security on the market which it trades. See Note 1 to the Consolidated Financial Statements. On February 4, 2003, the Company closed the defined benefit plan to all employees hired on or after January 1, 2003. In place of the defined benefit plan, these employees participate in the Company’s domestic defined contribution plan. The Company contributes a fixed percentage of employee compensation to this plan on an annual basis for these employees. The Company contribution to the defined contribution plan for these employees in fiscal 2016, fiscal 2015 and fiscal 2014 was $315, $294 and $257, respectively. The Company has a Supplemental Executive Retirement Plan ("SERP") which provides retirement benefits associated with wages in excess of the legislated qualified plan maximums. Pension expense recorded in fiscal 2016, fiscal 2015, and fiscal 2014 related to this plan was $76, $70 and $70, respectively. At March 31, 2016 and 2015, the related liability was $391 and $341, respectively. The current portion of the related liability of $26 and $26 at March 31, 2016 and 2015, respectively, is included in the caption "Accrued Compensation" and the long-term portion is included in “Accrued Pension Liability” in the Consolidated Balance Sheets. The Company has a domestic defined contribution plan (401k) covering substantially all employees. The Company provides matching contributions equal to 100% of the first 3% of an employee’s salary deferral and 50% of the next 2% percent of an employee’s salary deferral. Company contributions are immediately vested. Contributions were $866 in fiscal 2016, $940 in fiscal 2015 and $831 in fiscal 2014. Other Postretirement Benefits In addition to providing pension benefits, the Company has a plan in the U.S. that provides health care benefits for eligible retirees and eligible survivors of retirees. The Company’s share of the medical premium cost has been capped at $4 for family coverage and $2 for single coverage for early retirees, and $1 for both family and single coverage for regular retirees. On February 4, 2003, the Company terminated postretirement health care benefits for its U.S. employees. Benefits payable to retirees of record on April 1, 2003 remained unchanged. The components of postretirement benefit expense (income) are: Year ended March 31, 2016 2015 2014 Interest cost on accumulated benefit obligation $ 29 $ 31 $ 33 Amortization of prior service benefit — (106 ) (166 ) Amortization of actuarial loss 40 35 46 Net postretirement benefit expense (income) $ 69 $ (40 ) $ (87 ) The weighted average discount rate used to develop the net postretirement benefit cost were 3.11%, 3.59% and 3.26% in fiscal 2016, fiscal 2015 and fiscal 2014, respectively. Changes in the Company's benefit obligation, plan assets and funded status for the plan are as follows: Year ended March 31, 2016 2015 Change in the benefit obligation Projected benefit obligation at beginning of year $ 968 $ 951 Interest cost 29 31 Actuarial loss (gain) (38 ) 75 Benefit payments (84 ) (89 ) Projected benefit obligation at end of year $ 875 $ 968 Change in fair value of plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 84 89 Benefit payments (84 ) (89 ) Fair value of plan assets at end of year $ — $ — Funded status Funded status at end of year $ (875 ) $ (968 ) Amount recognized in the Consolidated Balance Sheets $ (875 ) $ (968 ) The weighted average actuarial assumptions used to develop the accrued postretirement benefit obligation were: March 31, 2016 2015 Discount rate 3.16 % 3.11 % Medical care cost trend rate 8.00 % 8.00 % The medical care cost trend rate used in the actuarial computation ultimately reduces to 5% in 2022 and subsequent years. This was accomplished using 0.5% decrements for the years ended March 31, 2016 through 2022. The current portion of the accrued postretirement benefit obligation of $88 and $92, at March 31, 2016 and 2015, respectively, is included in the caption "Accrued Compensation" and the long-term portion is separately presented in the Consolidated Balance Sheets. Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2016 2015 Net actuarial loss $ 270 $ 321 The increase (decrease) in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2016 2015 Net actuarial loss (gain) arising during the year $ (26 ) $ 48 Amortization of actuarial loss (25 ) (23 ) Amortization of prior service cost — 69 $ (51 ) $ 94 The estimated net actuarial loss and prior service cost for the other postretirement benefit plan that will be amortized from accumulated other comprehensive loss into net postretirement benefit income in fiscal 2017 are $39 and $0, respectively. The following benefit payments are expected to be paid during the fiscal years ending March 31: 2017 $ 88 2018 84 2019 81 2020 77 2021 73 2022-2026 304 Total $ 707 Assumed medical care cost trend rates could have a significant effect on the amounts reported for the postretirement benefit plan. However, due to the caps imposed on the Company’s share of the premium costs, a one percentage point change in assumed medical care cost trend rates would not have a significant effect on the total service and interest cost components or the postretirement benefit obligation. Employee Stock Ownership Plan The Company has a noncontributory Employee Stock Ownership Plan ("ESOP") that covers substantially all employees in the U.S. There were 202 and 233 shares in the ESOP at March 31, 2016 and 2015, respectively. There were no Company contributions to the ESOP in fiscal 2016, fiscal 2015 or fiscal 2014. Dividends paid on allocated shares accumulate for the benefit of the employees who participate in the ESOP. Self-Insured Medical Plan Effective January 1, 2014, the Company commenced self-funding the medical insurance coverage provided to its U.S. based employees. The Company has obtained a stop loss insurance policy in an effort to limit its exposure to claims. The Company has specific stop loss coverage per employee for claims incurred during the year exceeding $100 per employee with annual maximum aggregate stop loss coverage per employee of $1,000. The Company also has total plan annual maximum aggregate stop loss coverage of $2,602. The liability of $176 and $446 on March 31, 2016 and 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 Consolidated Balance Sheets. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Compensation Plans | Note 11 - Stock Compensation Plans: 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. In fiscal 2016, fiscal 2015 and fiscal 2014, 34, 30 and 32 shares, respectively, of restricted stock were awarded. Restricted shares of 15, 12 and 14 granted to officers in fiscal 2016, fiscal 2015 and fiscal 2014, respectively, vest 100% on the third anniversary of the grant date subject to the satisfaction of the performance metrics for the applicable three-year period. Restricted shares of 12, 11, and 12 granted to officers and key employees in fiscal 2016, fiscal 2015, and fiscal 2014 respectively, vest 33⅓% per year over a three-year term. The restricted shares granted to directors of 7, 7 and 6 in fiscal 2016, fiscal 2015 and fiscal 2014, respectively, vest 100% on the anniversary of the grant date. The Company recognizes compensation cost over the period the shares vest. During fiscal 2016, fiscal 2015, and fiscal 2014, the Company recognized $653, $598, and $582, respectively, of stock-based compensation cost related to stock option and restricted stock awards, and $230, $210 and $205, respectively, of related tax benefits. The Company received cash proceeds from the exercise of stock options of $97, $47 and $581 in fiscal 2016, fiscal 2015 and fiscal 2014, respectively. In fiscal 2016, fiscal 2015 and fiscal 2014, the Company recognized a $5, $197 and $268, respectively, increase in capital in excess of par value for the income tax benefit realized upon exercise of stock options and vesting of restricted shares in excess of the tax benefit amount recognized pertaining to the fair value of stock awards treated as compensation expense. The following table summarizes information about the Company's stock option awards during fiscal 2016, fiscal 2015 and fiscal 2014: Weighted Shares Average Weighted Aggregate Under Exercise Average Remaining Intrinsic Option Price Contractual Term Value Outstanding at April 1, 2013 146 $ 16.04 Exercised (52 ) 11.31 Forfeited (1 ) 19.15 Outstanding at March 31, 2014 93 18.60 Exercised (2 ) 19.66 Forfeited (1 ) 18.65 Outstanding at March 31, 2015 90 18.57 Exercised (7 ) 13.30 Forfeited — — Outstanding at March 31, 2016 83 19.03 4.37 years $ 238 Vested or expected to vest at March 31, 2016 83 19.03 4.37 years 238 Exercisable at March 31, 2016 83 19.03 4.37 years 238 The following table summarizes information about stock options outstanding at March 31, 2016: Exercise Price Options Outstanding at March 31, 2016 Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) $ 6.90- 7.98 6 $ 7.00 1.08 12.52-15.25 23 14.64 3.19 18.65-21.19 42 18.94 6.06 30.88-44.50 12 33.04 2.20 6.90-44.50 83 19.03 4.37 The total intrinsic value of the stock options exercised during fiscal 2016, fiscal 2015 and fiscal 2014 was $71, $32 and $1,221, respectively. As of March 31, 2016, there was $1,063 of total unrecognized stock-based compensation expense related to non-vested stock options and restricted stock. The Company expects to recognize this expense over a weighted average period of 1.44 years. The outstanding options expire between June 2016 and May 2022. Options, stock awards and performance awards available for future grants were 377 at March 31, 2016. The following table summarizes information about the Company's restricted stock awards during fiscal 2016, fiscal 2015 and fiscal 2014: Restricted Stock Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested at April 1, 2013 61 $ 18.51 Granted 32 24.00 Vested (24 ) 17.20 Forfeited (5 ) 15.81 Non-vested at March 31, 2014 64 21.93 Granted 30 28.36 Vested (15 ) 23.04 Forfeited (9 ) 21.56 Non-vested at March 31, 2015 70 24.47 Granted 34 23.13 Vested (28 ) 23.23 Forfeited (6 ) 19.75 Non-vested at March 31, 2016 70 25.03 $ — During fiscal 2014, the Company terminated its Long-Term Incentive Plan, which provided for awards of share equivalent units (“SEUs”) for outside directors based upon the Company's performance. Upon termination, the final value of the share equivalent units was determined and the related share equivalent units were cancelled. The liability at March 31, 2016 and 2015 was $0 and $158, respectively. During fiscal 2016 and fiscal 2015, $158 and $157, respectively, was paid to the participating directors. 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. In fiscal 2016, fiscal 2015 and fiscal 2014, 16, 12 and 16 shares, respectively, were issued from treasury stock to the ESPP for the offering periods in each of the fiscal years. During fiscal 2016, fiscal 2015 and fiscal 2014, the Company recognized stock-based compensation cost of $44, $55 and $57, respectively, related to the ESPP and $16, $19 and $20, respectively, of related tax benefits. The Company recognized a $1, $3 and $3 increase in capital in excess of par value for the income tax benefit realized from disqualifying dispositions in excess of the tax benefit amount recognized pertaining to the compensation expense recorded in fiscal 2016, fiscal 2015 and fiscal 2014, respectively. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Note 12 – Changes in Accumulated Other Comprehensive Loss: The changes in accumulated other comprehensive loss by component for fiscal 2016 and fiscal 2015 are: Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2014 $ (6,168 ) $ 403 $ (5,765 ) Other comprehensive income before reclassifications (3,626 ) 3 (3,623 ) Amounts reclassified from accumulated other comprehensive loss 332 — 332 Net current-period other comprehensive income (3,294 ) 3 (3,291 ) Balance at March 31, 2015 (9,462 ) 406 (9,056 ) Other comprehensive income before reclassifications (2,255 ) (150 ) (2,405 ) Amounts reclassified from accumulated other comprehensive loss 785 — 785 Net current-period other comprehensive income (1,470 ) (150 ) (1,620 ) Balance at March 31, 2016 $ (10,932 ) $ 256 $ (10,676 ) The reclassifications out of accumulated other comprehensive loss by component are as follows: Year ended March 31, 2016 Details about Accumulated Other Comprehensive Loss Components Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statements of Operations Pension and other postretirement benefit items: Amortization of unrecognized prior service benefit $ — (1) Amortization of actuarial loss (1,214 ) (1) (1,214 ) Income before provision for income taxes (429 ) Provision for income taxes $ (785 ) Net income Year ended March 31, 2015 Details about Accumulated Other Comprehensive Loss Components Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statements of Operations Pension and other postretirement benefit items: Amortization of unrecognized prior service benefit $ 102 (1) Amortization of actuarial loss (616 ) (1) (514 ) Income before provision for income taxes (182 ) Provision for income taxes $ (332 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of net periodic pension and other postretirement benefit costs. See Note 10. |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Note 13 - Segment Information: The Company has one reporting segment as its operating segments meet the requirement for aggregation. The Company and its operating subsidiaries design and manufacture heat transfer and vacuum equipment for the chemical, petrochemical, refining and electric power generating markets. Energy Steel supplies components and raw materials for the nuclear power generating market. Heat transfer equipment includes surface condensers, Heliflows, water heaters and various types of heat exchangers. Vacuum equipment includes steam jet ejector vacuum systems and liquid ring vacuum pumps. These products are sold individually or combined into package systems. The Company also services and sells spare parts for its equipment. Net sales by product line for the following fiscal years are: Year ended March 31, 2016 2015 2014 Heat transfer equipment $ 31,479 $ 58,224 $ 37,086 Vacuum equipment 28,323 28,698 27,236 All other 30,237 48,247 37,896 Net sales $ 90,039 $ 135,169 $ 102,218 The breakdown of net sales by geographic area for the following fiscal years is: Year ended March 31, 2016 2015 2014 Net Sales: Africa $ 112 $ 237 $ 152 Asia 8,859 11,253 11,486 Australia & New Zealand 230 330 307 Canada 8,702 15,807 11,419 Central America 36 1,772 3,210 Europe 856 943 2,091 Mexico 620 407 728 Middle East 11,039 10,155 4,350 South America 2,558 7,866 4,625 U.S. 57,027 86,399 63,850 Net sales $ 90,039 $ 135,169 $ 102,218 The final destination of products shipped is the basis used to determine net sales by geographic area. No sales were made to the terrorist sponsoring nations of Sudan, Iran, or Syria. There were no sales to a single customer that amounted to 10% or more of total consolidated net sales in fiscal 2016, fiscal 2015 or fiscal 2014. |
Restructuring Charge
Restructuring Charge | 12 Months Ended |
Mar. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charge | Note 14 – Restructuring Charge: In fiscal 2015, the Company eliminated certain director, management, office and manufacturing positions. As a result, a restructuring charge of $1,718 was recognized, which included severance costs. This charge is included in the caption “Restructuring Charge” in the fiscal 2015 Consolidated Statement of Operations. A reconciliation of the changes in the restructuring reserve is as follows: Year ended March 31, 2016 Year ended March 31, 2015 Balance at beginning of year $ 1,718 $ — (Income) expense for restructuring (3 ) 1,718 Amounts paid for restructuring (1,641 ) — Balance at end of year $ 74 $ 1,718 The liability of $74 at March 31, 2016 and the current portion of the liability of $1,594 at March 31, 2015 are included in the caption “Accrued Compensation” in the Consolidated Balance Sheets. The long-term portion of $124 at March 31, 2015 is separately presented in the Consolidated Balance Sheet. |
Other Income
Other Income | 12 Months Ended |
Mar. 31, 2016 | |
Other Income And Expenses [Abstract] | |
Other Income | NOTE 15 – Other Income: During fiscal 2016, 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 $1,789 is presented in the caption “Other Income” in the fiscal 2016 Consolidated Statement of Operations. |
Purchase of Treasury Stock
Purchase of Treasury Stock | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Purchase of Treasury Stock | NOTE 16 – 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. For the year ended March 31, 2016, the Company had purchased 539 shares at an aggregate cost of $9,441 under this program. No shares were purchased under this program in fiscal 2015. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17– 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 a 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 March 31, 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. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 18 - Quarterly Financial Data (Unaudited): A capsule summary of the Company's unaudited quarterly results for fiscal 2016 and fiscal 2015 is presented below: First Second Third Fourth Total Year ended March 31, 2016 Quarter Quarter Quarter Quarter Year Net sales $ 27,617 $ 22,798 $ 17,323 $ 22,301 $ 90,039 Gross profit 8,037 7,135 3,524 4,559 23,255 Net income 2,361 1,976 1,274 520 6,131 Per share: Net income: Basic $ .23 $ .20 $ .13 $ .05 $ 0.61 Diluted $ .23 $ .20 $ .13 $ .05 $ 0.61 Market price range of common stock $19.82-25.25 $15.71-20.60 $15.63-18.88 $14.39-20.24 $14.39-25.25 First Second Third Fourth Total Year ended March 31, 2015 Quarter Quarter Quarter Quarter Year Net sales $ 28,502 $ 35,566 $ 33,646 $ 37,455 $ 135,169 Gross profit 7,932 10,984 10,103 12,785 41,804 Net income 2,392 4,186 3,992 4,165 (1) 14,735 (1) Per share: Net income: Basic $ .24 $ .41 $ .39 $ .41 $ 1.46 Diluted $ .24 $ .41 $ .39 $ .41 $ 1.45 Market price range of common stock $26.20-34.88 $27.99-35.35 $26.06-34.65 $20.58-28.86 $20.58-35.35 (1) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2016 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | GRAHAM CORPORATION AND SUBSIDIARIES SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In Thousands) Balance at Charged to Charged to Balance at Beginning Costs and Other End of Description of Period Expenses Accounts Deductions Period Year ended March 31, 2016 Reserves deducted from the asset to which they apply: Reserve for doubtful accounts receivable $ 62 $ 38 $ — $ (9 ) $ 91 Reserves included in the balance sheet caption "accrued expenses" Product warranty liability $ 653 $ 336 $ — $ (303 ) $ 686 Reserves included in the balance sheet caption "accrued compensation" Restructuring reserve $ 1,718 $ (3 ) $ — $ (1,641 ) $ 74 Year ended March 31, 2015 Reserves deducted from the asset to which they apply: Reserve for doubtful accounts receivable $ 46 $ 24 $ — $ (8 ) $ 62 Reserves included in the balance sheet caption "accrued expenses" Product warranty liability $ 308 $ 930 $ — $ (585 ) $ 653 Reserves included in the balance sheet caption "accrued compensation" Restructuring reserve $ — $ 1,718 $ — $ — $ 1,718 Year ended March 31, 2014 Reserves deducted from the asset to which they apply: Reserve for doubtful accounts receivable $ 33 $ 19 $ — $ (6 ) $ 46 Reserves included in the balance sheet caption "accrued expenses" Product warranty liability $ 408 $ 125 $ — $ (225 ) $ 308 |
The Company and Its Accountin28
The Company and Its Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of consolidation and use of estimates in the preparation of financial statements | Principles of consolidation and use of estimates in the preparation of financial statements The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Energy Steel, located in Lapeer, Michigan, and Graham Vacuum and Heat Transfer Technology (Suzhou) Co., Ltd., located in China. All intercompany balances, transactions and profits are eliminated in consolidation. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the related revenues and expenses during the reporting period. Actual amounts could differ from those estimated. |
Translation of foreign currencies | Translation of foreign currencies Assets and liabilities of the Company's foreign subsidiary are translated into U.S. dollars at currency exchange rates in effect at year-end and revenues and expenses are translated at average exchange rates in effect for the year. Gains and losses resulting from foreign currency transactions are included in results of operations. The Company’s sales and purchases in foreign currencies are minimal. Therefore, foreign currency transaction gains and losses are not significant. Gains and losses resulting from translation of foreign subsidiary balance sheets are included in a separate component of stockholders' equity. Translation adjustments are not adjusted for income taxes since they relate to an investment, which is permanent in nature. |
Revenue recognition | Revenue recognition Percentage-of-Completion Method 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 recognized on contracts accounted for utilizing percentage-of-completion are presented in net sales in the Consolidated Statement of Operations and unbilled revenue in the Consolidated Balance Sheets to the extent that the revenue recognized exceeds the amounts billed to customers. See "Inventories" below. Receivables billed but not paid under retainage provisions in its customer contracts were $2,071 and $1,751 at March 31, 2016 and 2015, respectively. Completed Contract Method 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. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid, short-term investments with maturities at the time of purchase of three months or less. |
Shipping and handling fees and costs | Shipping and handling fees and costs Shipping and handling fees billed to the customer are recorded in net sales and the related costs incurred for shipping and handling are included in cost of products sold. |
Investments | 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. The investments are stated at amortized cost which approximates fair value. All investments held by the Company at March 31, 2016 are scheduled to mature on or before February 3, 2017. |
Inventories | Inventories Inventories are stated at the lower of cost or market, using the average cost method. Unbilled revenue in the 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 Consolidated Balance Sheets. A summary of costs and estimated earnings on contracts in progress at March 31, 2016 and 2015 is as follows: March 31, 2016 2015 Costs incurred since inception on contracts in progress $ 35,893 $ 64,912 Estimated earnings since inception on contracts in progress 1,185 16,067 37,078 80,979 Less billings to date 38,267 69,636 Net under (over) billings $ (1,189 ) $ 11,343 The above activity is included in the accompanying Consolidated Balance Sheets under the following captions at March 31, 2016 and 2015 or Notes to Consolidated Financial Statements: March 31, 2016 2015 Unbilled revenue $ 11,852 $ 18,665 Progress payments reducing inventory (Note 2) (4,641 ) (3,143 ) Customer deposits (8,400 ) (4,179 ) Net under (over) billings $ (1,189 ) $ 11,343 |
Property, plant, equipment, depreciation and amortization | Property, plant, equipment, depreciation and amortization Property, plant and equipment are stated at cost net of accumulated depreciation and amortization. Major additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Depreciation and amortization are provided based upon the estimated useful lives, or lease term if shorter, under the straight line method. Estimated useful lives range from approximately five to eight years for office equipment, eight to 25 years for manufacturing equipment and 40 years for buildings and improvements. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations. |
Business combinations | Business combinations The Company records its business combinations under the acquisition method of accounting. Under the acquisition method of accounting, the Company allocates the purchase price of each acquisition to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values at the date of acquisition. The fair value of identifiable intangible assets is based upon detailed valuations that use various assumptions made by management. Any excess of the purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Direct acquisition-related costs are expensed as incurred. |
Intangible assets | Intangible assets Acquired intangible assets other than goodwill consist of permits, customer relationships, and tradenames. The Company amortizes its definite-lived intangible assets on a straight-line basis over their estimated useful lives. The estimated useful life is fifteen years for customer relationships. All other intangibles have indefinite lives and are not amortized. |
Impairment of long-lived assets | Impairment of long-lived assets The Company assesses the impairment of definite-lived long-lived assets or asset groups when events or changes in circumstances indicate that the carrying value may not be recoverable. Factors that are considered in deciding when to perform an impairment review include: a significant decrease in the market price of the asset or asset group; a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction; a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group; or a current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The term more likely than not refers to a level of likelihood that is more than 50%. Recoverability potential is measured by comparing the carrying amount of the asset or asset group to its related total future undiscounted cash flows. If the carrying value is not recoverable through related cash flows, the asset or asset group is considered to be impaired. Impairment is measured by comparing the asset or asset group's carrying amount to its fair value. When it is determined that useful lives of assets are shorter than originally estimated, and no impairment is present, the rate of depreciation is accelerated in order to fully depreciate the assets over their new shorter useful lives. Goodwill and intangible assets with indefinite lives are tested annually for impairment. The Company assesses goodwill for impairment by comparing the fair value of its reporting units to their carrying amounts. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the implied fair value of the goodwill within the reporting unit is less than its carrying value. Fair values for reporting units are determined based on discounted cash flows. Indefinite lived intangible assets are assessed for impairment by comparing the fair value of the asset to its carrying value. |
Product warranties | Product warranties The Company estimates the costs that may be incurred under its product warranties and records a liability in the amount of such costs at the time revenue is recognized. The reserve for product warranties is based upon past claims experience and ongoing evaluations of any specific probable claims from customers. A reconciliation of the changes in the product warranty liability is presented in Note 5. |
Research and development | Research and development Research and development costs are expensed as incurred. The Company incurred research and development costs of $3,746, $3,585 and $3,436 in fiscal 2016, fiscal 2015 and fiscal 2014, respectively. Research and development costs are included in the line item “Cost of products sold” in the Consolidated Statements of Operations. |
Income taxes | Income taxes The Company recognizes deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. The Company evaluates the available evidence about future taxable income and other possible sources of realization of deferred income tax assets and records a valuation allowance to reduce deferred income tax assets to an amount that represents the Company's best estimate of the amount of such deferred income tax assets that more likely than not will be realized. The Company accounts for uncertain tax positions using a "more likely than not" recognition threshold. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective resolution of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. These tax positions are evaluated on a quarterly basis. It is the Company's policy to recognize any interest related to uncertain tax positions in interest expense and any penalties related to uncertain tax positions in selling, general and administrative expense. The Company files federal and state income tax returns in several U.S. and non-U.S. domestic and foreign 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. |
Stock-based compensation | Stock-based compensation The Company records compensation costs related to stock-based awards based on the estimated fair value of the award on the grant date. Compensation cost is recognized in the Company's Consolidated Statements of Operations over the applicable vesting period. The Company uses the Black-Scholes valuation model as the method for determining the fair value of its equity awards. For restricted stock awards, the fair market value of the award is determined based upon the closing value of the Company's stock price on the grant date. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are ultimately expected to vest. The Company estimates the forfeiture rate at the grant date by analyzing historical data and revises the estimates in subsequent periods if the actual forfeiture rate differs from the estimates. |
Income per share data | Income per share data Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Common shares outstanding include share equivalent units which are contingently issuable shares. Diluted income per share is calculated by dividing net income by the weighted average number of common shares outstanding and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted income per share is presented below: Year ended March 31, 2016 2015 2014 Basic income per share: Numerator: Net income $ 6,131 $ 14,735 $ 10,145 Denominator: Weighted common shares outstanding 9,976 10,123 10,056 Share equivalent units ("SEUs") outstanding — — 14 Weighted average common shares and SEUs outstanding 9,976 10,123 10,070 Basic income per share $ 0.61 $ 1.46 $ 1.01 Diluted income per share: Numerator: Net income $ 6,131 $ 14,735 $ 10,145 Denominator: Weighted average common shares and SEUs outstanding 9,976 10,123 10,070 Stock options outstanding 7 20 34 Weighted average common and potential common shares outstanding 9,983 10,143 10,104 Diluted income per share $ 0.61 $ 1.45 $ 1.00 There were 54, 12 and 2 options to purchase shares of common stock at various exercise prices in fiscal 2016, fiscal 2015 and fiscal 2014, respectively, which were not included in the computation of diluted income per share as the effect would be anti-dilutive. |
Cash flow statement | Cash flow statement The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. Interest paid was $10 in fiscal 2016, $11 in fiscal 2015, and $12 in fiscal 2014. In addition, income taxes paid were $5,423 in fiscal 2016, $6,491 in fiscal 2015, and $3,302 in fiscal 2014. In fiscal 2016, fiscal 2015, and fiscal 2014, non-cash activities included pension and other postretirement benefit adjustments, net of income tax, of $1,470, $3,294 and $(2,275), respectively. Also, in fiscal 2016, fiscal 2015 and fiscal 2014, non-cash activities included the issuance of treasury stock valued at $255, $325 and $317, respectively, to the Company’s Employee Stock Purchase Plan (See Note 11). At March 31, 2016, 2015, and 2014, there were $53, $174, and $40, 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 Consolidated Statements of Cash Flows. In fiscal 2016, fiscal 2015 and fiscal 2014, capital expenditures totaling $126, $22 and $90, respectively, were financed through the issuance of capital leases. |
Accumulated other comprehensive loss | Accumulated other comprehensive loss Comprehensive income is comprised of net income and other comprehensive income or loss items, which are accumulated as a separate component of stockholders’ equity. For the Company, other comprehensive income or loss items include a foreign currency translation adjustment and pension and other postretirement benefit adjustments. |
Fair value measurements | Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. The accounting standard for fair value establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 – Valuations determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. Level 3 –Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The availability of observable inputs can vary and is affected by a wide variety of factors, including, the type of asset/liability, whether the asset/liability is established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are required to reflect those that market participants would use in pricing the asset or liability at the measurement date. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of sales and expenses during the reporting period. Actual results could differ materially from those estimates. |
Accounting and reporting changes | 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 (“SEC”), 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 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. The Company is currently evaluating the impact of adopting these ASU’s and the methods of adoption; however, given the scope of the new standard, the Company is currently unable to provide a reasonable estimate regarding the financial impact or which method of adoption will be elected. See Note 1 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 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 in 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 Consolidated Balance Sheet at March 31, 2015: Balance Sheet Caption Before Application of Guidance Reclassification After Application of Guidance 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 ) 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 is currently evaluating the impact that the adoption of this ASU will have 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. |
The Company and Its Accountin29
The Company and Its Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Costs and Estimated Earnings on Contracts | A summary of costs and estimated earnings on contracts in progress at March 31, 2016 and 2015 is as follows: March 31, 2016 2015 Costs incurred since inception on contracts in progress $ 35,893 $ 64,912 Estimated earnings since inception on contracts in progress 1,185 16,067 37,078 80,979 Less billings to date 38,267 69,636 Net under (over) billings $ (1,189 ) $ 11,343 |
Accompanying Consolidated Balance Sheets | The above activity is included in the accompanying Consolidated Balance Sheets under the following captions at March 31, 2016 and 2015 or Notes to Consolidated Financial Statements: March 31, 2016 2015 Unbilled revenue $ 11,852 $ 18,665 Progress payments reducing inventory (Note 2) (4,641 ) (3,143 ) Customer deposits (8,400 ) (4,179 ) Net under (over) billings $ (1,189 ) $ 11,343 |
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: Year ended March 31, 2016 2015 2014 Basic income per share: Numerator: Net income $ 6,131 $ 14,735 $ 10,145 Denominator: Weighted common shares outstanding 9,976 10,123 10,056 Share equivalent units ("SEUs") outstanding — — 14 Weighted average common shares and SEUs outstanding 9,976 10,123 10,070 Basic income per share $ 0.61 $ 1.46 $ 1.01 Diluted income per share: Numerator: Net income $ 6,131 $ 14,735 $ 10,145 Denominator: Weighted average common shares and SEUs outstanding 9,976 10,123 10,070 Stock options outstanding 7 20 34 Weighted average common and potential common shares outstanding 9,983 10,143 10,104 Diluted income per share $ 0.61 $ 1.45 $ 1.00 |
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 Consolidated Balance Sheet at March 31, 2015: Balance Sheet Caption Before Application of Guidance Reclassification After Application of Guidance 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 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Major Classifications of Inventories | Major classifications of inventories are as follows: March 31, 2016 2015 Raw materials and supplies $ 3,178 $ 2,763 Work in process 11,615 13,685 Finished products 659 689 15,452 17,137 Less – progress payments 4,641 3,143 $ 10,811 $ 13,994 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Major classifications of property, plant and equipment are as follows: March 31, 2016 2015 Land $ 210 $ 210 Buildings and leasehold improvements 18,774 18,682 Machinery and equipment 28,537 27,749 Construction in progress 70 70 47,591 46,711 Less – accumulated depreciation and amortization 28,844 26,899 $ 18,747 $ 19,812 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 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 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 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 |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Reconciliation of the Changes in Product Warranty Liability | The reconciliation of the changes in the product warranty liability is as follows: Year ended March 31, 2016 2015 Balance at beginning of year $ 653 $ 308 Expense for product warranties 336 930 Product warranty claims paid (303 ) (585 ) Balance at end of year $ 686 $ 653 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Leases [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment include the following amounts for leases which have been capitalized: March 31, 2016 2015 Machinery and equipment $ 280 $ 288 Less accumulated amortization 75 135 $ 205 $ 153 |
Future Minimum Payments Required under Non-cancelable Leases | As of March 31, 2016, future minimum payments required under non-cancelable leases are: Operating Leases Capital Leases 2017 $ 580 $ 64 2018 408 62 2019 364 55 2020 353 33 2021 238 18 Total minimum lease payments $ 1,943 $ 232 Less – amount representing interest 20 Present value of net minimum lease payments $ 212 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Capital Lease Obligations Outstanding | The Company and its subsidiaries had long-term capital lease obligations outstanding as follows: March 31, 2016 2015 Capital lease obligations (Note 6) $ 212 $ 158 Less: current amounts 55 60 Total $ 157 $ 98 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | An analysis of the components of income before income taxes is presented below: Year ended March 31, 2016 2015 2014 United States $ 8,301 $ 20,799 $ 14,127 China 429 953 583 $ 8,730 $ 21,752 $ 14,710 |
The Provision for Income Taxes Related to Income Before Income Taxes | The provision for income taxes related to income before income taxes consists of: Year ended March 31, 2016 2015 2014 Current: Federal $ 3,795 $ 6,616 $ 5,146 State 54 165 68 Foreign 272 79 362 4,121 6,860 5,576 Deferred: Federal (1,319 ) (46 ) (761 ) State (82 ) (184 ) (184 ) Foreign (154 ) 173 (240 ) Changes in valuation allowance 33 214 174 (1,522 ) 157 (1,011 ) Total provision for income taxes $ 2,599 $ 7,017 $ 4,565 |
Reconciliation of the Provision for Income Taxes | The reconciliation of the provision calculated using the U.S. federal tax rate with the provision for income taxes presented in the consolidated financial statements is as follows: Year ended March 31, 2016 2015 2014 Provision for income taxes at federal rate $ 3,055 $ 7,613 $ 5,149 State taxes (28 ) (103 ) (139 ) Charges not deductible for income tax purposes 64 79 59 Recognition of tax benefit generated by qualified production activities deduction (245 ) (382 ) (403 ) Research and development tax credits (232 ) (180 ) (80 ) Valuation allowance 33 214 174 Uncertain tax positions — — (134 ) Other (48 ) (224 ) (61 ) Provision for income taxes $ 2,599 $ 7,017 $ 4,565 |
Summary of Net Deferred Income Tax Liability | The net deferred income tax liability recorded in the Consolidated Balance Sheets results from differences between financial statement and tax reporting of income and deductions. A summary of the composition of the Company's net deferred income tax liability follows: March 31, 2016 2015 Depreciation $ (2,352 ) $ (2,196 ) Accrued compensation 247 881 Prepaid pension asset 355 (465 ) Accrued pension liability 138 121 Accrued postretirement benefits 309 342 Compensated absences 571 629 Inventories 905 (1,042 ) Warranty liability 242 231 Accrued expenses 702 313 Stock-based compensation 485 500 Intangible assets (5,159 ) (5,230 ) New York State investment tax credit 985 952 Other 11 40 (2,561 ) (4,924 ) Less: Valuation allowance (985 ) (952 ) Total $ (3,546 ) $ (5,876 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Summary of Weighted Average Asset Allocation of Plan Assets by Asset Category | The weighted average asset allocation of the plan assets by asset category is as follows: March 31, Asset Category Target Allocation 2016 2015 Equity securities 50-70% 67 % 66 % Debt securities 20-50% 33 % 34 % 100 % 100 % |
Pension Plans, Defined Benefit [Member] | |
Components of Postretirement Benefit Expense (Income) and Pension (Benefit) Cost | The components of pension (benefit) cost are: Year ended March 31, 2016 2015 2014 Service cost during the period $ 521 $ 546 $ 576 Interest cost on projected benefit obligation 1,437 1,434 1,359 Expected return on assets (3,181 ) (3,033 ) (2,728 ) Amortization of: Unrecognized prior service cost — 4 4 Actuarial loss 1,174 580 1,002 Net pension (benefit) cost $ (49 ) $ (469 ) $ 213 |
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to determine net pension cost are: Year ended March 31, 2016 2015 2014 Discount rate 3.74 % 4.46 % 4.28 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Long-term rate of return on plan assets 8.00 % 8.00 % 8.00 % |
Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan | Changes in the Company's benefit obligation, plan assets and funded status for the pension plan are presented below: Year ended March 31, 2016 2015 Change in the benefit obligation Projected benefit obligation at beginning of year $ 39,052 $ 32,789 Service cost 417 442 Interest cost 1,437 1,434 Actuarial loss (gain) (402 ) 5,573 Benefit payments (1,350 ) (1,186 ) Liability released through annuity purchase (1,710 ) — Projected benefit obligation at end of year $ 37,444 $ 39,052 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 40,384 $ 38,548 Employer contribution — 55 Actual return on plan assets (765 ) 2,967 Benefit and administrative expense payments (1,350 ) (1,186 ) Annuities purchased (1,798 ) — Fair value of plan assets at end of year $ 36,471 $ 40,384 Funded status Funded status at end of year $ (973 ) $ 1,332 Amount recognized in the Consolidated Balance Sheets $ (973 ) $ 1,332 |
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to determine the benefit obligation are: March 31, 2016 2015 Discount rate 3.93 % 3.74 % Rate of increase in compensation levels 3.00 % 3.00 % |
Schedule of Defined Benefit Plan Amounts in Accumulated Other Comprehensive Income Loss [Table Text Block] | Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2016 2015 Net actuarial loss $ 10,662 $ 9,141 |
Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax | The increase (decrease) in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2016 2015 Net actuarial loss arising during the year $ 2,280 $ 3,578 Amortization of actuarial loss (759 ) (375 ) Amortization of prior service cost — (3 ) $ 1,521 $ 3,200 |
Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid | The following benefit payments, which reflect future service, are expected to be paid: 2017 $ 1,239 2018 1,261 2019 1,270 2020 1,484 2021 1,639 2022-2026 8,896 Total $ 15,789 |
Summary of Weighted Average Asset Allocation of Plan Assets by Asset Category | The fair values of the Company's pension plan assets at March 31, 2016 and 2015, by asset category, are as follows: Fair Value Measurements Using Asset Category At March 31, 2016 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Cash $ 103 $ 103 $ — $ — Equity securities: U.S. companies 20,010 20,010 — — International companies 4,459 4,459 — — Fixed income: Corporate bond funds Intermediate-term 9,520 9,520 — — Short-term 2,379 2,379 — — $ 36,471 $ 36,471 $ — $ — Fair Value Measurements Using Asset Category At March 31, 2015 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Cash $ 126 $ 126 $ — $ — Equity securities: U.S. companies 21,586 21,586 — — International companies 4,854 4,854 — — Fixed income: Corporate bond funds Intermediate-term 11,109 11,109 — — Short-term 2,709 2,709 — — $ 40,384 $ 40,384 $ — $ — |
Other Postretirement Benefit Plans [Member] | |
Components of Postretirement Benefit Expense (Income) and Pension (Benefit) Cost | The components of postretirement benefit expense (income) are: Year ended March 31, 2016 2015 2014 Interest cost on accumulated benefit obligation $ 29 $ 31 $ 33 Amortization of prior service benefit — (106 ) (166 ) Amortization of actuarial loss 40 35 46 Net postretirement benefit expense (income) $ 69 $ (40 ) $ (87 ) |
Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan | Changes in the Company's benefit obligation, plan assets and funded status for the plan are as follows: Year ended March 31, 2016 2015 Change in the benefit obligation Projected benefit obligation at beginning of year $ 968 $ 951 Interest cost 29 31 Actuarial loss (gain) (38 ) 75 Benefit payments (84 ) (89 ) Projected benefit obligation at end of year $ 875 $ 968 Change in fair value of plan assets Fair value of plan assets at beginning of year $ — $ — Employer contribution 84 89 Benefit payments (84 ) (89 ) Fair value of plan assets at end of year $ — $ — Funded status Funded status at end of year $ (875 ) $ (968 ) Amount recognized in the Consolidated Balance Sheets $ (875 ) $ (968 ) |
Weighted Average Actuarial Assumptions Used to Determine and Develop Net Pension Cost | The weighted average actuarial assumptions used to develop the accrued postretirement benefit obligation were: March 31, 2016 2015 Discount rate 3.16 % 3.11 % Medical care cost trend rate 8.00 % 8.00 % |
Schedule of Defined Benefit Plan Amounts in Accumulated Other Comprehensive Income Loss [Table Text Block] | Amounts recognized in accumulated other comprehensive loss, net of income tax, consist of: March 31, 2016 2015 Net actuarial loss $ 270 $ 321 |
Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax | The increase (decrease) in accumulated other comprehensive loss, net of income tax, consists of: March 31, 2016 2015 Net actuarial loss (gain) arising during the year $ (26 ) $ 48 Amortization of actuarial loss (25 ) (23 ) Amortization of prior service cost — 69 $ (51 ) $ 94 |
Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid | The following benefit payments are expected to be paid during the fiscal years ending March 31: 2017 $ 88 2018 84 2019 81 2020 77 2021 73 2022-2026 304 Total $ 707 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Awards | The following table summarizes information about the Company's stock option awards during fiscal 2016, fiscal 2015 and fiscal 2014: Weighted Shares Average Weighted Aggregate Under Exercise Average Remaining Intrinsic Option Price Contractual Term Value Outstanding at April 1, 2013 146 $ 16.04 Exercised (52 ) 11.31 Forfeited (1 ) 19.15 Outstanding at March 31, 2014 93 18.60 Exercised (2 ) 19.66 Forfeited (1 ) 18.65 Outstanding at March 31, 2015 90 18.57 Exercised (7 ) 13.30 Forfeited — — Outstanding at March 31, 2016 83 19.03 4.37 years $ 238 Vested or expected to vest at March 31, 2016 83 19.03 4.37 years 238 Exercisable at March 31, 2016 83 19.03 4.37 years 238 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at March 31, 2016: Exercise Price Options Outstanding at March 31, 2016 Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) $ 6.90- 7.98 6 $ 7.00 1.08 12.52-15.25 23 14.64 3.19 18.65-21.19 42 18.94 6.06 30.88-44.50 12 33.04 2.20 6.90-44.50 83 19.03 4.37 |
Schedule of Restricted Stock Awards | The following table summarizes information about the Company's restricted stock awards during fiscal 2016, fiscal 2015 and fiscal 2014: Restricted Stock Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested at April 1, 2013 61 $ 18.51 Granted 32 24.00 Vested (24 ) 17.20 Forfeited (5 ) 15.81 Non-vested at March 31, 2014 64 21.93 Granted 30 28.36 Vested (15 ) 23.04 Forfeited (9 ) 21.56 Non-vested at March 31, 2015 70 24.47 Granted 34 23.13 Vested (28 ) 23.23 Forfeited (6 ) 19.75 Non-vested at March 31, 2016 70 25.03 $ — |
Changes in Accumulated Other 39
Changes in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for fiscal 2016 and fiscal 2015 are: Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2014 $ (6,168 ) $ 403 $ (5,765 ) Other comprehensive income before reclassifications (3,626 ) 3 (3,623 ) Amounts reclassified from accumulated other comprehensive loss 332 — 332 Net current-period other comprehensive income (3,294 ) 3 (3,291 ) Balance at March 31, 2015 (9,462 ) 406 (9,056 ) Other comprehensive income before reclassifications (2,255 ) (150 ) (2,405 ) Amounts reclassified from accumulated other comprehensive loss 785 — 785 Net current-period other comprehensive income (1,470 ) (150 ) (1,620 ) Balance at March 31, 2016 $ (10,932 ) $ 256 $ (10,676 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component are as follows: Year ended March 31, 2016 Details about Accumulated Other Comprehensive Loss Components Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statements of Operations Pension and other postretirement benefit items: Amortization of unrecognized prior service benefit $ — (1) Amortization of actuarial loss (1,214 ) (1) (1,214 ) Income before provision for income taxes (429 ) Provision for income taxes $ (785 ) Net income Year ended March 31, 2015 Details about Accumulated Other Comprehensive Loss Components Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statements of Operations Pension and other postretirement benefit items: Amortization of unrecognized prior service benefit $ 102 (1) Amortization of actuarial loss (616 ) (1) (514 ) Income before provision for income taxes (182 ) Provision for income taxes $ (332 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of net periodic pension and other postretirement benefit costs. See Note 10. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Net Sales by Product Line | Net sales by product line for the following fiscal years are: Year ended March 31, 2016 2015 2014 Heat transfer equipment $ 31,479 $ 58,224 $ 37,086 Vacuum equipment 28,323 28,698 27,236 All other 30,237 48,247 37,896 Net sales $ 90,039 $ 135,169 $ 102,218 |
Breakdown of net sales by geographic area | The breakdown of net sales by geographic area for the following fiscal years is: Year ended March 31, 2016 2015 2014 Net Sales: Africa $ 112 $ 237 $ 152 Asia 8,859 11,253 11,486 Australia & New Zealand 230 330 307 Canada 8,702 15,807 11,419 Central America 36 1,772 3,210 Europe 856 943 2,091 Mexico 620 407 728 Middle East 11,039 10,155 4,350 South America 2,558 7,866 4,625 U.S. 57,027 86,399 63,850 Net sales $ 90,039 $ 135,169 $ 102,218 |
Restructuring Charge (Tables)
Restructuring Charge (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Summary of Reconciliation of Changes in Restructuring Reserve | A reconciliation of the changes in the restructuring reserve is as follows: Year ended March 31, 2016 Year ended March 31, 2015 Balance at beginning of year $ 1,718 $ — (Income) expense for restructuring (3 ) 1,718 Amounts paid for restructuring (1,641 ) — Balance at end of year $ 74 $ 1,718 |
Quarterly Financial Data (Una42
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Company's Unaudited Quarterly Results | A capsule summary of the Company's unaudited quarterly results for fiscal 2016 and fiscal 2015 is presented below: First Second Third Fourth Total Year ended March 31, 2016 Quarter Quarter Quarter Quarter Year Net sales $ 27,617 $ 22,798 $ 17,323 $ 22,301 $ 90,039 Gross profit 8,037 7,135 3,524 4,559 23,255 Net income 2,361 1,976 1,274 520 6,131 Per share: Net income: Basic $ .23 $ .20 $ .13 $ .05 $ 0.61 Diluted $ .23 $ .20 $ .13 $ .05 $ 0.61 Market price range of common stock $19.82-25.25 $15.71-20.60 $15.63-18.88 $14.39-20.24 $14.39-25.25 First Second Third Fourth Total Year ended March 31, 2015 Quarter Quarter Quarter Quarter Year Net sales $ 28,502 $ 35,566 $ 33,646 $ 37,455 $ 135,169 Gross profit 7,932 10,984 10,103 12,785 41,804 Net income 2,392 4,186 3,992 4,165 (1) 14,735 (1) Per share: Net income: Basic $ .24 $ .41 $ .39 $ .41 $ 1.46 Diluted $ .24 $ .41 $ .39 $ .41 $ 1.45 Market price range of common stock $26.20-34.88 $27.99-35.35 $26.06-34.65 $20.58-28.86 $20.58-35.35 (1) |
The Company and Its Accountin43
The Company and Its Accounting Policies - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Schedule Of Accounting Policies [Line Items] | |||
Company recognizes planned manufacturing process | 28 days | ||
Direct labor hours worked on contracts | 575 hours | ||
Receivables billed but not paid under retainage provisions in its customer contracts | $ 2,071 | $ 1,751 | |
Substantial completion of manufacturing process | 95.00% | ||
Minimum level of likelihood | 50.00% | ||
Research and development costs | $ 3,746 | $ 3,585 | $ 3,436 |
Antidilutive securities excluded from computation of earnings per share | 54 | 12 | 2 |
Interest paid | $ 10 | $ 11 | $ 12 |
Income taxes paid | 5,423 | 6,491 | 3,302 |
Pension and other postretirement benefit adjustments, net of tax | 1,470 | 3,294 | (2,275) |
Issuance of treasury stock | 255 | 325 | 317 |
Capital expenditures | 53 | 174 | 40 |
Capital leases | $ 126 | $ 22 | $ 90 |
Customer Relationships [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Estimated useful lives | 15 years | ||
Buildings and Leasehold Improvements [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Estimated useful lives range | 40 years | ||
Minimum [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Treasury with original maturities period | 3 months | ||
Minimum [Member] | Office Equipment [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Estimated useful lives range | 5 years | ||
Minimum [Member] | Manufacturing Equipment [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Estimated useful lives range | 8 years | ||
Maximum [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Treasury with original maturities period | 1 year | ||
Investment maturity date range end | Feb. 3, 2017 | ||
Maximum [Member] | Office Equipment [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Estimated useful lives range | 8 years | ||
Maximum [Member] | Manufacturing Equipment [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Estimated useful lives range | 25 years |
The Company and Its Accountin44
The Company and Its Accounting Policies - Summary of Costs and Estimated Earnings on Contracts (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Accounting Policies [Abstract] | ||
Costs incurred since inception on contracts in progress | $ 35,893 | $ 64,912 |
Estimated earnings since inception on contracts in progress | 1,185 | 16,067 |
Costs and estimated earnings | 37,078 | 80,979 |
Less billings to date | 38,267 | 69,636 |
Net under (over) billings | $ (1,189) | |
Net under (over) billings | $ 11,343 |
The Company and Its Accountin45
The Company and Its Accounting Policies - Accompanying Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Accounting Policies [Abstract] | ||
Unbilled revenue | $ 11,852 | $ 18,665 |
Progress payments reducing inventory (Note 2) | (4,641) | (3,143) |
Customer deposits | (8,400) | (4,179) |
Net under (over) billings | $ (1,189) | |
Net under (over) billings | $ 11,343 |
The Company and Its Accountin46
The Company and Its Accounting Policies - 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 | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Numerator: | |||||||||||
Net income | $ 520 | $ 1,274 | $ 1,976 | $ 2,361 | $ 4,165 | $ 3,992 | $ 4,186 | $ 2,392 | $ 6,131 | $ 14,735 | $ 10,145 |
Denominator: | |||||||||||
Weighted common shares outstanding | 9,976 | 10,123 | 10,056 | ||||||||
Share equivalent units ("SEUs") outstanding | 14 | ||||||||||
Weighted average common shares and SEUs outstanding | 9,976 | 10,123 | 10,070 | ||||||||
Basic income per share | $ 0.05 | $ 0.13 | $ 0.20 | $ 0.23 | $ 0.41 | $ 0.39 | $ 0.41 | $ 0.24 | $ 0.61 | $ 1.46 | $ 1.01 |
Numerator: | |||||||||||
Net income | $ 520 | $ 1,274 | $ 1,976 | $ 2,361 | $ 4,165 | $ 3,992 | $ 4,186 | $ 2,392 | $ 6,131 | $ 14,735 | $ 10,145 |
Denominator: | |||||||||||
Weighted average common shares and SEUs outstanding | 9,976 | 10,123 | 10,070 | ||||||||
Stock options outstanding | 7 | 20 | 34 | ||||||||
Weighted average common and potential common shares outstanding | 9,983 | 10,143 | 10,104 | ||||||||
Diluted income per share | $ 0.05 | $ 0.13 | $ 0.20 | $ 0.23 | $ 0.41 | $ 0.39 | $ 0.41 | $ 0.24 | $ 0.61 | $ 1.45 | $ 1 |
The Company and Its Accountin47
The Company and Its Accounting Policies - Schedule of Effects of Retrospective Application of Provision in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Schedule Of Accounting Policies [Line Items] | ||
Other assets | $ 168 | $ 146 |
Long-term deferred income tax liability | $ (3,546) | (5,876) |
Scenario, Previously Reported [Member] | ||
Schedule Of Accounting Policies [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] | ||
Schedule Of Accounting Policies [Line Items] | ||
Current deferred income tax asset | (647) | |
Other assets | (4) | |
Current deferred income tax liability | 164 | |
Long-term deferred income tax liability | $ 487 |
Inventories - Major Classificat
Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 3,178 | $ 2,763 |
Work in process | 11,615 | 13,685 |
Finished products | 659 | 689 |
Inventory Gross | 15,452 | 17,137 |
Less – progress payments | 4,641 | 3,143 |
Total | $ 10,811 | $ 13,994 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 47,591 | $ 46,711 |
Less - accumulated depreciation and amortization | 28,844 | 26,899 |
Property, plant and equipment, net | 18,747 | 19,812 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 210 | 210 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 18,774 | 18,682 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 28,537 | 27,749 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 70 | $ 70 |
Property, Plant and Equipment50
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 2,201 | $ 2,079 | $ 1,977 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
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 | 952 | 772 |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 1,748 | $ 1,928 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Finite Lived Intangible Assets [Line Items] | |||
Intangible amortization expense | $ 234,000 | $ 229,000 | $ 222,000 |
Change in goodwill during the period | 0 | 0 | |
Goodwill | 6,938,000 | 6,938,000 | |
Customer Relationships [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible amortization expense | 180,000 | $ 180,000 | $ 180,000 |
Future amortization expenses, 2017 | 180,000 | ||
Future amortization expenses, 2018 | 180,000 | ||
Future amortization expenses, 2019 | 180,000 | ||
Future amortization expenses, 2020 | 180,000 | ||
Future amortization expenses, 2021 | $ 180,000 |
Product Warranty Liability - Re
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Guarantees [Abstract] | ||
Balance at beginning of year | $ 653 | $ 308 |
Expense for product warranties | 336 | 930 |
Product warranty claims paid | (303) | (585) |
Balance at end of year | $ 686 | $ 653 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Capital Leased Assets [Line Items] | |||
Operating leases expense | $ 677 | $ 596 | $ 563 |
Machinery and Equipment [Member] | |||
Capital Leased Assets [Line Items] | |||
Amortization of machinery and equipment under capital leases | $ 40 | $ 54 | $ 72 |
Leases - Summary of Property, P
Leases - Summary of Property, Plant and Equipment (Detail) - Machinery and Equipment [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Capital Leased Assets [Line Items] | ||
Machinery and equipment | $ 280 | $ 288 |
Less accumulated amortization | 75 | 135 |
Net Machinery and equipment | $ 205 | $ 153 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Required under Non-cancelable Leases (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 580 |
2,018 | 408 |
2,019 | 364 |
2,020 | 353 |
2,021 | 238 |
Total minimum operating lease payments | 1,943 |
2,017 | 64 |
2,018 | 62 |
2,019 | 55 |
2,020 | 33 |
2,021 | 18 |
Total minimum capital lease payments | 232 |
Capital Leases, Future Minimum Payments, Interest Included in Payments | 20 |
Present value of net minimum lease payments | $ 212 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Mar. 24, 2014 | Mar. 31, 2016 | Dec. 02, 2015 | Mar. 31, 2015 |
Debt Instrument [Line Items] | ||||
Short-term borrowings outstanding | $ 0 | $ 0 | ||
Letters of credit outstanding amount | 11,982,000 | $ 10,903,000 | ||
Long-term debt payment requirements over the next five years | 0 | |||
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit | $ 5,000,000 | |||
Letters of credit outstanding amount | $ 1,921,000 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Covenant Compliance | The Company was in compliance with all such provisions as of and for the year ended March 31, 2016 | |||
Assets book value | $ 104,059,000 | |||
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Availability under the line of credit | $ 3,079,000 | |||
Maximum funded debt to EBITDA ratio | 350.00% | |||
Annual facility fees | 0.375% | |||
Minimum earnings to interest ratio | 400.00% | |||
Revolving Credit Facility [Member] | Maximum [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Fee for outstanding letters of credit | 1.25% | |||
Revolving Credit Facility [Member] | Minimum [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Fee for outstanding letters of credit | 0.75% | |||
Revolving Credit Facility [Member] | Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank's prime rate | 3.50% | 3.25% | ||
Revolving Credit Facility [Member] | 2015 Credit Facility Agreement [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 | $ 1,749,000 | |||
Availability under the line of credit | $ 23,251,000 | |||
Debt instrument, covenant description | Under the new revolving credit facility, the Company covenants to maintain a maximum funded debt to EBITDA ratio, as defined in such credit facility, of 3.5 to 1.0 and a minimum earnings before interest expense and income taxes (“EBIT") to interest ratio, as defined in such credit facility, 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 funded debt to EBITDA ratio of greater than 2.0 to 1.0. | |||
Percentage of net income to be paid as dividend if EBITDA ratio is greater than 2.0 to 1 | 25.00% | |||
Revolving Credit Facility [Member] | 2015 Credit Facility Agreement [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] | 2015 Credit Facility Agreement [Member] | Maximum [Member] | Dividend Payment Covenant [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum funded debt to EBITDA ratio | 200.00% | |||
Revolving Credit Facility [Member] | 2015 Credit Facility Agreement [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] | 2015 Credit Facility Agreement [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] | 2015 Credit Facility Agreement [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] | 2015 Credit Facility Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding amount | $ 8,312,000 |
Debt - Long-term Capital Lease
Debt - Long-term Capital Lease Obligations Outstanding (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Debt Disclosure [Abstract] | ||
Capital lease obligations (Note 6) | $ 212 | $ 158 |
Less: current amounts | 55 | 60 |
Total | $ 157 | $ 98 |
Financial Instruments and Der59
Financial Instruments and Derivative Financial Instruments - Additional Information (Detail) $ in Thousands | Mar. 31, 2016USD ($)ForwardContract | Mar. 31, 2015USD ($)ForwardContract |
Concentration Risk [Line Items] | ||
Letters of credit outstanding amount | $ | $ 11,982 | $ 10,903 |
Foreign Exchange [Member] | ||
Concentration Risk [Line Items] | ||
Number of foreign exchange contracts held by the company | ForwardContract | 0 | 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes [Line Items] | |||
Income before income taxes, total | $ 8,730 | $ 21,752 | $ 14,710 |
U.S. [Member] | |||
Income Taxes [Line Items] | |||
Income before income taxes, total | 8,301 | 20,799 | 14,127 |
China [Member] | |||
Income Taxes [Line Items] | |||
Income before income taxes, total | $ 429 | $ 953 | $ 583 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes Related to Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Current: | |||
Federal | $ 3,795 | $ 6,616 | $ 5,146 |
State | 54 | 165 | 68 |
Foreign | 272 | 79 | 362 |
Total Current | 4,121 | 6,860 | 5,576 |
Deferred: | |||
Federal | (1,319) | (46) | (761) |
State | (82) | (184) | (184) |
Foreign | (154) | 173 | (240) |
Changes in valuation allowance | 33 | 214 | 174 |
Total Deferred | (1,522) | 157 | (1,011) |
Total provision for income taxes | $ 2,599 | $ 7,017 | $ 4,565 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Provision for income taxes at federal rate | $ 3,055 | $ 7,613 | $ 5,149 |
State taxes | (28) | (103) | (139) |
Charges not deductible for income tax purposes | 64 | 79 | 59 |
Recognition of tax benefit generated by qualified production activities deduction | (245) | (382) | (403) |
Research and development tax credits | (232) | (180) | (80) |
Valuation allowance | 33 | 214 | 174 |
Uncertain tax positions | (134) | ||
Other | (48) | (224) | (61) |
Total provision for income taxes | $ 2,599 | $ 7,017 | $ 4,565 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Income Tax Liability (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Components Of Deferred Tax Assets And Liabilities [Abstract] | ||
Depreciation | $ (2,352) | $ (2,196) |
Accrued compensation | 247 | 881 |
Prepaid pension asset | 355 | (465) |
Accrued pension liability | 138 | 121 |
Accrued postretirement benefits | 309 | 342 |
Compensated absences | 571 | 629 |
Inventories | 905 | (1,042) |
Warranty liability | 242 | 231 |
Accrued expenses | 702 | 313 |
Stock-based compensation | 485 | 500 |
Intangible assets | (5,159) | (5,230) |
New York State investment tax credit | 985 | 952 |
Other | 11 | 40 |
Deferred Tax Liabilities, gross | (2,561) | (4,924) |
Less: Valuation allowance | (985) | (952) |
Total | $ (3,546) | $ (5,876) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Taxes [Line Items] | ||
Valuation allowance | $ 985 | $ 952 |
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 | 2,012 | |
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 | |
Investment Tax Credit Carryforward [Member] | ||
Income Taxes [Line Items] | ||
Deferred income taxes include the impact of state investment tax credits | $ 311 | |
State investment tax credits with an unlimited carryforward period | $ 674 | |
Investment Tax Credit Carryforward [Member] | Maximum [Member] | ||
Income Taxes [Line Items] | ||
Expiration date of state investment tax credits | Mar. 31, 2030 | |
Investment Tax Credit Carryforward [Member] | Minimum [Member] | ||
Income Taxes [Line Items] | ||
Expiration date of state investment tax credits | Mar. 31, 2016 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) shares in Thousands | 12 Months Ended | ||
Mar. 31, 2016USD ($)$ / Employeeshares | Mar. 31, 2015USD ($)shares | Mar. 31, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employee's years of service and average earnings | Five highest consecutive calendar years of compensation in the ten-year period preceding retirement | ||
Percentage of blue collar employees | 50.00% | ||
Increase in projected benefit obligations | $ 2,145,000 | ||
Accumulated benefit obligation | $ 32,270,000 | $ 33,998,000 | |
Contribution equal to employee salary deferral | 100.00% | ||
Employer contribution description | Matching contributions equal to 100% of the first 3% of an employee’s salary deferral and 50% of the next 2% percent of an employee’s salary deferral | ||
Contribution next to employee salary deferral | 3.00% | ||
Contribution for additional employee salary deferral | 50.00% | ||
Contribution additional next to employee salary deferral | 2.00% | ||
Share of the medical premium cost for family coverage | $ 4,000 | ||
Share of the medical premium cost for single coverage | 2,000 | ||
Share of the medical premium both family and single coverage for regular retirees | $ 1,000 | ||
Medical care cost trend rate | 5.00% | ||
Medical care trend year | 2,022 | ||
Medical care cost trend rate decrements | 0.50% | ||
Current portion of accrued postretirement benefit obligation | $ 88,000 | $ 92,000 | |
Employee stock ownership plan, shares | shares | 202 | 233 | |
Company contributions to the ESOP | $ 0 | $ 0 | $ 0 |
Stop loss coverage per employee for claims | $ / Employee | 100 | ||
Maximum aggregate stop loss coverage | $ / Employee | 1,000 | ||
Total plan amount | $ 2,602,000 | ||
Self-Insured medical plan liability | 176,000 | 446,000 | |
Defined Contribution Plan 401K [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined contribution plan | 866,000 | 940,000 | 831,000 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Liability released through annuity purchase | (1,710,000) | ||
Annuities purchased | (1,798,000) | ||
Estimated net actuarial loss for pension plan | 1,351,000 | ||
Estimated prior service cost for pension plan | 0 | ||
Pension expense | $ (49,000) | $ (469,000) | $ 213,000 |
Weighted average discount rate used to develop net postretirement benefit cost | 3.74% | 4.46% | 4.28% |
Defined Contribution Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined contribution plan | $ 315,000 | $ 294,000 | $ 257,000 |
Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | 76,000 | 70,000 | 70,000 |
Pension expense related liability | 391,000 | 341,000 | |
Current portion of the related liability included in accrued compensation | 26,000 | 26,000 | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated net actuarial loss for pension plan | 39,000 | ||
Estimated prior service cost for pension plan | 0 | ||
Pension expense | $ 69,000 | $ (40,000) | $ (87,000) |
Weighted average discount rate used to develop net postretirement benefit cost | 3.11% | 3.59% | 3.26% |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Postretirement Benefit Cost (Income) and Pension (Benefit) Cost (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost during the period | $ 521 | $ 546 | $ 576 |
Interest cost on projected benefit obligation | 1,437 | 1,434 | 1,359 |
Expected return on assets | (3,181) | (3,033) | (2,728) |
Unrecognized prior service cost | 4 | 4 | |
Actuarial loss | 1,174 | 580 | 1,002 |
Net pension (benefit) cost | $ (49) | $ (469) | $ 213 |
Employee Benefit Plans - Weight
Employee Benefit Plans - Weighted Average Actuarial Assumptions Used to Determine Net Pension Cost (Detail) - Pension Plans, Defined Benefit [Member] | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.74% | 4.46% | 4.28% |
Rate of increase in compensation levels | 3.00% | 3.00% | 3.00% |
Long-term rate of return on plan assets | 8.00% | 8.00% | 8.00% |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes in Company's Benefit Obligation, Plan Assets and Funded Status for Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | $ 39,052 | $ 32,789 | |
Service cost | 417 | 442 | |
Interest cost | 1,437 | 1,434 | $ 1,359 |
Actuarial loss (gain) | (402) | 5,573 | |
Benefit payments | (1,350) | (1,186) | |
Liability released through annuity purchase | (1,710) | ||
Projected benefit obligation at end of year | 37,444 | 39,052 | 32,789 |
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | 40,384 | 38,548 | |
Employer contribution | 55 | ||
Actual return on plan assets | (765) | 2,967 | |
Benefit payments | (1,350) | (1,186) | |
Annuities purchased | (1,798) | ||
Fair value of plan assets at end of year | 36,471 | 40,384 | 38,548 |
Funded status | |||
Funded status at end of year | (973) | 1,332 | |
Amount recognized in the Consolidated Balance Sheets | (973) | 1,332 | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at beginning of year | 968 | 951 | |
Interest cost | 29 | 31 | 33 |
Actuarial loss (gain) | (38) | 75 | |
Benefit payments | (84) | (89) | |
Projected benefit obligation at end of year | 875 | 968 | $ 951 |
Change in fair value of plan assets | |||
Employer contribution | 84 | 89 | |
Benefit payments | (84) | (89) | |
Funded status | |||
Funded status at end of year | (875) | (968) | |
Amount recognized in the Consolidated Balance Sheets | $ (875) | $ (968) |
Employee Benefit Plans - Weig69
Employee Benefit Plans - Weighted Average Actuarial Assumptions Used to Determine Benefit Obligation (Detail) - Pension Plans, Defined Benefit [Member] | Mar. 31, 2016 | Mar. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.93% | 3.74% |
Rate of increase in compensation levels | 3.00% | 3.00% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Income Tax (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 10,662 | $ 9,141 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 270 | $ 321 |
Employee Benefit Plans - Summ71
Employee Benefit Plans - Summary of Increase (Decrease) in Accumulated Other Comprehensive Loss, Net of Income Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 1,470 | $ 3,294 | $ (2,275) |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss arising during the year | 2,280 | 3,578 | |
Amortization of actuarial loss | (759) | (375) | |
Amortization of prior service cost | (3) | ||
Total | 1,521 | 3,200 | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss arising during the year | (26) | 48 | |
Amortization of actuarial loss | (25) | (23) | |
Amortization of prior service cost | 69 | ||
Total | $ (51) | $ 94 |
Employee Benefit Plans - Summ72
Employee Benefit Plans - Summary of Benefit Payments, Which Reflect Future Service, are Expected to be Paid (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 1,239 |
2,018 | 1,261 |
2,019 | 1,270 |
2,020 | 1,484 |
2,021 | 1,639 |
2022-2026 | 8,896 |
Total | 15,789 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 88 |
2,018 | 84 |
2,019 | 81 |
2,020 | 77 |
2,021 | 73 |
2022-2026 | 304 |
Total | $ 707 |
Employee Benefit Plans - Summ73
Employee Benefit Plans - Summary of Weighted Average Asset Allocation of Plan Assets by Asset Category (Detail) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations Range Minimum | 50.00% | |
Target Plan Asset Allocations Range Maximum | 70.00% | |
Target Plan Asset Allocations | 67.00% | 66.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Plan Asset Allocations Range Minimum | 20.00% | |
Target Plan Asset Allocations Range Maximum | 50.00% | |
Target Plan Asset Allocations | 33.00% | 34.00% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Values of Company's Pension Plan Assets by Asset Category (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 36,471 | $ 40,384 | $ 38,548 |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 103 | 126 | |
U.S. companies, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,010 | 21,586 | |
International companies, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,459 | 4,854 | |
Fixed income, Corporate bond funds, Intermediate-term [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,520 | 11,109 | |
Fixed income, Corporate bond funds, Short-term [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,379 | 2,709 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 36,471 | 40,384 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 103 | 126 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. companies, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,010 | 21,586 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | International companies, Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,459 | 4,854 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed income, Corporate bond funds, Intermediate-term [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,520 | 11,109 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed income, Corporate bond funds, Short-term [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,379 | $ 2,709 |
Employee Benefit Plans - Comp75
Employee Benefit Plans - Components of Postretirement Benefit Expense (Income) and Pension (Benefit) Cost (Detail) - Other Postretirement Benefit Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on projected benefit obligation | $ 29 | $ 31 | $ 33 |
Unrecognized prior service cost | (106) | (166) | |
Actuarial loss | 40 | 35 | 46 |
Net pension (benefit) cost | $ 69 | $ (40) | $ (87) |
Employee Benefit Plans - Weig76
Employee Benefit Plans - Weighted Average Actuarial Assumptions Used to Develop Projected Benefit Obligation (Detail) - Other Postretirement Benefit Plans [Member] | Mar. 31, 2016 | Mar. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.16% | 3.11% |
Medical care cost trend rate | 8.00% | 8.00% |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash proceeds from the exercise of stock options | $ 97 | $ 47 | $ 581 |
Total intrinsic value of the stock options exercised | 71 | 32 | 1,221 |
Unrecognized stock-based compensation expense | $ 1,063 | ||
Weighted average period for recognize expense | 1 year 5 months 9 days | ||
Options, stock awards and performance awards available for future grants | 377,000 | ||
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 653 | 598 | 582 |
Income tax benefit to stock based compensation | 230 | 210 | 205 |
Increase in capital in excess of par value for the income tax benefit realized upon exercise of stock options and vesting of restricted | $ 5 | $ 197 | $ 268 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awarded | 34,000 | 30,000 | 32,000 |
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] | Stock Compensation Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 1,375,000 | ||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awarded | 34,000 | 30,000 | 32,000 |
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 | 15,000 | 12,000 | 14,000 |
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 | 12,000 | 11,000 | 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 | 7,000 | 7,000 | 6,000 |
Share-based compensation vesting percentage | 100.00% | ||
Vesting period | 1 year | ||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 250,000 | ||
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 | ||
Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Related liability recorded under plan | $ 0 | $ 158 | |
Long Term Incentive Plan [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amounts paid to participant | 158 | 157 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 44 | 55 | $ 57 |
Income tax benefit to stock based compensation | 16 | 19 | 20 |
Increase in capital in excess of par value for the income tax benefit realized upon exercise of stock options and vesting of restricted | $ 1 | $ 3 | $ 3 |
Discounted purchase price of common stock percentage on fair market value | 85.00% | ||
Issue of treasury stock to the ESPP for the offering periods | 16,000 | 12,000 | 16,000 |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock Option Awards (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Outstanding, Shares Under Option, Beginning Balance | 90 | 93 | 146 |
Exercised, Shares Under Option | (7) | (2) | (52) |
Forfeited, Shares Under Option | (1) | (1) | |
Outstanding, Shares Under Option, Ending Balance | 83 | 90 | 93 |
Vested or expected to vest, Shares Under Option | 83 | ||
Exercisable, Shares Under Option | 83 | ||
Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 18.57 | $ 18.60 | $ 16.04 |
Exercised, Weighted Average Exercise Price | 13.30 | 19.66 | 11.31 |
Forfeited, Weighted Average Exercise Price | 18.65 | 19.15 | |
Outstanding, Weighted Average Exercise Price, Ending Balance | 19.03 | $ 18.57 | $ 18.60 |
Vested or expected to vest, Weighted Average Exercise Price | 19.03 | ||
Exercisable, Weighted Average Exercise Price | $ 19.03 | ||
Outstanding, Weighted Average Remaining Contractual Term, Ending Balance | 4 years 4 months 13 days | ||
Vested or expected to vest, Weighted Average Remaining Contractual Term | 4 years 4 months 13 days | ||
Exercisable, Weighted Average Remaining Contractual Term | 4 years 4 months 13 days | ||
Outstanding, Aggregate Intrinsic Value, Ending Balance | $ 238 | ||
Vested or expected to vest, Aggregate Intrinsic Value | 238 | ||
Exercisable, Aggregate Intrinsic Value | $ 238 |
Stock Compensation Plans - St79
Stock Compensation Plans - Stock Options Outstanding (Detail) shares in Thousands | 12 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Range 1 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price, Minimum | $ 6.90 |
Exercise Price, Maximum | $ 7.98 |
Options Outstanding at March 31, 2016 | shares | 6 |
Weighted Average Exercise Price | $ 7 |
Weighted Average Remaining Contractual Life (in years) | 1 year 29 days |
Range 2 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price, Minimum | $ 12.52 |
Exercise Price, Maximum | $ 15.25 |
Options Outstanding at March 31, 2016 | shares | 23 |
Weighted Average Exercise Price | $ 14.64 |
Weighted Average Remaining Contractual Life (in years) | 3 years 2 months 9 days |
Range 3 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price, Minimum | $ 18.65 |
Exercise Price, Maximum | $ 21.19 |
Options Outstanding at March 31, 2016 | shares | 42 |
Weighted Average Exercise Price | $ 18.94 |
Weighted Average Remaining Contractual Life (in years) | 6 years 22 days |
Range 4 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price, Minimum | $ 30.88 |
Exercise Price, Maximum | $ 44.50 |
Options Outstanding at March 31, 2016 | shares | 12 |
Weighted Average Exercise Price | $ 33.04 |
Weighted Average Remaining Contractual Life (in years) | 2 years 2 months 12 days |
Range 5 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price, Minimum | $ 6.90 |
Exercise Price, Maximum | $ 44.50 |
Options Outstanding at March 31, 2016 | shares | 83 |
Weighted Average Exercise Price | $ 19.03 |
Weighted Average Remaining Contractual Life (in years) | 4 years 4 months 13 days |
Stock Compensation Plans - Sche
Stock Compensation Plans - Schedule of Restricted Stock Awards (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, Restricted Stock, Beginning Balance | 70 | 64 | 61 |
Restricted Stock, Granted | 34 | 30 | 32 |
Restricted Stock, Vested | (28) | (15) | (24) |
Restricted Stock, Forfeited | (6) | (9) | (5) |
Non-vested, Restricted Stock, Ending Balance | 70 | 70 | 64 |
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 24.47 | $ 21.93 | $ 18.51 |
Weighted Average Grant Date Fair Value, Granted | 23.13 | 28.36 | 24 |
Weighted Average Grant Date Fair Value, Vested | 23.23 | 23.04 | 17.20 |
Weighted Average Grant Date Fair Value, Forfeited | 19.75 | 21.56 | 15.81 |
Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 25.03 | $ 24.47 | $ 21.93 |
Changes in Accumulated Other 81
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 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 | (2,405) | (3,623) | |
Amounts reclassified from accumulated other comprehensive loss | 785 | 332 | |
Total other comprehensive income | (1,620) | (3,291) | $ 2,268 |
Accumulated other comprehensive income/(loss), ending balance | (10,676) | (9,056) | (5,765) |
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) | |
Other comprehensive income before reclassifications | (2,255) | (3,626) | |
Amounts reclassified from accumulated other comprehensive loss | 785 | 332 | |
Total other comprehensive income | (1,470) | (3,294) | |
Accumulated other comprehensive income/(loss), ending balance | (10,932) | (9,462) | (6,168) |
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 | (150) | 3 | |
Total other comprehensive income | (150) | 3 | |
Accumulated other comprehensive income/(loss), ending balance | $ 256 | $ 406 | $ 403 |
Changes in Accumulated Other 82
Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income before provision for income taxes | $ 8,730 | $ 21,752 | $ 14,710 | ||||||||
Provision for income taxes | 2,599 | 7,017 | 4,565 | ||||||||
Net income | $ 520 | $ 1,274 | $ 1,976 | $ 2,361 | $ 4,165 | $ 3,992 | $ 4,186 | $ 2,392 | 6,131 | 14,735 | $ 10,145 |
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 | 102 | ||||||||||
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 | (1,214) | (616) | |||||||||
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 | (1,214) | (514) | |||||||||
Provision for income taxes | (429) | (182) | |||||||||
Net income | $ (785) | $ (332) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2016USD ($)Segment | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable operating segments | Segment | 1 | ||||||||||
Net sales | $ 22,301 | $ 17,323 | $ 22,798 | $ 27,617 | $ 37,455 | $ 33,646 | $ 35,566 | $ 28,502 | $ 90,039 | $ 135,169 | $ 102,218 |
SUDAN [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
IRAN [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
SYRIA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 0 | $ 0 | $ 0 |
Segment Information - Net Sales
Segment Information - Net Sales by Product Line (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 22,301 | $ 17,323 | $ 22,798 | $ 27,617 | $ 37,455 | $ 33,646 | $ 35,566 | $ 28,502 | $ 90,039 | $ 135,169 | $ 102,218 |
Heat transfer equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 31,479 | 58,224 | 37,086 | ||||||||
Vacuum equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 28,323 | 28,698 | 27,236 | ||||||||
All other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 30,237 | $ 48,247 | $ 37,896 |
Segment Information - Breakdown
Segment Information - Breakdown of Net Sales by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 22,301 | $ 17,323 | $ 22,798 | $ 27,617 | $ 37,455 | $ 33,646 | $ 35,566 | $ 28,502 | $ 90,039 | $ 135,169 | $ 102,218 |
Africa [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 112 | 237 | 152 | ||||||||
Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 8,859 | 11,253 | 11,486 | ||||||||
Australia & New Zealand [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 230 | 330 | 307 | ||||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 8,702 | 15,807 | 11,419 | ||||||||
Central America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 36 | 1,772 | 3,210 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 856 | 943 | 2,091 | ||||||||
Mexico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 620 | 407 | 728 | ||||||||
Middle East [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 11,039 | 10,155 | 4,350 | ||||||||
South America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,558 | 7,866 | 4,625 | ||||||||
U.S. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 57,027 | $ 86,399 | $ 63,850 |
Restructuring Charge - Addition
Restructuring Charge - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |||
Restructuring charge | $ 1,718 | $ (3) | $ 1,718 |
Current portion of liability included in accrued compensation | 1,594 | $ 74 | 1,594 |
Accrued compensation | $ 124 | $ 124 |
Restructuring Charge - Summary
Restructuring Charge - Summary of Reconciliation of Changes in Restructuring Reserve (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |||
Balance at beginning of year | $ 1,718 | ||
(Income) expense for restructuring | $ 1,718 | (3) | $ 1,718 |
Amounts paid for restructuring | (1,641) | ||
Balance at end of year | $ 1,718 | $ 74 | $ 1,718 |
Other Income - Additional Infor
Other Income - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Other Income And Expenses [Abstract] | |
Other income | $ 1,789 |
Purchase of Treasury Stock - Ad
Purchase of Treasury Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Jan. 29, 2015 | |
Equity [Abstract] | |||
Stock repurchase program authorized amount | $ 18,000,000 | ||
Number of shares purchased during period | 539,000 | 0 | |
Aggregate cost of shares purchased during period | $ 9,441,000 |
Quarterly Financial Data (Una90
Quarterly Financial Data (Unaudited) - Summary of Company's Unaudited Quarterly Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Quarterly Financial Information [Line Items] | |||||||||||
Net sales | $ 22,301 | $ 17,323 | $ 22,798 | $ 27,617 | $ 37,455 | $ 33,646 | $ 35,566 | $ 28,502 | $ 90,039 | $ 135,169 | $ 102,218 |
Gross profit | 4,559 | 3,524 | 7,135 | 8,037 | 12,785 | 10,103 | 10,984 | 7,932 | 23,255 | 41,804 | 31,812 |
Net income | $ 520 | $ 1,274 | $ 1,976 | $ 2,361 | $ 4,165 | $ 3,992 | $ 4,186 | $ 2,392 | $ 6,131 | $ 14,735 | $ 10,145 |
Per share: | |||||||||||
Basic income per share | $ 0.05 | $ 0.13 | $ 0.20 | $ 0.23 | $ 0.41 | $ 0.39 | $ 0.41 | $ 0.24 | $ 0.61 | $ 1.46 | $ 1.01 |
Diluted income per share | 0.05 | 0.13 | 0.20 | 0.23 | 0.41 | 0.39 | 0.41 | 0.24 | 0.61 | 1.45 | $ 1 |
Minimum [Member] | |||||||||||
Per share: | |||||||||||
Market price range of common stock | 14.39 | 15.63 | 15.71 | 19.82 | 20.58 | 26.06 | 27.99 | 26.20 | 14.39 | 20.58 | |
Maximum [Member] | |||||||||||
Per share: | |||||||||||
Market price range of common stock | $ 20.24 | $ 18.88 | $ 20.60 | $ 25.25 | $ 28.86 | $ 34.65 | $ 35.35 | $ 34.88 | $ 25.25 | $ 35.35 |
Quarterly Financial Data (Una91
Quarterly Financial Data (Unaudited) - Summary of Company's Unaudited Quarterly Results (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Restructuring charge | $ 1,718 | $ (3) | $ 1,718 |
Restructuring charge, net of tax | $ 1,164 |
Schedule II - Valuation and Q92
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Reserve for Doubtful Accounts Receivable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 62 | $ 46 | $ 33 |
Charged to Costs and Expenses | 38 | 24 | 19 |
Deductions | (9) | (8) | (6) |
Balance at End of Period | 91 | 62 | 46 |
Product Warranty Liability [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 653 | 308 | 408 |
Charged to Costs and Expenses | 336 | 930 | 125 |
Deductions | (303) | (585) | (225) |
Balance at End of Period | 686 | 653 | $ 308 |
Restructuring Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 1,718 | ||
Charged to Costs and Expenses | (3) | 1,718 | |
Deductions | (1,641) | ||
Balance at End of Period | $ 74 | $ 1,718 |