Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2017 | Jan. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GHM | |
Entity Registrant Name | GRAHAM CORP | |
Entity Central Index Key | 716,314 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,768,026 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 17,281 | $ 22,654 | $ 55,356 | $ 66,145 |
Cost of products sold | 13,696 | 16,353 | 43,075 | 50,723 |
Gross profit | 3,585 | 6,301 | 12,281 | 15,422 |
Other expenses and income: | ||||
Selling, general and administrative | 4,007 | 3,746 | 11,270 | 10,462 |
Selling, general and administrative – amortization | 59 | 58 | 177 | 175 |
Impairment of goodwill and intangible assets | 14,816 | 14,816 | ||
Restructuring charge | 316 | 630 | ||
Interest income | (142) | (100) | (455) | (272) |
Interest expense | 3 | 3 | 8 | 7 |
Total other expenses and income | 18,743 | 3,707 | 26,132 | 11,002 |
(Loss) income before provision for income taxes | (15,158) | 2,594 | (13,851) | 4,420 |
(Benefit) provision for income taxes | (3,536) | 754 | (3,174) | 1,198 |
Net (loss) income | (11,622) | 1,840 | (10,677) | 3,222 |
Retained earnings at beginning of period | 109,731 | 108,655 | 110,544 | 109,013 |
Dividends | (880) | (876) | (2,638) | (2,616) |
Retained earnings at end of period | $ 97,229 | $ 109,619 | $ 97,229 | $ 109,619 |
Basic: | ||||
Net (loss) income | $ (1.19) | $ 0.19 | $ (1.09) | $ 0.33 |
Diluted: | ||||
Net (loss) income | $ (1.19) | $ 0.19 | $ (1.09) | $ 0.33 |
Weighted average common shares outstanding: | ||||
Basic | 9,768 | 9,727 | 9,762 | 9,709 |
Diluted | 9,768 | 9,733 | 9,762 | 9,714 |
Dividends declared per share | $ 0.09 | $ 0.09 | $ 0.27 | $ 0.27 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (11,622) | $ 1,840 | $ (10,677) | $ 3,222 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | 76 | (135) | 216 | (283) |
Defined benefit pension and other postretirement plans net of income tax expense (benefit) of $(17) and $123, for the three months ended December 31, 2017 and 2016, respectively, and $169 and $369 for the nine months ended December 31, 2017 and 2016, respectively | 279 | 225 | 619 | 674 |
Total other comprehensive income | 355 | 90 | 835 | 391 |
Total comprehensive (loss) income | $ (11,267) | $ 1,930 | $ (9,842) | $ 3,613 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Defined benefit pension and other postretirement plans, tax expense (benefit) | $ (17) | $ 123 | $ 169 | $ 369 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 36,159 | $ 39,474 |
Investments | 38,023 | 34,000 |
Trade accounts receivable, net of allowances ($336 and $168 at December 31 and March 31, 2017, respectively) | 16,555 | 11,483 |
Unbilled revenue | 10,709 | 15,842 |
Inventories | 8,899 | 9,246 |
Prepaid expenses and other current assets | 1,181 | 681 |
Income taxes receivable | 1,288 | |
Total current assets | 112,814 | 110,726 |
Property, plant and equipment, net | 16,098 | 17,021 |
Prepaid pension asset | 3,110 | 2,340 |
Goodwill | 1,222 | 6,938 |
Permits | 1,700 | 10,300 |
Other intangible assets, net | 3,433 | 4,068 |
Other assets | 246 | 177 |
Total assets | 138,623 | 151,570 |
Current liabilities: | ||
Current portion of capital lease obligations | 105 | 107 |
Accounts payable | 9,386 | 10,295 |
Accrued compensation | 4,418 | 5,189 |
Accrued expenses and other current liabilities | 2,722 | 3,723 |
Customer deposits | 17,814 | 12,407 |
Income taxes payable | 317 | |
Total current liabilities | 34,445 | 32,038 |
Capital lease obligations | 67 | 143 |
Deferred income tax liability | 736 | 4,051 |
Accrued pension liability | 534 | 467 |
Accrued postretirement benefits | 780 | 761 |
Other long-term liabilities | 126 | |
Total liabilities | 36,688 | 37,460 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $1.00 par value, 500 shares authorized | ||
Common stock, $.10 par value, 25,500 shares authorized 10,579 and 10,548 shares issued and 9,768 and 9,740 shares outstanding at December 31 and March 31, 2017, respectively | 1,058 | 1,055 |
Capital in excess of par value | 23,573 | 23,176 |
Retained earnings | 97,229 | 110,544 |
Accumulated other comprehensive loss | (7,599) | (8,434) |
Treasury stock (811 and 808 shares at December 31 and March 31, 2017, respectively) | (12,326) | (12,231) |
Total stockholders’ equity | 101,935 | 114,110 |
Total liabilities and stockholders’ equity | $ 138,623 | $ 151,570 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 336 | $ 168 |
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 | 10,579,000 | 10,548,000 |
Common stock, shares outstanding | 9,768,000 | 9,740,000 |
Treasury stock, shares | 811,000 | 808,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | ||
Net (loss) income | $ (10,677) | $ 3,222 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,490 | 1,571 |
Amortization | 177 | 175 |
Amortization of unrecognized prior service cost and actuarial losses | 788 | 1,043 |
Impairment of goodwill and purchased intangible assets | 14,816 | |
Stock-based compensation expense | 362 | 433 |
Loss on disposal or sale of property, plant and equipment | 1 | 1 |
Deferred income taxes | (3,498) | 10 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (5,029) | 1,126 |
Unbilled revenue | 5,170 | (2,651) |
Inventories | 352 | 1,697 |
Prepaid expenses and other current and non-current assets | (591) | (489) |
Income taxes receivable | (1,605) | 1,109 |
Prepaid pension asset | (770) | |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (1,005) | (2,173) |
Accrued compensation, accrued expenses and other current and non-current liabilities | (1,593) | (558) |
Customer deposits | 5,400 | 6,699 |
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits | 86 | (508) |
Net cash provided by operating activities | 3,874 | 10,707 |
Investing activities: | ||
Purchase of property, plant and equipment | (543) | (241) |
Proceeds from disposal of property, plant and equipment | 1 | |
Purchase of investments | (34,023) | (39,000) |
Redemption of investments at maturity | 30,000 | 45,000 |
Net cash (used) provided by investing activities | (4,565) | 5,759 |
Financing activities: | ||
Principal repayments on capital lease obligations | (78) | (38) |
Issuance of common stock | 79 | |
Dividends paid | (2,638) | (2,616) |
Purchase of treasury stock | (119) | (29) |
Excess tax deficiency on stock awards | (26) | |
Net cash used by financing activities | (2,835) | (2,630) |
Effect of exchange rate changes on cash | 211 | (231) |
Net (decrease) increase in cash and cash equivalents | (3,315) | 13,605 |
Cash and cash equivalents at beginning of year | 39,474 | 24,072 |
Cash and cash equivalents at end of period | $ 36,159 | $ 37,677 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION: Graham Corporation's (the "Company's") Condensed Consolidated Financial Statements include its (i) wholly-owned foreign subsidiary located in Suzhou, China and (ii) wholly-owned domestic subsidiary located in Lapeer, Michigan. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, each as promulgated by the Securities and Exchange Commission. The Company's Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for complete financial statements. The unaudited Condensed Consolidated Balance Sheet as of March 31, 2017 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2017. For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2017 ("fiscal 2017"). In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included in the Company's Condensed Consolidated Financial Statements. The Company's results of operations and cash flows for the three and nine months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the current fiscal year, which ends March 31, 2018 ("fiscal 2018"). |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Revenue Recognition | NOTE 2 – REVENUE RECOGNITION: The Company recognizes revenue on all contracts with a planned manufacturing process in excess of four weeks (which approximates 575 direct labor hours) using the percentage-of-completion method. The majority of the Company's revenue is recognized under this methodology. The Company has established the systems and procedures essential to developing the estimates required to account for contracts using the percentage-of-completion method. The percentage-of-completion method is determined by comparing actual labor incurred to a specific date to management's estimate of the total labor to be incurred on each contract or completion of operational milestones assigned to each contract. Contracts in progress are reviewed monthly by management, and sales and earnings are adjusted in current accounting periods based on revisions in the contract value and estimated costs at completion. Losses on contracts are recognized immediately when evident to management. Revenue on contracts not accounted for using the percentage-of-completion method is recognized utilizing the completed contract method. The majority of the Company's contracts (as opposed to revenue) have a planned manufacturing process of less than four weeks and the results reported under this method do not vary materially from the percentage-of-completion method. The Company recognizes revenue and all related costs on these contracts upon substantial completion or shipment to the customer. Substantial completion is consistently defined as at least 95% complete with regard to direct labor hours. Customer acceptance is generally required throughout the construction process and the Company has no further material obligations under its contracts after the revenue is recognized. Receivables billed but not paid under retainage provisions in the Company’s customer contracts were $1,141 and $971 at December 31, 2017 and March 31, 2017, respectively. |
Investments
Investments | 9 Months Ended |
Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | NOTE 3 – INVESTMENTS: Investments consist of certificates of deposits with financial institutions. All investments have original maturities of greater than three months and less than one year and are classified as held-to-maturity, as the Company believes it has the intent and ability to hold the securities to maturity. Investments are stated at amortized cost which approximates fair value. All investments held by the Company at December 31, 2017 are scheduled to mature on or before May 31, 2018. |
Inventories
Inventories | 9 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – INVENTORIES: Inventories are stated at the lower of cost or market, using the average cost method. Unbilled revenue in the Condensed Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts accounted for on the percentage-of-completion method. For contracts accounted for on the percentage-of-completion method, progress payments are netted against unbilled revenue to the extent the payment is less than the unbilled revenue for the applicable contract. Progress payments exceeding unbilled revenue are netted against inventory to the extent the payment is less than or equal to the inventory balance relating to the applicable contract, and the excess is presented as customer deposits in the Condensed Consolidated Balance Sheets. Major classifications of inventories are as follows: December 31, March 31, 2017 2017 Raw materials and supplies $ 3,034 $ 3,016 Work in process 9,334 12,573 Finished products 935 891 13,303 16,480 Less - progress payments 4,404 7,234 Total $ 8,899 $ 9,246 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 5 – INTANGIBLE ASSETS: Intangible assets are comprised of the following: Gross Carrying Amount Accumulated Amortization Impairment Loss Net Carrying Amount At December 31, 2017 Intangibles subject to amortization: Customer relationships $ 2,700 $ 1,267 $ — $ 1,433 Intangibles not subject to amortization: Permits $ 10,300 $ — $ 8,600 $ 1,700 Tradename 2,500 — 500 2,000 $ 12,800 $ — $ 9,100 $ 3,700 At March 31, 2017 Intangibles subject to amortization: Customer relationships $ 2,700 $ 1,132 $ — $ 1,568 Intangibles not subject to amortization: Permits $ 10,300 $ — $ — $ 10,300 Tradename 2,500 — — 2,500 $ 12,800 $ — $ — $ 12,800 Finite-lived intangible assets are amortized on a straight-line basis over the estimated useful lives. Intangible amortization expense for each of the three-month periods ended December 31, 2017 and 2016 was $45. Intangible amortization expense for each of the nine-month periods ended December 31, 2017 and 2016 was $135. As of December 31, 2017, amortization expense is estimated to be $45 for the remainder of fiscal 2018 and $180 in each of the fiscal years ending March 31, 2019, 2020, 2021 and 2022. During the third quarter of fiscal 2018, the Company performed its annual goodwill and intangible asset impairment review. The Company assesses impairment by comparing the fair value of its reporting units and intangible assets to their related carrying value. Accounting Standards Update No. 2015-07, “Fair Value Measurement (Topic 820), 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. 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 of 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 of 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 Company estimated the fair value of intangible assets and goodwill of its commercial nuclear power business related to the December 2010 acquisition of Energy Steel & Supply Co. (“Energy Steel”) using the income approach. Under the income approach, the fair value of the business is calculated based on the present value of estimated future cash flows. Cash flow projections are based on management’s estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the business and the projected cash flows. The inputs utilized in the analyses are classified as Level 3 inputs within the fair value hierarchy outlined above. The impairment review indicated that the fair value of the permits, tradename and goodwill of the business were substantially lower than the carrying value due to reduced investment from the U.S. nuclear power market, the strength of the Energy Steel brand relative to larger more vertically integrated suppliers, and the bankruptcy of Westinghouse Electric Company which resulted in the stoppage of work at the Summer, SC nuclear facility. As a result, in the third quarter of fiscal 2018 the Company recorded impairment losses of $8,600, $500, and $5,716 for permits, tradename and goodwill, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 6 – STOCK-BASED COMPENSATION: The Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value, as approved by the Company’s stockholders at the Annual Meeting on July 28, 2016, provides for the issuance of up to 1,375 shares of common stock in connection with grants of incentive stock options, non-qualified stock options, stock awards and performance awards to officers, key employees and outside directors: provided, however, that no more than 467 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. No restricted stock awards were granted in the three-month periods ended December 31, 2017 and 2016. Restricted stock awards granted in the nine-month periods ended December 31, 2017 and 2016 were 59 and 82, respectively. Restricted shares of 30 and 43 granted to officers in fiscal 2018 and fiscal 2017, 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 22 and 31 granted to officers and key employees in fiscal 2018 and fiscal 2017, respectively, vest 33⅓% per year over a three-year term. Restricted shares of 7 and 8 granted to directors in fiscal 2018 and fiscal 2017, respectively, vest 100% on the first year anniversary of the grant date. No stock option awards were granted in the three-month or nine-month periods ended December 31, 2017 and 2016 December 31, 2017 and 2016. During the three months ended December 31, 2017 and 2016, the Company recognized stock-based compensation costs related to stock option and restricted stock awards of $213 and $200, respectively. The income tax benefit recognized related to stock-based compensation was $24 and $70 for the three months ended December 31, 2017 and 2016, respectively. During the nine months ended December 31, 2017 and 2016, the Company recognized stock-based compensation costs related to stock option and restricted stock awards of $362 and $427, respectively. The income tax benefit recognized related to stock-based compensation was $77 and $151 for the nine months ended December 31, 2017 and 2016, respectively. The Company has an Employee Stock Purchase Plan (the "ESPP"), which allows eligible employees to purchase shares of the Company's common stock at a discount of up to 15% of its fair market value on the (i) last, (ii) first or (iii) lower of the last or first day of the six-month offering period. A total of 200 shares of common stock may be purchased under the ESPP. In each of the three months ended December 31, 2017 and 2016, the Company recognized stock-based compensation costs of $0 related to the ESPP and $0 of related tax benefits. During the nine months ended December 31, 2017 and 2016, the Company recognized stock-based compensation costs of $0 and $6, respectively, related to the ESPP and $0 and $2, respectively, of related tax benefits. |
(Loss) Income Per Share
(Loss) Income Per Share | 9 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
(Loss) Income Per Share | NOTE 7 – (LOSS) INCOME PER SHARE: Basic (loss) income per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding for the period. Diluted (loss) income per share is calculated by dividing net (loss) 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 (loss) income per share is presented below: Three Months Ended Nine Months Ended December 31, December 31, 2017 2016 2017 2016 Basic (loss) income per share Numerator: Net (loss) income $ (11,622 ) $ 1,840 $ (10,677 ) $ 3,222 Denominator: Weighted average common shares outstanding 9,768 9,727 9,762 9,709 Basic (loss) income per share $ (1.19 ) $ .19 $ (1.09 ) $ .33 Diluted income per share Numerator: Net (loss) income $ (11,622 ) $ 1,840 $ (10,677 ) $ 3,222 Denominator: Weighted average common shares outstanding 9,768 9,727 9,762 9,709 Stock options outstanding — 6 — 5 Weighted average common and potential common shares outstanding 9,768 9,733 9,762 9,714 Diluted (loss) income per share $ (1.19 ) $ .19 $ (1.09 ) $ .33 None of the options to purchase shares of common stock which totaled 69 were included in the computation of diluted loss per share for the three and nine months ended December 31, 2017 as the effect would be anti-dilutive due to the net loss in the periods. Options to purchase a total of 16 shares of common stock were outstanding at December 31, 2016 but were not included in the above computation of diluted income per share in the three and nine-month periods ended December 31, 2016 given their exercise prices as they would not be dilutive upon issuance. |
Product Warranty Liability
Product Warranty Liability | 9 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Product Warranty Liability | NOTE 8 – PRODUCT WARRANTY LIABILITY: The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2017 2016 2017 2016 Balance at beginning of period $ 301 $ 582 $ 538 $ 686 Expense (income) for product warranties 22 (81 ) (59 ) 31 Product warranty claims paid (22 ) (4 ) (178 ) (220 ) Balance at end of period $ 301 $ 497 $ 301 $ 497 Income of $59 for product warranties in the nine months ended December 31, 2017 and the income of $81 in the three months ended December 31, 2016 resulted from the reversal of provisions made that were no longer required due to lower claims experience. The product warranty liability is included in the line item "Accrued expenses and other current liabilities" in the Condensed Consolidated Balance Sheets. |
Cash Flow Statement
Cash Flow Statement | 9 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Statement | NOTE 9 - CASH FLOW STATEMENT: Interest paid was $8 and $7 in the nine-month periods ended December 31, 2017 and 2016. Income taxes paid for the nine months ended December 31, 2017 and 2016 were $1,801 and $104, respectively. In the nine months ended December 31, 2017 and 2016, non-cash activities included the issuance of treasury stock valued at $63 and $107, respectively, to the Company’s Employee Stock Purchase Plan. At December 31 2017 and 2016, respectively, there were $29 and $31 of capital purchases that were recorded in accounts payable and are not included in the caption "Purchase of property, plant and equipment" in the Condensed Consolidated Statements of Cash Flows. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 10 – EMPLOYEE BENEFIT PLANS: The components of pension cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2017 2016 2017 2016 Service cost $ 149 $ 151 $ 448 $ 451 Interest cost 356 362 1,067 1,087 Expected return on assets (743 ) (718 ) (2,232 ) (2,155 ) Amortization of actuarial loss 253 337 760 1,013 Net pension cost $ 15 $ 132 $ 43 $ 396 The Company made contributions to its defined benefit pension plan during the nine months ended December 31, 2017 of $52 and does not expect to make any contributions to the plan for the balance of fiscal 2018. The components of the postretirement benefit cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2017 2016 2017 2016 Interest cost $ 6 $ 5 $ 19 $ 19 Amortization of actuarial loss 9 11 28 30 Net postretirement benefit cost $ 15 $ 16 $ 47 $ 49 The Company paid no benefits related to its postretirement benefit plan during the nine months ended December 31, 2017. The Company expects to pay benefits of approximately $83 for the balance of fiscal 2018. The Company self-funds the medical insurance coverage it provides to its U.S. based employees. The Company maintains a stop loss insurance policy in order to limit its exposure to claims. The liability of $134 and $174 on December 31, 2017 and March 31, 2017, respectively, related to the self-insured medical plan is primarily based upon claim history and is included in the caption “Accrued compensation” as a current liability in the Condensed Consolidated Balance Sheets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – COMMITMENTS AND CONTINGENCIES: The Company has been named as a defendant in lawsuits alleging personal injury from exposure to asbestos allegedly contained in, or accompanying, products made by the Company. The Company is a co-defendant with numerous other defendants in these lawsuits and intends to vigorously defend itself against these claims. The claims in the Company’s current lawsuits are similar to those made in previous asbestos-related suits that named the Company as defendant, which either were dismissed when it was shown that the Company had not supplied products to the plaintiffs’ places of work or were settled for immaterial amounts. As of December 31, 2017, the Company was subject to the claims noted above, as well as other legal proceedings and potential claims that have arisen in the ordinary course of business. Although the outcome of the lawsuits, legal proceedings or potential claims to which the Company is, or may become, a party to cannot be determined and an estimate of the reasonably possible loss or range of loss cannot be made, management does not believe that the outcomes, either individually or in the aggregate, will have a material effect on the Company’s results of operations, financial position or cash flows. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 – INCOME TAXES: The Company files federal and state income tax returns in several domestic and international jurisdictions. In most tax jurisdictions, returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed. The Company is subject to U.S. federal examination for the tax years 2015 through 2017 and examination in state tax jurisdictions for the tax years 2013 through 2017. The Company is subject to examination in the People’s Republic of China for tax years 2014 through 2016. There was no liability for unrecognized tax benefits at either December 31, 2017 or March 31, 2017. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. The Tax Act, which is effective on January 1, 2018, significantly revises the U.S. tax code by, among other changes, lowering the corporate income tax rate from 35% to 21%, requiring a one-time transition tax on accumulated foreign earnings of certain foreign subsidiaries that were previously tax deferred and creating new taxes on certain foreign sourced earnings. At December 31, 2017, the Company has not completed its accounting for the tax effects of the Tax Act; however, the Company has made a reasonable estimate of the effects on its existing deferred tax balances and the one-time transition tax. The Company remeasured certain U.S. deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%, and provisionally recorded an income tax benefit of $1,575 related to such remeasurement in the third quarter of fiscal 2018. The Company is still analyzing certain aspects of the Tax Act and refining its calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The one-time transition tax is based on the total post-1986 earnings and profits (“E&P”) of our foreign subsidiary that has previously been deferred from U.S. income taxes. The Company recorded a provisional amount for its one-time transition liability of its foreign subsidiary resulting in additional income tax expense of $137 in the third quarter of fiscal 2018. The Company has not yet completed its calculation of the total post-1986 foreign E&P for the foreign subsidiary. The transition tax is based in part on the amount of those earnings held in cash and other specified assets. The amount may change when the Company finalizes the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | NOTE 13 – CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS: The changes in accumulated other comprehensive loss by component for the nine months ended December 31, 2017 and 2016 are as follows: Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2017 $ (8,439 ) $ 5 $ (8,434 ) Other comprehensive income before reclassifications — 216 216 Amounts reclassified from accumulated other comprehensive loss 619 — 619 Net current-period other comprehensive income 619 216 835 Balance at December 31, 2017 $ (7,820 ) $ 221 $ (7,599 ) Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2016 $ (10,932 ) $ 256 $ (10,676 ) Other comprehensive income before reclassifications — (283 ) (283 ) Amounts reclassified from accumulated other comprehensive loss 674 — 674 Net current-period other comprehensive income 674 (283 ) 391 Balance at December 31, 2016 $ (10,258 ) $ (27 ) $ (10,285 ) The reclassifications out of accumulated other comprehensive loss by component for the three and nine months ended December 31, 2017 and 2016 are as follows: Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Income and Retained Earnings Three Months Ended December 31, 2017 2016 Pension and other postretirement benefit items: Amortization of actuarial loss $ (262 ) (1) $ (348 ) (1) Income before provision for income taxes 17 (123 ) Provision for income taxes $ (279 ) $ (225 ) Net income Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Income and Retained Earnings Nine Months Ended December 31, 2017 2016 Pension and other postretirement benefit items: Amortization of actuarial loss $ (788 ) (1) $ (1,043 ) (1) Income before provision for income taxes (169 ) (369 ) Provision for income taxes $ (619 ) $ (674 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. See Note 10. |
Restructuring Charge
Restructuring Charge | 9 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charge | NOTE 14 – RESTRUCTURING CHARGE: In each of the second quarter of fiscal 2018 and the first half of fiscal 2017, the Company’s workforce was aligned with market conditions by reducing the number of management, office and manufacturing positions. As a result, restructuring charges of $316 and $630 were recognized in the nine months ended December 31, 2017 and 2016, respectively. The restructuring charges included severance and related employee benefit costs. The charges are included in the caption “Restructuring Charge” in the Condensed Consolidated Statements of Income and Retained Earnings. The reconciliation of the changes in the restructuring reserve is as follows: Nine Months Ended Nine Months Ended December 31, December 31, 2017 2016 Balance at beginning of period $ 120 $ 74 Expense for restructuring 316 630 Amounts paid for restructuring (336 ) (549 ) Balance at end of period $ 100 $ 155 The liability of $100 and $120 at December 31, 2017 and March 31, 2017 respectively, is included in the caption “Accrued Compensation” in the Condensed Consolidated Balance Sheets. |
Accounting and Reporting Change
Accounting and Reporting Changes | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Accounting and Reporting Changes | NOTE 15 – ACCOUNTING AND REPORTING CHANGES: In the normal course of business, management evaluates all new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”), the Securities and Exchange Commission, the Emerging Issues Task Force, the American Institute of Certified Public Accountants or any other authoritative accounting bodies to determine the potential impact they may have on the Company's consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers." This guidance establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company’s contracts with customers. The guidance requires companies to apply a five-step model when recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. The guidance also includes a comprehensive set of disclosure requirements regarding revenue recognition. The guidance allows two methods of adoption: (1) a full retrospective approach where historical financial information is presented in accordance with the new standard and (2) a modified retrospective approach where the guidance is applied to the most current period presented in the financial statements. In August 2015, the FASB issued ASU No 2015-14 "Revenue from Contracts with Customers: Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017, with earlier application permitted as of annual reporting periods beginning after December 15, 2016. In March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)," to clarify the implementation guidance on principal versus agent. In April 2016, the FASB issued ASU No. 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing," which clarifies the identifying performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients," which clarifies the implementation guidance related to collectability, presentation of sales tax, noncash consideration, contract modifications and completed contracts at transition. The Company plans to adopt these standards using the modified retrospective approach in the first quarter of its fiscal year ending March 31, 2019. The Company has developed a project plan and is currently reviewing its contracts and evaluating the impact of the guidance on its revenue. The Company currently believes that the most significant impact of adopting the guidance will be the timing of revenue recognition. The Company believes that revenue on the majority of its contracts will continue to be recognized upon shipment while revenue on its larger contracts are expected to be recognized over time as these contracts meet specific criteria established in the new standards. The Company is in the process of implementing changes to its business processes, systems and controls to support the recognition and disclosure requirements under the new guidance. See Note 2 for a description of the Company’s current revenue recognition policy. In July 2015, the FASB issued ASU No. 2015-11, "Simplifying the Measurement of Inventory," which simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company adopted the new guidance in the first quarter of fiscal 2018. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)", which requires companies to recognize all leases as assets and liabilities on the consolidated balance sheet. This ASU retains a distinction between finance leases and operating leases, and the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the current accounting guidance. As a result, the effect of leases on the consolidated statement of comprehensive income and the 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 believes the adoption of this ASU may have a material impact on its assets and liabilities due to the addition of right-of-use assets and lease liabilities to its Consolidated Balance Sheet, however, it does not expect the guidance to have a material impact on its Consolidated Statement of Income or Consolidated Statement of Cash Flows. 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. The Company adopted the new guidance in the first quarter of fiscal 2018. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230)", which clarifies the presentation and classification of eight specific issues on the cash flow statement. This ASU is effective for public businesses for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not expect the adoption of this ASU will have a material effect on its Consolidated Financial Statements. In March 2017, the FASB issued ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715)", which amended its guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. The amended guidance requires the service cost component be disaggregated from the other components of net benefit cost. The service cost component of expense is required to be reported in the income statement in the same line item as other compensation costs within income from operations. The other components of net benefit cost are required to be presented separately from the service cost component outside of income from operations. This ASU is effective for public businesses for fiscal years beginning after December 15, 2017, 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. Management does not expect any other recently issued accounting pronouncements, which have not already been adopted, to have a material impact on the Company's consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Major Classifications of Inventories | Major classifications of inventories are as follows: December 31, March 31, 2017 2017 Raw materials and supplies $ 3,034 $ 3,016 Work in process 9,334 12,573 Finished products 935 891 13,303 16,480 Less - progress payments 4,404 7,234 Total $ 8,899 $ 9,246 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets are comprised of the following: Gross Carrying Amount Accumulated Amortization Impairment Loss Net Carrying Amount At December 31, 2017 Intangibles subject to amortization: Customer relationships $ 2,700 $ 1,267 $ — $ 1,433 Intangibles not subject to amortization: Permits $ 10,300 $ — $ 8,600 $ 1,700 Tradename 2,500 — 500 2,000 $ 12,800 $ — $ 9,100 $ 3,700 At March 31, 2017 Intangibles subject to amortization: Customer relationships $ 2,700 $ 1,132 $ — $ 1,568 Intangibles not subject to amortization: Permits $ 10,300 $ — $ — $ 10,300 Tradename 2,500 — — 2,500 $ 12,800 $ — $ — $ 12,800 |
(Loss) Income Per Share (Tables
(Loss) Income Per Share (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted (Loss) Income Per Share | A reconciliation of the numerators and denominators of basic and diluted (loss) income per share is presented below: Three Months Ended Nine Months Ended December 31, December 31, 2017 2016 2017 2016 Basic (loss) income per share Numerator: Net (loss) income $ (11,622 ) $ 1,840 $ (10,677 ) $ 3,222 Denominator: Weighted average common shares outstanding 9,768 9,727 9,762 9,709 Basic (loss) income per share $ (1.19 ) $ .19 $ (1.09 ) $ .33 Diluted income per share Numerator: Net (loss) income $ (11,622 ) $ 1,840 $ (10,677 ) $ 3,222 Denominator: Weighted average common shares outstanding 9,768 9,727 9,762 9,709 Stock options outstanding — 6 — 5 Weighted average common and potential common shares outstanding 9,768 9,733 9,762 9,714 Diluted (loss) income per share $ (1.19 ) $ .19 $ (1.09 ) $ .33 |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Reconciliation of the Changes in Product Warranty Liability | The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Nine Months Ended December 31, December 31, 2017 2016 2017 2016 Balance at beginning of period $ 301 $ 582 $ 538 $ 686 Expense (income) for product warranties 22 (81 ) (59 ) 31 Product warranty claims paid (22 ) (4 ) (178 ) (220 ) Balance at end of period $ 301 $ 497 $ 301 $ 497 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Components of Postretirement Benefit Cost and Pension Cost | The components of the postretirement benefit cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2017 2016 2017 2016 Interest cost $ 6 $ 5 $ 19 $ 19 Amortization of actuarial loss 9 11 28 30 Net postretirement benefit cost $ 15 $ 16 $ 47 $ 49 |
Pension Plans, Defined Benefit [Member] | |
Components of Postretirement Benefit Cost and Pension Cost | The components of pension cost are as follows: Three Months Ended Nine Months Ended December 31, December 31, 2017 2016 2017 2016 Service cost $ 149 $ 151 $ 448 $ 451 Interest cost 356 362 1,067 1,087 Expected return on assets (743 ) (718 ) (2,232 ) (2,155 ) Amortization of actuarial loss 253 337 760 1,013 Net pension cost $ 15 $ 132 $ 43 $ 396 |
Changes in Accumulated Other 28
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for the nine months ended December 31, 2017 and 2016 are as follows: Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2017 $ (8,439 ) $ 5 $ (8,434 ) Other comprehensive income before reclassifications — 216 216 Amounts reclassified from accumulated other comprehensive loss 619 — 619 Net current-period other comprehensive income 619 216 835 Balance at December 31, 2017 $ (7,820 ) $ 221 $ (7,599 ) Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2016 $ (10,932 ) $ 256 $ (10,676 ) Other comprehensive income before reclassifications — (283 ) (283 ) Amounts reclassified from accumulated other comprehensive loss 674 — 674 Net current-period other comprehensive income 674 (283 ) 391 Balance at December 31, 2016 $ (10,258 ) $ (27 ) $ (10,285 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component for the three and nine months ended December 31, 2017 and 2016 are as follows: Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Income and Retained Earnings Three Months Ended December 31, 2017 2016 Pension and other postretirement benefit items: Amortization of actuarial loss $ (262 ) (1) $ (348 ) (1) Income before provision for income taxes 17 (123 ) Provision for income taxes $ (279 ) $ (225 ) Net income Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Condensed Consolidated Statements of Income and Retained Earnings Nine Months Ended December 31, 2017 2016 Pension and other postretirement benefit items: Amortization of actuarial loss $ (788 ) (1) $ (1,043 ) (1) Income before provision for income taxes (169 ) (369 ) Provision for income taxes $ (619 ) $ (674 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. See Note 10. |
Restructuring Charge (Tables)
Restructuring Charge (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Summary of Reconciliation of Changes in Restructuring Reserve | The reconciliation of the changes in the restructuring reserve is as follows: Nine Months Ended Nine Months Ended December 31, December 31, 2017 2016 Balance at beginning of period $ 120 $ 74 Expense for restructuring 316 630 Amounts paid for restructuring (336 ) (549 ) Balance at end of period $ 100 $ 155 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Mar. 31, 2017 | |
Revenue Recognition [Abstract] | ||
Company recognizes planned manufacturing process | 28 days | |
Direct labor hours worked on contracts | 575 hours | |
Substantial completion of manufacturing process | 95.00% | |
Receivables billed but not paid under retainage provisions in its customer contracts | $ 1,141 | $ 971 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Treasury with original maturities period | 3 months |
Maximum [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Investment maturity date range end | May 31, 2018 |
Treasury with original maturities period | 1 year |
Inventories - Major Classificat
Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 3,034 | $ 3,016 |
Work in process | 9,334 | 12,573 |
Finished products | 935 | 891 |
Inventory Gross | 13,303 | 16,480 |
Less - progress payments | 4,404 | 7,234 |
Total | $ 8,899 | $ 9,246 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | |
Schedule Of Intangible Assets [Line Items] | |||
Intangibles not subject to amortization, Gross Carrying Amount | $ 12,800 | $ 12,800 | $ 12,800 |
Intangibles not subject to amortization, Impairment Loss | 9,100 | ||
Intangibles not subject to amortization, Net Carrying Amount | 3,700 | 3,700 | 12,800 |
Permits [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Intangibles not subject to amortization, Gross Carrying Amount | 10,300 | 10,300 | 10,300 |
Intangibles not subject to amortization, Impairment Loss | 8,600 | 8,600 | |
Intangibles not subject to amortization, Net Carrying Amount | 1,700 | 1,700 | 10,300 |
Tradename [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Intangibles not subject to amortization, Gross Carrying Amount | 2,500 | 2,500 | 2,500 |
Intangibles not subject to amortization, Impairment Loss | 500 | 500 | |
Intangibles not subject to amortization, Net Carrying Amount | 2,000 | 2,000 | 2,500 |
Customer Relationships [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Intangibles subject to amortization, Gross Carrying Amount | 2,700 | 2,700 | 2,700 |
Intangibles subject to amortization, Accumulated Amortization | 1,267 | 1,267 | 1,132 |
Intangibles subject to amortization, Net Carrying Amount | $ 1,433 | $ 1,433 | $ 1,568 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite Lived Intangible Assets [Line Items] | ||||
Intangible amortization expense | $ 59 | $ 58 | $ 177 | $ 175 |
Impairment losses, intangible assets | 9,100 | |||
Impairment losses, goodwill | 5,716 | 5,716 | ||
Permits [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Impairment losses, intangible assets | 8,600 | 8,600 | ||
Tradename [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Impairment losses, intangible assets | 500 | 500 | ||
Customer Relationships [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Intangible amortization expense | 45 | $ 45 | 135 | $ 135 |
Future amortization expenses, remainder of 2018 | 45 | 45 | ||
Future amortization expenses, 2019 | 180 | 180 | ||
Future amortization expenses, 2020 | 180 | 180 | ||
Future amortization expenses, 2021 | 180 | 180 | ||
Future amortization expenses, 2022 | $ 180 | $ 180 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 213 | $ 200 | $ 362 | $ 427 |
Income tax benefit to stock based compensation | $ 24 | $ 70 | $ 77 | $ 151 |
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 | 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 | 0 | 0 | 59,000 | 82,000 |
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 | 30,000 | 43,000 | ||
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 | 22,000 | 31,000 | ||
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 | 8,000 | ||
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 | 467,000 | 467,000 | ||
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 | 0 | 0 | 0 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 0 | $ 0 | $ 0 | $ 6 |
Income tax benefit to stock based compensation | $ 0 | $ 0 | $ 0 | $ 2 |
Maximum discount on purchase price of common stock percentage on fair market value | 15.00% | |||
Common stock may be purchased | 200 | 200 |
(Loss) Income Per Share - Recon
(Loss) Income Per Share - Reconciliation of Numerators and Denominators of Basic and Diluted (Loss) Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | ||||
Net (loss) income | $ (11,622) | $ 1,840 | $ (10,677) | $ 3,222 |
Denominator: | ||||
Weighted average common shares outstanding | 9,768 | 9,727 | 9,762 | 9,709 |
Basic (loss) income per share | $ (1.19) | $ 0.19 | $ (1.09) | $ 0.33 |
Numerator: | ||||
Net (loss) income | $ (11,622) | $ 1,840 | $ (10,677) | $ 3,222 |
Denominator: | ||||
Weighted average common shares outstanding | 9,768 | 9,727 | 9,762 | 9,709 |
Stock options outstanding | 6 | 5 | ||
Weighted average common and potential common shares outstanding | 9,768 | 9,733 | 9,762 | 9,714 |
Diluted (loss) income per share | $ (1.19) | $ 0.19 | $ (1.09) | $ 0.33 |
(Loss) Income Per Share - Addit
(Loss) Income Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share | 69 | 16 | 69 | 16 |
Product Warranty Liability - Re
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Guarantees [Abstract] | ||||
Balance at beginning of period | $ 301 | $ 582 | $ 538 | $ 686 |
Expense (income) for product warranties | 22 | (81) | (59) | 31 |
Product warranty claims paid | (22) | (4) | (178) | (220) |
Balance at end of period | $ 301 | $ 497 | $ 301 | $ 497 |
Product Warranty Liability - Ad
Product Warranty Liability - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Guarantees [Abstract] | ||||
Expense (income) for product warranties | $ 22 | $ (81) | $ (59) | $ 31 |
Cash Flow Statement - Additiona
Cash Flow Statement - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 8 | $ 7 |
Income taxes paid | 1,801 | 104 |
Issuance of treasury stock | 63 | 107 |
Capital expenditures | $ 29 | $ 31 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Postretirement Benefit Cost and Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 149 | $ 151 | $ 448 | $ 451 |
Interest cost | 356 | 362 | 1,067 | 1,087 |
Expected return on assets | (743) | (718) | (2,232) | (2,155) |
Amortization of actuarial loss | 253 | 337 | 760 | 1,013 |
Net pension cost and postretirement benefit cost | 15 | 132 | 43 | 396 |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 6 | 5 | 19 | 19 |
Amortization of actuarial loss | 9 | 11 | 28 | 30 |
Net pension cost and postretirement benefit cost | $ 15 | $ 16 | $ 47 | $ 49 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Dec. 31, 2017 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Self-Insured medical plan liability | $ 134,000 | $ 174,000 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contributions to its defined benefit pension plan | 52,000 | |
Contributions expected for the balance of fiscal 2018 | 0 | |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Post retirement benefit plan | 0 | |
Defined benefit plan, benefit expected to pay for the balance of fiscal 2018 | $ 83,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 |
Income Taxes [Line Items] | ||||
Liability unrecognized tax benefits | $ 0 | $ 0 | $ 0 | |
Percentage of corporate income tax rate | 35.00% | |||
Income tax benefit from remeasurement of deferred tax assets and liabilities | 1,575,000 | $ 1,575,000 | ||
One-time transition tax on accumulated foreign earnings | $ 137,000 | |||
Subsequent Event [Member] | ||||
Income Taxes [Line Items] | ||||
Percentage of corporate income tax rate | 21.00% | |||
Earliest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||||
Income Taxes [Line Items] | ||||
Open tax year | 2,015 | |||
Earliest Tax Year [Member] | State Tax Jurisdictions [Member] | ||||
Income Taxes [Line Items] | ||||
Open tax year | 2,013 | |||
Earliest Tax Year [Member] | International Tax Jurisdictions [Member] | ||||
Income Taxes [Line Items] | ||||
Open tax year | 2,014 | |||
Latest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||||
Income Taxes [Line Items] | ||||
Open tax year | 2,017 | |||
Latest Tax Year [Member] | State Tax Jurisdictions [Member] | ||||
Income Taxes [Line Items] | ||||
Open tax year | 2,017 | |||
Latest Tax Year [Member] | International Tax Jurisdictions [Member] | ||||
Income Taxes [Line Items] | ||||
Open tax year | 2,016 |
Changes in Accumulated Other 44
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 114,110 | |||
Other comprehensive income before reclassifications | 216 | $ (283) | ||
Amounts reclassified from accumulated other comprehensive loss | 619 | 674 | ||
Total other comprehensive income | $ 355 | $ 90 | 835 | 391 |
Ending Balance | 101,935 | 101,935 | ||
Pension and Other Postretirement Benefits Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (8,439) | (10,932) | ||
Amounts reclassified from accumulated other comprehensive loss | 619 | 674 | ||
Total other comprehensive income | 619 | 674 | ||
Ending Balance | (7,820) | (10,258) | (7,820) | (10,258) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 5 | 256 | ||
Other comprehensive income before reclassifications | 216 | (283) | ||
Total other comprehensive income | 216 | (283) | ||
Ending Balance | 221 | (27) | 221 | (27) |
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (8,434) | (10,676) | ||
Ending Balance | $ (7,599) | $ (10,285) | $ (7,599) | $ (10,285) |
Changes in Accumulated Other 45
Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | $ (15,158) | $ 2,594 | $ (13,851) | $ 4,420 |
Provision for income taxes | (3,536) | 754 | (3,174) | 1,198 |
Net income | (11,622) | 1,840 | (10,677) | 3,222 |
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 | (262) | (348) | (788) | (1,043) |
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Pension and Other Postretirement Benefits Items [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Provision for income taxes | 17 | (123) | (169) | (369) |
Net income | $ (279) | $ (225) | $ (619) | $ (674) |
Restructuring Charge - Addition
Restructuring Charge - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |||
Restructuring charges | $ 316 | $ 630 | |
Liability included in accrued compensation | $ 100 | $ 120 |
Restructuring Charge - Summary
Restructuring Charge - Summary of Reconciliation of Changes in Restructuring Reserve (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | ||
Balance at beginning of period | $ 120 | $ 74 |
Expense for restructuring | 316 | 630 |
Amounts paid for restructuring | (336) | (549) |
Balance at end of period | $ 100 | $ 155 |