Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2018 | Nov. 05, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GHM | |
Entity Registrant Name | GRAHAM CORP | |
Entity Central Index Key | 716,314 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 9,832,498 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 21,441 | $ 17,224 | $ 50,992 | $ 38,075 |
Cost of products sold | 15,214 | 13,483 | 37,623 | 29,556 |
Gross profit | 6,227 | 3,741 | 13,369 | 8,519 |
Other expenses and income: | ||||
Selling, general and administrative | 4,718 | 3,671 | 9,269 | 7,325 |
Selling, general and administrative – amortization | 60 | 60 | 119 | 118 |
Restructuring charge | 316 | 316 | ||
Other income | (206) | (120) | (412) | (239) |
Interest income | (351) | (162) | (640) | (313) |
Interest expense | 1 | 2 | 3 | 5 |
Total other expenses and income | 4,222 | 3,767 | 8,339 | 7,212 |
Income (loss) before provision (benefit) for income taxes | 2,005 | (26) | 5,030 | 1,307 |
Provision (benefit) for income taxes | 178 | (36) | 880 | 362 |
Net income | 1,827 | 10 | 4,150 | 945 |
Retained earnings at beginning of period | 99,427 | 110,600 | 99,011 | 110,544 |
Cumulative effect of change in accounting principle, net of income tax benefit of $301 | (1,022) | |||
Dividends | (983) | (879) | (1,868) | (1,758) |
Retained earnings at end of period | $ 100,271 | $ 109,731 | $ 100,271 | $ 109,731 |
Basic: | ||||
Net income | $ 0.19 | $ 0.42 | $ 0.10 | |
Diluted: | ||||
Net income | $ 0.19 | $ 0.42 | $ 0.10 | |
Weighted average common shares outstanding: | ||||
Basic | 9,832 | 9,769 | 9,810 | 9,759 |
Diluted | 9,848 | 9,775 | 9,826 | 9,767 |
Dividends declared per share | $ 0.10 | $ 0.09 | $ 0.19 | $ 0.18 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) (Parenthetical) $ in Thousands | 6 Months Ended |
Sep. 30, 2018USD ($) | |
Income Statement [Abstract] | |
Cumulative effect of change in accounting principle income tax benefit | $ 301 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 1,827 | $ 10 | $ 4,150 | $ 945 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | (134) | 86 | (333) | 140 |
Defined benefit pension and other postretirement plans net of income tax expense of $48 and $93, for the three months ended September 30, 2018 and 2017, respectively, and $97 and $186 for the six months ended September 30, 2018 and 2017, respectively | 170 | 170 | 340 | 340 |
Total other comprehensive income | 36 | 256 | 7 | 480 |
Total comprehensive income | $ 1,863 | $ 266 | $ 4,157 | $ 1,425 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Defined benefit pension and other postretirement plans, tax | $ 48 | $ 93 | $ 97 | $ 186 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 23,378 | $ 40,456 |
Investments | 55,611 | 36,023 |
Trade accounts receivable, net of allowances ($406 and $339 at September 30 and March 31, 2018, respectively) | 15,556 | 17,026 |
Unbilled revenue | 10,582 | 8,079 |
Inventories | 20,763 | 11,566 |
Prepaid expenses and other current assets | 1,572 | 772 |
Income taxes receivable | 1,782 | 1,478 |
Total current assets | 129,244 | 115,400 |
Property, plant and equipment, net | 16,476 | 17,052 |
Prepaid pension asset | 4,945 | 4,369 |
Goodwill | 1,222 | 1,222 |
Permits | 1,700 | 1,700 |
Other intangible assets, net | 3,298 | 3,388 |
Other assets | 173 | 202 |
Total assets | 157,058 | 143,333 |
Current liabilities: | ||
Current portion of capital lease obligations | 50 | 88 |
Accounts payable | 9,317 | 16,151 |
Accrued compensation | 5,604 | 4,958 |
Accrued expenses and other current liabilities | 3,541 | 2,885 |
Customer deposits | 30,539 | 13,213 |
Total current liabilities | 49,051 | 37,295 |
Capital lease obligations | 41 | 55 |
Deferred income tax liability | 1,446 | 1,427 |
Accrued pension liability | 613 | 565 |
Accrued postretirement benefits | 653 | 642 |
Total liabilities | 51,804 | 39,984 |
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, 10,642 and 10,579 shares issued and 9,833 and 9,772 shares outstanding at September 30 and March 31, 2018, respectively | 1,064 | 1,058 |
Capital in excess of par value | 24,572 | 23,826 |
Retained earnings | 100,271 | 99,011 |
Accumulated other comprehensive loss | (8,243) | (8,250) |
Treasury stock (809 and 807 shares at September 30 and March 31, 2018, respectively) | (12,410) | (12,296) |
Total stockholders’ equity | 105,254 | 103,349 |
Total liabilities and stockholders’ equity | $ 157,058 | $ 143,333 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 406 | $ 339 |
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 | 10,642,000 | 10,579,000 |
Common stock, shares outstanding | 9,833,000 | 9,772,000 |
Treasury stock, shares | 809,000 | 807,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net income | $ 4,150 | $ 945 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 980 | 993 |
Amortization | 119 | 118 |
Amortization of unrecognized prior service cost and actuarial losses | 437 | 525 |
Stock-based compensation expense | 534 | 149 |
Loss on disposal or sale of property, plant and equipment | 30 | 1 |
Deferred income taxes | 207 | 106 |
(Increase) decrease in operating assets: | ||
Accounts receivable | 2,656 | 151 |
Unbilled revenue | (5,276) | 3,186 |
Inventories | 3,652 | 846 |
Prepaid expenses and other current and non-current assets | (679) | (774) |
Income taxes receivable | (303) | (1,507) |
Prepaid pension asset | (576) | (478) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (6,097) | (3,166) |
Accrued compensation, accrued expenses and other current and non-current liabilities | 1,086 | (864) |
Customer deposits | 4,096 | 560 |
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits | 59 | 57 |
Net cash provided by operating activities | 5,075 | 848 |
Investing activities: | ||
Purchase of property, plant and equipment | (367) | (431) |
Proceeds from disposal of property, plant and equipment | 1 | |
Purchase of investments | (64,611) | (25,000) |
Redemption of investments at maturity | 45,023 | 18,000 |
Net cash used by investing activities | (19,955) | (7,430) |
Financing activities: | ||
Principal repayments on capital lease obligations | (52) | (51) |
Issuance of common stock | 171 | |
Dividends paid | (1,868) | (1,758) |
Purchase of treasury stock | (146) | (119) |
Net cash used by financing activities | (1,895) | (1,928) |
Effect of exchange rate changes on cash | (303) | 138 |
Net decrease in cash and cash equivalents | (17,078) | (8,372) |
Cash and cash equivalents at beginning of year | 40,456 | 39,474 |
Cash and cash equivalents at end of period | $ 23,378 | $ 31,102 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Sep. 30, 2018 | |
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, 2018 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2018. 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, 2018 ("fiscal 2018"). In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included in the Company's Condensed Consolidated Financial Statements. The Company's results of operations and cash flows for the three and six months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the current fiscal year, which ends March 31, 2019 ("fiscal 2019"). Certain reclassifications have been made to prior year amounts to conform to the current year presentation. See Note 15 which discusses the Company’s application of the amended guidance related to the classification of pension and other postretirement benefit costs. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Sep. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | NOTE 2 – REVENUE RECOGNITION: The Company accounts for revenue in accordance with Accounting Standard Codification 606, “Revenue from Contracts with Customers” (“ASC 606”), which it adopted on April 1, 2018 using the modified retrospective approach. See Note 15 to the Condensed Consolidated Financial Statements for further discussion of this adoption. The Company recognizes revenue on all contracts when control of the product is transferred to the customer. Control is generally transferred when products are shipped, title is transferred, significant risks of ownership have transferred, the Company has rights to payment, and rewards of ownership pass to the customer. The following table presents the Company’s revenue disaggregated by product line and geographic area: Three Months Ended Six Months Ended September 30, September 30, Product Line 2018 2017 2018 2017 Heat transfer equipment $ 6,173 $ 4,654 $ 10,331 $ 10,983 Vacuum equipment 7,842 4,889 25,058 11,412 All other 7,426 7,681 15,603 15,680 Net sales $ 21,441 $ 17,224 $ 50,992 $ 38,075 Geographic Region Asia $ 1,876 $ 2,599 $ 4,625 $ 5,964 Canada 3,473 1,844 15,123 3,199 Middle East 464 1,015 899 1,935 South America 68 441 192 570 U.S. 15,073 11,146 28,526 25,975 All other 487 179 1,627 432 Net sales $ 21,441 $ 17,224 $ 50,992 $ 38,075 A performance obligation represents a promise in a contract to provide a distinct good or service to a customer and is the unit of accounting pursuant to ASC 606. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Transaction price reflects the amount of consideration to which the Company expects to be entitled in exchange for transferred products. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized as the performance obligation is satisfied. In certain cases, the Company may separate a contract into more than one performance obligation, while in other cases, several products may be part of a fully integrated solution and are bundled into a single performance obligation. If a contract is separated into more than one performance obligation, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods underlying each performance obligation. The Company has made an accounting policy election to exclude from the measurement of the contract price all taxes assessed by government authorities that are collected by the Company from its customers. The Company does not adjust the contract price for the effects of a financing component if the Company expects, at contract inception, that the period between when a product is transferred to a customer and when the customer pays for the product will be one year or less. Shipping and handling fees billed to the customer are recorded in revenue and the related costs incurred for shipping and handling are included in cost of products sold. Revenue on the majority of the Company’s contracts, as measured by number of contracts, is recognized upon shipment to the customer, however, revenue on larger contracts, which are fewer in number but represent the majority of revenue, is recognized over time as these contracts meet specific criteria established in ASC 606. Revenue from contracts that is recognized upon shipment accounted for approximately 35% of revenue for each of the three-month and six-month periods ended September 30, 2018 and revenue from contracts that is recognized over time accounted for approximately 65% of revenue for each of the three-month and six-month periods ended September 30, 2018. The Company recognizes revenue over time when contract performance results in the creation of a product for which the Company does not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. To measure progress towards completion on performance obligations for which revenue is recognized over time the Company utilizes an input method based upon a ratio of direct labor hours incurred to date to management’s estimate of the total labor hours to be incurred on each contract or an output method based upon completion of operational milestones, depending upon the nature of the contract. The Company has established the systems and procedures essential to developing the estimates required to account for performance obligations over time. These procedures include monthly review by management of costs incurred, progress towards completion, identified risks and opportunities, sourcing determinations, changes in estimates of costs yet to be incurred, availability of materials, and execution by subcontractors. Sales and earnings are adjusted on a cumulative catch-up basis in current accounting periods based upon revisions in the contract value due to pricing changes and estimated costs at completion. Losses on contracts are recognized immediately when evident to management. The timing of revenue recognition, invoicing and cash collections affect trade accounts receivable, unbilled revenue (contract assets) and customer deposits (contract liabilities) on the Consolidated Balance Sheets. Unbilled revenue represents revenue on contracts that is recognized over time and exceeds the amount that has been billed to the customer. Unbilled revenue is separately presented in the Consolidated Balance Sheets. The Company may receive a customer deposit or have an unconditional right to receive a customer deposit prior to revenue being recognized. Since the performance obligations related to such customer deposits may not have been satisfied, a contract liability is recorded and an offsetting asset of equal amount is recorded as a trade accounts receivable until the deposit is collected. Customer deposits are separately presented in the Consolidated Balance Sheets. Customer deposits are not considered a significant financing component as they are generally received less than one year before the product is completed or used to procure specific material on a contract, as well as related overhead costs incurred during design and construction. Net contract assets (liabilities) consisted of the following: September 30, 2018 April 1, 2018 Change Unbilled revenue (contract assets) $ 10,582 $ 6,092 $ 4,490 Customer deposits (contract liabilities) (30,539 ) (26,585 ) (3,954 ) Net contract liabilities $ (19,957 ) $ (20,493 ) $ 536 Contract liabilities at September 30, 2018 and April 1, 2018 include $5,571 and $2,220, respectively, of customer deposits for which the Company has an unconditional right to collect payment. Trade accounts receivable, as presented on the Consolidated Balance Sheets and within Note 15, includes corresponding balances at September 30, 2018 and April 1, 2018, respectively. Revenue recognized in the three-month and six-month periods ended September 30, 2018 that was included in the contract liability balance at April 1, 2018 was $2,674 and $8,926, respectively. Changes in the net contract liability balance during the six-month period ended September 30, 2018 were impacted by a $4,490 increase in contract assets, of which $7,596 was due to contract progress offset by invoicing to customers of $3,106. In addition, contract liabilities decreased $3,954 driven by revenue recognized in the current period that was included in the contract liability balance at April 1, 2018 offset by new customer deposits of $12,880. Receivables billed but not paid under retainage provisions in the Company’s customer contracts were $938 and $1,124 at September 30, 2018 and March 31, 2018, respectively. Incremental costs to obtain a contract consist of sales employee and agent commissions. Commissions paid to employees and sales agents are capitalized when paid and amortized to selling, general and administrative expense when the related revenue is recognized. Capitalized costs, net of amortization, to obtain a contract were $141 and $118 at September 30 and April 1, 2018, respectively, and are included in the line item "Prepaid expenses and other current assets" in the Condensed Consolidated Balance Sheets. The related amortization expense was $42 and $82 in the three-month and six-month periods ended September 30, 2018, respectively. The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company also refers to this measure as backlog. As of September 30, 2018, the Company had remaining unsatisfied performance obligations of $127,796. The Company expects to recognize revenue on approximately 55% to 60% of the remaining performance obligations within one year, 10% to 20% in one to two years and the remaining beyond two years. |
Investments
Investments | 6 Months Ended |
Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | NOTE 3 – INVESTMENTS: Investments consist of certificates of deposits with financial institutions. All investments have original maturities of greater than three months and less than one year and are classified as held-to-maturity, as the Company believes it has the intent and ability to hold the securities to maturity. Investments are stated at amortized cost which approximates fair value. All investments held by the Company at September 30, 2018 are scheduled to mature on or before May 2, 2019. |
Inventories
Inventories | 6 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – INVENTORIES: Inventories are stated at the lower of cost or market, using the average cost method. Unbilled revenue (contract assets) in the Condensed Consolidated Balance Sheets represents revenue recognized that has not been billed to customers on contracts in which revenue is recognized over time. Upon adoption of the new revenue recognition guidance discussed in Note 15, all progress payments exceeding unbilled revenue are presented as customer deposits (contract liabilities) in the Condensed Consolidated Balance Sheets. Under the previous guidance, progress payments exceeding unbilled revenue were netted against inventory to the extent the payment was less than or equal to the inventory balance relating to the applicable contract, and the excess was presented as customer deposits in the Condensed Consolidated Balance Sheets. Major classifications of inventories are as follows: September 30, March 31, 2018 2018 Raw materials and supplies $ 2,873 $ 3,095 Work in process 16,785 17,546 Finished products 1,105 1,034 20,763 21,675 Less - progress payments — 10,109 Total $ 20,763 $ 11,566 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 Intangibles subject to amortization: Customer relationships $ 2,700 $ 1,402 $ — $ 1,298 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, 2018 Intangibles subject to amortization: Customer relationships $ 2,700 $ 1,312 $ — $ 1,388 Intangibles not subject to amortization: Permits $ 10,300 $ — $ 8,600 $ 1,700 Tradename 2,500 — 500 2,000 $ 12,800 $ — $ 9,100 $ 3,700 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 September 30, 2018 and 2017 was $45. Intangible amortization expense for each of the six-month periods ended September 30, 2018 and 2017 was $90. As of September 30, 2018, amortization expense is estimated to be $90 for the remainder of fiscal 2019 and $180 in each of the fiscal years ending March 31, 2020, 2021, 2022 and 2023. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and 2017. Restricted stock awards granted in the six-month periods ended September 30, 2018 and 2017 were 53 and 59, respectively. Restricted shares of 27 and 30 granted to officers in the first six months of fiscal 2019 and fiscal 2018, 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 20 and 22 granted to officers and key employees in the first six months of fiscal 2019 and fiscal 2018, respectively, vest 33⅓% per year over a three-year term. Restricted shares of 6 and 7 granted to directors in the first six months of fiscal 2019 and fiscal 2018, respectively, vest 100% on the first year anniversary of the grant date. No stock option awards were granted in the three-month or six-month periods ended September 30, 2018 and 2017. During the three months ended September 30, 2018 and 2017, the Company recognized stock-based compensation costs related to stock option and restricted stock awards of $274 and $216, respectively. The income tax benefit recognized related to stock-based compensation was $60 and $76 for the three months ended September 30, 2018 and 2017, respectively. During the six months ended September 30, 2018 and 2017, the Company recognized stock-based compensation costs related to stock option and restricted stock awards of $534 and $149, respectively. The income tax benefit recognized related to stock-based compensation was $118 and $53 for the six months ended September 30, 2018 and 2017, 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. During each of the three months and six months ended September 30, 2018 and 2017, no stock-based compensation costs were recognized related to the ESPP. |
Income Per Share
Income Per Share | 6 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Income Per Share | NOTE 7 – INCOME PER SHARE: Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted income per share is calculated by dividing net income by the weighted average number of common shares outstanding and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted income per share is presented below: Three Months Ended Six Months Ended September 30, September 30, 2018 2017 2018 2017 Basic income per share Numerator: Net income $ 1,827 $ 10 $ 4,150 $ 945 Denominator: Weighted average common shares outstanding 9,832 9,769 9,810 9,759 Basic income per share $ .19 $ — $ .42 $ .10 Diluted income per share Numerator: Net income $ 1,827 $ 10 $ 4,150 $ 945 Denominator: Weighted average common shares outstanding 9,832 9,769 9,810 9,759 Stock options outstanding 16 6 16 8 Weighted average common and potential common shares outstanding 9,848 9,775 9,826 9,767 Diluted income per share $ .19 $ — $ .42 $ .10 Options to purchase a total of 16 shares of common stock were outstanding at September 30, 2017, but were not included in the above computation of diluted income per share given their exercise prices as they would not be dilutive upon issuance. |
Product Warranty Liability
Product Warranty Liability | 6 Months Ended |
Sep. 30, 2018 | |
Guarantees [Abstract] | |
Product Warranty Liability | NOTE 8 – PRODUCT WARRANTY LIABILITY: The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Six Months Ended September 30, September 30, 2018 2017 2018 2017 Balance at beginning of period $ 492 $ 291 $ 493 $ 538 Expense (income) for product warranties (37 ) 78 11 (82 ) Product warranty claims paid (106 ) (68 ) (155 ) (155 ) Balance at end of period $ 349 $ 301 $ 349 $ 301 Income of $37 for product warranties in the three months ended September 30, 2018 and the income of $82 in the six months ended September 30, 2017 resulted from the reversal of provisions made that were no longer required due to lower claims experience. The product warranty liability is included in the line item "Accrued expenses and other current liabilities" in the Condensed Consolidated Balance Sheets. |
Cash Flow Statement
Cash Flow Statement | 6 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Statement | NOTE 9 - CASH FLOW STATEMENT: Interest paid was $3 and $5 in the six-month periods ended September 30, 2018 and 2017, respectively. Income taxes paid for the six months ended September 30, 2018 and 2017 were $976 and $1,762, respectively. In the six months ended September 30, 2018 and 2017, non-cash activities included the issuance of treasury stock valued at $78 and $63, respectively, to the Company’s ESPP. At September 30, 2018 and 2017, respectively, there were $68 and $0 of capital purchases that were recorded in accounts payable and are not included in the caption "Purchase of property, plant and equipment" in the Condensed Consolidated Statements of Cash Flows. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Sep. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 10 – EMPLOYEE BENEFIT PLANS: The components of pension cost are as follows: Three Months Ended Six Months Ended September 30, September 30, 2018 2017 2018 2017 Service cost $ 143 $ 150 $ 286 $ 299 Interest cost 335 355 670 711 Expected return on assets (765 ) (745 ) (1,531 ) (1,489 ) Amortization of actuarial loss 211 254 423 507 Net pension (income) cost $ (76 ) $ 14 $ (152 ) $ 28 The Company made no contributions to its defined benefit pension plan during the six months ended September 30, 2018 and expects to make contributions of approximately $2 for the balance of fiscal 2019. The components of the postretirement benefit cost are as follows: Three Months Ended Six Months Ended September 30, September 30, 2018 2017 2018 2017 Interest cost $ 6 $ 7 $ 12 $ 13 Amortization of actuarial loss 7 9 14 19 Net postretirement benefit cost $ 13 $ 16 $ 26 $ 32 The Company paid no benefits related to its postretirement benefit plan during the six months ended September 30, 2018. The Company expects to pay benefits of approximately $83 for the balance of fiscal 2019. 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 $110 and $122 on September 30, 2018 and March 31, 2018, respectively, related to the self-insured medical plan is primarily based upon claim history and is included in the caption “Accrued compensation” as a current liability in the Condensed Consolidated Balance Sheets. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2018 | |
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. The Company cannot provide any assurances that any pending or future matters will be resolved in the same manner as previous lawsuits. As of September 30, 2018, the Company was subject to the claims noted above, as well as other legal proceedings and potential claims that have arisen in the ordinary course of business. Although the outcome of the lawsuits, legal proceedings or potential claims to which the Company is, or may become, a party to cannot be determined and an estimate of the reasonably possible loss or range of loss cannot be made, management does not believe that the outcomes, either individually or in the aggregate, will have a material effect on the Company’s results of operations, financial position or cash flows. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2018 | |
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 2015 through 2017. There was no liability for unrecognized tax benefits at either September 30, 2018 or March 31, 2018. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. The Tax Act significantly revised 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. 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 recorded an income tax benefit of $971 related to such re-measurement in fiscal 2018. The Company is still analyzing certain aspects of the Tax Act, which could potentially affect the measurement of the deferred tax asset and liability 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 its one-time transition liability of its foreign subsidiary resulting in additional income tax expense of $185 in fiscal 2018. The Company has not yet completed its calculation of the total post-1986 foreign E&P for its 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 upon completion of the fiscal 2018 tax return when the Company finalizes the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalizes the amounts held in cash or other specified assets. The Tax Act also includes two new U.S. tax base-erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions, beginning in 2018. The GILTI provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on its foreign subsidiary’s tangible assets. The incremental U.S. tax on GILTI income beginning in 2018 is estimated to be approximately $30. The Company has elected to account for GILTI tax in the period in which it is incurred. The BEAT provisions in the Tax Act eliminate the deduction of certain base-erosion payments made to related foreign corporations and impose a minimum tax if greater than regular tax. The Company does not expect it will be subject to this tax. The Tax Act also provides tax incentives to U.S. companies to earn income from the sale, lease or license of goods and services abroad in the form of a deduction for foreign-derived intangible income (“FDII”). FDII is taxed at an effective rate of 13.125% for taxable years beginning after December 31, 2017. The Company’s incremental U.S. tax savings on FDII beginning in fiscal 2019 is estimated to be approximately $200. The U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company recognized the provisional tax impacts related to the revaluation of deferred tax assets and liabilities and included the amount in its consolidated financial statements for fiscal 2018. As of March 31, 2018, the Company had completed the majority of its accounting for the tax effects of the Tax Act. Its preliminary estimate of the deemed repatriated earnings and the re-measurement of its deferred tax assets and liabilities is subject to the finalization of management’s analysis related to certain matters that may require further adjustments and changes in estimates, such as developing interpretations of the provisions of the Tax Act, changes to certain estimates and amounts related to the E&P of its foreign subsidiary, the filing of its tax returns, U.S. Treasury regulations expected to be issued, and administrative interpretations or court decisions interpreting the Tax Act. During the three-month and six-month periods ended September 30, 2018, there were no changes made to the provisional amounts recorded in fiscal 2018. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 6 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | NOTE 13 – CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS: The changes in accumulated other comprehensive loss by component for the six months ended September 30, 2018 and 2017 are as follows: Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2018 $ (8,599 ) $ 349 $ (8,250 ) Other comprehensive income before reclassifications — (333 ) (333 ) Amounts reclassified from accumulated other comprehensive loss 340 — 340 Net current-period other comprehensive income 340 (333 ) 7 Balance at September 30, 2018 $ (8,259 ) $ 16 $ (8,243 ) 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 — 140 140 Amounts reclassified from accumulated other comprehensive loss 340 — 340 Net current-period other comprehensive income 340 140 480 Balance at September 30, 2017 $ (8,099 ) $ 145 $ (7,954 ) The reclassifications out of accumulated other comprehensive loss by component for the three and six months ended September 30, 2018 and 2017 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 September 30, 2018 2017 Pension and other postretirement benefit items: Amortization of actuarial loss $ (218 ) (1) $ (263 ) (1) Income before provision for income taxes (48 ) (93 ) Provision for income taxes $ (170 ) $ (170 ) 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 Six Months Ended September 30, 2018 2017 Pension and other postretirement benefit items: Amortization of actuarial loss $ (437 ) (1) $ (526 ) (1) Income before provision for income taxes (97 ) (186 ) Provision for income taxes $ (340 ) $ (340 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. See Note 10. |
Restructuring Charge
Restructuring Charge | 6 Months Ended |
Sep. 30, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charge | NOTE 14 – RESTRUCTURING CHARGE: In the second quarter of fiscal 2018, the Company aligned its workforce with market conditions by reducing the number of management, office and manufacturing positions. As a result, a restructuring charge of $316 was recognized in the three months and six months ended September 30, 2017. The restructuring charge included severance and related employee benefit costs. The charge is included in the caption “Restructuring Charge” in the Condensed Consolidated Statements of Income and Retained Earnings for the three months and six months ended September 30, 2017. The reconciliation of the changes in the restructuring reserve is as follows: Six Months Ended Six Months Ended September 30, September 30, 2018 2017 Balance at beginning of period $ 18 $ 120 Expense for restructuring — 316 Amounts paid for restructuring (18 ) (76 ) Balance at end of period $ — $ 360 The liability of $18 at March 31, 2018 is included in the caption “Accrued Compensation” in the Condensed Consolidated Balance Sheet. |
Accounting and Reporting Change
Accounting and Reporting Changes | 6 Months Ended |
Sep. 30, 2018 | |
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 adopted the revenue recognition standard using the modified retrospective approach on April 1, 2018. The Company recognized the cumulative effect of initially applying the new standard to all contracts that were not completed on the date of adoption as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standard in effect during those periods. The most significant impact of adopting the guidance is the timing of revenue recognition. Revenue on the majority of the Company’s contracts continues to be recognized upon shipment while revenue on its larger contracts is recognized over time as these contracts meet specific criteria established in the new standards. Consistent with previous guidance, revenue recognized on contracts over time created unbilled revenue (contract assets) and reduced inventory on the Company’s Condensed Consolidated Balance Sheets. Upon adoption of the new standard, progress payments for which the Company has received an unconditional right to payment are recognized as trade accounts receivable with a corresponding contract liability of an equal amount as customer deposits on the Company’s Condensed Consolidated Balance Sheets since the related performance obligations have not been satisfied. Under the previous guidance, progress payments were recognized when payment was received. In addition, progress payments exceeding unbilled revenue were netted against inventory to the extent the payment was less than or equal to the inventory balance relating to the applicable contract and the excess was presented as customer deposits. The following table presents the cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of April 1, 2018 for the adoption of the new revenue recognition standard: Balance at March 31, 2018 Adjustments Due to Adoption of Revenue Recognition Standard Balance at April 1, 2018 Assets Trade accounts receivable $ 17,026 $ 538 $ 17,564 Unbilled revenue 8,079 (1,987 ) 6,092 Inventories 11,566 12,985 24,551 Prepaid expenses and other current assets 772 118 890 Other assets 202 69 271 Liabilities Accounts payable 16,151 (706 ) 15,445 Accrued compensation 4,958 (172 ) 4,786 Accrued expenses and other current liabilities 2,885 484 3,369 Customer deposits 13,213 13,372 26,585 Deferred income tax liability 1,427 (233 ) 1,194 Stockholders’ equity: Retained earnings 99,011 (1,022 ) 97,989 The following tables present the impact of adoption of the new revenue recognition standard on the Consolidated Statements of Income and Balance Sheet: Three Months Ended Six Months Ended September 30, September 30, As Reported Balances Without Adoption of Revenue Recognition Standard Effect of Change As Reported Balances Without Adoption of Revenue Recognition Standard Effect of Change Consolidated Statements of Income Net sales $ 21,441 $ 22,613 $ (1,172 ) $ 50,992 $ 49,135 $ 1,857 Cost of products sold 15,214 16,136 (922 ) 37,623 35,776 1,847 Gross profit 6,227 6,477 (250 ) 13,369 13,359 10 Selling, general and administrative 4,718 4,808 (90 ) 9,269 9,284 (15 ) Income before provision for income taxes 2,005 2,165 (160 ) 5,030 5,005 25 Provision for income taxes 178 217 (39 ) 880 874 6 Net income 1,827 1,948 (121 ) 4,150 4,131 19 September 30, As Reported Balances Without Adoption of Revenue Recognition Standard Effect of Change Balance Sheet Assets Trade accounts receivable, net of allowances $ 15,556 $ 12,097 $ 3,459 Unbilled revenue 10,582 11,671 (1,089 ) Inventories 20,763 9,960 10,803 Prepaid expenses and other current assets 1,572 1,430 142 Other assets 173 147 26 Liabilities and stockholders’ equity Accounts payable 9,317 10,037 (720 ) Accrued compensation 5,604 5,800 (196 ) Accrued expenses and other current liabilities 3,541 3,625 (84 ) Customer deposits 30,539 14,957 15,582 Deferred income tax liability 1,446 1,711 (265 ) Stockholders’ equity Retained earnings 100,271 101,254 (983 ) Accumulated other comprehensive loss (8,243 ) (8,251 ) 8 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 guidance requires application on a modified retrospective basis based on the earliest period presented in the consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842) Targeted Improvements,” which provides an additional transition method that allows entities to initially apply the guidance at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, the guidance provides a practical expedient that allows entities to account for lease components and associated nonlease components as a single component if specific conditions are met. The amendments in these ASUs 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 Operations or Cash Flows. 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 adopted the new guidance in the first quarter of fiscal 2019. The adoption of this ASU did not have a material impact on the Company’s 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. The amended guidance also allows only the service cost component of net benefit cost to be eligible for capitalization. This ASU is effective for public businesses for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted the amended guidance in the first quarter of fiscal 2019. The amended guidance was applied retrospectively for the presentation of the service cost component and other components of net benefit cost in the Consolidated Statements of Income and Retained Earnings. In addition, the amended guidance was applied prospectively for the capitalization of the service cost component of net benefit cost. The amended guidance allows for a practical expedient that permits the use of amounts previously disclosed in the Employee Benefit Plans Note to the Consolidated Financial Statements within prior comparative periods as the estimation basis for applying the retrospective presentation requirements. The Company elected this practical expedient for the prior period presentation. The adoption of this amended guidance resulted in the reclassification of net benefit income of $89 and $31 from compensation costs included in Cost of products sold and Selling, general and administrative expense, respectively, to Other income in the Consolidated Statement of Income and Retained Earnings for the three months ended September 30, 2017 and the reclassification of net benefit income of $177 and $62 from compensation costs included in Cost of products sold and Selling, general and administrative expense, respectively, to Other income in the Consolidated Statement of Income and Retained Earnings for the six months ended September 30, 2017. In August 2018, the FASB issued ASU No. 2018-14, "Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20)," which removes disclosures that no longer are considered cost beneficial, clarifies specific disclosure requirements and adds disclosure requirements identified as relevant for defined benefit pension and other postretirement benefit plans. This amendment is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The amendment requires application on a retrospective basis to all periods presented. The Company believes the adoption of this ASU will not have a material impact 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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Disaggregated by Product Line and Geographic Area | The following table presents the Company’s revenue disaggregated by product line and geographic area: Three Months Ended Six Months Ended September 30, September 30, Product Line 2018 2017 2018 2017 Heat transfer equipment $ 6,173 $ 4,654 $ 10,331 $ 10,983 Vacuum equipment 7,842 4,889 25,058 11,412 All other 7,426 7,681 15,603 15,680 Net sales $ 21,441 $ 17,224 $ 50,992 $ 38,075 Geographic Region Asia $ 1,876 $ 2,599 $ 4,625 $ 5,964 Canada 3,473 1,844 15,123 3,199 Middle East 464 1,015 899 1,935 South America 68 441 192 570 U.S. 15,073 11,146 28,526 25,975 All other 487 179 1,627 432 Net sales $ 21,441 $ 17,224 $ 50,992 $ 38,075 |
Schedule of Net Contract Assets (Liabilities) | Net contract assets (liabilities) consisted of the following: September 30, 2018 April 1, 2018 Change Unbilled revenue (contract assets) $ 10,582 $ 6,092 $ 4,490 Customer deposits (contract liabilities) (30,539 ) (26,585 ) (3,954 ) Net contract liabilities $ (19,957 ) $ (20,493 ) $ 536 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Major Classifications of Inventories | Major classifications of inventories are as follows: September 30, March 31, 2018 2018 Raw materials and supplies $ 2,873 $ 3,095 Work in process 16,785 17,546 Finished products 1,105 1,034 20,763 21,675 Less - progress payments — 10,109 Total $ 20,763 $ 11,566 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 Intangibles subject to amortization: Customer relationships $ 2,700 $ 1,402 $ — $ 1,298 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, 2018 Intangibles subject to amortization: Customer relationships $ 2,700 $ 1,312 $ — $ 1,388 Intangibles not subject to amortization: Permits $ 10,300 $ — $ 8,600 $ 1,700 Tradename 2,500 — 500 2,000 $ 12,800 $ — $ 9,100 $ 3,700 |
Income Per Share (Tables)
Income Per Share (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share | A reconciliation of the numerators and denominators of basic and diluted income per share is presented below: Three Months Ended Six Months Ended September 30, September 30, 2018 2017 2018 2017 Basic income per share Numerator: Net income $ 1,827 $ 10 $ 4,150 $ 945 Denominator: Weighted average common shares outstanding 9,832 9,769 9,810 9,759 Basic income per share $ .19 $ — $ .42 $ .10 Diluted income per share Numerator: Net income $ 1,827 $ 10 $ 4,150 $ 945 Denominator: Weighted average common shares outstanding 9,832 9,769 9,810 9,759 Stock options outstanding 16 6 16 8 Weighted average common and potential common shares outstanding 9,848 9,775 9,826 9,767 Diluted income per share $ .19 $ — $ .42 $ .10 |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Guarantees [Abstract] | |
Reconciliation of the Changes in Product Warranty Liability | The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Six Months Ended September 30, September 30, 2018 2017 2018 2017 Balance at beginning of period $ 492 $ 291 $ 493 $ 538 Expense (income) for product warranties (37 ) 78 11 (82 ) Product warranty claims paid (106 ) (68 ) (155 ) (155 ) Balance at end of period $ 349 $ 301 $ 349 $ 301 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Components of Postretirement Benefit Cost and Pension Cost | The components of the postretirement benefit cost are as follows: Three Months Ended Six Months Ended September 30, September 30, 2018 2017 2018 2017 Interest cost $ 6 $ 7 $ 12 $ 13 Amortization of actuarial loss 7 9 14 19 Net postretirement benefit cost $ 13 $ 16 $ 26 $ 32 |
Pension Plans, Defined Benefit [Member] | |
Components of Postretirement Benefit Cost and Pension Cost | The components of pension cost are as follows: Three Months Ended Six Months Ended September 30, September 30, 2018 2017 2018 2017 Service cost $ 143 $ 150 $ 286 $ 299 Interest cost 335 355 670 711 Expected return on assets (765 ) (745 ) (1,531 ) (1,489 ) Amortization of actuarial loss 211 254 423 507 Net pension (income) cost $ (76 ) $ 14 $ (152 ) $ 28 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for the six months ended September 30, 2018 and 2017 are as follows: Pension and Other Postretirement Benefit Items Foreign Currency Items Total Balance at April 1, 2018 $ (8,599 ) $ 349 $ (8,250 ) Other comprehensive income before reclassifications — (333 ) (333 ) Amounts reclassified from accumulated other comprehensive loss 340 — 340 Net current-period other comprehensive income 340 (333 ) 7 Balance at September 30, 2018 $ (8,259 ) $ 16 $ (8,243 ) 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 — 140 140 Amounts reclassified from accumulated other comprehensive loss 340 — 340 Net current-period other comprehensive income 340 140 480 Balance at September 30, 2017 $ (8,099 ) $ 145 $ (7,954 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component for the three and six months ended September 30, 2018 and 2017 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 September 30, 2018 2017 Pension and other postretirement benefit items: Amortization of actuarial loss $ (218 ) (1) $ (263 ) (1) Income before provision for income taxes (48 ) (93 ) Provision for income taxes $ (170 ) $ (170 ) 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 Six Months Ended September 30, 2018 2017 Pension and other postretirement benefit items: Amortization of actuarial loss $ (437 ) (1) $ (526 ) (1) Income before provision for income taxes (97 ) (186 ) Provision for income taxes $ (340 ) $ (340 ) Net income (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. See Note 10. |
Restructuring Charge (Tables)
Restructuring Charge (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Restructuring And Related Activities [Abstract] | |
Summary of Reconciliation of Changes in Restructuring Reserve | The reconciliation of the changes in the restructuring reserve is as follows: Six Months Ended Six Months Ended September 30, September 30, 2018 2017 Balance at beginning of period $ 18 $ 120 Expense for restructuring — 316 Amounts paid for restructuring (18 ) (76 ) Balance at end of period $ — $ 360 |
Accounting and Reporting Chan_2
Accounting and Reporting Changes (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
ASU 2014-09 [Member] | |
Summary of Adoption of New Revenue Recognition Standard | The following table presents the cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of April 1, 2018 for the adoption of the new revenue recognition standard: Balance at March 31, 2018 Adjustments Due to Adoption of Revenue Recognition Standard Balance at April 1, 2018 Assets Trade accounts receivable $ 17,026 $ 538 $ 17,564 Unbilled revenue 8,079 (1,987 ) 6,092 Inventories 11,566 12,985 24,551 Prepaid expenses and other current assets 772 118 890 Other assets 202 69 271 Liabilities Accounts payable 16,151 (706 ) 15,445 Accrued compensation 4,958 (172 ) 4,786 Accrued expenses and other current liabilities 2,885 484 3,369 Customer deposits 13,213 13,372 26,585 Deferred income tax liability 1,427 (233 ) 1,194 Stockholders’ equity: Retained earnings 99,011 (1,022 ) 97,989 The following tables present the impact of adoption of the new revenue recognition standard on the Consolidated Statements of Income and Balance Sheet: Three Months Ended Six Months Ended September 30, September 30, As Reported Balances Without Adoption of Revenue Recognition Standard Effect of Change As Reported Balances Without Adoption of Revenue Recognition Standard Effect of Change Consolidated Statements of Income Net sales $ 21,441 $ 22,613 $ (1,172 ) $ 50,992 $ 49,135 $ 1,857 Cost of products sold 15,214 16,136 (922 ) 37,623 35,776 1,847 Gross profit 6,227 6,477 (250 ) 13,369 13,359 10 Selling, general and administrative 4,718 4,808 (90 ) 9,269 9,284 (15 ) Income before provision for income taxes 2,005 2,165 (160 ) 5,030 5,005 25 Provision for income taxes 178 217 (39 ) 880 874 6 Net income 1,827 1,948 (121 ) 4,150 4,131 19 September 30, As Reported Balances Without Adoption of Revenue Recognition Standard Effect of Change Balance Sheet Assets Trade accounts receivable, net of allowances $ 15,556 $ 12,097 $ 3,459 Unbilled revenue 10,582 11,671 (1,089 ) Inventories 20,763 9,960 10,803 Prepaid expenses and other current assets 1,572 1,430 142 Other assets 173 147 26 Liabilities and stockholders’ equity Accounts payable 9,317 10,037 (720 ) Accrued compensation 5,604 5,800 (196 ) Accrued expenses and other current liabilities 3,541 3,625 (84 ) Customer deposits 30,539 14,957 15,582 Deferred income tax liability 1,446 1,711 (265 ) Stockholders’ equity Retained earnings 100,271 101,254 (983 ) Accumulated other comprehensive loss (8,243 ) (8,251 ) 8 |
Revenue Recognition - Revenue D
Revenue Recognition - Revenue Disaggregated by Product Line and Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 21,441 | $ 17,224 | $ 50,992 | $ 38,075 |
Heat Transfer Equipment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 6,173 | 4,654 | 10,331 | 10,983 |
Vacuum Equipment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 7,842 | 4,889 | 25,058 | 11,412 |
All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 7,426 | 7,681 | 15,603 | 15,680 |
Asia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,876 | 2,599 | 4,625 | 5,964 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 3,473 | 1,844 | 15,123 | 3,199 |
Middle East [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 464 | 1,015 | 899 | 1,935 |
South America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 68 | 441 | 192 | 570 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 15,073 | 11,146 | 28,526 | 25,975 |
All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 487 | $ 179 | $ 1,627 | $ 432 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 | |
Contract With Customer Assets And Liabilities [Line Items] | ||||
Percentage of revenue from contracts recognized over time | 35.00% | 35.00% | ||
Percentage of revenue from contracts recognized upon shipment | 65.00% | 65.00% | ||
Revenue recognized included in contract liability | $ 2,674 | $ 8,926 | ||
Unbilled revenue (contract assets) | 4,490 | |||
Contract with customer liability increase in contract asset due to contract progress. | 7,596 | |||
Contract with customer liability offset by invoicing to customers. | 3,106 | |||
Customer deposits, current | 3,954 | |||
Contract with customer liability offset by new customer deposits. | 12,880 | 12,880 | ||
Receivables billed but not paid under retainage provisions in its customer contracts | 938 | 938 | $ 1,124 | |
Amortization expense | 42 | 82 | ||
Revenue remaining unsatisfied performance obligations amount | 127,796 | 127,796 | ||
Customer Deposit [Member] | ||||
Contract With Customer Assets And Liabilities [Line Items] | ||||
Contract liabilities | 5,571 | 5,571 | $ 2,220 | |
Prepaid Expenses and Other Current Assets [Member] | ||||
Contract With Customer Assets And Liabilities [Line Items] | ||||
Capitalized costs, net of amortization | $ 141 | $ 141 | $ 118 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Sep. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |||
Unbilled revenue | $ 10,582 | $ 6,092 | $ 8,079 |
Customer deposits (contract liabilities) | (30,539) | (26,585) | $ (13,213) |
Net contract liabilities | (19,957) | $ (20,493) | |
Unbilled revenue (contract assets) | 4,490 | ||
Customer deposits (contract liabilities) | (3,954) | ||
Net contract liabilities | $ 536 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail1) | Sep. 30, 2018 |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-10-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 55.00% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-10-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 10.00% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 2 years |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-10-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 60.00% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-10-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 20.00% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 2 years |
Investments - Additional Inform
Investments - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2018 | |
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 2, 2019 |
Treasury with original maturities period | 1 year |
Inventories - Major Classificat
Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 2,873 | $ 3,095 |
Work in process | 16,785 | 17,546 |
Finished products | 1,105 | 1,034 |
Inventory Gross | 20,763 | 21,675 |
Less - progress payments | 10,109 | |
Total | $ 20,763 | $ 11,566 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Mar. 31, 2018 | |
Schedule Of Intangible Assets [Line Items] | ||
Intangibles not subject to amortization, Gross Carrying Amount | $ 12,800 | $ 12,800 |
Intangibles not subject to amortization, Impairment Loss | 9,100 | 9,100 |
Intangibles not subject to amortization, Net Carrying Amount | 3,700 | 3,700 |
Permits [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Intangibles not subject to amortization, Gross Carrying Amount | 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 |
Tradename [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Intangibles not subject to amortization, Gross Carrying Amount | 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 |
Customer Relationships [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Intangibles subject to amortization, Gross Carrying Amount | 2,700 | 2,700 |
Intangibles subject to amortization, Accumulated Amortization | 1,402 | 1,312 |
Intangibles subject to amortization, Net Carrying Amount | $ 1,298 | $ 1,388 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Finite Lived Intangible Assets [Line Items] | ||||
Intangible amortization expense | $ 60 | $ 60 | $ 119 | $ 118 |
Customer Relationships [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Intangible amortization expense | 45 | $ 45 | 90 | $ 90 |
Future amortization expenses, reminder of 2019 | 90 | 90 | ||
Future amortization expenses, 2020 | 180 | 180 | ||
Future amortization expenses, 2021 | 180 | 180 | ||
Future amortization expenses, 2022 | 180 | 180 | ||
Future amortization expenses, 2023 | $ 180 | $ 180 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 274,000 | $ 216,000 | $ 534,000 | $ 149,000 |
Income tax benefit to stock based compensation | $ 60,000 | $ 76,000 | $ 118,000 | $ 53,000 |
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 | 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 | 53,000 | 59,000 |
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 | 27,000 | 30,000 | ||
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 | 20,000 | 22,000 | ||
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 | 6,000 | 7,000 | ||
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 | $ 0 |
Maximum discount on purchase price of common stock percentage on fair market value | 15.00% | |||
Common stock may be purchased | 200 | 200 |
Income Per Share - Reconciliati
Income Per Share - Reconciliation of Numerators and Denominators of Basic and Diluted Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator: | ||||
Net income | $ 1,827 | $ 10 | $ 4,150 | $ 945 |
Denominator: | ||||
Weighted average common shares outstanding | 9,832 | 9,769 | 9,810 | 9,759 |
Basic income per share | $ 0.19 | $ 0.42 | $ 0.10 | |
Numerator: | ||||
Net income | $ 1,827 | $ 10 | $ 4,150 | $ 945 |
Denominator: | ||||
Weighted average common shares outstanding | 9,832 | 9,769 | 9,810 | 9,759 |
Stock options outstanding | 16 | 6 | 16 | 8 |
Weighted average common and potential common shares outstanding | 9,848 | 9,775 | 9,826 | 9,767 |
Diluted income per share | $ 0.19 | $ 0.42 | $ 0.10 |
Income Per Share - Additional I
Income Per Share - Additional Information (Detail) shares in Thousands | 6 Months Ended |
Sep. 30, 2017shares | |
Earnings Per Share [Abstract] | |
Antidilutive securities excluded from computation of earnings per share | 16 |
Product Warranty Liability - Re
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Guarantees [Abstract] | ||||
Balance at beginning of period | $ 492 | $ 291 | $ 493 | $ 538 |
Expense (income) for product warranties | (37) | 78 | 11 | (82) |
Product warranty claims paid | (106) | (68) | (155) | (155) |
Balance at end of period | $ 349 | $ 301 | $ 349 | $ 301 |
Product Warranty Liability - Ad
Product Warranty Liability - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Guarantees [Abstract] | ||||
Expense (income) for product warranties | $ (37) | $ 78 | $ 11 | $ (82) |
Cash Flow Statement - Additiona
Cash Flow Statement - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 3 | $ 5 |
Income taxes paid | 976 | 1,762 |
Issuance of treasury stock | 78 | 63 |
Capital expenditures | $ 68 | $ 0 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Postretirement Benefit Cost and Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 143 | $ 150 | $ 286 | $ 299 |
Interest cost | 335 | 355 | 670 | 711 |
Expected return on assets | (765) | (745) | (1,531) | (1,489) |
Amortization of actuarial loss | 211 | 254 | 423 | 507 |
Net pension (income) cost and postretirement benefit cost | (76) | 14 | (152) | 28 |
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 6 | 7 | 12 | 13 |
Amortization of actuarial loss | 7 | 9 | 14 | 19 |
Net pension (income) cost and postretirement benefit cost | $ 13 | $ 16 | $ 26 | $ 32 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Sep. 30, 2018 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Self-Insured medical plan liability | $ 110,000 | $ 122,000 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contributions to its defined benefit pension plan | 0 | |
Contributions expected for the balance of fiscal 2019 | 2,000 | |
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 2019 | $ 83,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Apr. 02, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2018 |
Income Taxes [Line Items] | ||||
Liability unrecognized tax benefits | $ 0 | $ 0 | ||
Percentage of corporate income tax rate | 21.00% | 35.00% | ||
Income tax benefit from remeasurement of deferred tax assets and liabilities | 971,000 | |||
One-time transition tax on accumulated foreign earnings | $ 185,000 | |||
Incremental tax on GILTI estimated amount | $ 30,000 | |||
Foreign derived intangible income (FDII) effective tax rate | 13.125% | |||
Estimated incremental U.S. tax savings on foreign derived intangible income | $ 200,000 | |||
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 | 2,015 | |||
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 | 2,017 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 103,349 | |||
Other comprehensive income before reclassifications | (333) | $ 140 | ||
Amounts reclassified from accumulated other comprehensive loss | 340 | 340 | ||
Total other comprehensive income | $ 36 | $ 256 | 7 | 480 |
Ending Balance | 105,254 | 105,254 | ||
Pension and Other Postretirement Benefits Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (8,599) | (8,439) | ||
Amounts reclassified from accumulated other comprehensive loss | 340 | 340 | ||
Total other comprehensive income | 340 | 340 | ||
Ending Balance | (8,259) | (8,099) | (8,259) | (8,099) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 349 | 5 | ||
Other comprehensive income before reclassifications | (333) | 140 | ||
Total other comprehensive income | (333) | 140 | ||
Ending Balance | 16 | 145 | 16 | 145 |
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (8,250) | (8,434) | ||
Ending Balance | $ (8,243) | $ (7,954) | $ (8,243) | $ (7,954) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before provision for income taxes | $ 2,005 | $ (26) | $ 5,030 | $ 1,307 |
Provision for income taxes | 178 | (36) | 880 | 362 |
Net income | 1,827 | 10 | 4,150 | 945 |
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 | (218) | (263) | (437) | (526) |
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 | (48) | (93) | (97) | (186) |
Net income | $ (170) | $ (170) | $ (340) | $ (340) |
Restructuring Charge - Addition
Restructuring Charge - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring And Related Activities [Abstract] | ||||
Restructuring charge | $ 316 | $ 316 | ||
Liability included in accrued compensation | $ 360 | $ 360 | $ 18 | $ 120 |
Restructuring Charge - Summary
Restructuring Charge - Summary of Reconciliation of Changes in Restructuring Reserve (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring And Related Activities [Abstract] | |||
Balance at beginning of period | $ 18 | $ 120 | |
Expense for restructuring | $ 316 | 316 | |
Amounts paid for restructuring | $ (18) | (76) | |
Balance at end of period | $ 360 | $ 360 |
Accounting and Repoting Changes
Accounting and Repoting Changes - Cumulative Effect of New Revenue Recognition Standard Adoption Changes on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 |
Assets | |||||||
Trade accounts receivable | $ 15,556 | $ 17,026 | |||||
Unbilled revenue | 10,582 | $ 6,092 | 8,079 | ||||
Inventories | 20,763 | 11,566 | |||||
Prepaid expenses and other current assets | 1,572 | 772 | |||||
Other assets | 173 | 202 | |||||
Liabilities | |||||||
Accounts payable | 9,317 | 16,151 | |||||
Accrued compensation | 5,604 | 4,958 | |||||
Accrued expenses and other current liabilities | 3,541 | 2,885 | |||||
Customer deposits | 30,539 | 26,585 | 13,213 | ||||
Deferred income tax liability | 1,446 | 1,427 | |||||
Stockholders’ equity: | |||||||
Retained earnings | 100,271 | $ 99,427 | $ 99,011 | $ 109,731 | $ 110,600 | $ 110,544 | |
ASU 2014-09 [Member] | |||||||
Assets | |||||||
Trade accounts receivable | 17,564 | ||||||
Unbilled revenue | 6,092 | ||||||
Inventories | 24,551 | ||||||
Prepaid expenses and other current assets | 890 | ||||||
Other assets | 271 | ||||||
Liabilities | |||||||
Accounts payable | 15,445 | ||||||
Accrued compensation | 4,786 | ||||||
Accrued expenses and other current liabilities | 3,369 | ||||||
Customer deposits | 26,585 | ||||||
Deferred income tax liability | 1,194 | ||||||
Stockholders’ equity: | |||||||
Retained earnings | 97,989 | ||||||
ASU 2014-09 [Member] | Adjustments Due to Adoption of Revenue Recognition Standard [Member] | |||||||
Assets | |||||||
Trade accounts receivable | 3,459 | 538 | |||||
Unbilled revenue | (1,089) | (1,987) | |||||
Inventories | 10,803 | 12,985 | |||||
Prepaid expenses and other current assets | 142 | 118 | |||||
Other assets | 26 | 69 | |||||
Liabilities | |||||||
Accounts payable | (720) | (706) | |||||
Accrued compensation | (196) | (172) | |||||
Accrued expenses and other current liabilities | (84) | 484 | |||||
Customer deposits | 15,582 | 13,372 | |||||
Deferred income tax liability | (265) | (233) | |||||
Stockholders’ equity: | |||||||
Retained earnings | $ (983) | $ (1,022) |
Accounting and Repoting Chang_2
Accounting and Repoting Changes - Impact of Adoption of the New Revenue Recognition Standard on Consolidated Statements of Income and Balance Sheet (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | |
Consolidated Statements of Income | |||||||||
Net sales | $ 21,441 | $ 17,224 | $ 50,992 | $ 38,075 | |||||
Cost of products sold | 15,214 | 13,483 | 37,623 | 29,556 | |||||
Gross profit | 6,227 | 3,741 | 13,369 | 8,519 | |||||
Selling, general and administrative | 4,718 | 3,671 | 9,269 | 7,325 | |||||
Income before provision for income taxes | 2,005 | (26) | 5,030 | 1,307 | |||||
Provision for income taxes | 178 | (36) | 880 | 362 | |||||
Net income | 1,827 | 10 | 4,150 | 945 | |||||
Assets | |||||||||
Trade accounts receivable, net of allowances | 15,556 | 15,556 | $ 17,026 | ||||||
Unbilled revenue | 10,582 | 10,582 | $ 6,092 | 8,079 | |||||
Inventories | 20,763 | 20,763 | 11,566 | ||||||
Prepaid expenses and other current assets | 1,572 | 1,572 | 772 | ||||||
Other assets | 173 | 173 | 202 | ||||||
Liabilities and stockholders’ equity | |||||||||
Accounts payable | 9,317 | 9,317 | 16,151 | ||||||
Accrued compensation | 5,604 | 5,604 | 4,958 | ||||||
Accrued expenses and other current liabilities | 3,541 | 3,541 | 2,885 | ||||||
Customer deposits | 30,539 | 30,539 | 26,585 | 13,213 | |||||
Deferred income tax liability | 1,446 | 1,446 | 1,427 | ||||||
Stockholders’ equity: | |||||||||
Retained earnings | 100,271 | $ 109,731 | 100,271 | $ 109,731 | $ 99,427 | 99,011 | $ 110,600 | $ 110,544 | |
Accumulated other comprehensive loss | (8,243) | (8,243) | $ (8,250) | ||||||
ASU 2014-09 [Member] | |||||||||
Assets | |||||||||
Trade accounts receivable, net of allowances | 17,564 | ||||||||
Unbilled revenue | 6,092 | ||||||||
Inventories | 24,551 | ||||||||
Prepaid expenses and other current assets | 890 | ||||||||
Other assets | 271 | ||||||||
Liabilities and stockholders’ equity | |||||||||
Accounts payable | 15,445 | ||||||||
Accrued compensation | 4,786 | ||||||||
Accrued expenses and other current liabilities | 3,369 | ||||||||
Customer deposits | 26,585 | ||||||||
Deferred income tax liability | 1,194 | ||||||||
Stockholders’ equity: | |||||||||
Retained earnings | 97,989 | ||||||||
ASU 2014-09 [Member] | Balances Without Adoption of Revenue Recognition Standard [Member] | |||||||||
Consolidated Statements of Income | |||||||||
Net sales | 22,613 | 49,135 | |||||||
Cost of products sold | 16,136 | 35,776 | |||||||
Gross profit | 6,477 | 13,359 | |||||||
Selling, general and administrative | 4,808 | 9,284 | |||||||
Income before provision for income taxes | 2,165 | 5,005 | |||||||
Provision for income taxes | 217 | 874 | |||||||
Net income | 1,948 | 4,131 | |||||||
Assets | |||||||||
Trade accounts receivable, net of allowances | 12,097 | 12,097 | |||||||
Unbilled revenue | 11,671 | 11,671 | |||||||
Inventories | 9,960 | 9,960 | |||||||
Prepaid expenses and other current assets | 1,430 | 1,430 | |||||||
Other assets | 147 | 147 | |||||||
Liabilities and stockholders’ equity | |||||||||
Accounts payable | 10,037 | 10,037 | |||||||
Accrued compensation | 5,800 | 5,800 | |||||||
Accrued expenses and other current liabilities | 3,625 | 3,625 | |||||||
Customer deposits | 14,957 | 14,957 | |||||||
Deferred income tax liability | 1,711 | 1,711 | |||||||
Stockholders’ equity: | |||||||||
Retained earnings | 101,254 | 101,254 | |||||||
Accumulated other comprehensive loss | (8,251) | (8,251) | |||||||
ASU 2014-09 [Member] | Effect of Change [Member] | |||||||||
Consolidated Statements of Income | |||||||||
Net sales | (1,172) | 1,857 | |||||||
Cost of products sold | (922) | 1,847 | |||||||
Gross profit | (250) | 10 | |||||||
Selling, general and administrative | (90) | (15) | |||||||
Income before provision for income taxes | (160) | 25 | |||||||
Provision for income taxes | (39) | 6 | |||||||
Net income | (121) | 19 | |||||||
Assets | |||||||||
Trade accounts receivable, net of allowances | 3,459 | 3,459 | 538 | ||||||
Unbilled revenue | (1,089) | (1,089) | (1,987) | ||||||
Inventories | 10,803 | 10,803 | 12,985 | ||||||
Prepaid expenses and other current assets | 142 | 142 | 118 | ||||||
Other assets | 26 | 26 | 69 | ||||||
Liabilities and stockholders’ equity | |||||||||
Accounts payable | (720) | (720) | (706) | ||||||
Accrued compensation | (196) | (196) | (172) | ||||||
Accrued expenses and other current liabilities | (84) | (84) | 484 | ||||||
Customer deposits | 15,582 | 15,582 | 13,372 | ||||||
Deferred income tax liability | (265) | (265) | (233) | ||||||
Stockholders’ equity: | |||||||||
Retained earnings | (983) | (983) | $ (1,022) | ||||||
Accumulated other comprehensive loss | $ 8 | $ 8 |
Accounting and Repoting Chang_3
Accounting and Repoting Changes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Reclassification of net benefit income | $ 206 | $ 120 | $ 412 | $ 239 |
ASU 2017-07 [Member] | Selling, General and Administrative Expense [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Reclassification of net benefit income | $ 31 | $ 62 | ||
Reclassification of net benefit income [Extensible List] | us-gaap:OtherIncomeMember | us-gaap:OtherIncomeMember | ||
ASU 2017-07 [Member] | Cost of Products Sold [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Reclassification of net benefit income | $ 89 | $ 177 | ||
Reclassification of net benefit income [Extensible List] | us-gaap:OtherIncomeMember | us-gaap:OtherIncomeMember |