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INVENTORIES

3 Months Ended

Mar. 31, 2019

4. INVENTORIES

Inventories include costs of materials, direct labor and manufacturing overhead, and are stated at the lower of cost (first-in, first-out basis) or net realizable value, as follows (in thousands):


	March 31,		December 31,
	2019		2018
Parts and raw materials	$	33,511	$	34,449
Work-in-process		7,917		7,557
Finished goods		11,534		12,965
		52,962		54,971