6. Inventory

Inventory at December 31, 2014 and March 31, 2014 consisted of the following (in thousands):

	December 31,		March 31,
	2014		2014
Raw materials	$	8,107	$	3,304
Work-in-process		6,344		4,047
Finished goods		9,450		10,275
Deferred program costs		2,635		3,068
Net inventory	$	26,536	$	20,694

The Company recorded inventory write-downs of $0.1 million and less than $0.1 million for the three months ended December 31, 2014 and 2013, respectively. The Company recorded inventory write-downs of $1.4 million and $0.3 million for the nine months ended December 31, 2014 and 2013, respectively. These write downs were based on evaluating its inventory on hand for excess quantities and obsolescence.

Deferred program costs as of December 31, 2014 and March 31, 2014 primarily represent costs incurred on programs accounted for under contract accounting where the Company needs to complete development milestones before revenue and costs will be recognized.