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Inventories

9 Months Ended

Dec. 31, 2012

NOTE 4.

Inventories

Inventories are summarized as follows:


	December 31, 2012			March 31, 2012

Finished goods	$	494		$	512
Work in process		8,618			6,340
Purchased and manufactured parts		14,710			10,473

		23,822			17,325
Reserve for slow moving and obsolescence		(3,039	)		(2,694	)

Total	$	20,783		$	14,631

Inventory obsolescence is determined by identifying specific items based on the age of inventory and by establishing a general reserve based on annual purchases. Analyzing inventory by age showed little movement once items have aged five years, and historical trends showed that 1.1% of purchases would have the potential to eventually be scrapped. Accordingly, the Company uses these two factors in determining the amount of the reserve.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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