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Inventories

9 Months Ended

Dec. 31, 2013

NOTE 4. Inventories

Inventories are summarized as follows:

	December 31, 2013		March 31, 2013
Finished goods	$	54	$	1,024
Work in process		9,112		7,350
Purchased and manufactured parts		18,539		12,532
		27,705		20,906
Reserve for slow moving and obsolescence		(3,781)		(3,116	)
Total	$	23,924	$	17,790

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 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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