Quarterly report pursuant to Section 13 or 15(d)

Inventories

Inventories

3 Months Ended

Jun. 30, 2016

5. Inventories

Inventories are valued on a first in first out (“FIFO”) basis and lower of cost or market net of provisions for slow moving, excess, obsolete or otherwise impaired inventories and consisted of the following as of June 30, 2016 and March 31, 2016 (in thousands):


	June 30,		March 31,
	2016		2016
Raw materials	$	15,897	$	16,539
Work in process		137		554
Finished goods		92		1,176
Total		16,126		18,269
Less non-current portion		(2,317)		(2,143)
Current portion	$	13,809	$	16,126

The non-current portion of inventories represents that portion of the inventories in excess of amounts expected to be sold or used in the next twelve months. The non-current inventories are primarily comprised of repair parts for older generation products that are still in operation but are not technologically compatible with current configurations. The weighted average age of the non-current portion of inventories on hand as of June 30, 2016 is 1.5 years. The Company expects to use the non-current portion of the inventories on hand as of June 30, 2016 over the periods presented in the following table (in thousands):


		Non-current Inventory
		Balance Expected
Expected Period of Use		to be Used
13 to 24 months	$	1,912
25 to 36 months		389
37 to 48 months		16
Total	$	2,317