Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2010
Cash Flows from Operating Activities:      
Net loss $ (18,764,000) $ (38,470,000) $ (67,241,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 3,404,000 3,823,000 3,496,000
Amortization of deferred financing costs 169,000 193,000 83,000
Interest expense on second funding liability   55,000 35,000
Provision for allowance for doubtful accounts 2,256,000 231,000 172,000
Inventory write-down 1,525,000 1,123,000 1,238,000
Provision for warranty expenses 4,227,000 2,089,000 1,336,000
Loss on disposal of equipment 3,000 213,000 30,000
Stock-based compensation 1,652,000 2,418,000 4,626,000
Change in fair value of warrant liability (13,983,000) 3,667,000 22,853,000
Changes in operating assets and liabilities:      
Accounts receivable (1,503,000) (1,096,000) (7,765,000)
Inventories (998,000) 1,764,000 6,069,000
Prepaid expenses and other assets (220,000) (910,000) 348,000
Accounts payable and accrued expenses 2,660,000 4,966,000 4,134,000
Accrued salaries and wages and long term liabilities 106,000 (151,000) (335,000)
Accrued warranty reserve (3,814,000) (2,044,000) (2,644,000)
Deferred revenue 1,842,000 230,000 (248,000)
Other current liabilities     (815,000)
Net cash used in operating activities (21,438,000) (21,899,000) (34,628,000)
Cash Flows from Investing Activities:      
Acquisition of and deposits on equipment and leasehold improvements (1,419,000) (1,047,000) (2,002,000)
Changes in restricted cash 1,250,000 (1,250,000)  
Net cash used in investing activities (169,000) (2,297,000) (2,002,000)
Cash Flows from Financing Activities:      
Net proceeds from (repayment of) revolving credit facility 3,351,000 (491,000) 3,917,000
Payment of deferred financing costs     (186,000)
Repayment of notes payable and capital lease obligations (499,000) (448,000) (80,000)
Net proceeds from employee stock-based transactions 702,000 39,000 138,000
Net proceeds from issuance of common stock and warrants 23,146,000   54,089,000
Proceeds from exercise of common stock warrants 11,403,000 11,282,000 6,503,000
Net cash provided by financing activities 38,103,000 10,382,000 64,381,000
Net increase (decrease) in Cash and Cash Equivalents 16,496,000 (13,814,000) 27,751,000
Cash and Cash Equivalents, Beginning of Year 33,456,000 47,270,000 19,519,000
Cash and Cash Equivalents, End of Year 49,952,000 33,456,000 47,270,000
Cash paid during the year for:      
Interest 672,000 624,000 540,000
Income taxes 204,000   80,000
Cash received during the period for income tax refund 127,000 222,000 381,000
Supplemental Disclosures of Non-Cash Information:      
Issuance of common stock for Calnetix Power Solutions acquisition, shares   3,131,313 1,550,387
Insurance contracts financed by notes payable 635,000 443,000 0
Capital expenditures funded by capital lease borrowings 0 0 224,000
Fixed asset purchases included in accounts payable 187,000 78,000 91,000
Fixed assets purchased with a note payable $ 0 $ 0 $ 117,000