Quarterly report pursuant to Section 13 or 15(d)

Inventories

Inventories

9 Months Ended

Dec. 31, 2015

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 December 31, 2015 and March 31, 2015 (in thousands):

	December 31, 2015			March 31, 2015

Raw materials	$	20,671		$	19,955
Work in process	615			—
Finished goods	1,432			5,400

Total	22,718			25,355
Less non-current portion	(2,287		)	(2,258		)

Current portion	$	20,431		$	23,097

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 December 31, 2015 is 1.8 years. The Company expects to use the non-current portion of the inventories on hand as of December 31, 2015 over the periods presented in the following table (in thousands):

Expected Period of Use	Non-Current Inventory Balance Expected to be Used

13 to 24 months	$	1,612
25 to 36 months	566
37 to 48 months	109

Total	$	2,287