Annual report pursuant to Section 13 and 15(d)

Inventories

Inventories

12 Months Ended

Mar. 31, 2016

3. Inventories

Inventories are valued on a FIFO basis and lower of cost or market and consisted of the following as of March 31, 2016 and 2015 (in thousands):


	2016		2015
Raw materials	$	16,539	$	19,955
Work in process		554		—
Finished goods		1,176		5,400
Total		18,269		25,355
Less non-current portion		(2,143)		(2,258)
Current portion	$	16,126	$	23,097

The non‑current portion of inventories represents that portion of the inventories in excess of amounts expected to be 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 March 31, 2016 is 1.7 years. The Company expects to use the non‑current portion of the inventories on hand as of March 31, 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	$	1,672
25 to 36 months		417
37 to 48 months		54
Total	$	2,143