Annual report pursuant to Section 13 and 15(d)

Inventories

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Inventories
 12 Months Ended
Mar. 31, 2014
Inventories  
Inventories

3. Inventories

        Inventories are valued on a FIFO basis and lower of cost or market and consisted of the following as of March 31, 2014 and 2013 (in thousands):

 
   2014   2013  

Raw materials

   $ 19,080   $ 20,198  

Work in process

     5     —  

Finished goods

     1,955     1,567  
           
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Total

     21,040     21,765  

Less non-current portion

     (2,938 )   (3,252 )
           
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Current portion

   $ 18,102   $ 18,513  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

        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, 2014 is 1.7 years. The Company expects to use the non-current portion of the inventories on hand as of March 31, 2014 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

   $ 2,271  

25 to 36 months

     476  

37 to 48 months

     191  
       
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Total

   $ 2,938  
       
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