Annual report pursuant to Section 13 and 15(d)

Inventories

v3.19.2
Inventories
12 Months Ended
Mar. 31, 2019
Inventories  
Inventories

3. Inventories

Inventories are valued at the lower of cost (determined on a first in first out (“FIFO”) basis) or net realizable value and consisted of the following as of March 31, 2019 and 2018 (in thousands):

 

 

 

 

 

 

 

 

 

 

March 31,

 

March 31,

 

 

    

2019

    

2018

 

Raw materials

 

$

24,426

 

$

17,981

 

Work in process

 

 

 —

 

 

111

 

Finished goods

 

 

1,207

 

 

4,076

 

Total

 

 

25,633

 

 

22,168

 

Less inventory reserve

 

 

(3,887)

 

 

(5,494)

 

Less non-current portion

 

 

(1,403)

 

 

(1,041)

 

Current portion

 

$

20,343

 

$

15,633

 

 

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, 2019 is 1.0 years. The Company expects to use the non‑current portion of the inventories on hand as of March 31, 2019 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

 

$

727

 

25 to 36 months

 

 

676

 

Total

 

$

1,403