Quarterly report pursuant to Section 13 or 15(d)

Inventories

v3.19.2
Inventories
3 Months Ended
Jun. 30, 2019
Inventories  
Inventories

5.  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 June 30, 2019 and March 31, 2019 (in thousands):

 

 

 

 

 

 

 

 

 

 

June 30,

 

March 31,

 

 

    

2019

    

2019

 

Raw materials

 

$

23,877

 

$

24,426

 

Work in process

 

 

93

 

 

 —

 

Finished goods

 

 

1,870

 

 

1,207

 

Total

 

 

25,840

 

 

25,633

 

Less inventory reserve

 

 

(3,952)

 

 

(3,887)

 

Less non-current portion

 

 

(1,407)

 

 

(1,403)

 

Current portion

 

$

20,481

 

$

20,343

 

 

The non-current portion of inventories represents the 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 June 30, 2019 is 1.2 years. The Company expects to use the non-current portion of the inventories on hand as of June 30, 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

 

$

635

 

25 to 36 months

 

 

772

 

Total

 

$

1,407