SELECTED QUARTERLY INFORMATION (UNAUDITED)

12 Months Ended

Mar. 31, 2014

SELECTED QUARTERLY INFORMATION (UNAUDITED)

SELECTED QUARTERLY INFORMATION (UNAUDITED)

NOTE 18 - SELECTED QUARTERLY INFORMATION (UNAUDITED)

The following table sets forth certain unaudited quarterly data for each of the four quarters in the years ended March 31, 2014 and 2013. The data has been derived from our unaudited consolidated financial statements that, in management’s opinion, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of such information when read in conjunction with the Consolidated Financial Statements and Notes thereto.  Net Losses for each period include contract losses and unabsorbed overhead that increased cost of goods sold and lowered gross profit. The results of operations for any quarter are not necessarily indicative of the results of operations for any future period.

(in thousands, except for per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter (a)
Year ended March 31, 2014
Net sales	$	7,097		$	5,196		$	5,167		$	3,608
Gross profit (loss)	$	420		$	727		$	773		$	(2,651	)
Net Loss	$	(1,424	)	$	(819	)	$	(757	)	$	(4,095	)
Basic Loss per share	$	(0.07	)	$	(0.04	)	$	(0.04	)	$	(0.19	)
Diluted Loss per share	$	(0.07	)	$	(0.04	)	$	(0.04	)	$	(0.19	)
Year ended March 31, 2013
Net sales	$	7,145		$	8,079		$	7,294		$	9,955
Gross profit	$	1,105		$	1,938		$	1,884		$	1,631
Net Loss	$	(706	)	$	(45	)	$	(545	)	$	(1,115	)
Basic Loss per share	$	(0.04	)	$	(0.00	)	$	(0.03	)	$	(0.06	)
Diluted Loss per share	$	(0.04	)	$	(0.00	)	$	(0.03	)	$	(0.06	)

(a) Fourth quarter gross margin for the year ended March 31, 2014 includes $2.7 million for estimated contract losses (see Note 7).