INVENTORIES

6 Months Ended

Sep. 30, 2011

INVENTORIES

INVENTORIES

3.INVENTORIES

Inventories consist of material, labor and manufacturing overhead and are recorded at the lower of cost, using the weighted average cost method, or net realizable value. Excess manufacturing overhead costs attributable to idle facility expenses, freight, handling costs and wasted material (spoilage) attributable to abnormally low production volumes (levels that materially differ from budgeted production plans due primarily to changes in customer demand) are excluded from inventory and recorded as an expense in the period incurred.

The components of inventories at September 30, 2011 and March 31, 2011 were as follows:

(In thousands)	September 30,2011		March 31,2011
Raw materials, completed sub-assemblies, and spare parts	$	24,612	$	27,436
Work-in-process	18,270		16,828
Finished goods	4,817		2,658
Total	$	47,699	$	46,922