INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2015

INCOME TAXES

Schedule of components of provision for income taxes

(In thousands)	2015			2014			2013
Current:
Federal	$	(2,688	)	$	6,870		$	11,339
State	19			281			595
Foreign	70			88			22
	(2,599		)	7,239			11,956
Deferred:
Federal	2,691			528			(2,743		)
State	(208		)	(358		)	(375		)
Change in valuation allowance	184			207			154
	2,667			377			(2,964		)
Provision for income taxes	$	68		$	7,616		$	8,992

Schedule of the difference between the total expected provision for income taxes computed by applying the statutory federal income tax rate to income before provision for income taxes and the recorded provision for income taxes

(In thousands)	2015			2014			2013
Provision for income taxes at statutory rate	$	366		$	7,957		$	9,253
State tax provision (benefit) net of federal effect	(122		)	(50		)	143
Stock based compensation	(60		)	51			(60		)
Research tax credits	(396		)	(294		)	(589		)
Qualifying manufacturing credits	—			(288		)	(154		)
Change in valuation allowance	184			207			154
Other	96			33			245
Provision for income taxes	$	68		$	7,616		$	8,992

Schedule of the significant components of the net deferred tax assets

	March 31, 2015					March 31, 2014
(In thousands)	Current		Non-current			Current		Non-current
Deferred tax assets (liabilities):
Accounts receivable and unbilled costs and fees	$	—	$	119		$	—	$	115
Inventory	150		2,964			240		3,880
Deferred revenue	—		1,265			—		1,783
Accrued vacation	571		—			606		—
Accrued warranty costs	57		—			144		—
Depreciation	—		569			—		(125		)
Accrued contract costs	168		(905		)	1,073		(1,356		)
Unearned compensation	1,407		2,295			2,464		2,221
State credit carryforwards	—		1,334			—		1,151
Other	133		(355		)	248		(200		)
Deferred income tax assets	2,486		7,286			4,775		7,469
Valuation allowance	—		(1,334		)	—		(1,151		)
Net deferred income taxes	$	2,486	$	5,952		$	4,775	$	6,318