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INVENTORIES

9 Months Ended

Dec. 31, 2011

INVENTORIES

2. INVENTORIES

Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. Inventories consist of the following:

		December 31, 2011			March 31, 2011
		(in thousands)
Raw materials		$	599		$	336
Work in process		264			339
Finished goods(1)		2,481			2,787
Supplies		212			165
		$	3,556		$	3,627

(1) Net of reserve for obsolescence of $16,000 and $148,000 at December 31, 2011 and March 31, 2011, respectively.

The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. Approximately $236,000 and $652,000 of abnormal production costs were charged to cost of sales for the three and nine months ended December 31, 2011, respectively. Approximately $360,000 of abnormal production costs were charged to cost of sales for the three and nine months ended December 31, 2010.

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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