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Note 2 - Inventories

3 Months Ended

Jun. 30, 2014

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:

	June 30, 2014		March 31, 2014
	(in thousands)
Raw materials	$	907	$	1,411
Work in process		284		337
Finished goods (1)		3,340		2,847
Supplies		287		281
	$	4,818	$	4,876

(1)

Net of reserve for obsolescence of $5,000 and $6,000, at June 30, 2014 and March 31, 2014, respectively.

The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. Abnormal production costs of $64,000 and non-inventoriable fixed costs of $17,000 were charged to cost of sales for the quarter ended June 30, 2014. There were no non-inventoriable or abnormal production costs charged to cost of sales for the quarter ended June 30, 2013.

- Definition

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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