6. Inventory

Inventory at June 30, 2015 and March 31, 2015 consisted of the following (in thousands):

	June 30,				March 31,
	2015				2015
Raw materials	$	8,018	$	9,411
Work-in-process		1,092		2,117
Finished goods		6,286		7,487
Deferred program costs		1,684		1,581
Net inventory	$	17,080	$	20,596

The Company recorded inventory write-downs of $0.6 million for each of the three months ended June 30, 2015 and 2014. These write downs were based on evaluating its inventory on hand for excess quantities and obsolescence.

Deferred program costs as of June 30, 2015 and March 31, 2015 primarily represent costs incurred on programs accounted for under contract accounting where the Company needs to complete development milestones before revenue and costs will be recognized.