Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GHM | |
Entity Registrant Name | GRAHAM CORPORATION | |
Entity Central Index Key | 0000716314 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, Par Value $0.10 Per Share | |
Security Exchange Name | NYSE | |
Entity File Number | 001-08462 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-1194720 | |
Entity Address, Address Line One | 20 Florence Avenue | |
Entity Address, City or Town | Batavia | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14020 | |
City Area Code | 585 | |
Local Phone Number | 343-2216 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 10,702,731 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 45,076 | $ 38,143 | $ 92,645 | $ 74,218 |
Cost of products sold | 37,885 | 32,863 | 74,477 | 62,194 |
Gross profit | 7,191 | 5,280 | 18,168 | 12,024 |
Other expenses and income: | ||||
Selling, general and administrative | 6,115 | 5,059 | 13,134 | 10,544 |
Selling, general and administrative – amortization | 273 | 273 | 547 | 547 |
Operating income (loss) | 803 | (52) | 4,487 | 933 |
Other expense (income), net | 94 | (62) | 187 | (125) |
Interest expense, net | 55 | 246 | 240 | 403 |
Income (loss) before provision (benefit) for income taxes | 654 | (236) | 4,060 | 655 |
Provision (benefit) for income taxes | 243 | (40) | 1,009 | 175 |
Net income (loss) | $ 411 | $ (196) | $ 3,051 | $ 480 |
Basic: | ||||
Net income (loss) | $ 0.04 | $ (0.02) | $ 0.29 | $ 0.05 |
Diluted: | ||||
Net income (loss) | $ 0.04 | $ (0.02) | $ 0.28 | $ 0.05 |
Weighted average common shares outstanding: | ||||
Basic | 10,699 | 10,617 | 10,675 | 10,614 |
Diluted | 10,810 | 10,617 | 10,761 | 10,618 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (Loss) | $ 411 | $ (196) | $ 3,051 | $ 480 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (58) | (337) | (310) | (680) |
Defined benefit pension and other postretirement plans net of income tax expense of $47 and $37 for the three months ended September 30, 2023 and 2022, respectively, and $93 and $74 for the six months ended September 30, 2023 and 2022, respectively | 164 | 131 | 328 | 262 |
Net current-period other comprehensive income (loss) | 106 | (206) | 18 | (418) |
Total comprehensive income (loss) | $ 517 | $ (402) | $ 3,069 | $ 62 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Defined benefit pension and other postretirement plans, tax expense | $ 47 | $ 37 | $ 93 | $ 74 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 25,800 | $ 18,257 |
Trade accounts receivable, net of allowances ($1,887 and $1,841 at September 30 and March 31, 2023, respectively) | 28,710 | 24,000 |
Unbilled revenue | 34,975 | 39,684 |
Inventories | 27,009 | 26,293 |
Prepaid expenses and other current assets | 2,850 | 1,534 |
Income taxes receivable | 774 | 302 |
Total current assets | 120,118 | 110,070 |
Property, plant and equipment, net | 27,122 | 25,523 |
Prepaid pension asset | 6,251 | 6,107 |
Operating lease assets | 7,775 | 8,237 |
Goodwill | 23,523 | 23,523 |
Total intangible amortization | 19,911 | |
Other intangible assets, net | 7,266 | 7,610 |
Deferred income tax asset | 1,489 | 2,798 |
Other assets | 239 | 158 |
Total assets | 213,128 | 203,918 |
Current liabilities: | ||
Current portion of long-term debt | 2,000 | 2,000 |
Current portion of finance lease obligations | 19 | 29 |
Accounts payable | 13,554 | 20,222 |
Accrued compensation | 11,357 | 10,401 |
Accrued expenses and other current liabilities | 6,262 | 6,434 |
Customer deposits | 59,526 | 46,042 |
Operating lease liabilities | 1,125 | 1,022 |
Income taxes payable | 0 | 16 |
Total current liabilities | 93,843 | 86,166 |
Long-term debt | 8,863 | 9,744 |
Finance lease obligations | 76 | 85 |
Operating lease liabilities | 6,993 | 7,498 |
Deferred income tax liability | 48 | 108 |
Accrued pension and postretirement benefit liabilities | 1,341 | 1,342 |
Other long-term liabilities | 1,169 | 2,042 |
Total liabilities | 112,333 | 106,985 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $1.00 par value, 500 shares authorized | 0 | 0 |
Common stock, $0.10 par value, 25,500 shares authorized, 10,846 and 10,774 shares issued and 10,703 and 10,635 shares outstanding at September 30 and March 31, 2023, respectively | 1,084 | 1,075 |
Capital in excess of par value | 29,196 | 28,061 |
Retained earnings | 80,494 | 77,443 |
Accumulated other comprehensive loss | (7,445) | (7,463) |
Treasury stock (143 and 138 shares at September 30 and March 31, 2023, respectively) | (2,534) | (2,183) |
Total stockholders’ equity | 100,795 | 96,933 |
Total liabilities and stockholders’ equity | 213,128 | 203,918 |
Customer Relationships [Member] | ||
Current assets: | ||
Total intangible amortization | 10,423 | 10,718 |
Technology and Technical Know-How [Member] | ||
Current assets: | ||
Total intangible amortization | $ 8,922 | $ 9,174 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowances on trade accounts receivable | $ 1,887 | $ 1,841 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Common stock, par value | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 25,500,000 | 25,500,000 |
Common stock, shares issued | 10,846,000 | 10,774,000 |
Common stock, shares outstanding | 10,703,000 | 10,635,000 |
Treasury stock | 143,000 | 138,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||
Net income | $ 3,051 | $ 480 |
Adjustments to reconcile net income to net cash used provided (used) by operating activities: | ||
Depreciation | 1,549 | 1,724 |
Amortization of intangible assets | 891 | 1,238 |
Amortization of actuarial losses | 421 | 336 |
Amortization of debt issuance costs | 119 | 93 |
Equity-based compensation expense | 625 | 312 |
Deferred income taxes | 1,162 | 174 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (4,947) | 38 |
Unbilled revenue | 4,620 | (5,283) |
Inventories | (734) | (2,560) |
Prepaid expenses and other current and non-current assets | (1,343) | (782) |
Income taxes receivable | (489) | (136) |
Operating lease assets | 589 | 901 |
Prepaid pension asset | (144) | (325) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (6,451) | 3,730 |
Accrued compensation, accrued expenses and other current and non-current liabilities | 5 | 553 |
Customer deposits | 13,503 | 544 |
Operating lease liabilities | (529) | (840) |
Long-term portion of accrued compensation, accrued pension and postretirement benefit liabilities | 0 | (595) |
Net cash provided (used) by operating activities | 11,898 | (398) |
Investing activities: | ||
Purchase of property, plant and equipment | (3,312) | (1,176) |
Proceeds from disposal of property, plant and equipment | 38 | 0 |
Net cash used by investing activities | (3,274) | (1,176) |
Financing activities: | ||
Principal repayments on debt | (1,020) | (3,511) |
Proceeds from the issuance of debt | 0 | 5,000 |
Repayments on financing lease obligations | (147) | (136) |
Payment of debt issuance costs | 0 | (122) |
Issuance of common stock | 225 | 0 |
Purchase of treasury stock | (57) | (22) |
Net cash (used) provided by financing activities | (999) | 1,209 |
Effect of exchange rate changes on cash | (82) | (254) |
Net increase (decrease) in cash and cash equivalents | 7,543 | (619) |
Cash and cash equivalents at beginning of period | 18,257 | 14,741 |
Cash and cash equivalents at end of period | $ 25,800 | $ 14,122 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, Common [Member] |
Beginning balance at Mar. 31, 2022 | $ 96,494 | $ 1,080 | $ 27,770 | $ 77,076 | $ (6,471) | $ (2,961) |
Beginning balance, shares at Mar. 31, 2022 | 10,801 | |||||
Comprehensive income (Loss) | 464 | 676 | (212) | |||
Forfeiture of shares | $ (3) | 3 | ||||
Forfeiture of shares, shares | (32) | |||||
Recognition of equity-based compensation expense | 114 | 114 | ||||
Purchase of treasury stock | (21) | (21) | ||||
Ending Balance at Jun. 30, 2022 | 97,051 | $ 1,077 | 27,887 | 77,752 | (6,683) | (2,982) |
Ending Balance, shares at Jun. 30, 2022 | 10,769 | |||||
Beginning balance at Mar. 31, 2022 | 96,494 | $ 1,080 | 27,770 | 77,076 | (6,471) | (2,961) |
Beginning balance, shares at Mar. 31, 2022 | 10,801 | |||||
Comprehensive income (Loss) | 62 | |||||
Ending Balance at Sep. 30, 2022 | 96,966 | $ 1,076 | 27,849 | 77,556 | (6,889) | (2,626) |
Ending Balance, shares at Sep. 30, 2022 | 10,758 | |||||
Beginning balance at Jun. 30, 2022 | 97,051 | $ 1,077 | 27,887 | 77,752 | (6,683) | (2,982) |
Beginning balance, shares at Jun. 30, 2022 | 10,769 | |||||
Comprehensive income (Loss) | (402) | (196) | (206) | |||
Forfeiture of shares | $ (1) | 1 | ||||
Forfeiture of shares, shares | (11) | |||||
Recognition of equity-based compensation expense | 198 | 198 | ||||
Issuance of treasury stock | 119 | (237) | 356 | |||
Ending Balance at Sep. 30, 2022 | 96,966 | $ 1,076 | 27,849 | 77,556 | (6,889) | (2,626) |
Ending Balance, shares at Sep. 30, 2022 | 10,758 | |||||
Beginning balance at Mar. 31, 2023 | 96,933 | $ 1,075 | 28,061 | 77,443 | (7,463) | (2,183) |
Beginning balance, shares at Mar. 31, 2023 | 10,774 | |||||
Comprehensive income (Loss) | 2,552 | 2,640 | (88) | |||
Issuance of shares | $ 8 | (8) | ||||
Issuance of shares, shares | 53 | |||||
Forfeiture of shares | $ (1) | 1 | ||||
Forfeiture of shares, shares | (9) | |||||
Recognition of equity-based compensation expense | 293 | 293 | ||||
Issuance of treasury stock | 294 | (294) | ||||
Purchase of treasury stock | (57) | (57) | ||||
Ending Balance at Jun. 30, 2023 | 99,721 | $ 1,082 | 28,641 | 80,083 | (7,551) | (2,534) |
Ending Balance, shares at Jun. 30, 2023 | 10,818 | |||||
Beginning balance at Mar. 31, 2023 | 96,933 | $ 1,075 | 28,061 | 77,443 | (7,463) | (2,183) |
Beginning balance, shares at Mar. 31, 2023 | 10,774 | |||||
Comprehensive income (Loss) | 3,069 | |||||
Ending Balance at Sep. 30, 2023 | 100,795 | $ 1,084 | 29,196 | 80,494 | (7,445) | (2,534) |
Ending Balance, shares at Sep. 30, 2023 | 10,846 | |||||
Beginning balance at Jun. 30, 2023 | 99,721 | $ 1,082 | 28,641 | 80,083 | (7,551) | (2,534) |
Beginning balance, shares at Jun. 30, 2023 | 10,818 | |||||
Comprehensive income (Loss) | 517 | 411 | 106 | |||
Issuance of shares | $ 2 | 223 | ||||
Issuance of shares, shares | 28 | |||||
Forfeiture of shares | 225 | |||||
Recognition of equity-based compensation expense | 332 | 332 | ||||
Ending Balance at Sep. 30, 2023 | $ 100,795 | $ 1,084 | $ 29,196 | $ 80,494 | $ (7,445) | $ (2,534) |
Ending Balance, shares at Sep. 30, 2023 | 10,846 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION: Graham Corporation's (the "Company's") Condensed Consolidated Financial Statements include its wholly-owned subsidiaries located in Arvada, Colorado, Suzhou, China and Ahmedabad, India at September 30 and March 31, 2023. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X, each as promulgated by the U.S. Securities and Exchange Commission. The Company's Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for complete financial statements. The unaudited Condensed Consolidated Balance Sheet as of March 31, 2023 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2023. For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023 ("fiscal 2023"). In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included in the Company's Condensed Consolidated Financial Statements. The Company's results of operations and cash flows for the three and six months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the current fiscal year, which ends March 31, 2024 ("fiscal 2024"). |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | NOTE 2 – REVENUE RECOGNITION: The Company recognizes revenue on contracts when or as it satisfies a performance obligation by transferring control of the product to the customer. For contracts in which revenue is recognized upon shipment, control is generally transferred when products are shipped, title is transferred, significant risks of ownership have transferred, the Company has rights to payment, and rewards of ownership pass to the customer. For contracts in which revenue is recognized over time, control is generally transferred as the Company creates an asset that does not have an alternative use to the Company and the Company has an enforceable right to payment for the performance completed to date. The following table presents the Company’s revenue disaggregated by product line and geographic area: Three Months Ended Six Months Ended September 30, September 30, Market 2023 2022 2023 2022 Refining $ 7,289 $ 7,568 $ 14,156 $ 15,443 Chemical/Petrochemical 4,365 5,804 10,406 11,679 Defense 25,118 14,855 47,935 24,655 Space 2,775 4,306 7,597 10,768 Other Commercial 5,529 5,610 12,551 11,673 Net sales $ 45,076 $ 38,143 $ 92,645 $ 74,218 Geographic Area Asia $ 2,980 $ 4,255 $ 8,882 $ 8,503 Canada 1,092 1,707 1,991 2,704 Middle East 669 686 1,718 1,145 South America 172 399 199 1,860 U.S. 38,604 30,325 76,745 58,494 All other 1,559 771 3,110 1,512 Net sales $ 45,076 $ 38,143 $ 92,645 $ 74,218 A performance obligation represents a promise in a contract to provide a distinct good or service to a customer. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Transaction price reflects the amount of consideration to which the Company expects to be entitled in exchange for transferred products. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized as the performance obligation is satisfied. In certain cases, the Company may separate a contract into more than one performance obligation, while in other cases, several products may be part of a fully integrated solution and are bundled into a single performance obligation. If a contract is separated into more than one performance obligation, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods underlying each performance obligation. The Company has made an accounting policy election to exclude from the measurement of the contract price all taxes assessed by government authorities that are collected by the Company from its customers. The Company does not adjust the contract price for the effects of a financing component if the Company expects, at contract inception, that the period between when a product is transferred to a customer and when the customer pays for the product will be one year or less. Shipping and handling fees billed to the customer are recorded in revenue and the related costs incurred for shipping and handling are included in Cost of products sold. The Company recognizes revenue over time when contract performance results in the creation of a product for which the Company does not have an alternative use and the contract includes an enforceable right to payment in an amount that corresponds directly with the value of the performance completed. To measure progress towards completion on performance obligations for which revenue is recognized over time the Company utilizes an input method based upon a ratio of direct labor hours incurred to date to management’s estimate of the total labor hours to be incurred on each contract, an input method based upon a ratio of total contract costs incurred to date to management’s estimate of the total contract costs to be incurred or an output method based upon completion of operational milestones, depending upon the nature of the contract. The Company has established the systems and procedures essential to developing the estimates required to account for performance obligations over time. These procedures include monthly review by management of costs incurred, progress towards completion, identified risks and opportunities, sourcing determinations, changes in estimates of costs yet to be incurred, availability of materials, and execution by subcontractors. Sales and earnings are adjusted in current accounting periods based on revisions in the contract value due to pricing changes and estimated costs at completion. Losses on contracts are recognized immediately when evident to management. Revenue on the majority of the Company's contracts, as measured by number of contracts, is recognized upon shipment to the customer. Revenue on larger contracts, which are fewer in number but represent the majority of revenue, is recognized over time. The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Revenue recognized over time 75 % 75 % 78 % 70 % Revenue recognized at shipment 25 % 25 % 22 % 30 % The timing of revenue recognition, invoicing and cash collections affect trade accounts receivable, unbilled revenue (contract assets) and customer deposits (contract liabilities) on the Condensed Consolidated Balance Sheets. Unbilled revenue represents revenue on contracts that is recognized over time and exceeds the amount that has been billed to the customer. Unbilled revenue is separately presented in the Condensed Consolidated Balance Sheets. The Company may have an unconditional right to payment upon billing and prior to satisfying the performance obligations. The Company will then record a contract liability and an offsetting asset of equal amount until the deposit is collected and the performance obligations are satisfied. Customer deposits are separately presented in the Condensed Consolidated Balance Sheets. Customer deposits are not considered a significant financing component as they are generally received less than one year before the product is completed or used to procure specific material on a contract, as well as related overhead costs incurred during design and construction. Net contract assets (liabilities) consisted of the following: September 30, 2023 March 31, 2023 Change Change due to revenue recognized Change due to invoicing customers/ Unbilled revenue (contract assets) $ 34,975 $ 39,684 $ ( 4,709 ) $ 54,904 $ ( 59,613 ) Customer deposits (contract liabilities) ( 59,526 ) ( 46,042 ) ( 13,484 ) 11,797 ( 25,281 ) Net contract (liabilities) assets $ ( 24,551 ) $ ( 6,358 ) $ ( 18,193 ) Contract liabilities at September 30 and March 31, 2023 include $ 7,954 and $ 6,092 , respectively, of customer deposits for which the Company has an unconditional right to collect payment. Trade accounts receivable, as presented on the Condensed Consolidated Balance Sheets, includes corresponding balances at September 30, and March 31, 2023, respectively. Receivables billed but not paid under retainage provisions in the Company’s customer contracts were $ 2,681 and $ 2,542 at September 30, and March 31, 2023, respectively. The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company also refers to this measure as backlog. As of September 30, 2023 , the Company had remaining unsatisfied performance obligations of $ 313,343 . The Company expects to recognize revenue on approximately 50 % of the remaining performance obligations within one year , 25 % to 30 % in one to two years and the remaining beyond two years. |
Inventories
Inventories | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 3 – INVENTORIES: Inventories are stated at the lower of cost or net realizable value, using the average cost method. Major classifications of inventories are as follows: September 30, March 31, 2023 2023 Raw materials and supplies $ 3,573 $ 4,344 Work in process 21,152 20,554 Finished products 2,284 1,395 Total $ 27,009 $ 26,293 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 4 – INTANGIBLE ASSETS: Intangible assets are comprised of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount At September 30, 2023 Intangibles subject to amortization: Customer relationships 20 years $ 11,800 $ 1,377 $ 10,423 Technology and technical know-how 20 years 10,100 1,178 8,922 Backlog 4 years 3,900 3,334 566 $ 25,800 $ 5,889 $ 19,911 Intangibles not subject to amortization: Tradename Indefinite $ 6,700 $ — $ 6,700 $ 6,700 $ — $ 6,700 Technology and technical know-how and Customer relationships are amortized in Selling, general and administrative expense on a straight line basis over their estimated useful lives. Backlog is amortized in Cost of products sold over the projected conversion period based on management estimates at time of purchase. Intangible amortization was $ 445 and $ 619 for the three months ended September 30, 2023 and 2022 , respectively, and $ 891 and $ 1,238 for the six months ended September 30, 2023 and 2022 , respectively. The estimated annual amortization expense by fiscal year is as follows: Annual Amortization Remainder of 2024 $ 890 2025 1,318 2026 1,095 2027 1,095 2028 1,095 2029 and thereafter 14,418 Total intangible amortization $ 19,911 |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | NOTE 5 – EQUITY-BASED COMPENSATION: The 2020 Graham Corporation Equity Incentive Plan, as amended (the "2020 Plan"), provides for the issuance of 722 shares of common stock in connection with grants of incentive stock options, non-qualified stock options, restricted stock units and stock awards to officers, key employees and outside directors, including 112 shares that became available under the 2020 Plan from the Company’s prior plan, the Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value (the "2000 Plan"). As of August 11, 2020, the effective date of the 2020 Plan, no further awards will be granted under the 2000 Plan. No time vesting restricted stock units ("RSUs") or performance based restricted stock units ("PSUs") were granted in the three months ended September 30, 2023 and 2022 . The following restricted stock units were granted in the six months ended September 30, 2023 and 2022: Vest 100 % on First Vest One-Third Per Year Vest 100 % on Third Anniversary (1) Over Three-Year Term (1) Anniversary (1) Officers and Officers and Total Shares Six months ended September 30, Directors Key Employees Key Employees Awarded 2023 Time Vesting RSUs 38 40 — 78 Performance Vesting PSUs — — 79 79 2022 Time Vesting RSUs 37 56 18 111 Performance Vesting PSUs — — 112 112 (1) Subject to the terms of the applicable award. The Company has an Employee Stock Purchase Plan, as amended (the "ESPP"), which allows eligible employees to purchase shares of the Company's common stock at a discount of up to 15 % of its fair market value on the last, first or lower of the last or first day of the six-month offering period. As of September 30, 2023 , a total of 400 shares of common stock may be purchased under the ESPP. The Company has recognized equity-based compensation costs as follows: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Restricted stock awards $ 77 $ 201 $ 164 $ 306 Restricted stock units 249 — 445 — Employee stock purchase plan 6 ( 3 ) 16 6 $ 332 $ 198 $ 625 $ 312 Income tax benefit recognized $ 74 $ 43 $ 139 $ 68 |
Income (Loss) Per Share
Income (Loss) Per Share | 6 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Share | NOTE 6 – INCOME (LOSS) PER SHARE: Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted income (loss) per share is presented below: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Basic income (loss) per share Numerator: Net income (loss) $ 411 $ ( 196 ) $ 3,051 $ 480 Denominator: Weighted average common shares 10,699 10,617 10,675 10,614 Basic income (loss) per share $ 0.04 $ ( 0.02 ) $ 0.29 $ 0.05 Diluted income (loss) per share Numerator: Net income (loss) $ 411 $ ( 196 ) $ 3,051 $ 480 Denominator: Weighted average common shares 10,699 10,617 10,675 10,614 Restricted stock units outstanding 111 — 86 4 Weighted average common and 10,810 10,617 10,761 10,618 Diluted income (loss) per share $ 0.04 $ ( 0.02 ) $ 0.28 $ 0.05 |
Product Warranty Liability
Product Warranty Liability | 6 Months Ended |
Sep. 30, 2023 | |
Guarantees [Abstract] | |
Product Warranty Liability | NOTE 7 – PRODUCT WARRANTY LIABILITY: The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Balance at beginning of period $ 616 $ 496 $ 578 $ 441 Expense for product warranties 112 13 203 90 Product warranty claims paid ( 90 ) ( 22 ) ( 143 ) ( 44 ) Balance at end of period $ 638 $ 487 $ 638 $ 487 The product warranty liability is included in the line item Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. |
Cash Flow Statement
Cash Flow Statement | 6 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Statement | NOTE 8 – CASH FLOW STATEMENT: Interest and income taxes paid as well as non-cash investing and financing activities are as follows: For the Six Months Ended September 30, 2023 2022 Interest paid $ 507 $ 362 Income taxes paid 337 151 Capital purchases recorded in accounts payable 392 205 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9 – COMMITMENTS AND CONTINGENCIES: The Company has been named as a defendant in lawsuits alleging personal injury from exposure to asbestos allegedly contained in, or accompanying, products made by the Company. The Company is a co-defendant with numerous other defendants in these lawsuits and intends to vigorously defend itself against these claims. The claims in the Company’s current lawsuits are similar to those made in previous asbestos-related suits that named the Company as a defendant, which either were dismissed when it was shown that the Company had not supplied products to the plaintiffs’ places of work or were settled for immaterial amounts. The Company cannot provide any assurances that any pending or future matters will be resolved in the same manner as previous lawsuits. As of September 30, 2023, the Company was subject to the claims noted above, as well as other potential claims that have arisen in the ordinary course of business. Although the outcome of the lawsuits, legal proceedings or potential claims to which the Company is, or may become, a party to cannot be determined and an estimate of the reasonably possible loss or range of loss cannot be made for the majority of the claims, management does not believe that the outcomes, either individually or in the aggregate, will have a material adverse effect on the Company’s results of operations, financial position or cash flows. The Company previously entered into related party operating leases with Ascent Properties Group, LLC ("Ascent"), for two building lease agreements and two equipment lease agreements in Arvada, Colorado. In connection with such leases, the Company made fixed minimum lease payments to the lessor of $ 242 and $ 211 during the three months ended September 30, 2023 and 2022 , respectively, and $ 466 and $ 422 during the six months ended September 30, 2023 and 2022, respectively. The Company is obligated to make payments of $ 486 during the remainder of fiscal 2024. Future fixed minimum lease payments under these leases as of September 30, 2023 are $ 6,271 . |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 – INCOME TAXES: The Company files federal and state income tax returns in several domestic and international jurisdictions. In most tax jurisdictions, returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed. The Company is subject to U.S. federal examination for the tax years 2019 through 2022 and examination in state tax jurisdictions for the tax years 2018 through 2022 . The Company is subject to examination in the People’s Republic of China for tax years 2019 through 2022 and in India for tax years 2019 through 2022 . There was no liability for unrecognized tax benefits at either September 30, 2023 or March 31, 2023 . |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | NOTE 11 – CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS: The changes in accumulated other comprehensive loss by component for the six months ended September 30, 2023 and 2022 are as follows: Pension and Foreign Total Balance at April 1, 2023 $ ( 7,470 ) $ 7 $ ( 7,463 ) Other comprehensive income before reclassifications — ( 310 ) ( 310 ) Amounts reclassified from accumulated other comprehensive 328 — 328 Net current-period other comprehensive income (loss) 328 ( 310 ) 18 Balance at September 30, 2023 $ ( 7,142 ) $ ( 303 ) $ ( 7,445 ) Pension and Foreign Total Balance at April 1, 2022 $ ( 6,970 ) $ 499 $ ( 6,471 ) Other comprehensive income before reclassifications — ( 680 ) ( 680 ) Amounts reclassified from accumulated other comprehensive 262 — 262 Net current-period other comprehensive income (loss) 262 ( 680 ) $ ( 418 ) Balance at September 30, 2022 $ ( 6,708 ) $ ( 181 ) $ ( 6,889 ) The reclassifications out of accumulated other comprehensive loss by component for the three and six months ended September 30, 2023 and 2022 are as follows: Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Three Months Ended September 30, 2023 2022 Pension and other postretirement benefit items: Amortization of actuarial loss $ 210 (1) $ 168 (1) Income before benefit for income taxes Tax effect 46 37 Provision for income taxes $ 164 $ 131 Net income Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Six Months Ended September 30, 2023 2022 Pension and other postretirement benefit items: Amortization of actuarial loss $ 421 (1) $ 336 (1) Income before benefit for income taxes Tax effect 93 74 Provision for income taxes $ 328 $ 262 Net income (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. |
Debt
Debt | 6 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 12 – DEBT: On June 1, 2021, the Company entered into a $ 20,000 five-year term loan with Bank of America (the "Term Loan"). The Term Loan required monthly principal payments of $ 167 through June 1, 2026, with the remaining principal amount plus all interest due on the maturity date. The interest rate on the Term Loan was the applicable Bloomberg Short-Term Bank Yield Index ("BSBY"), plus 1.50 %, subject to a 0.00 % floor. As of March 31, 2023 and September 30, 2023, long term debt was comprised of the following: September 30, March 31, 2023 2023 Bank of America term loan $ 11,500 $ 12,500 Less: unamortized debt issuance costs ( 637 ) ( 756 ) 10,863 11,744 Less: current portion 2,000 2,000 Total $ 8,863 $ 9,744 As of September 30, 2023, future minimum payments required were as follows: Remainder of 2024 $ 1,000 2025 2,000 2026 2,000 2027 6,500 2028 and thereafter — Total $ 11,500 On June 1, 2021, the Company entered into a five-year revolving credit facility with Bank of America (the "Revolving Credit Facility") that provided a $ 30,000 line of credit, including letters of credit and bank guarantees, expandable at the Company's option and the bank's approval at any time up to $ 40,000 . As of September 30, 2023 and March 31, 2023, there was $ 0 outstanding on the Revolving Credit Facility. Amounts outstanding under the Revolving Credit Facility bore interest at a rate equal to BSBY plus 1.50 %, subject to a 0.00 % floor. As of September 30, 2023 , the BSBY rate was 5.3718 %. Outstanding letters of credit under this agreement were subject to a fee of 1.50 % per annum of the outstanding undrawn amount of each letter of credit not secured by cash and 0.60 % of each letter of credit secured by cash. Amounts available for borrowing under the Revolving Credit Facility were subject to an unused commitment fee of 0.25 %. As of September 30, 2023 , there was $ 3,711 letters of credit outstanding with Bank of America. Under the Term Loan and Revolving Credit Facility, as amended (the "Credit Facility"), the Company covenanted to maintain a maximum total leverage ratio, as defined in the Credit Facility, of 3.0 to 1.0 , with an allowable increase to 3.25 to 1.0 following an acquisition for a period of twelve months following the closing of the acquisition. In addition, the Company covenanted to maintain a minimum fixed charge coverage ratio, as defined in the Credit Facility, of 1.2 to 1.0 and minimum margined assets, as defined in such agreements, of 100 % of total amounts outstanding on the Revolving Credit Facility, including letters of credit. The Company also covenanted to maintain liquidity, as defined in the Credit Facility, of at least $ 20,000 . As of September 30, 2023, the Company was in compliance with the financial covenants of the Credit Facility. At September 30, 2023 , the amount available under the Revolving Credit Facility was $ 27,613 , subject to the above liquidity and leverage covenants. In connection with the amendments to the Credit Facility, the Company was charged a back-end fee of $ 725 to Bank of America payable upon the earliest to occur of (i) any default or event of default, (ii) the last date of availability under the Revolving Credit Facility, and (iii) repayment in full of all principal, interest, fees and other obligations, which may be waived or cancelled if certain criteria are met. The Company has a letter of credit facility agreement with HSBC Bank USA, N.A. of $ 7,500 (the "Letter of Credit Facility"). Under the Letter of Credit Facility, the Company incurs an annual facility fee of $ 5 and outstanding letters of credit are subject to a fee of between 0.75 % and 0.85 %, depending on the term of the letter of credit. Interest is payable on the principal amounts of unreimbursed letter of credit draws at a rate of 3 % plus the bank's prime rate. The Company's obligations under the Letter of Credit Facility are secured by cash held with the bank. As of September 30, 2023 , there was $ 6,577 letters of credit outstanding with HSBC and availability under the Letter of Credit Facility was $ 923 . The agreement is subject to an annual renewal by the bank on July 31 of each year. Total letters of credit outstanding as of September 30, and March 31, 2023 were $ 10,621 and $ 12,842 , respectively. SUBSEQUENT EVENT On October 13, 2023, the Company terminated the Revolving Credit Facility, repaid the Term Loan and entered into a new five-year revolving credit facility with Wells Fargo Bank, National Association ("Wells Fargo") that provides a $ 35,000 line of credit, including letters of credit and bank guarantees, expandable up to $ 50,000 upon the Company satisfying specified covenants (the "New Revolving Credit Facility"). The additional $ 15,000 will automatically be available upon (a) the Company achieving a minimum consolidated EBITDA, as defined in the agreement, of $ 15,000 , computed on a trailing twelve month basis, for three consecutive quarters and (b) a minimum liquidity (consisting of cash and borrowing availability under the New Revolving Credit Facility) for the Company of at least $ 7,500 . In addition to the $ 25,000 letters of credit available to be issued pursuant to the New Revolving Credit Facility, the Company may request the issuance of cash secured letters of credit in an aggregate amount of up to $ 7,500 . The New Revolving Credit Facility contains customary terms and conditions, including representations and warranties and affirmative and negative covenants, as well as financial covenants for the benefit of Wells Fargo, which require the Company to maintain (i) a consolidated total leverage ratio not to exceed 3.50 : 1.00 and (ii) a consolidated fixed charge coverage ratio of at least 1.20 : 1.00 , in both cases computed in accordance with the definitions and requirements specified in the New Revolving Credit Facility. Borrowings under the New Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (i) a forward-looking term rate based on the secured overnight financing rate ("SOFR") for the applicable interest period, subject to a floor of 0.0 % per annum or (ii) a base rate determined by reference to the highest of (a) the rate of interest per annum publicly announced by the Lender as its prime rate, (b) the federal funds rate plus 0.50 % per annum and (c) one-month term SOFR plus 1.00 % per annum, subject to a floor of 1.00% per annum, plus, in each case, an applicable margin. The applicable margins range between (i) 1.25 % per annum and 2.50 % per annum in the case of any term SOFR loan and (ii) 0.25 % per annum and 1.50 % per annum in the case of any base rate loan, in each case based upon the Company’s then-current consolidated total leverage ratio; provided, however, for a period of one year following the closing date, the applicable margin shall be set at 1.25% per annum in the case of any term SOFR loan and 0.25% per annum in the case of any base rate loan. The Company will incur a quarterly commitment fee on the unused portion of the New Revolving Credit Facility during the applicable quarter at a per annum rate also determined by reference to the Company’s then-current consolidated total leverage ratio, which fee ranges between 0.10 % per annum and 0.20 % per annum; provided, however, for a period of one year following the closing date, the quarterly commitment fee will be set at 0.10% per annum. Any outstanding letters of credit that are cash secured will bear a fee equal to the daily amount available to be drawn under such letters of credit multiplied by 0.65 % per annum. Any outstanding letters of credit issued under the New Revolving Credit Facility will bear a fee equal to the daily amount drawn under such letters of credit multiplied by the applicable margin for term SOFR loans. In connection with the termination of the Revolving Credit Facility, the Company repaid the $ 725 exit fee and recognized an extinguishment charge of approximately $ 650 from its previous lending agreement amendments. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales Disaggregated by Product Line and Geographic Area | The following table presents the Company’s revenue disaggregated by product line and geographic area: Three Months Ended Six Months Ended September 30, September 30, Market 2023 2022 2023 2022 Refining $ 7,289 $ 7,568 $ 14,156 $ 15,443 Chemical/Petrochemical 4,365 5,804 10,406 11,679 Defense 25,118 14,855 47,935 24,655 Space 2,775 4,306 7,597 10,768 Other Commercial 5,529 5,610 12,551 11,673 Net sales $ 45,076 $ 38,143 $ 92,645 $ 74,218 Geographic Area Asia $ 2,980 $ 4,255 $ 8,882 $ 8,503 Canada 1,092 1,707 1,991 2,704 Middle East 669 686 1,718 1,145 South America 172 399 199 1,860 U.S. 38,604 30,325 76,745 58,494 All other 1,559 771 3,110 1,512 Net sales $ 45,076 $ 38,143 $ 92,645 $ 74,218 The following table presents the Company's revenue percentages disaggregated by revenue recognized over time or upon shipment: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Revenue recognized over time 75 % 75 % 78 % 70 % Revenue recognized at shipment 25 % 25 % 22 % 30 % |
Schedule of Net Contract Assets (Liabilities) | Net contract assets (liabilities) consisted of the following: September 30, 2023 March 31, 2023 Change Change due to revenue recognized Change due to invoicing customers/ Unbilled revenue (contract assets) $ 34,975 $ 39,684 $ ( 4,709 ) $ 54,904 $ ( 59,613 ) Customer deposits (contract liabilities) ( 59,526 ) ( 46,042 ) ( 13,484 ) 11,797 ( 25,281 ) Net contract (liabilities) assets $ ( 24,551 ) $ ( 6,358 ) $ ( 18,193 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Major Classifications of Inventories | Major classifications of inventories are as follows: September 30, March 31, 2023 2023 Raw materials and supplies $ 3,573 $ 4,344 Work in process 21,152 20,554 Finished products 2,284 1,395 Total $ 27,009 $ 26,293 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible assets | Intangible assets are comprised of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount At September 30, 2023 Intangibles subject to amortization: Customer relationships 20 years $ 11,800 $ 1,377 $ 10,423 Technology and technical know-how 20 years 10,100 1,178 8,922 Backlog 4 years 3,900 3,334 566 $ 25,800 $ 5,889 $ 19,911 Intangibles not subject to amortization: Tradename Indefinite $ 6,700 $ — $ 6,700 $ 6,700 $ — $ 6,700 |
Schedule of Estimated Annual Amortization Expense | The estimated annual amortization expense by fiscal year is as follows: Annual Amortization Remainder of 2024 $ 890 2025 1,318 2026 1,095 2027 1,095 2028 1,095 2029 and thereafter 14,418 Total intangible amortization $ 19,911 |
Equity - Based Compensation (Ta
Equity - Based Compensation (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Units ("RSUs"), Performance Stock Units ("PSUs"), and Restricted Stock Awards ("RSAs") Granted | The following restricted stock units were granted in the six months ended September 30, 2023 and 2022: Vest 100 % on First Vest One-Third Per Year Vest 100 % on Third Anniversary (1) Over Three-Year Term (1) Anniversary (1) Officers and Officers and Total Shares Six months ended September 30, Directors Key Employees Key Employees Awarded 2023 Time Vesting RSUs 38 40 — 78 Performance Vesting PSUs — — 79 79 2022 Time Vesting RSUs 37 56 18 111 Performance Vesting PSUs — — 112 112 (1) Subject to the terms of the applicable award. |
Schedule of recognized equity-based compensation | The Company has recognized equity-based compensation costs as follows: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Restricted stock awards $ 77 $ 201 $ 164 $ 306 Restricted stock units 249 — 445 — Employee stock purchase plan 6 ( 3 ) 16 6 $ 332 $ 198 $ 625 $ 312 Income tax benefit recognized $ 74 $ 43 $ 139 $ 68 |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Income (Loss) Per Share | A reconciliation of the numerators and denominators of basic and diluted income (loss) per share is presented below: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Basic income (loss) per share Numerator: Net income (loss) $ 411 $ ( 196 ) $ 3,051 $ 480 Denominator: Weighted average common shares 10,699 10,617 10,675 10,614 Basic income (loss) per share $ 0.04 $ ( 0.02 ) $ 0.29 $ 0.05 Diluted income (loss) per share Numerator: Net income (loss) $ 411 $ ( 196 ) $ 3,051 $ 480 Denominator: Weighted average common shares 10,699 10,617 10,675 10,614 Restricted stock units outstanding 111 — 86 4 Weighted average common and 10,810 10,617 10,761 10,618 Diluted income (loss) per share $ 0.04 $ ( 0.02 ) $ 0.28 $ 0.05 |
Product Warranty Liability (Tab
Product Warranty Liability (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Guarantees [Abstract] | |
Reconciliation of the Changes in Product Warranty Liability | The reconciliation of the changes in the product warranty liability is as follows: Three Months Ended Six Months Ended September 30, September 30, 2023 2022 2023 2022 Balance at beginning of period $ 616 $ 496 $ 578 $ 441 Expense for product warranties 112 13 203 90 Product warranty claims paid ( 90 ) ( 22 ) ( 143 ) ( 44 ) Balance at end of period $ 638 $ 487 $ 638 $ 487 |
Cash Flow Statement (Tables)
Cash Flow Statement (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow Supplemental Disclosure | Interest and income taxes paid as well as non-cash investing and financing activities are as follows: For the Six Months Ended September 30, 2023 2022 Interest paid $ 507 $ 362 Income taxes paid 337 151 Capital purchases recorded in accounts payable 392 205 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The changes in accumulated other comprehensive loss by component for the six months ended September 30, 2023 and 2022 are as follows: Pension and Foreign Total Balance at April 1, 2023 $ ( 7,470 ) $ 7 $ ( 7,463 ) Other comprehensive income before reclassifications — ( 310 ) ( 310 ) Amounts reclassified from accumulated other comprehensive 328 — 328 Net current-period other comprehensive income (loss) 328 ( 310 ) 18 Balance at September 30, 2023 $ ( 7,142 ) $ ( 303 ) $ ( 7,445 ) Pension and Foreign Total Balance at April 1, 2022 $ ( 6,970 ) $ 499 $ ( 6,471 ) Other comprehensive income before reclassifications — ( 680 ) ( 680 ) Amounts reclassified from accumulated other comprehensive 262 — 262 Net current-period other comprehensive income (loss) 262 ( 680 ) $ ( 418 ) Balance at September 30, 2022 $ ( 6,708 ) $ ( 181 ) $ ( 6,889 ) |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The reclassifications out of accumulated other comprehensive loss by component for the three and six months ended September 30, 2023 and 2022 are as follows: Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Three Months Ended September 30, 2023 2022 Pension and other postretirement benefit items: Amortization of actuarial loss $ 210 (1) $ 168 (1) Income before benefit for income taxes Tax effect 46 37 Provision for income taxes $ 164 $ 131 Net income Details about Accumulated Other Amount Reclassified from Affected Line Item in the Condensed Six Months Ended September 30, 2023 2022 Pension and other postretirement benefit items: Amortization of actuarial loss $ 421 (1) $ 336 (1) Income before benefit for income taxes Tax effect 93 74 Provision for income taxes $ 328 $ 262 Net income (1) These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | As of March 31, 2023 and September 30, 2023, long term debt was comprised of the following: September 30, March 31, 2023 2023 Bank of America term loan $ 11,500 $ 12,500 Less: unamortized debt issuance costs ( 637 ) ( 756 ) 10,863 11,744 Less: current portion 2,000 2,000 Total $ 8,863 $ 9,744 |
Schedule of Future Minimum Payments | As of September 30, 2023, future minimum payments required were as follows: Remainder of 2024 $ 1,000 2025 2,000 2026 2,000 2027 6,500 2028 and thereafter — Total $ 11,500 |
Revenue Recognition - Revenue D
Revenue Recognition - Revenue Disaggregated by Product Line and Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 45,076 | $ 38,143 | $ 92,645 | $ 74,218 |
Refining [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 7,289 | 7,568 | 14,156 | 15,443 |
Chemical/Petrochemical [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 4,365 | 5,804 | 10,406 | 11,679 |
Defense [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 25,118 | 14,855 | 47,935 | 24,655 |
Space [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 2,775 | 4,306 | 7,597 | 10,768 |
Other Commercial [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 5,529 | 5,610 | 12,551 | 11,673 |
Asia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 2,980 | 4,255 | 8,882 | 8,503 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,092 | 1,707 | 1,991 | 2,704 |
Middle East [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 669 | 686 | 1,718 | 1,145 |
South America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 172 | 399 | 199 | 1,860 |
U.S. [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 38,604 | 30,325 | 76,745 | 58,494 |
All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 1,559 | $ 771 | $ 3,110 | $ 1,512 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue (Detail) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Abstract] | ||||
Percentage of revenue from contracts recognized over time | 75% | 75% | 78% | 70% |
Percentage of revenue from contracts recognized upon shipment | 25% | 25% | 22% | 30% |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Contract With Customer Assets And Liabilities [Line Items] | ||
Receivables billed but not paid under retainage provisions in its customer contracts | $ 2,681 | $ 2,542 |
Revenue remaining unsatisfied performance obligations amount | 313,343 | |
Customer Deposit [Member] | ||
Contract With Customer Assets And Liabilities [Line Items] | ||
Contract liabilities | $ 7,954 | $ 6,092 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Unbilled revenue (contract assets) | $ 34,975 | $ 39,684 |
Customer deposits (contract liabilities) | (59,526) | (46,042) |
Net contract assets (liabilities) | (24,551) | $ (6,358) |
Unbilled revenue (contract assets) | (4,709) | |
Customer deposits (contract liabilities) | (13,484) | |
Net contract assets (liabilities) | (18,193) | |
Change due to revenue recognized (Contract assets) | 54,904 | |
Change due to revenue recognized (Contract Liabilities) | 11,797 | |
Change due to invoicing customers/ additional deposits (Contract Assets) | (59,613) | |
Change due to invoicing customers/ additional deposits (Contract Liabilities) | $ (25,281) |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail1) | Sep. 30, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 25% |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 50% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 1 year |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Contract With Customer Assets And Liabilities [Line Items] | |
Revenue remaining performance obligation percentage | 30% |
Revenue remaining performance obligation, expected timing of satisfaction, period | 2 years |
Inventories - Major Classificat
Inventories - Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 3,573 | $ 4,344 |
Work in process | 21,152 | 20,554 |
Finished products | 2,284 | 1,395 |
Total | $ 27,009 | $ 26,293 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Gross Carrying Amount | $ 25,800 | |
Intangibles subject to amortization, Accumulated Amortization | 5,889 | |
Intangibles subject to amortization, Net Carrying Amount | 19,911 | |
Intangibles not subject to amortization, Gross Carrying Amount | 6,700 | |
Intangibles not subject to amortization, Net Carrying Amount | 6,700 | |
Other Intangible Assets, Net | $ 7,266 | $ 7,610 |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years | |
Intangibles subject to amortization, Gross Carrying Amount | $ 11,800 | |
Intangibles subject to amortization, Accumulated Amortization | 1,377 | |
Intangibles subject to amortization, Net Carrying Amount | $ 10,423 | 10,718 |
Technology and Technical Know-How [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 20 years | |
Intangibles subject to amortization, Gross Carrying Amount | $ 10,100 | |
Intangibles subject to amortization, Accumulated Amortization | 1,178 | |
Intangibles subject to amortization, Net Carrying Amount | $ 8,922 | $ 9,174 |
Backlog [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles subject to amortization, Weighted Average Amortization Period | 4 years | |
Intangibles subject to amortization, Gross Carrying Amount | $ 3,900 | |
Intangibles subject to amortization, Accumulated Amortization | 3,334 | |
Intangibles subject to amortization, Net Carrying Amount | $ 566 | |
Tradename [Member] | ||
Business Acquisition [Line Items] | ||
Intangibles not subject to amortization, Weighted Average Amortization Period | Indefinite | |
Intangibles not subject to amortization, Gross Carrying Amount | $ 6,700 | |
Intangibles not subject to amortization, Net Carrying Amount | $ 6,700 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Estimated Annual Amortization Expense (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
Remainder of 2024 | $ 890 |
2025 | 1,318 |
2026 | 1,095 |
2027 | 1,095 |
2028 | 1,095 |
2029 and therafter | 14,418 |
Total intangible amortization | $ 19,911 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Amortization of Deferred Charges [Abstract] | ||||
Amortization of intangible Assets | $ 445 | $ 619 | $ 891 | $ 1,238 |
Equity - Based Compensation - S
Equity - Based Compensation - Schedule of Restricted Stock Units ("RSUs"), Performance Stock Units ("PSUs"), and Restricted Stock Awards ("RSAs") Granted (Detail) - shares shares in Thousands | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Performance Vested Performance Stock Units (PSU) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Restricted stock awarded | 79 | 112 | |
Time Vested Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Restricted stock awarded | 78 | 111 | |
Director [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation vesting percentage | 100% | ||
Vesting period | 1 year | ||
Director [Member] | Performance Vested Performance Stock Units (PSU) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Restricted stock awarded | [1] | 0 | 0 |
Director [Member] | Time Vested Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Restricted stock awarded | [1] | 38 | 37 |
Officers and Key Employees [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation vesting percentage | 100% | ||
Vesting period | 3 years | ||
Officers and Key Employees [Member] | Time Vest One Third Per Year Percentage [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation vesting percentage | 0.333% | ||
Restricted stock awarded | [1] | 40 | 56 |
Vesting period | 3 years | ||
Officers and Key Employees [Member] | Performance Vested One Third Per Year Percentage | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Restricted stock awarded | [1] | 0 | 0 |
Vesting period | 3 years | ||
Officers and Key Employees [Member] | Performance Vested Performance Stock Units (PSU) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Restricted stock awarded | [1] | 79 | 112 |
Officers and Key Employees [Member] | Time Vested Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Restricted stock awarded | [1] | 0 | 18 |
[1] (1) Subject to the terms of the applicable award. |
Equity - Based Compensation -_2
Equity - Based Compensation - Schedule of recognized equity-based compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense, after Tax | $ 332 | $ 198 | $ 625 | $ 312 |
Share-Based Payment Arrangement, Expense, Tax Benefit | 74 | 43 | 139 | 68 |
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense, after Tax | 77 | 201 | 164 | 306 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense, after Tax | 249 | 0 | 445 | 0 |
Employee Stock Purchase Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense, after Tax | $ 6 | $ (3) | $ 16 | $ 6 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||||
Aug. 11, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Time Vest One Third Per Year Percentage [Member] | Officers and Key Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted Stock, Granted | [1] | 40,000 | 56,000 | |||
Amended and Restated 2000 Incentive Plan [Member] | Stock Compensation Plan [Member] | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized | 722,000 | 722,000 | ||||
Amended and Restated 2000 Incentive Plan [Member] | Stock Compensation Prior Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Remaining available shares under equity based compensation plan | 112,000 | 112,000 | ||||
Amended and Restated 2000 Incentive Plan [Member] | Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option awards granted | 0 | |||||
Amended and Restated 2000 Incentive Plan [Member] | Restricted Stock [Member] | Performance Vested Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted Stock, Granted | 0 | 0 | ||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum discount on purchase price of common stock percentage on fair market value | 15% | |||||
Common stock may be purchased | 400 | 400 | ||||
[1] (1) Subject to the terms of the applicable award. |
Income (Loss) Per Share - Recon
Income (Loss) Per Share - Reconciliation of Numerators and Denominators of Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net income (loss) | $ 411 | $ (196) | $ 3,051 | $ 480 |
Denominator: | ||||
Weighted average common shares outstanding | 10,699 | 10,617 | 10,675 | 10,614 |
Basic income (loss) per share | $ 0.04 | $ (0.02) | $ 0.29 | $ 0.05 |
Numerator: | ||||
Net income (Loss) | $ 411 | $ (196) | $ 3,051 | $ 480 |
Denominator: | ||||
Weighted average common shares outstanding | 10,699 | 10,617 | 10,675 | 10,614 |
Restricted stock units outstanding | 111 | 0 | 86 | 4 |
Weighted average common and potential common shares outstanding | 10,810 | 10,617 | 10,761 | 10,618 |
Diluted income (loss) per share | $ 0.04 | $ (0.02) | $ 0.28 | $ 0.05 |
Product Warranty Liability - Re
Product Warranty Liability - Reconciliation of the Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Guarantees [Abstract] | ||||
Balance at beginning of period | $ 616 | $ 496 | $ 578 | $ 441 |
Expense for product warranties | 112 | 13 | 203 | 90 |
Product warranty claims paid | (90) | (22) | (143) | (44) |
Balance at end of period | $ 638 | $ 487 | $ 638 | $ 487 |
Cash Flow Statement - Schedule
Cash Flow Statement - Schedule of Cash Flow Supplemental Disclosure (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 507 | $ 362 |
Income taxes paid | 337 | 151 |
Capital purchases recorded in accounts payable | $ 392 | $ 205 |
Commitments and Contigencies -
Commitments and Contigencies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Monthly lease payment | $ 242 | $ 211 | $ 466 | $ 422 |
Remainder operating lease payment | 486 | 486 | ||
Future fixed minimum lease payments | $ 6,271 | $ 6,271 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | |
Income Taxes [Line Items] | ||
Liability unrecognized tax benefits | $ 0 | $ 0 |
Earliest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2019 | |
Earliest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2018 | |
Earliest Tax Year [Member] | International Tax Jurisdictions [Member] | State Administration of Taxation, China [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2019 | |
Earliest Tax Year [Member] | International Tax Jurisdictions [Member] | Ministry of Finance, India [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2019 | |
Latest Tax Year [Member] | Federal Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2022 | |
Latest Tax Year [Member] | State Tax Jurisdictions [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2022 | |
Latest Tax Year [Member] | International Tax Jurisdictions [Member] | State Administration of Taxation, China [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2022 | |
Latest Tax Year [Member] | International Tax Jurisdictions [Member] | Ministry of Finance, India [Member] | ||
Income Taxes [Line Items] | ||
Open tax year | 2022 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 99,721 | $ 97,051 | $ 96,933 | $ 96,494 |
Other comprehensive income before reclassifications | (310) | (680) | ||
Amounts reclassified from accumulated other comprehensive loss | 328 | 262 | ||
Net current-period other comprehensive income (loss) | 106 | (206) | 18 | (418) |
Ending Balance | 100,795 | 96,966 | 100,795 | 96,966 |
Pension and Other Postretirement Benefits Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (7,470) | (6,970) | ||
Other comprehensive income before reclassifications | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | 328 | 262 | ||
Net current-period other comprehensive income (loss) | 328 | 262 | ||
Ending Balance | (7,142) | (6,708) | (7,142) | (6,708) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 7 | 499 | ||
Other comprehensive income before reclassifications | (310) | (680) | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Net current-period other comprehensive income (loss) | (310) | (680) | ||
Ending Balance | (303) | (181) | (303) | (181) |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (7,551) | (6,683) | (7,463) | (6,471) |
Ending Balance | $ (7,445) | $ (6,889) | $ (7,445) | $ (6,889) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (loss) before provision for income taxes | $ 654 | $ (236) | $ 4,060 | $ 655 | |
Benefit for income taxes | 243 | (40) | 1,009 | 175 | |
Net income (loss) | 411 | (196) | 3,051 | 480 | |
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Amortization of Actuarial income (loss) [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (loss) before provision for income taxes | [1] | 210 | 168 | 421 | 336 |
Reclassifications Out of Accumulated Other Comprehensive Loss [Member] | Pension and Other Postretirement Benefits Items [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Benefit for income taxes | 46 | 37 | 93 | 74 | |
Net income (loss) | $ 164 | $ 131 | $ 328 | $ 262 | |
[1] These accumulated other comprehensive loss components are included within the computation of pension and other postretirement benefit costs. |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 01, 2021 | Sep. 30, 2023 | Mar. 31, 2023 | |
Debt Instrument [Line Items] | |||
Line of credit | $ 0 | $ 0 | |
Percentage of commitment fee on unused credit facility | 0.25% | ||
Percentage of minimum margined assets on outstanding facility | 100% | ||
Letters of credit outstanding amount | 3,711 | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
line of credit facility covenant | $ 20,000 | ||
Maximum leverage ratio | 1 | ||
Maximum leverage ratio upon acquisition | 1 | ||
Minimum fixed charge coverage ratio | 1 | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Maximum leverage ratio | 3 | ||
Maximum leverage ratio upon acquisition | 3.25 | ||
Minimum fixed charge coverage ratio | 1.2 | ||
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Fee for outstanding letters of credit | 1.50% | ||
Letters of credit outstanding amount | 10,621 | $ 12,842 | |
Availability under the line of credit | 923 | ||
HSBC Bank USA [Member] | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding amount | 6,577 | ||
HSBC Bank USA [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit | $ 7,500 | ||
Bank Of America [Member] | |||
Debt Instrument [Line Items] | |||
Back end fee | $ 725 | ||
Five Year Term Loan With Bank Of America [Member] | |||
Debt Instrument [Line Items] | |||
Term loan payment | $ 20,000 | ||
Term loan payment period | 5 years | ||
Term loan principal payment frequency | monthly | ||
Term loan principal payment | $ 167 | ||
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 5.3718% | ||
Line of credit | 30,000 | ||
Maximum limit of credit facility | $ 40,000 | ||
Letter of Credit Secured by Cash [Member] | |||
Debt Instrument [Line Items] | |||
Fee for outstanding letters of credit | 0.60% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit | $ 27,613 | ||
Revolving Credit Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Annual facility fee | $ 5 | ||
Revolving Credit Facility [Member] | Letter of Credit [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Fee for outstanding letters of credit | 0.75% | ||
Revolving Credit Facility [Member] | Letter of Credit [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Fee for outstanding letters of credit | 0.85% | ||
BSBY [Member] | Five Year Term Loan With Bank Of America [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.50% | ||
BSBY [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.50% | ||
Floor Rate [Member] | Five Year Term Loan With Bank Of America [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 0% | ||
Floor Rate [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 0% | ||
Prime Rate [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 3% |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Debt Instrument [Line Items] | ||
Less: unamortized debt issuance costs | $ (637) | $ (756) |
Long-term debt, gross | 10,863 | 11,744 |
Less: current portion | 2,000 | 2,000 |
Total | 8,863 | 9,744 |
Bank of America Term Loan | ||
Debt Instrument [Line Items] | ||
Bank of America term loan | $ 11,500 | $ 12,500 |
Debt - Schedule of Future Minim
Debt - Schedule of Future Minimum Payments (Detail) $ in Thousands | Sep. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2024 | $ 1,000 |
2025 | 2,000 |
2026 | 2,000 |
2027 | 6,500 |
2028 and thereafter | 0 |
Total | $ 11,500 |
Debt - Subsequent Event - Addit
Debt - Subsequent Event - Additional Information (Details) $ in Thousands | Oct. 13, 2023 USD ($) | Jun. 01, 2021 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |||||||
Line of credit facility, Current | $ 0 | $ 0 | |||||
Letters of credit outstanding amount | 3,711 | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum Leverage Ratio | 3 | ||||||
Minimum Fixed Charge Coverage Ratio | 1.2 | ||||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum Leverage Ratio | 1 | ||||||
Minimum Fixed Charge Coverage Ratio | 1 | ||||||
Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Availability under the line of credit | 923 | ||||||
Letters of credit outstanding amount | 10,621 | $ 12,842 | |||||
Fee for outstanding letters of credit | 1.50% | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, Current | 27,613 | ||||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Covenant Terms | (a) the Company achieving a minimum consolidated EBITDA, as defined in the agreement, of $15,000, computed on a trailing twelve month basis, for three consecutive quarters and (b) a minimum liquidity (consisting of cash and borrowing availability under the New Revolving Credit Facility) for the Company of at least $7,500 | ||||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fee for outstanding letters of credit | 0.85% | ||||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fee for outstanding letters of credit | 0.75% | ||||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | Prime Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | ||||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | Standby Letters of Credit [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Availability under the line of credit | $ 7,500 | ||||||
Forecast [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding amount | $ 15,000 | $ 15,000 | $ 15,000 | ||||
H S B C Bank U S A [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding amount | $ 6,577 | ||||||
H S B C Bank U S A [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, Current | $ 7,500 | ||||||
Subsequent Event [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consolidated total leverage ratio | 3.5 | ||||||
Consolidated fixed charge coverage ratio | 1.2 | ||||||
Subsequent Event [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consolidated total leverage ratio | 1 | ||||||
Consolidated fixed charge coverage ratio | 1 | ||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, Current | $ 35,000 | ||||||
Availability under the line of credit | $ 15,000 | ||||||
Term loan payment period | 5 years | ||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum limit of credit facility | $ 50,000 | ||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum limit of credit facility | 25,000 | ||||||
Availability under the line of credit | 7,500 | ||||||
Subsequent Event [Member] | H S B C Bank U S A [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Back end fee | 725 | ||||||
Subsequent Event [Member] | H S B C Bank U S A [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
extinguishment charge | $ 650 | ||||||
Subsequent Event [Member] | H S B C Bank U S A [Member] | New Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Federal funds rate | 0.50% | ||||||
Federal Funds Purchased, Average Rate Paid | 0.50% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||
Fee for outstanding letters of credit | 0.65% | ||||||
Subsequent Event [Member] | H S B C Bank U S A [Member] | New Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fee for outstanding letters of credit | 0.20% | ||||||
Subsequent Event [Member] | H S B C Bank U S A [Member] | New Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fee for outstanding letters of credit | 0.10% | ||||||
Subsequent Event [Member] | H S B C Bank U S A [Member] | New Revolving Credit Facility [Member] | SOFR | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0% | ||||||
Subsequent Event [Member] | H S B C Bank U S A [Member] | New Revolving Credit Facility [Member] | SOFR | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||
Subsequent Event [Member] | H S B C Bank U S A [Member] | New Revolving Credit Facility [Member] | SOFR | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
Subsequent Event [Member] | H S B C Bank U S A [Member] | New Revolving Credit Facility [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Interest Rate Description | option, either (i) a forward-looking term rate based on the secured overnight financing rate ("SOFR") for the applicable interest period, subject to a floor of 0.0% per annum or (ii) a base rate determined by reference to the highest of (a) the rate of interest per annum publicly announced by the Lender as its prime rate, (b) the federal funds rate plus 0.50% per annum and (c) one-month term SOFR plus 1.00% per annum, subject to a floor of 1.00% per annum, plus, in each case, an applicable margin. The applicable margins range between (i) 1.25% per annum and 2.50% per annum in the case of any term SOFR loan and (ii) 0.25% per annum and 1.50% per annum in the case of any base rate loan, in each case based upon the Company’s then-current consolidated total leverage ratio; provided, however, for a period of one year following the closing date, the applicable margin shall be set at 1.25% per annum in the case of any term SOFR loan and 0.25% | ||||||
Subsequent Event [Member] | H S B C Bank U S A [Member] | New Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
Subsequent Event [Member] | H S B C Bank U S A [Member] | New Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% |