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Inventory

9 Months Ended

Dec. 31, 2011

6. Inventory

The components of inventory are as follows (in thousands):


		December 31,		March 31,
		2011		2011
Raw materials	$	10,279	$	17,100
Work-in-process		4,844		2,432
Finished goods		15,683		3,915
Deferred program costs		3,215		2,381
Net inventory	$	34,021	$	25,828

The Company recorded inventory write-downs of approximately $0.7 million and $2.2 million in the three and nine months ended December 31, 2011, respectively.

Deferred program costs as of December 31, 2011 and March 31 2011 primarily represent costs incurred on D-VAR turnkey projects and programs accounted for under contract accounting where the Company needs to complete development programs before revenue and costs will be recognized.

- 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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