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Inventory

9 Months Ended

Dec. 31, 2012

6. Inventory

The components of inventory at December 31, 2012 and March 31, 2012 are as follows (in thousands):


		December 31,		March 31,
		2012		2012
Raw materials	$	10,750	$	9,962
Work-in-process		3,576		2,390
Finished goods		19,740		14,438
Deferred program costs		2,389		2,466
Net inventory	$	36,455	$	29,256

For the three and nine months ended December 31, 2012, the Company recorded an inventory write-down of approximately $0.5 million and $1.0 million, respectively, based on evaluating its ending inventory on hand for excess quantities and obsolescence.

Deferred program costs as of December 31, 2012 and March 31, 2012 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, respectively.

- 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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