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Inventory

3 Months Ended

Jun. 30, 2014

6. Inventory

Inventory at June 30, 2014 and March 31, 2014 consisted of the following (in thousands):

	June 30,		March 31,
	2014		2014
Raw materials	$	5,101	$	3,304
Work-in-process		2,471		4,047
Finished goods		9,147		10,275
Deferred program costs		2,689		3,068
Net inventory	$	19,408	$	20,694

The Company recorded inventory write-downs of $0.6 million and $0.2 million for the three months ended June 30, 2014 and 2013, respectively. These write downs were based on evaluating its ending inventory on hand for excess quantities and obsolescence.

Deferred program costs as of June 30, 2014 and March 31, 2014 primarily represent costs incurred on 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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