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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended
--- | ---
Sep. 30, 2014 | Sep. 30, 2013
Net income | $ 4,941,000 | $ 3,792,000
Depreciation and amortization | 2,721,000 | 1,639,000
Stock-based compensation | 516,000 | 357,000
Loss (gain) on disposition of assets | 16,000 | (468,000)
Change in assets and liabilities, net of effects of acquisitions |  |
Accounts receivable, net | (1,952,000) | 1,383,000
Inventories, net | (1,515,000) | (475,000)
Prepaid expenses and other | (682,000) | (598,000)
Accounts payable | 632,000 | 334,000
Accrued liabilities and taxes payable | (307,000) | (385,000)
Unearned revenues | (626,000) |
Net cash provided by operating activities | 3,744,000 | 5,579,000
Cash flows from investing activities: |  |
Acquisitions | (13,817,000) | (1,721,000)
Proceeds from dispositions |  | 661,000
Purchases of property, plant and equipment | (908,000) | (771,000)
Net cash used in investing activities | (14,725,000) | (1,831,000)
Cash flows from financing activities: |  |
Proceeds from the issuance of debt | 18,000,000 |
Payments on debt | (8,750,000) | (4,000,000)
Dividends | (1,052,000) | (952,000)
Purchase and retirement of common stock |  | (15,000)
Proceeds from the exercise of stock options | 865,000 | 637,000
Net cash provided by (used in) financing activities | 9,063,000 | (4,330,000)
Net decrease in cash and cash equivalents | (1,918,000) | (582,000)
Cash and cash equivalents at beginning of period | 5,575,000 | 4,006,000
Cash and cash equivalents at end of period | 3,657,000 | 3,424,000
Cash paid for: |  |
Income taxes | 1,492,000 | 3,190,000
Interest | 210,000 |
Supplemental non-cash activity: |  |
Repayment of employee loans for stock options | $ 24,000 | $ 92,000

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