Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

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Unaudited Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Dec. 29, 2013
Dec. 30, 2012
Operating activities:    
Net income $ 3,743,000 $ 3,256,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 225,000 168,000
Amortization of intangibles 563,000 574,000
Deferred income taxes (379,000) 531,000
Gain on sale of property, plant and equipment   (13,000)
Stock-based compensation 487,000 530,000
Tax shortfall from stock-based compensation (9,000) (93,000)
Changes in assets and liabilities:    
Accounts receivable 4,450,000 1,562,000
Inventories (6,310,000) (1,443,000)
Prepaid expenses (274,000) 289,000
Other assets (1,000) 30,000
Accounts payable 2,243,000 2,218,000
Accrued liabilities 1,219,000 980,000
Net cash provided by operating activities 5,957,000 8,589,000
Investing activities:    
Capital expenditures for property, plant and equipment (64,000) (186,000)
Proceeds from disposition of assets   24,000
Capitalized costs of internally developed intangible assets (16,000) (449,000)
Net cash used in investing activities (80,000) (611,000)
Financing activities:    
Repayments under revolving line of credit (9,947,000) (9,755,000)
Borrowings under revolving line of credit 9,947,000 9,755,000
Purchase of treasury stock (331,000) (2,299,000)
Issuance of common stock 205,000 1,807,000
Excess tax benefit from stock-based compensation 42,000 195,000
Dividends paid (2,362,000) (7,650,000)
Net cash used in financing activities (2,446,000) (7,947,000)
Net increase in cash and cash equivalents 3,431,000 31,000
Cash and cash equivalents at beginning of period 340,000 214,000
Cash and cash equivalents at end of period 3,771,000 245,000
Supplemental cash flow information:    
Income taxes paid, net of refunds received 2,814,000 461,000
Interest paid, net of interest received 26,000 1,000
Noncash financing activity:    
Dividends declared but unpaid $ (789,000)