Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating activities      
Net income $ 44,176 $ 39,961 $ 11,639
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation and amortization 12,281 9,225 8,693
Inventory step up of acquired business included in cost of sales 1,956    
Amortization of deferred financing costs and debt discount 720 759 758
Loss on extinguishment of debt   1,870  
Loss recognized on assets held for sale   67 647
Stock-based compensation 3,275 2,868 2,587
Provision for losses on accounts receivable 305 577 329
Deferred income taxes 5,807 (326) 10,728
Earnout liability 623 947 3,951
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (7,094) (4,201) (16,643)
Inventories (5,292) (3,963) 6,445
Prepaid and other assets (5,886) 2,085 1,717
Accounts payable 4,802 (3,199) 1,559
Accrued expenses and other current liabilities 3,138 6,595 2,885
Benefit obligations and other long-term liabilities (2,346) 482 (3,047)
Net cash provided by operating activities 56,465 53,747 32,248
Investing activities      
Capital expenditures (10,009) (5,254) (2,775)
Proceeds from sale of assets held for sale   1,018  
Acquisition of business (11,818) (86,693) (26,734)
Net cash used in investing activities (21,827) (90,929) (29,509)
Financing activities      
Shares withheld on restricted stock vesting paid for employees' taxes (27) (97) (160)
Proceeds from exercise of stock options 111    
Payments of financing costs   (2,132)  
Borrowings on long-term debt   188,100  
Dividends paid (20,173) (19,598) (18,699)
Short-term borrowings (repayments), net   (13,000) 13,000
Repayment of long-term debt (1,900) (111,760) (1,152)
Net cash provided by (used in) financing activities (21,989) 41,513 (7,011)
Change in cash and cash equivalents 12,649 4,331 (4,272)
Cash and cash equivalents at beginning of year 24,195 19,864 24,136
Cash and cash equivalents at end of year 36,844 24,195 19,864
Supplemental disclosure of cash flow information      
Income taxes paid 21,633 17,012 2,355
Interest paid $ 10,519 $ 7,505 $ 7,597