Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Operating activities    
Net income $ 26,930,000 $ 3,108,000
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 6,885,000 6,400,000
Amortization of deferred financing costs and debt discount 569,000 568,000
Loss recognized on impairment of assets held for sale 67,000 647,000
Stock-based compensation 2,143,000 2,024,000
Provision for losses on accounts receivable 171,000 163,000
Deferred income taxes 4,124,000 3,342,000
Earnout liability 810,000 3,814,000
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (54,397,000) (45,403,000)
Inventories (8,441,000) (1,542,000)
Prepaid and other assets and prepaid income taxes 1,866,000 (423,000)
Accounts payable (2,742,000) (2,369,000)
Accrued expenses and other current liabilities 6,188,000 2,177,000
Deferred compensation (70,000) (156,000)
Benefit obligations and other long-term liabilities (2,236,000) 928,000
Net cash used in operating activities (18,133,000) (26,722,000)
Investing activities    
Capital expenditures (3,310,000) (1,747,000)
Proceeds from sale of equipment 1,018,000  
Acquisition of Trynex   (26,734,000)
Net cash used in investing activities (2,292,000) (28,481,000)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (97,000) (160,000)
Dividends paid (14,690,000) (13,935,000)
Revolver borrowings 20,500,000 50,000,000
Repayment of long-term debt (863,000) (863,000)
Net cash provided by (used in) financing activities 4,850,000 35,042,000
Change in cash and cash equivalents (15,575,000) (20,161,000)
Cash and cash equivalents at beginning of period 19,864,000 24,136,000
Cash and cash equivalents at end of period $ 4,289,000 $ 3,975,000