Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Operating activities    
Net income $ 16,168 $ 2,505
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 4,574 4,149
Amortization of deferred financing costs and debt discount 379 378
Loss recognized on impairment of assets held for sale 67 647
Stock-based compensation 1,597 1,459
Provision for losses on accounts receivable 114 98
Deferred income taxes 2,819 1,849
Earnout liability 273  
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (9,070) (12,566)
Inventories (10,602) (7,985)
Prepaid and other assets and prepaid income taxes 2,459 (1,091)
Accounts payable (2,237) (2,449)
Accrued expenses and other current liabilities 7,579 583
Deferred compensation (70) (156)
Benefit obligations and other long-term liabilities (1,793) 749
Net cash used in operating activities 12,257 (11,830)
Investing activities    
Capital expenditures (2,605) (1,463)
Proceeds from sale of equipment 1,018  
Acquisition of Trynex   (26,734)
Net cash used in investing activities (1,587) (28,197)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (97) (160)
Dividends paid (9,791) (9,290)
Revolver borrowings (13,000) 28,000
Repayment of long-term debt (575) (575)
Net cash provided by (used in) financing activities (23,463) 17,975
Change in cash and cash equivalents (12,793) (22,052)
Cash and cash equivalents at beginning of period 19,864 24,136
Cash and cash equivalents at end of period $ 7,071 $ 2,084