Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating activities      
Net income $ 11,639 $ 6,012 $ 19,040
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 8,693 8,018 8,176
Amortization of deferred financing costs and debt discount 758 955 832
Loss on extinguishment of debt     673
Loss recognized on impairment of assets held for sale 647    
Stock-based compensation 2,587 2,166 1,873
Provision for losses on accounts receivable 329 259 47
Deferred income taxes 10,728 8,090 6,497
Earnout liability 3,951    
Changes in operating assets and liabilities:      
Accounts receivable (16,643) 8,335 2,974
Inventories 6,445 (6,287) (524)
Prepaid and other assets and refundable income taxes 1,717 (5,459) 201
Accounts payable 1,559 330 2,193
Accrued expenses and other current liabilities 2,885 (6,171) 4,554
Deferred compensation (98) (156) (155)
Benefit obligations and other long-term liabilities (2,949) (473) 1,347
Net cash provided by operating activities 32,248 15,619 47,728
Investing activities      
Capital expenditures (2,775) (1,446) (2,373)
Proceeds from sale of equipment   80 67
Acquisition of Trynex (26,734)    
Net cash used in investing activities (29,509) (1,366) (2,306)
Financing activities      
Shares withheld on restricted stock vesting paid for employees' taxes (160)    
Proceeds from exercise of stock options     1,343
Collection of shareholders' notes receivable     482
Payments of financing costs   (168) (3,471)
Borrowings on long-term debt     123,750
Dividends paid (18,699) (18,231) (25,793)
Revolver borrowings 13,000    
Repayment of long-term debt (1,152) (11,150) (122,450)
Net cash used in financing activities (7,011) (29,549) (26,139)
Change in cash and cash equivalents (4,272) (15,296) 19,283
Cash and cash equivalents at beginning of year 24,136 39,432 20,149
Cash and cash equivalents at end of year 19,864 24,136 39,432
Supplemental disclosure of cash flow information      
Income taxes paid 2,355 1,558 2,479
Interest paid $ 7,597 $ 7,435 $ 7,767