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
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating activities    
Net income $ 13,487 $ 16,168
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 6,123 4,574
Inventory step up of acquired business included in cost of sales 1,956  
Amortization of deferred financing costs and debt discount 335 379
Loss recognized on assets held for sale   67
Stock-based compensation 1,981 1,597
Provision for losses on accounts receivable 113 114
Deferred income taxes 3,918 2,819
Earnout liability 394 273
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (805) (9,070)
Inventories (17,493) (10,602)
Prepaid and other assets and refundable income taxes (339) 2,459
Accounts payable 848 (2,237)
Accrued expenses and other current liabilities 1,242 7,579
Benefit obligations and other long-term liabilities (1,329) (1,863)
Net cash provided by operating activities 10,431 12,257
Investing activities    
Capital expenditures (3,284) (2,605)
Proceeds from sale of assets held for sale   1,018
Acquisition of business (7,931)  
Net cash used in investing activities (11,215) (1,587)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (27) (97)
Dividends paid (10,085) (9,791)
Net repayments of revolver borrowings   (13,000)
Repayment of long-term debt (950) (575)
Net cash used in financing activities (11,062) (23,463)
Change in cash and cash equivalents (11,846) (12,793)
Cash and cash equivalents at beginning of period 24,195 19,864
Cash and cash equivalents at end of period $ 12,349 $ 7,071