v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 21,317 $ 3,980
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 4,208 3,591
Amortization expense 1,442 1,360
Amortization of debt issuance costs 49 46
Asset impairments 0 233
Loss on extinguishment of debt 0 223
Deferred income taxes (642) (76)
Earn-out adjustments (7) 1,270
Payments on earn-out liabilities in excess of acquisition date fair value (372) 0
Provision for (reduction of) losses on accounts receivable 532 (362)
Provision for losses on inventories 1,234 368
Gain on disposal of property, plant and equipment (5) (81)
Non-cash lease expense 214 249
Change in fair value of interest rate swap 0 (2)
Issuance of treasury stock for director fees 364 0
Stock-based compensation expense 452 456
Changes in operating assets and liabilities:    
Accounts receivable (14,339) (12,536)
Inventories (32,442) (5,482)
Other assets and liabilities (1,022) (570)
Accounts payable 23,591 5,575
Accounts payable - related parties 0 632
Accrued expenses (1,795) 1,370
Accrued income taxes 110 4,751
Net cash provided by operating activities 2,889 4,995
Investing activities    
Purchases of property, plant and equipment (2,330) (563)
Proceeds from disposal of property, plant and equipment 5 138
Net cash used in investing activities (2,325) (425)
Financing activities    
Borrowings from long-term debt 237,938 38,398
Proceeds from note payable 967 0
Proceeds from exercise of stock options 161 0
Payments on long-term debt (240,017) (40,269)
Payments on note payable (96) 0
Principal payments on finance lease obligations (126) (19)
Payments on earn-out liabilities (1,167) (1,944)
Payments for termination of interest rate swap 0 (46)
Payments of deferred financing costs 0 (165)
Net cash used in financing activities (2,340) (4,045)
(Decrease) increase in cash and cash equivalents (1,776) 525
Cash and cash equivalents at beginning of period 2,021 236
Cash and cash equivalents at end of period 245 761
Supplemental Disclosure of Cash Flow Information    
Interest 699 620
Income taxes 3,874 24
Noncash Investing Activities:    
Capital expenditures, not yet paid $ 336 $ 0

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