v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income (loss) $ (37,767) $ 21,941
Loss from discontinued operations, net of tax (19,301) (1,993)
Income (loss) from continuing operations (18,466) 23,934
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation expense 4,833 4,950
Amortization expense 1,128 2,440
Amortization of debt issuance costs 75 75
Goodwill impairment 11,389 0
Deferred income taxes (7,864) (1,227)
Payments on earn-out liabilities in excess of acquisition date fair value 0 (372)
Provision for losses on accounts receivable 343 608
Provision for losses on inventories 2,199 1,372
Loss on disposal of property, plant and equipment 182 31
Non-cash lease expense 205 322
Issuance of treasury stock for director fees 0 364
Stock-based compensation expense 718 951
Changes in operating assets and liabilities:    
Accounts receivable 3,809 (6,210)
Inventories 526 (30,252)
Other assets and liabilities 323 (515)
Accounts payable 5,934 10,154
Accrued expenses (430) (1,508)
Accrued income taxes (772) 555
Net cash provided by operating activities - continuing operations 4,132 5,672
Net cash provided by (used in) operating activities - discontinued operations 17,395 (4,679)
Net cash provided by operating activities 21,527 993
Investing activities    
Purchases of property, plant and equipment (2,660) (2,875)
Proceeds from disposal of property, plant and equipment 0 5
Net cash used in investing activities - continuing operations (2,660) (2,870)
Net cash used in investing activities - discontinued operations (145) (592)
Net cash used in investing activities (2,805) (3,462)
Financing activities    
Borrowings from long-term debt 201,588 352,513
Proceeds from note payable 900 967
Proceeds from exercise of stock options 0 175
Payments on long-term debt (220,130) (350,311)
Payments on note payable (657) (387)
Principal payments on finance lease obligations (231) (193)
Payments on earn-out liabilities 0 (484)
Repurchase of common stock (903) (492)
Net cash provided by (used in) financing activities - continuing operations (19,433) 1,788
Net cash used in financing activities - discontinued operations 0 (808)
Net cash used in financing activities (19,433) 980
Decrease in cash and cash equivalents (711) (1,489)
Less: Cash and cash equivalents of discontinued operations 1 4
Cash and cash equivalents at beginning of period 1,440 2,017
Cash and cash equivalents at end of period 730 532
Supplemental Disclosure of Cash Flow Information    
Interest 2,937 1,176
Income taxes 817 4,248
Noncash Investing Activities:    
Capital expenditures, not yet paid $ 201 $ 785

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