Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net loss $ (8,135,000) $ (1,189,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation expense 3,866,000 3,832,000
Amortization expense 1,619,000 1,743,000
Asset impairments 6,079,000 0
Amortization of debt issuance costs 80,000 80,000
Unrealized (gain) loss on equity securities (208,000) 101,000
Deferred income taxes (458,000) (163,000)
Proceeds from business interruption insurance 1,040,000 0
Gain on sale of equity securities (31,421) (474,000)
Earn-out adjustments (823,000) (401,000)
Payments on earn-out liabilities in excess of acquisition date fair value (292,000) (436,000)
Provision for losses on accounts receivable 316,000 64,000
Provision for losses on inventories 553,000 799,000
Loss on sale of property, plant and equipment 238,000 0
Non-cash lease expense 256,000 288,000
Non-cash lease termination loss 24,000 0
Change in fair value of interest rate swap 81,000 124,000
Issuance of treasury stock for director fees 0 304,000
Stock-based compensation expense 766,000 852,000
Changes in operating assets and liabilities:    
Accounts receivable (1,917,000) 850,000
Inventories (1,411,000) 8,550,000
Other assets and liabilities (2,225,000) (1,271,000)
Accounts payable 3,694,000 2,486,000
Accrued expenses (203,000) (1,375,000)
Accrued income taxes (3,082,000) (1,539,000)
Net cash (used in) provided by operating activities (173,000) 13,225,000
Investing activities    
Purchases of property, plant and equipment (1,969,000) (1,884,000)
Proceeds from sale of property, plant and equipment 100,000 0
Proceeds from sale of equity securities 2,667,000 1,091,000
Purchase of equity securities 0 (544,000)
Acquisition of ASTI 0 (21,895,000)
Net cash provided by (used in) investing activities 798,000 (23,232,000)
Financing activities    
Borrowings (repayments) from line of credit 5,080,000 (9,068,000)
Borrowings from term loan 0 20,000,000
Payments on long-term debt (2,000,000) (1,667,000)
Principal payments on finance lease obligations (93,000) (109,000)
Payments for finance lease terminations (204,000) 0
Payments on earn-out liabilities (1,987,000) (1,346,000)
Repurchase of common stock (635,000) 0
Net cash provided by financing activities 161,000 7,810,000
Increase (Decrease) in cash and cash equivalents 786,000 (2,197,000)
Cash and cash equivalents at beginning of period 626,000 2,220,000
Cash and cash equivalents at end of period 1,412,000 23,000
Supplemental disclosure    
Interest 1,203,000 1,860,000
Income taxes $ 6,000 $ 1,166,000