Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ 20,245,000 $ (27,267,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation expense 7,547,000 7,572,000
Amortization expense 2,794,000 3,028,000
Amortization of debt issuance costs 95,000 177,000
Asset impairment 233,000 6,214,000
Goodwill impairment 0 16,203,000
Loss on extinguishment of debt 223,000 0
Unrealized gain on equity securities 0 (208,000)
Deferred income taxes (2,071,000) 1,167,000
Proceeds from business interruption insurance 0 1,040,000
Loss on sale of equity securities 0 38,000
Earn-out adjustments 1,872,000 (1,195,000)
Payments of earn-out liabilities in excess of acquisition date fair value (138,000) (292,000)
(Reduction of) provision for losses on accounts receivable (398,000) 890,000
Provision for losses on inventories 1,649,000 271,000
(Gain) loss on disposal of property, plant and equipment (848,000) 237,000
Non-cash lease expense 481,000 510,000
Non-cash lease termination loss 5,000 24,000
Gain on lease modification 0 (171,000)
Change in fair value of interest rate swap (2,000) 51,000
Payments for termination of interest rate swap (46,000) 0
Issuance of treasury stock for director fees 132,000 345,000
Share-based compensation expense 799,000 1,791,000
Changes in operating assets and liabilities:    
Accounts receivable (16,185,000) 5,552,000
Inventories (18,873,000) 9,122,000
Other assets and liabilities (55,000) (912,000)
Accounts payable 10,835,000 (1,418,000)
Accounts payable - related parties 2,000 0
Accrued expenses 1,506,000 86,000
Accrued income taxes 9,253,000 (4,877,000)
Net cash provided by operating activities 19,055,000 17,978,000
Cash flows from investing activities:    
Purchases of property, plant and equipment (1,497,000) (3,748,000)
Proceeds from disposal of property, plant and equipment 1,400,000 312,000
Proceeds from sale of equity securities 0 4,430,000
Acquisitions, net of cash acquired (32,564,000) 0
Net cash (used in) provided by investing activities (32,661,000) 994,000
Cash flows from financing activities:    
Borrowings from long-term debt 215,528,000 0
Proceeds from the issuance of common stock related to Rights Offering 10,010,000 0
Proceeds from exercise of stock options 109,000 0
Payments on long-term debt (206,505,000) (4,000,000)
Payments on BB&T line of credit 0 (10,184,000)
Principal payments on finance lease obligations (92,000) (109,000)
Payments for finance lease terminations 0 (204,000)
Payments on earn-out liabilities (3,494,000) (3,946,000)
Repurchase of common stock 0 (635,000)
Payments of deferred financing costs (165,000) (284,000)
Net cash provided by (used in) financing activities 15,391,000 (19,362,000)
Increase (Decrease) in cash and cash equivalents 1,785,000 (390,000)
Cash and cash equivalents at beginning of year 236,000 626,000
Cash and cash equivalents at end of year $ 2,021,000 $ 236,000