Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net income $ 22,066,000 $ 20,245,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 8,722,000 7,547,000
Amortization expense 3,995,000 2,794,000
Amortization of debt issuance costs 99,000 95,000
Asset impairment 0 233,000
Loss on extinguishment of debt 0 223,000
Deferred income taxes (4,211,000) (2,071,000)
Earn-out adjustments (7,000) 1,872,000
Payments of earn-out liabilities in excess of acquisition date fair value (662,000) (138,000)
Provision for (reduction of) losses on accounts receivable 1,034,000 (398,000)
Provision for losses on inventories 3,052,000 1,649,000
Loss (gain) on disposal of property, plant and equipment 27,000 (848,000)
Non-cash lease expense 414,000 481,000
Non-cash lease termination loss 0 5,000
Change in fair value of interest rate swap 0 (2,000)
Payments for termination of interest rate swap 0 (46,000)
Issuance of treasury stock for director fees 364,000 132,000
Share-based compensation expense 1,407,000 799,000
Changes in operating assets and liabilities:    
Accounts receivable 3,972,000 (16,185,000)
Inventories (13,779,000) (18,873,000)
Other assets and liabilities (12,000) (55,000)
Accounts payable (10,277,000) 10,835,000
Accounts payable - related parties (2,000) 2,000
Accrued expenses (2,702,000) 1,506,000
Accrued income taxes (7,923,000) 9,253,000
Net cash provided by operating activities 5,577,000 19,055,000
Cash flows from investing activities:    
Purchases of property, plant and equipment (5,074,000) (1,497,000)
Proceeds from disposal of property, plant and equipment 99,000 1,400,000
Acquisitions, net of cash acquired 0 (32,564,000)
Net cash used in investing activities (4,975,000) (32,661,000)
Cash flows from financing activities:    
Borrowings from long-term debt 443,363,000 215,528,000
Proceeds from note payable 967,000 0
Proceeds from the issuance of common stock related to Rights Offering 0 10,010,000
Proceeds from exercise of stock options 175,000 109,000
Payments on long-term debt (442,206,000) (206,505,000)
Payments on note payable (580,000) 0
Principal payments on finance lease obligations (266,000) (92,000)
Payments on earn-out liabilities (1,292,000) (3,494,000)
Repurchase of common stock (1,343,000) 0
Payments of deferred financing costs 0 (165,000)
Net cash (used in) provided by financing activities (1,182,000) 15,391,000
(Decrease) Increase in cash and cash equivalents (580,000) 1,785,000
Cash and cash equivalents at beginning of year 2,021,000 236,000
Cash and cash equivalents at end of year 1,441,000 2,021,000
Supplemental Disclosure of Cash Flow Information    
Interest 2,230,000 1,315,000
Income taxes 7,859,000 1,654,000
Noncash Investing Activities:    
Capital expenditures, not yet paid $ 751,000 $ 0