Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of Cash Flows [Abstract]      
Net (loss) income $ (3,036) $ 13,097 $ 1,341
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation expense 7,578 6,412 5,295
Amortization expense 3,486 2,363 2,443
Amortization of debt issuance costs 160 132 60
Unrealized (gain) loss on equity securities (1,547) 2,573 0
Deferred income taxes (773) (383) (1,037)
Gain on sale of available for sale securities (326) 0 (310)
Earn-out adjustments (747) 1,431 688
Payments of earn-out liabilities in excess of acquisition date fair value (448) (194) 0
(Reduction of) provision for losses on accounts receivable (171) 240 202
Provision for losses on inventories 1,617 1,828 1,196
(Gain) loss on sale of property, plant and equipment (50) (18) 25
Amortization of deferred gain on sale-leaseback   (334) (334)
Noncash lease expense 560 445 397
Change in fair value of interest rate swap (141) (20) (96)
Issuance of treasury stock for director fees 304 276 288
Stock-based compensation expense 2,091 827 638
Changes in operating assets and liabilities:      
Accounts receivable 9,696 (10,413) (10,877)
Inventories 19,962 (41,157) (7,088)
Other assets and liabilities 179 (1,524) 11,230
Accounts payable (5,323) (234) 7,572
Accrued expenses (3,317) 2,093 (9,424)
Accrued income taxes (1,114) 1,339 26
Net cash provided by (used in) operating activities 28,640 (21,221) 2,235
Investing activities      
Purchases of property, plant and equipment (4,537) (7,355) (5,279)
Proceeds from sale of property, plant and equipment 189 0 73
Purchases of equity securities (544) (4,970) (4,383)
Proceeds from sale of available for sale securities 1,092 0 4,142
Acquisition of the stainless pipe and tube assets of Marcegaglia USA, Inc. (MUSA) 0 0 (11,953)
Acquisition of the galvanized pipe and tube assets of MUSA 0 (10,378) 0
Acquisition of ASTI (21,895) 0 0
Net cash (used in) provided by investing activities (25,695) (22,703) (17,400)
Financing activities      
(Repayments) borrowings from line of credit (17,185)    
(Repayments) borrowings from line of credit   50,492 17,109
Borrowings from term loan 20,000 0 0
Net proceeds from at-the-market offering 0 983 0
Payments on long-term debt (3,666) 0 0
Principal payments on finance lease obligations (106) (337) (125)
Payments on earn-out liabilities (3,627) (2,261) (518)
Payments of debt issuance costs 0 (383) (200)
Proceeds from exercised stock options 45 142 0
Dividends paid 0 (2,215) (1,149)
Tax withholdings related to net share settlements of exercised stock options 0 (291) 0
Net cash (used in) provided by financing activities (4,539) 46,130 15,117
(Decrease) increase in cash and cash equivalents (1,594) 2,206 (48)
Cash and cash equivalents at beginning of year 2,220 14 62
Cash and cash equivalents at end of year $ 626 $ 2,220 $ 14