Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Statement of Cash Flows [Abstract]    
Net loss $ (27,267,000) $ (3,036,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation expense 7,572,000 7,578,000
Amortization expense 3,028,000 3,486,000
Amortization of debt issuance costs 177,000 160,000
Asset impairments 6,214,000 0
Goodwill impairment 16,203,000 0
Unrealized gain on equity securities (208,000) (1,547,000)
Deferred income taxes 1,167,000 (773,000)
Proceeds from business interruption insurance 1,040,000 0
Loss (gain) on sale of equity securities 38,000 (326,000)
Earn-out adjustments (1,195,000) (747,000)
Payments of earn-out liabilities in excess of acquisition date fair value (292,000) (448,000)
Provision for (reduction of) losses on accounts receivable 890,000 (171,000)
Provision for losses on inventories 271,000 1,617,000
Loss (gain) on sale of property, plant and equipment 237,000 (50,000)
Non-cash lease expense 510,000 560,000
Non-cash lease termination loss 24,000 0
Gain on lease modification (171,000) 0
Change in fair value of interest rate swap 51,000 (141,000)
Issuance of treasury stock for director fees 345,000 304,000
Stock-based compensation expense 1,791,000 2,091,000
Changes in operating assets and liabilities:    
Accounts receivable 5,552,000 9,696,000
Inventories 9,122,000 19,962,000
Other assets and liabilities (912,000) 179,000
Accounts payable (1,418,000) (5,323,000)
Accrued expenses 86,000 (3,317,000)
Accrued income taxes (4,877,000) (1,114,000)
Net cash provided by operating activities 17,978,000 28,640,000
Investing activities    
Purchases of property, plant and equipment (3,748,000) (4,537,000)
Proceeds from sale of property, plant and equipment 312,000 189,000
Purchases of equity securities 0 (544,000)
Proceeds from sale of equity securities 4,430,000 1,092,000
Acquisitions 0 (21,895,000)
Net cash provided by (used in) investing activities 994,000 (25,695,000)
Financing activities    
Repayments on line of credit (10,184,000) (17,185,000)
Borrowings from term loan 0 20,000,000
Payments on long-term debt (4,000,000) (3,666,000)
Principal payments on finance lease obligations (109,000) (106,000)
Payments for finance lease terminations (204,000) 0
Payments on earn-out liabilities (3,946,000) (3,627,000)
Payments of deferred financing costs (284,000) 0
Proceeds from exercised stock options 0 45,000
Repurchase of common stock (635,000) 0
Net cash used in financing activities (19,362,000) (4,539,000)
Decrease in cash and cash equivalents (390,000) (1,594,000)
Cash and cash equivalents at beginning of year 626,000 2,220,000
Cash and cash equivalents at end of year $ 236,000 $ 626,000