Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income (loss) $ (5,199) $ 10,260
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation expense 1,991 2,116
Amortization expense 396 721
Amortization of debt issuance costs 25 25
Deferred income taxes 353 428
Earn-out adjustments 0 102
Payments on earn-out liabilities in excess of acquisition date fair value 0 (372)
(Reduction of) provision for losses on accounts receivable (275) 240
Provision for losses on inventories 1,178 496
Loss (gain) on disposal of property, plant and equipment 182 (5)
Non-cash lease expense 91 107
Issuance of treasury stock for director fees 0 254
Stock-based compensation expense 311 132
Changes in operating assets and liabilities:    
Accounts receivable (1,384) (17,933)
Inventories 13,680 (9,302)
Other assets and liabilities 352 (27)
Accounts payable 2,786 11,950
Accrued expenses 1,480 (959)
Accrued income taxes (2,577) 2,161
Net cash provided by operating activities 13,390 394
Investing activities    
Purchases of property, plant and equipment (824) (1,117)
Proceeds from disposal of property, plant and equipment 0 5
Net cash used in investing activities (824) (1,112)
Financing activities    
Borrowings from long-term debt 67,488 122,068
Proceeds from exercise of stock options 0 118
Payments on long-term debt (80,384) (121,386)
Payments on note payable (289) 0
Principal payments on finance lease obligations (74) (62)
Payments on earn-out liabilities 0 (800)
Repurchase of common stock (327) 0
Net cash used in financing activities (13,586) (62)
Decrease in cash and cash equivalents (1,020) (780)
Cash and cash equivalents at beginning of period 1,441 2,021
Cash and cash equivalents at end of period 421 1,241
Supplemental Disclosure of Cash Flow Information    
Interest 1,061 317
Income taxes 817 2
Noncash Investing Activities:    
Capital expenditures, not yet paid $ 266 $ 0