Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income (loss) $ (19,835) $ 21,317
Income (loss) from discontinued operations, net of tax (14,138) 488
Income (loss) from continuing operations (5,697) 20,829
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation expense 3,243 3,201
Amortization expense 753 1,343
Amortization of debt issuance costs 50 49
Deferred income taxes (5,515) (642)
Payments on earn-out liabilities in excess of acquisition date fair value 0 (372)
(Reduction of) provision for losses on accounts receivable (28) 459
Provision for losses on inventories 1,190 863
Loss (gain) on disposal of property, plant and equipment 182 (5)
Non-cash lease expense 137 214
Issuance of treasury stock for director fees 0 364
Stock-based compensation expense 414 446
Changes in operating assets and liabilities:    
Accounts receivable 2,037 (10,173)
Inventories 10,279 (27,738)
Other assets and liabilities (295) (755)
Accounts payable 2,095 14,476
Accrued expenses (587) (1,980)
Accrued income taxes (743) 110
Net cash provided by operating activities - continuing operations 7,515 689
Net cash provided by operating activities - discontinued operations 10,557 2,200
Net cash provided by operating activities 18,072 2,889
Investing activities    
Purchases of property, plant and equipment (1,483) (1,981)
Proceeds from disposal of property, plant and equipment 0 5
Net cash used in investing activities - continuing operations (1,483) (1,976)
Net cash used in investing activities - discontinued operations (142) (349)
Net cash used in investing activities (1,625) (2,325)
Financing activities    
Borrowings from long-term debt 139,137 237,938
Proceeds from note payable 900 967
Proceeds from exercise of stock options 0 161
Payments on long-term debt (156,166) (240,017)
Payments on note payable (387) (96)
Principal payments on finance lease obligations (151) (126)
Payments on earn-out liabilities 0 (484)
Repurchase of common stock (504) 0
Net cash used in financing activities - continuing operations (17,171) (1,657)
Net cash used in financing activities - discontinued operations 0 (683)
Net cash used in financing activities (17,171) (2,340)
Decrease in cash and cash equivalents (724) (1,776)
Less: Cash and cash equivalents of discontinued operations 1 4
Cash and cash equivalents at beginning of period 1,440 2,017
Cash and cash equivalents at end of period 717 245
Supplemental Disclosure of Cash Flow Information    
Interest 1,999 699
Income taxes 817 3,874
Noncash Investing Activities:    
Capital expenditures, not yet paid $ 575 $ 336