v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,713 $ 13,950
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 8,251 8,759
Amortization of debt issuance costs 640 640
Provision for bad debts 526 1,935
Loss (gain) on disposal of assets 143 (1,174)
Gain on sale of business (1,341) 0
Stock compensation expense 922 701
Change in assets and liabilities:    
Receivables (3,015) 6,719
Contract receivables (2,990) 1,062
Inventories 34,502 (34,667)
Other current assets (918) 1,604
Other assets 2,959 39
Accounts payable (8,396) (14,690)
Accrued and other liabilities (3,315) 4,195
Income taxes (3,538) 2,661
Contract liabilities 2,990 (1,062)
Net cash provided by (used in) operating activities 31,133 (9,328)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (2,931) (5,677)
Proceeds from the sale of assets 0 5,469
Proceeds from sale of business 17,300 0
Net cash provided by (used in) investing activities 14,369 (208)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving credit facility 50,496 30,531
Repayments on revolving credit facility (66,400) (11,013)
Repayments on term loan (27,738) (5,437)
Proceeds from stock options 83 224
Dividends paid on common stock (3,422) (3,401)
Net cash (used in) provided by financing activities (46,981) 10,904
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,479) 1,368
CASH AND CASH EQUIVALENTS:    
BEGINNING OF PERIOD 5,719 5,909
END OF PERIOD $ 4,240 $ 7,277

Source