v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 8,258 $ 8,386
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 5,847 5,557
Amortization of debt issuance costs 427 249
Deferred income taxes 0 1
Loss on disposal of fixed assets 1 13
Stock compensation expense 474 608
Change in assets and liabilities:    
Receivables 11,032 2,620
Contract receivables 1,062 3,153
Inventories (54,958) (23,487)
Other current assets 343 (1,254)
Other assets 6 (430)
Accounts payable 13,541 19,547
Accrued and other liabilities 8,528 (1,019)
Income taxes (2,066) 636
Contract liabilities (1,062) (3,565)
Net cash (used in) provided by operating activities (8,567) 11,015
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (3,565) (9,757)
Acquisition of business, net of cash acquired 0 (206,970)
Net cash used in investing activities (3,565) (216,727)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving credit facility 20,820 92,700
Repayments on revolving credit facility (5,050) (30,500)
Proceeds from term loan 0 130,000
Repayments on term loan (1,625) (813)
Debt issuance costs 0 (4,266)
Proceeds from stock options 145 631
Dividends paid on common stock (2,265) (2,035)
Net cash provided by financing activities 12,025 185,717
DECREASE IN CASH AND CASH EQUIVALENTS (107) (19,995)
CASH AND CASH EQUIVALENTS:    
BEGINNING OF PERIOD 5,909 28,353
END OF PERIOD $ 5,802 $ 8,358

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