v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 11,387 $ 10,426 $ 20,465
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 10,251 10,939 12,320
Intangible impairment charge 4,000 0 0
Noncash lease expense 2,619 0 0
Provision for bad debts 1,679 451 3,254
Stock compensation expense 1,294 1,244 1,230
Loss on term loan extinguishment 1,111 0 0
Amortization of debt issuance costs 611 853 853
Gain on sale of business 0 (1,341) 0
Deferred income taxes 2,569 (531) (2,209)
Loss (gain) on disposal of assets 0 231 (789)
Change in assets and liabilities:      
Receivables 2,572 18,150 28,222
Contract receivables 927 (927) 1,062
Inventories 2,500 60,034 (4,986)
Other current assets 353 706 440
Other assets (107) 3,182 389
Accounts payable 7,745 (21,228) (45,921)
Operating lease liability (2,619) 0 0
Accrued and other liabilities 5,154 (7,115) 468
Income taxes 1,645 (2,425) 5,387
Contract liabilities (927) 927 (1,062)
Net cash provided by operating activities 52,764 73,576 19,123
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of fixed assets (4,663) (3,918) (6,702)
Proceeds from the sale of assets 0 0 5,468
Proceeds from sale of business 1,700 17,300 0
Net cash (used in) provided by investing activities (2,963) 13,382 (1,234)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from revolving credit facility 139,801 55,681 37,492
Repayments on revolving credit facility (139,713) (101,900) (40,263)
Proceeds from term loan 50,000 0 0
Repayments on term loan (94,295) (38,400) (11,231)
Debt issuance costs (2,333) 0 0
Proceeds from stock options 599 977 461
Dividends paid on common stock (4,611) (4,565) (4,538)
Net cash used in financing activities (50,552) (88,207) (18,079)
DECREASE IN CASH AND CASH EQUIVALENTS (751) (1,249) (190)
CASH AND CASH EQUIVALENTS:      
BEGINNING OF PERIOD 4,470 5,719 5,909
END OF PERIOD $ 3,719 $ 4,470 $ 5,719

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