v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 13,950 $ 8,012
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 8,759 8,232
Amortization of debt issuance costs 640 462
Provision for bad debts 1,935 90
(Gain) Loss on disposal of assets (1,174) 12
Stock compensation expense 701 935
Change in assets and liabilities:    
Receivables 6,719 4,129
Contract receivables 1,062 3,272
Inventories (34,667) (83,642)
Other current assets 1,604 (4,127)
Other assets 39 (504)
Accounts payable (14,690) 41,082
Accrued and other liabilities 4,195 2,482
Income taxes 2,661 (5,239)
Contract liabilities (1,062) (3,684)
Net cash used in operating activities (9,328) (28,488)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (5,677) (15,860)
Acquisition of business, net of cash acquired 0 (206,970)
Proceeds from the sale of assets 5,469 0
Net cash used in investing activities (208) (222,830)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving credit facility 30,531 144,685
Repayments on revolving credit facility (11,013) (30,500)
Proceeds from term loan 0 130,000
Repayments on term loan (5,437) (1,625)
Debt issuance costs 0 (4,266)
Proceeds from stock options 224 756
Dividends paid on common stock (3,401) (3,167)
Net cash provided by financing activities 10,904 235,883
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,368 (15,435)
CASH AND CASH EQUIVALENTS:    
BEGINNING OF PERIOD 5,909 28,353
END OF PERIOD $ 7,277 $ 12,918

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