v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 10,426 $ 20,465 $ 20,559
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 10,939 12,320 11,342
Amortization of debt issuance costs 853 853 675
Provision for bad debts 451 3,254 302
Deferred income taxes (531) (2,209) 2,022
Loss (gain) on disposal of assets 231 (789) 41
Gain on sale of business (1,341) 0 0
Stock compensation expense 1,244 1,230 1,265
Change in assets and liabilities:      
Receivables 18,150 28,222 (42,245)
Contract receivables (927) 1,062 4,108
Inventories 60,034 (4,986) (114,226)
Other current assets 706 440 (9,791)
Other assets 3,182 389 (152)
Accounts payable (21,228) (45,921) 78,626
Accrued and other liabilities (7,115) 468 2,432
Income taxes (2,425) 5,387 (5,313)
Contract liabilities 927 (1,062) (4,520)
Net cash provided by (used in) operating activities 73,576 19,123 (54,875)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of fixed assets (3,918) (6,702) (21,055)
Proceeds from the sale of assets 0 5,468 0
Acquisition of business, net of cash acquired 0 0 (212,408)
Proceeds from sale of business 17,300 0 0
Net cash provided by (used in) investing activities 13,382 (1,234) (233,463)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from revolving credit facility 55,681 37,492 180,072
Repayments on revolving credit facility (101,900) (40,263) (34,000)
Proceeds from term loan 0 0 130,000
Repayments on term loan (38,400) (11,231) (2,438)
Debt issuance costs 0 0 (4,266)
Proceeds from stock options 977 461 825
Dividends paid on common stock (4,565) (4,538) (4,299)
Net cash (used in) provided by financing activities (88,207) (18,079) 265,894
DECREASE IN CASH AND CASH EQUIVALENTS (1,249) (190) (22,444)
CASH AND CASH EQUIVALENTS:      
BEGINNING OF PERIOD 5,719 5,909 28,353
END OF PERIOD $ 4,470 $ 5,719 $ 5,909

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