v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (398) $ 7,339
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 2,812 3,024
Amortization of debt issuance costs 213 213
Provision for bad debts (194) 1,165
Loss on disposal of assets 185 0
Gain on sale of business (1,341) 0
Stock compensation expense 347 248
Change in assets and liabilities:    
Receivables 21,871 2,238
Contract receivables 0 794
Inventories 5,111 (56,371)
Other current assets (1,552) (635)
Other assets 775 (21)
Accounts payable (4,390) 40,296
Accrued and other liabilities (2,594) 14,342
Income taxes (41) 1,955
Contract liabilities 0 (794)
Net cash provided by operating activities 20,804 13,793
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (431) (1,243)
Proceeds from sale of business 17,300 0
Net cash provided by (used in) investing activities 16,869 (1,243)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving credit facility 4,213 3,342
Repayments on revolving credit facility (21,000) (5,025)
Repayments on term loan (20,526) (838)
Proceeds from stock options 8 145
Dividends paid on common stock (1,141) (1,133)
Net cash used in financing activities (38,446) (3,509)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (773) 9,041
CASH AND CASH EQUIVALENTS:    
BEGINNING OF PERIOD 5,719 5,909
END OF PERIOD $ 4,946 $ 14,950

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