Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net income $ 5,258 $ 6,668
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 5,099 4,850
Deferred taxes (48) 2,331
Stock-based compensation 410 185
Earn-out obligation adjustment 277 (552)
Changes in operating assets and liabilities:    
Receivables, net 9,869 4,718
Inventories 908 (464)
Other current assets and noncurrent assets (2,760) (2,708)
Accounts payable and deferred compensation (1,237) (9,324)
Accrued expenses and other current liabilities (2,612) 976
Other liabilities 0 115
Long-term lease obligations (245) (102)
Net cash provided by operating activities 14,919 6,693
Cash flows from investing activities:    
Purchases of property and equipment (1,631) (8,620)
Cash paid for acquisitions, net of cash acquired 0 (4,607)
Net cash used in investing activities (1,631) (13,227)
Cash flows from financing activities:    
Borrowings on loan arrangement 69,245 59,616
Repayments on loan arrangement (82,008) (52,446)
Earn-out obligation payments 0 (314)
Payments on capital lease obligations (173) (37)
Dividends paid (424) (368)
Net cash (used in) provided by financing activities (13,360) 6,451
Net increase (decrease) in cash and cash equivalents (72) (83)
Cash and cash equivalents at beginning of period 1,501 451
Cash and cash equivalents at end of period $ 1,429 $ 368