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, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net income $ 5,654 $ 5,258
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,795 5,099
Deferred taxes 249 (48)
Stock-based compensation cost, net 1,048 667
Earn-out obligation adjustment 174 277
Changes in operating assets and liabilities:    
Receivables, net 5,451 9,869
Inventories (1,110) 908
Other current assets and noncurrent assets (2,395) (2,760)
Accounts payable and deferred compensation 2,343 (1,237)
Accrued expenses and other current liabilities (2,057) (2,612)
Long-term lease obligations (314) (245)
Net cash provided by operating activities 13,838 15,176
Cash flows from investing activities:    
Purchases of property and equipment (859) (1,631)
Net cash used in investing activities (859) (1,631)
Cash flows from financing activities:    
Borrowings on loan arrangement 72,288 69,245
Repayments on loan arrangement (84,134) (82,008)
Payments on capital lease obligations (201) (173)
Payment of taxes for equity transactions (314) (257)
Dividends paid (481) (424)
Net cash used in financing activities (12,842) (13,617)
Net increase (decrease) in cash and cash equivalents 137 (72)
Cash and cash equivalents at beginning of period 220 1,501
Cash and cash equivalents at end of period $ 357 $ 1,429