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
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income $ 11,319 $ 12,120
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 9,554 10,102
Loss on Disposition of Property Plant Equipment, Total 34 233
Deferred taxes (812) (577)
Stock-based compensation cost, net 1,488 907
Earn-out obligation adjustment 787 58
Changes in operating assets and liabilities:    
Receivables, net 16,253 10,545
Inventories (4,793) 264
Other current assets and noncurrent assets (1,026) (2,947)
Accounts payable and deferred compensation (5,201) (2,875)
Accrued expenses and other current liabilities (1,219) (2,814)
Other liabilities 119 (349)
Long-term lease obligations (567) (500)
Net cash provided by operating activities 25,936 24,167
Cash flows from investing activities:    
Purchases of property and equipment (1,828) (2,489)
Net cash used in investing activities (1,828) (2,489)
Cash flows from financing activities:    
Borrowings on loan arrangement 142,039 139,037
Repayments on loan arrangement (164,375) (160,487)
Payments on capital lease obligations (413) (356)
Payment of taxes for equity transactions (314) (257)
Dividends paid (963) (850)
Net cash used in financing activities (24,026) (22,913)
Net increase (decrease) in cash and cash equivalents 82 (1,235)
Cash and cash equivalents at beginning of period 220 1,501
Cash and cash equivalents at end of period $ 302 $ 266