Quarterly report pursuant to Section 13 or 15(d)

Unaudited Consolidated Statements of Cash Flows

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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 10,699 $ 11,319
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,778 9,554
Deferred taxes (1,602) (812)
Stock-based compensation 1,416 1,488
Earn-out obligation adjustment 527 787
Changes in operating assets and liabilities, net of impact of acquisition:    
Receivables, net (6,190) 16,253
Inventories (8,792) (4,793)
Other current assets and noncurrent assets 1,443 (1,026)
Accounts payable and deferred compensation (721) (5,201)
Accrued expenses and other current liabilities (5,047) (1,066)
Long-term lease obligations (581) (567)
Net cash provided by operating activities 3,930 25,936
Cash flows from investing activities:    
Purchases of property and equipment (5,212) (1,828)
Proceeds from the sale of property and equipment 227 0
Cash paid for acquisitions, net of cash acquired (188,771) 0
Net cash used in investing activities (193,756) (1,828)
Cash flows from financing activities:    
Borrowings on loan arrangement 351,596 142,039
Repayments on loan arrangement (156,994) (164,375)
Payment of debt financing costs (2,699) 0
Payments on capital lease obligations (479) (413)
Payments of taxes for equity transactions (342) (314)
Dividends paid (1,075) (963)
Net cash provided by (used in) financing activities 190,007 (24,026)
Net increase in cash and cash equivalents 181 82
Cash and cash equivalents at beginning of period 263 220
Cash and cash equivalents at end of period $ 444 $ 302