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
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 6,552 $ 5,220
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 6,241 6,101
Deferred taxes (129) (1,313)
Stock-based compensation 1,028 788
Earn-out obligation adjustment (1,384) 310
Changes in operating assets and liabilities, net of impact of acquisition:    
Receivables, net 1,593 (9,195)
Inventories (4,510) (1,298)
Other current assets and noncurrent assets (5,330) (741)
Accounts payable and deferred compensation 13,097 (1,246)
Accrued expenses and other current liabilities (1,429) 1,074
Long-term lease obligations (337) (280)
Net cash provided by (used in) operating activities 15,392 (580)
Cash flows from investing activities:    
Purchases of property and equipment (1,428) (3,384)
Proceeds from the sale of property and equipment 6 207
Cash paid for acquisitions, net of cash acquired 0 (188,771)
Net cash used in investing activities (1,422) (191,948)
Cash flows from financing activities:    
Borrowings on loan agreement 49,699 300,471
Repayments on loan agreement (62,468) (104,349)
Payment of debt financing costs 0 (2,280)
Payments on capital lease obligations (264) (233)
Payments of taxes for equity transactions (499) (341)
Dividends paid (591) (535)
Net cash (used in) provided by financing activities (14,123) 192,733
Net (decrease) increase in cash and cash equivalents (153) 205
Cash and cash equivalents at beginning of period 740 263
Cash and cash equivalents at end of period $ 587 $ 468