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, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 7,293 $ 6,552
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,711 6,241
Deferred taxes (223) (129)
Stock-based compensation 1,084 1,028
Earn-out obligation adjustment 0 (1,384)
Changes in operating assets and liabilities, net of impact of acquisition:    
Receivables, net 10,671 1,593
Inventories, net (4,782) (4,510)
Other current assets and noncurrent assets 5,010 (5,330)
Accounts payable and deferred compensation (20,955) 13,097
Accrued expenses and other current liabilities (3,851) (1,429)
Long-term lease obligations (307) (337)
Net cash provided by operating activities 651 15,392
Cash flows from investing activities:    
Purchases of property and equipment (414) (1,428)
Proceeds from the sale of property and equipment 0 6
Net cash used in investing activities (414) (1,422)
Cash flows from financing activities:    
Borrowings on loan agreement 96,124 49,699
Repayments on loan agreement (94,875) (62,468)
Payments on capital lease obligations (307) (264)
Payments of taxes for equity transactions (500) (499)
Dividends paid (650) (591)
Net cash used in financing activities (208) (14,123)
Net increase (decrease) in cash and cash equivalents 29 (153)
Cash and cash equivalents at beginning of period 428 740
Cash and cash equivalents at end of period $ 457 $ 587