Quarterly report pursuant to Section 13 or 15(d)

Unaudited Consolidated Statements of Cash Flows

v3.8.0.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 7,052 $ 7,293
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,484 6,711
Deferred taxes 283 (223)
Stock-based compensation 1,263 1,084
Changes in operating assets and liabilities:    
Receivables, net (978) 4,946
Unbilled receivables, net 13,589 5,725
Inventories, net (18,895) (4,782)
Other current assets and noncurrent assets 3,169 5,010
Accounts payable and deferred compensation 11,681 (20,955)
Accrued expenses and other current liabilities (9,949) (3,851)
Long-term lease obligations (406) (307)
Net cash provided by operating activities 13,293 651
Cash flows from investing activities:    
Purchases of property and equipment (1,053) (414)
Net cash used in investing activities (1,053) (414)
Cash flows from financing activities:    
Borrowings on loan agreement 247,669 96,124
Repayments on loan agreement (256,368) (94,875)
Payment of debt financing costs (1,798) 0
Payments on capital lease obligations (346) (307)
Payments of taxes for equity transactions (641) (500)
Dividends paid (759) (650)
Net cash used in financing activities (12,243) (208)
Net (decrease) increase in cash and cash equivalents (3) 29
Cash and cash equivalents at beginning of period 624 428
Cash and cash equivalents at end of period $ 621 $ 457