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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES:    
Net income $ 17,104 $ 8,668
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 5,828 5,250
Amortization of deferred financing costs 2 2
Deferred income taxes (161) 438
Gain on disposition of property, plant and equipment (70) (52)
Stock-based compensation 812 651
Changes in operating assets and liabilities:    
Trade receivables, net (4,764) (5,678)
Inventories, net (2,467) (1,255)
Prepaid expenses and other current assets 609 992
Other assets (6) 6
Accounts payable and accrued expenses 3,738 (988)
Other liabilities 19 25
Net cash provided by operating activities 20,644 8,059
INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (5,451) (5,517)
Acquisition of a business, net of cash acquired   (5,889)
Proceeds from sale of property, plant and equipment 120 75
Net cash used in investing activities (5,331) (11,331)
FINANCING ACTIVITIES:    
Cash dividends paid (1,137) (1,133)
Proceeds from exercise of stock options 113  
Purchase of treasury shares (98) (86)
Net cash used in financing activities (1,122) (1,219)
Net increase (decrease) in cash and cash equivalents 14,191 (4,491)
Cash and cash equivalents at beginning of period 133,384 105,355
Cash and cash equivalents at end of period $ 147,575 $ 100,864