XML 36 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 14,303 $ 10,030
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,719 23,926
Losses on sales and/or abandonment of property and equipment 549 102
Write-off of patents and intangible assets 1,360 8,169
Amortization of deferred credits (131) (97)
Amortization of long-term debt issuance costs 741 598
Deferred income taxes (184) (13)
Excess tax benefits from stock-based compensation (243) (145)
Stock-based compensation expense 1,004 1,072
Changes in operating assets and liabilities, net of effects from acquisitions:    
Trade receivables (9,198) (3,700)
Employee receivables 44 (78)
Other receivables (885) (435)
Inventories (10,553) 3,161
Prepaid expenses (608) (702)
Prepaid income taxes 33 (17)
Income tax refund receivables 10 527
Other assets (1,128) (923)
Trade payables 655 (4,078)
Accrued expenses 4,686 (149)
Advances from employees 599 164
Income taxes payable 3,248 (138)
Liabilities related to unrecognized tax benefits (844) (903)
Deferred compensation payable 644 865
Other long-term obligations 764 (3,612)
Total adjustments 17,282 23,594
Net cash provided by operating activities 31,585 33,624
Capital expenditures for:    
Property and equipment (24,262) (48,035)
Intangible assets (1,368) (1,143)
Proceeds from sale-leaseback transaction 3,184 0
Proceeds from the sale of property and equipment 62 72
Cash paid in acquisitions, net of cash acquired (4,202) (1,000)
Net cash used in investing activities (26,586) (50,106)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 3,811 1,159
Proceeds from issuance of long-term debt 108,782 110,225
Payments on long-term debt (117,772) (96,634)
Proceeds from industrial assistant grants 0 900
Excess tax benefits from stock-based compensation 243 145
Contingent payments related to acquisitions (55) (60)
Payment of taxes related to an exchange of common stock (220) (21)
Net cash (used in) provided by financing activities (5,211) 15,714
EFFECT OF EXCHANGE RATES ON CASH (809) 164
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,021) (604)
CASH AND CASH EQUIVALENTS:    
Beginning of period 7,459 9,719
End of period 6,438 9,115
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest (net of capitalized interest of $294 and $797, respectively) 7,204 5,381
Income taxes 2,679 2,024
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipment purchases in accounts payable 3,853 5,340
Merit common stock surrendered (108 and 45 shares, respectively) in exchange for exercise of stock options $ 1,641 $ 452