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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 8,386 $ 3,630
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,557 2,538
Amortization of debt issuance costs 249 0
Deferred income taxes 1 0
Loss on disposal of fixed assets 13 0
Stock compensation expense 608 397
Change in assets and liabilities:    
Receivables 2,620 10,337
Contract receivables 3,153 3,492
Inventories (23,487) 2,185
Other current assets (1,254) (1,558)
Other assets (430) (54)
Accounts payable 19,547 2,184
Accrued and other liabilities (1,019) (1,322)
Income taxes payable 636 578
Contract liabilities (3,565) (3,492)
Net cash provided by operating activities 11,015 18,915
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (9,757) (5,548)
Acquisition of business, net of cash acquired (206,970) 0
Net cash used in investing activities (216,727) (5,548)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving credit facility 92,700 20,000
Repayments on revolving credit facility (30,500) (20,000)
Proceeds from term loan 130,000 0
Repayments on term loan (813) 0
Debt issuance costs (4,266) 0
Proceeds from stock options 631 0
Repurchase of common stock 0 (1,000)
Dividends paid on common stock (2,035) (2,053)
Net cash provided by (used in) financing activities 185,717 (3,053)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (19,995) 10,314
CASH AND CASH EQUIVALENTS:    
BEGINNING OF PERIOD 28,353 15,518
END OF PERIOD $ 8,358 $ 25,832