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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 20,465,000 $ 20,559,000 $ 20,964,000
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation and amortization 12,320,000 11,342,000 5,240,000
Amortization of debt issuance costs 853,000 675,000 0
Provision for bad debts 3,254,000 302,000 452,000
Deferred income taxes (2,209,000) 2,022,000 164,000
(Gain) Loss on disposal of assets (789,000) 41,000 28,000
Stock compensation expense 1,230,000 1,265,000 780,000
Change in assets and liabilities:      
Receivables 28,222,000 (42,245,000) (2,725,000)
Contract receivables 1,062,000 4,108,000 (424,000)
Inventories (4,986,000) (114,226,000) (845,000)
Other current assets 440,000 (9,791,000) (993,000)
Other assets 389,000 (152,000) (80,000)
Accounts payable (45,921,000) 78,626,000 4,459,000
Accrued and other liabilities 468,000 2,432,000 2,566,000
Income taxes 5,387,000 (5,313,000) 1,019,000
Contract liabilities (1,062,000) (4,520,000) 836,000
Net cash provided by (used in) operating activities 19,123,000 (54,875,000) 31,441,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of fixed assets (6,702,000) (21,055,000) (11,716,000)
Acquisition of business, net of cash acquired 0 (212,408,000) 0
Proceeds from sales of fixed assets 0 0 5,000
Proceeds from the sale of assets 5,468,000 0 0
Net cash used in investing activities (1,234,000) (233,463,000) (11,711,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from revolving credit facility 37,492,000 180,072,000 20,000,000
Repayments on revolving credit facility (40,263,000) (34,000,000) (20,000,000)
Proceeds from term loan 0 130,000,000 0
Repayments on term loan (11,231,000) (2,438,000) 0
Debt issuance costs 0 (4,266,000) 0
Proceeds from stock options 461,000 825,000 136,000
Repurchase of common stock 0 0 (2,938,000)
Dividends paid on common stock (4,538,000) (4,299,000) (4,093,000)
Net cash (used in) provided by financing activities (18,079,000) 265,894,000 (6,895,000)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (190,000) (22,444,000) 12,835,000
CASH AND CASH EQUIVALENTS:      
BEGINNING OF PERIOD 5,909,000 28,353,000 15,518,000
END OF PERIOD $ 5,719,000 $ 5,909,000 $ 28,353,000