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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ (3,003) $ 4,813 $ 1,562
Adjustments required to reconcile net income to net cash provided by operating activities:      
Depreciation 1,781 1,704 1,356
Equity-based compensation expenses related to employees’ stock options, SARs and RSUs 5,861 5,088 5,092
Capital loss from sale and disposal of property and equipment 19 10 4
Realized losses from sale of marketable securities, net 50 17 24
Amortization of intangible assets 1,700 1,457 1,284
Write-off of expired option related to investment in other company 400
Accrued interest and amortization of premium on marketable securities and short-term deposits 363 610 847
Change in operating assets and liabilities:      
Deferred income tax assets and liabilities, net (459) 320 (756)
Trade receivables, net 5,728 168 945
Other accounts receivable and prepaid expenses (1,142) 953 (987)
Inventories 363 1,702 4,131
Long-term prepaid expenses and lease deposits (212) (166) (31)
Trade payables (3,893) (575) (2,180)
Accrued compensation and benefits 1,878 2,566 184
Income tax accruals 38 (724) 800
Accrued expenses and other accounts payable (704) (1,379) (499)
Accrued severance pay, net 117 (91) 55
Accrued pensions 18 42 (7)
Net cash provided by operating activities 8,503 16,515 12,224
Cash flows from investing activities:      
Purchase of marketable securities (38,923) (47,934) (35,475)
Purchase of short-term deposits (10,884) (7,601) (5,563)
Proceeds from maturity of marketable securities 21,499 35,090 20,127
Proceeds from sales of marketable securities 19,226 14,277 13,238
Proceeds from redemption of short-term deposits 8,309 5,601 2,589
Purchases of property and equipment (838) (2,103) (2,297)
Acquisition of initially consolidated subsidiary (1) [1] (494)
Proceeds from sale of fixed assets 9
Decrease (increase) in restricted deposits (445) 98 455
Net cash used in investing activities (2,056) (3,057) (6,926)
Cash flows from financing activities:      
Issuance of common stock and treasury stock upon exercise of stock options 1,509 1,457 1,242
Repayment of short-term loan (168)
Purchase of treasury stock (4,465) (10,727) (13,206)
Net cash used in financing activities (2,956) (9,438) (11,964)
Increase (decrease) in cash and cash equivalents 3,491 4,020 (6,666)
Cash and cash equivalents at the beginning of the year 17,752 13,704 20,544
Cash (erosion) due to exchange rate differences 81 28 (174)
Cash and cash equivalents at the end of the year 21,324 17,752 13,704
Taxes on income $ 219 $ 1,018 $ 134
[1] During the third quarter of 2016, the Company acquired the remaining 86% of the equity of a private company in Asia that it previously invested in, bringing its holding in such company to 100%. The net fair value of the assets acquired and the liabilities assumed, on the date of acquisition, was as follows: