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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 58,291 $ 20,346 $ 16,255
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization 13,243 11,762 11,036
(Gain) Loss on disposal of property, plant and equipment (251) (53) (38)
Provision for credit losses 203 174 (137)
Issuance of non-employee director shares 123 200 200
Stock-based compensation 1,059 743  
Deferred tax provision (2,181) 1,061 1,012
Changes in operating assets and liabilities:      
Accounts receivable (105,599) (24,345) (12,723)
Inventories (30,421) (40,748) (32,071)
Prepaid expenses 50 1,130 (2,603)
Other assets 63 24 116
Accounts payable 64,936 4,485 33,939
Accrued liabilities 10,996 5,137 400
Income taxes payable 451 929 (118)
Net cash flows from operating activities 10,963 (19,155) 15,268
Cash flows from investing activities:      
Purchases of property, plant and equipment (12,097) (28,939) (9,150)
Proceeds from sale of property, plant and equipment 398 8 91
Acquisition of business (17,376)    
Net cash flows from investing activities (29,075) (28,931) (9,059)
Cash flows from financing activities:      
Net borrowings under credit facility 15,000 45,000  
Payments of cash dividends (8,249) (8,220) (8,216)
Finance lease obligation payments   (15) (22)
Net cash flows from financing activities 6,751 36,765 (8,238)
Effect of exchange rate changes on cash and temporary investments 1,117 (2,858) (1,160)
Net change in cash and temporary investments (10,244) (14,179) (3,189)
Cash and temporary investments, beginning of period 40,153 54,332 57,521
Cash and temporary investments, end of period 29,909 40,153 54,332
Supplemental information:      
Cash payments for interest 8,092 3,332 1,570
Cash payments for income taxes, net of refunds $ 18,053 $ 1,806 $ 5,890