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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 5,157 $ 6,267
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,211 3,646
Provision for bad debts - accounts receivable 361 323
Share-based compensation expense 1,032 1,490
Deferred income tax benefit (provision) (1,979) 302
Gain on sale of property, plant and equipment (3)
Change in fair value of acquisition-related contingent liabilities 417 (840)
Changes in assets and liabilities, net of acquisition of business:    
Accounts receivable - trade (7,230) (3,492)
Accounts receivable - other 280 (674)
Contract assets 5,562 (972)
Inventories 2,113 2,953
Prepaid expenses and other current assets (2,625) 242
Other assets (2,102) (1,827)
Accounts payable and other current liabilities (14) (7,368)
Long-term pension liability 812 195
Other long-term liabilities 759 (497)
Net cash provided by (used in) operating activities 6,751 (252)
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property, plant and equipment (4,979) (2,414)
Proceeds from disposals of property, plant and equipment 3
Acquisition of businesses, net of acquired cash (85,597)
Net cash used in investing activities (4,976) (88,011)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from long-term debt 94,466 146,157
Repayment of long-term debt (88,667) (56,289)
Payment of cash dividends (3,023) (2,827)
Payment of acquisition-related contingent liability (961) (3,033)
Proceeds received on exercise of stock options 280 405
Tax benefit from vesting of acquisition-related restricted stock 30 105
Tax withholding on exercise of stock rights (17)
Common stock reacquired and retired (1,036)
Net cash provided by financing activities 1,089 84,501
Effect of currency exchange rates on cash 41 (204)
Net increase (decrease) in cash and cash equivalents 2,905 (3,966)
Cash and cash equivalents balance, beginning of year 5,362 8,130
Cash and cash equivalents balance, end of period $ 8,267 $ 4,164