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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 10,478 $ 3,367
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,217 1,869
Provision for bad debts - accounts receivable 359 865
Share-based compensation expense 832 399
Deferred income tax benefit (1,145) (784)
Change in fair value of acquisition-related contingent liabilities 1,199 175
Changes in assets and liabilities, net of acquisition of business:    
Accounts receivable (1,731) 4,940
Accounts receivable - other (798) 425
Contract assets (1,447) 299
Inventories 1,881 (831)
Prepaid expenses and other current assets (331) 2,327
Other assets (771) 1,410
Accounts payable and other current liabilities (15,057) 4,656
Long-term pension liability 446 294
Other long-term liabilities 1,613 134
Net cash provided by (used in) operating activities (2,255) 19,545
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property, plant and equipment (6,736) (2,073)
Acquisition of business (6,000) 0
Net cash used in investing activities (12,736) (2,073)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings of debt 72,359 34,488
Repayment of debt (49,835) (52,672)
Payment of cash dividends (1,548) (1,521)
Proceeds received on exercise of stock options 130 0
Tax withholdings on exercise of performance based stock (372) 0
Tax (provision) benefit from vesting of acquisition-related restricted stock 171 (13)
Common stock reacquired and retired 0 (500)
Net cash provided by (used in) financing activities 20,905 (20,218)
Effect of currency exchange rates on cash (175) (519)
Net increase (decrease) in cash and cash equivalents 5,739 (3,265)
Cash and cash equivalents balance, beginning of period 5,172 9,038
Cash and cash equivalents balance, end of period $ 10,911 $ 5,773