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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities:    
Net earnings $ 9,361,000 $ 2,597,000
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation 2,289,000 3,256,000
Amortization of credit facility fees 42,000 47,000
Stock-based compensation 256,000 243,000
Deferred income taxes (1,822,000) (659,000)
(Benefit) Provision for contingent obligation (112,000) 367,000
Gains on equity investments (4,000) (125,000)
Gain on sale of land (4,843,000) (4,325,000)
Changes in assets and liabilities:    
Accounts receivable (587,000) (1,190,000)
Inventories 0 1,000
Prepaid expenses and other 171,000 (5,159,000)
Income taxes receivable/payable 2,957,000 (213,000)
Accounts payable 658,000 129,000
Accrued liabilities (266,000) 38,000
Payable to Dover Downs Gaming & Entertainment, Inc. 0 (9,000)
Contract liabilities 449,000 3,386,000
Liability for pension benefits (109,000) (48,000)
Net cash provided by (used in) operating activities 8,440,000 (1,664,000)
Investing activities:    
Capital expenditures (545,000) (4,651,000)
Proceeds from sale of land and equipment, net 5,960,000 7,224,000
Non-refundable deposit received 0 500,000
Purchases of equity investments (316,000) (14,000)
Proceeds from sale of equity investments 305,000 1,000
Net cash provided by investing activities 5,404,000 3,060,000
Financing activities:    
Borrowings from revolving line of credit 3,880,000 4,120,000
Repayments on revolving line of credit (3,880,000) (4,120,000)
Repurchase of common stock (94,000) (528,000)
Credit facility fees 0 (35,000)
Net cash used in financing activities (94,000) (563,000)
Net increase in cash 13,750,000 833,000
Cash, beginning of period 7,577,000 3,951,000
Cash, end of period 21,327,000 4,784,000
Supplemental information:    
Interest received (10,000) (10,000)
Income tax payments 302,000 1,752,000
Change in accounts payable for capital expenditures $ 134,000 $ 1,315,000