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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net earnings $ 2,567 $ 7,690
Adjustments to reconcile net earnings to cash used in operating activities:    
Depreciation and amortization 795 771
Deferred taxes (10) (17)
Compensation expense for restricted stock 47 78
Change in postretirement benefits 1 2
Gain recognized on open derivatives not designated for hedge accounting (1,608) (956)
Deferred realized gain on derivatives 0 418
Right-of-use asset (27) 0
Decrease (increase) in operating assets:    
Accounts receivable 9,574 2,592
Inventories (3,998) (14,900)
Other current assets 260 553
Decrease (increase) in operating liabilities:    
Accounts payable and accrued expenses (9,533) (851)
Income taxes payable 610 2,057
Contribution to retirement plan 0 (350)
Employee compensation and related expenses (4,737) (1,670)
NET CASH USED IN OPERATING ACTIVITIES (6,059) (4,583)
INVESTING ACTIVITIES    
Purchase of property, plant and equipment (1,054) (450)
Increase in cash surrender value of officers’ life insurance (3) (2)
NET CASH USED IN INVESTING ACTIVITIES (1,057) (452)
FINANCING ACTIVITIES    
Cash dividends paid (279) (148)
Cash paid for principal portion of finance lease (27) (26)
Cash paid for share repurchases (123) 0
Borrowings on asset based lending facility 198,871 204,312
Repayments on asset based lending facility (193,077) (198,131)
NET CASH PROVIDED BY FINANCING ACTIVITIES 5,365 6,007
INCREASE (DECREASE) IN CASH AND RESTRICED CASH (1,751) 972
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD 5,897 5,386
CASH AND RESTRICTED CASH AT END OF PERIOD $ 4,146 $ 6,358