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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net income (loss) [1] $ 3,980 $ (3,300) [2],[3],[4]
Adjustments to reconcile net income (loss) from operations to net cash flows used in operating activities:    
Depreciation and amortization 17,408 17,877 [2],[3]
(Credit) charge for asbestos-related costs (2,226) 6,661 [3]
Deferred income tax expense 468 1,304 [3]
Difference between net periodic pension and other postretirement costs and contributions (9,295) (7,489) [3]
Stock-based compensation 1,665 2,438 [3]
Non-cash provisions – net (2,215) 2,193 [3]
Other – net (729) 658 [3]
Changes in assets/liabilities:    
Receivables (11,626) (8,268) [3]
Inventories (17,903) (27,618) [3]
Other assets (3,943) (5,918) [3]
Insurance receivable – asbestos 10,708 13,312 [3]
Asbestos liability (19,834) (23,215) [3]
Accounts payable 1,557 17,601 [3]
Accrued payrolls and employee benefits 3,892 2,048 [3]
Other liabilities 885 (4,150) [3]
Net cash flows used in operating activities (27,208) (15,866) [3]
Cash flows from investing activities:    
Purchases of property, plant and equipment (16,688) (15,236) [3]
Proceeds from sale of property, plant and equipment 17 229 [3]
Purchases of long-term marketable securities (724) (32)
Proceeds from sale of long-term marketable securities 1,088 304
Other – net (1) 1 [3]
Net cash flows used in investing activities (16,308) (14,734) [3]
Cash flows from financing activities:    
Proceeds from revolving credit facility 44,000 32,244 [3]
Payments on revolving credit facility (26,666) (8,500) [3]
Proceeds from sale and leaseback financing arrangement 20,000  
Payments on sale and leaseback financing arrangements (346) (245) [3]
Proceeds from equipment financing facility 6,388  
Proceeds from related party debt 5,776  
Repayment of related party debt (5,776) (1,056) [3]
Repayment of debt (645) (864) [3]
Proceeds from shareholder exercise of warrants 193 3,308 [3]
Debt and equity issuance costs (337) (485) [3]
Net cash flows provided by financing activities 42,587 24,402 [3]
Effect of exchange rate changes on cash and cash equivalents (673) (307) [3]
Net decrease in cash and cash equivalents (1,602) (6,505) [3]
Cash and cash equivalents at beginning of year [3] 10,337 16,842
Cash and cash equivalents at end of year 8,735 10,337 [3]
Supplemental disclosures of cash flow information:    
Income tax payments (net of refunds) 896 1,633 [3]
Interest payments (net of amounts capitalized) 5,923 2,895 [3]
Non-cash investing and financing activities:    
Purchases of property, plant and equipment in accounts payable 994 1,676 [3]
Finance lease right-of-use assets exchanged for lease liabilities 1,105 1,258 [3]
Operating lease right-of-use assets exchanged for lease liabilities $ 194 $ 199 [3]
[1] Retained deficit as of January 1, 2021, net loss for 2021 and retained deficit as of December 31, 2021 were adjusted to include inventory costs using the FIFO basis of costing. See Note 2.

 

See Notes to Consolidated Financial Statements.

[2] Costs of products sold (excluding depreciation and amortization) and subsequent subtotals and totals along with net loss per share for 2021 were adjusted to include inventory costs using the FIFO basis of costing. See Note 2.
[3] Net loss and the change in inventories for 2021 were adjusted to include inventory costs using the FIFO basis of costing. See Note 2.

 

See Notes to Consolidated Financial Statements.

[4] Net loss for 2021 and subsequent subtotals and totals were adjusted to include inventory costs using the FIFO basis of costing. See Note 2