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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash Flows from Operating Activities:    
Net income $ 1,850,000 $ 2,306,000
Non-cash charges:    
Depreciation and amortization 1,137,000 1,176,000
Amortization of other intangible assets 361,000 192,000
Amortization of debt issue costs 67,000 75,000
(Adjustment to) provision for losses on accounts receivable (107,000) 46,000
Stock-based compensation 182,000 245,000
Loss on sale of fixed asset 7,000 0
Restricted stock-based compensation 21,000 30,000
Deferred income taxes-net 1,079,000 1,098,000
Changes in operating assets and liabilities - net of effects of acquisitions:    
Accounts receivable (3,824,000) (5,426,000)
Inventories 1,671,000 927,000
Prepaid expenses and other current assets (419,000) (313,000)
Other assets 54,000 44,000
Accounts payable 1,212,000 91,000
Accrued liabilities (171,000) 515,000
Other liabilities (12,000) (12,000)
Total adjustments 1,258,000 (1,312,000)
Net cash provided by operating activities 3,108,000 994,000
Cash Flows from Investing Activities:    
Capital expenditures (713,000) (428,000)
Proceeds from disposal of assets 8,000 0
Purchase of net assets Air Tool Service Company (7,559,000) 0
Purchase of Exhaust Technologies, Inc. (10,377,000) 0
Purchase of Universal Air Tool Company Limited, net of cash acquired of $104,000 (1,701,000) 0
Net cash used in investing activities (20,342,000) (428,000)
Cash Flows from Financing Activities:    
Proceeds from exercise of stock options 741,000 62,000
Proceeds from short-term borrowings 66,166,000 49,408,000
Repayments of short-term borrowings (52,107,000) (49,911,000)
Proceeds from term loan 3,000,000 0
Repayments of term loan (428,000) (345,000)
Bank financing costs (65,000) 0
Net cash provided by (used in) financing activities 17,307,000 (786,000)
Effect of exchange rate changes on cash and cash equivalents 18,000 0
Net increase (decrease) in cash 91,000 (220,000)
Cash at beginning of period 413,000 695,000
Cash at end of period 504,000 475,000
Supplemental disclosures of cash flow information:    
Cash paid for: Interest 236,000 329,000
Cash paid for: Income taxes 126,000 46,000
Supplemental disclosures of non cash investing and financing activities:    
Contingent Consideration on Acquisition $ 425,000 $ 0