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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows from Operating Activities:    
Net income $ 3,143,000 $ 1,850,000
Non-cash charges:    
Depreciation and amortization 1,279,000 1,137,000
Amortization of other intangible assets 971,000 361,000
Amortization of debt issue costs 83,000 67,000
Provision for (recovery of) losses on accounts receivable - net 22,000 (107,000)
Stock-based compensation 72,000 182,000
Restricted stock-based compensation 30,000 21,000
Loss on sale of fixed assets 5,000 7,000
Deferred income taxes 72,000 1,079,000
Fair value reduction in contingent consideration (126,000) 0
Changes in operating assets and liabilities:    
Accounts receivable (1,548,000) (3,824,000)
Inventories (6,000) 1,671,000
Prepaid expenses and other current assets 76,000 (376,000)
Other assets 76,000 54,000
Accounts payable 1,064,000 1,212,000
Accrued liabilities (86,000) (214,000)
Other liabilities (13,000) (12,000)
Total adjustments 1,971,000 1,258,000
Net cash provided by operating activities 5,114,000 3,108,000
Cash Flows from Investing Activities:    
Capital expenditures (1,144,000) (713,000)
Proceeds from disposal of assets 31,000 8,000
Purchase of net assets Air Tool Service Company 0 (7,559,000)
Purchase of Exhaust Technologies, Inc. 0 (10,377,000)
Purchase of Universal Air Tool Company Limited, net of cash acquired of $14,000 0 (1,701,000)
Net cash used in investing activities (1,113,000) (20,342,000)
Cash Flows from Financing Activities:    
Proceeds from exercise of stock options 73,000 741,000
Proceeds from short-term borrowings 55,827,000 66,166,000
Repayments of short-term borrowings (56,182,000) (52,107,000)
Repayments of term loans (3,012,000) (428,000)
Proceeds from term loan 0 3,000,000
Bank financing costs 0 (65,000)
Repayments of notes payable (30,000) 0
Net cash (used in) provided by financing activities (3,324,000) 17,307,000
Effect of exchange rate changes on cash (6,000) 18,000
Net increase in cash 671,000 91,000
Cash at beginning of period 1,011,000 413,000
Cash at end of period 1,682,000 504,000
Supplemental disclosures of cash flow information:    
Interest 492,000 236,000
Income taxes 1,149,000 126,000
Supplemental disclosures of non-cash investing and financing activities:    
Contingent consideration on acquisition 0 425,000
Exchange of property and equipment $ 64,000 $ 0