XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities:    
Net income (loss) $ 370,000 $ (44,000)
Non-cash charges:    
Depreciation and amortization 660,000 650,000
Amortization of other intangible assets 359,000 439,000
Amortization of debt issue costs 50,000 25,000
Provision for (recovery of) losses on accounts receivable - net 95,000 (5,000)
Stock-based compensation 120,000 0
Gain on sale of fixed assets (6,000) (1,000)
Restricted stock-based compensation 18,000 22,000
Deferred income taxes 99,000 (24,000)
Fair value increase in contingent consideration 57,000 0
Changes in operating assets and liabilities:    
Accounts receivable (250,000) (1,059,000)
Inventories (1,332,000) 1,399,000
Prepaid expenses and other current assets (267,000) 199,000
Other assets 0 32,000
Accounts payable 1,866,000 384,000
Accrued compensation and benefits (603,000) (618,000)
Accrued other liabilities (397,000) (822,000)
Other liabilities (10,000) (9,000)
Total adjustments 459,000 612,000
Net cash provided by operating activities 829,000 568,000
Cash Flows from Investing Activities:    
Capital expenditures (1,224,000) (358,000)
Purchase of net assets of Jiffy Air Tool, Inc. 0 (6,845,000)
Proceeds from disposal of assets 25,000 1,000
Net cash used in investing activities (1,199,000) (7,202,000)
Cash Flows from Financing Activities:    
Dividend payments (359,000) (360,000)
Proceeds from exercise of stock options 737,000 62,000
Purchase of Class A common stock (430,000) 0
Net proceeds from short-term borrowings 311,000 4,537,000
Proceeds from long-term debt 400,000 0
Repayments of long-term debt (7,000) (10,000)
Payment of debt issue costs (15,000) (50,000)
Net cash provided by financing activities 637,000 4,179,000
Effect of exchange rate changes on cash (20,000) 25,000
Net increase (decrease) in cash 247,000 (2,430,000)
Cash at beginning of period 1,241,000 3,699,000
Cash at end of period 1,488,000 1,269,000
Supplemental disclosures of cash flow information:    
Cash paid for: Interest 44,000 36,000
Cash paid for: Income taxes 21,000 335,000
Supplemental disclosures of non-cash investing and financing activities:    
Contingent consideration on acquisition $ 0 $ 692,000