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Statements of Consolidated Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income $ 35,721 $ 29,761 $ 23,336
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and amortization 15,564 13,838 13,748
Provision for accounts receivable allowances 2,895 2,053 2,132
Provision for inventory reserves 3,052 2,035 1,283
Deferred income taxes 6,544 (3,380) (1,274)
Share-based compensation expense 4,163 4,089 4,396
(Gain) loss on sale of property and equipment (184) 1,108 10
Other - net 656 6 292
Changes in operating assets and liabilities assets:      
Accounts receivable (11,576) (10,539) (9,777)
Inventories (24,154) 80 (9,455)
Prepaid expenses (2,974) (8,786) (932)
Trade accounts payables and accrued liabilities 11,558 6,952 6,087
Accrued income and other taxes (4,332) 3,470 634
Contributions to company pension plan 0 (330) 0
Other - net (3,335) 1,285 (3,263)
NET CASH PROVIDED BY OPERATING ACTIVITIES 33,598 41,642 27,217
INVESTING ACTIVITIES      
Capital expenditures (18,384) (24,569) (29,467)
Proceeds from the sale of property and equipment 141 10,525 54
Purchase of marketable securities 0 0 (496)
Proceeds from sale of marketable securities 0 0 2,309
Purchase of company owned life insurance policies 0 0 (2,309)
Acquisition of businesses, net of cash 0 0 (18,894)
NET CASH USED IN INVESTING ACTIVITIES (18,243) (14,044) (48,803)
FINANCING ACTIVITIES      
Increase (decrease) in notes payable to banks 376 9,465 (355)
Proceeds from long-term debt 98,919 90,847 93,036
Payments of long-term debt (113,537) (110,083) (64,124)
Dividends paid (4,128) (4,184) (4,230)
Proceeds from issuance of common shares 409 252 213
Purchase of common shares for treasury (177) (5,836) (2,800)
Purchase of common shares for treasury from related parties (5,092) (3,626) (4,026)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (23,230) (23,165) 17,714
Effects of exchange rate changes on cash and cash equivalents (894) 1,479 (775)
Net (decrease) increase in cash, cash equivalents and restricted cash (8,769) 5,912 (4,647)
Cash, cash equivalents and restricted cash at beginning of year 45,175 [1] 39,263 [1] 43,910
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR [1] $ 36,406 $ 45,175 $ 39,263
[1] Non-cash investing and financing activities: The Company purchased a new corporate aircraft during the year ended December 31, 2021 with a term loan in the principal amount of $20.5 million. For further information regarding this transaction, refer to Note E, “Debt and Credit Arrangements.”