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Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
OPERATING ACTIVITIES    
Net income $ 21,318 $ 11,952
Adjustments to reconcile net income to net cash provided by (used in) operations:    
Depreciation and amortization 9,295 9,108
Provision for accounts receivable allowances 853 926
Provision for inventory reserves 1,728 1,246
Deferred income taxes (480) (143)
Share-based compensation expense 2,301 2,187
(Gain) loss on sale of property and equipment (147) 22
Other - net 152 344
Changes in operating assets and liabilities    
Accounts receivable (17,471) (15,244)
Inventories (9,912) 589
Trade accounts payable and accrued liabilities 8,870 8,847
Income taxes - net (726) 3,324
Contributions to company pension plan (5,340) (225)
Other - net (3,354) (1,220)
NET CASH PROVIDED BY OPERATING ACTIVITIES 7,087 21,713
INVESTING ACTIVITIES    
Capital expenditures (7,292) (7,832)
Proceeds from the sale of property and equipment 3 52
Purchase of marketable securities (4,690) 0
Proceeds from marketable securities 2,953 0
Purchase of company owned life insurance policy (2,953) 0
Fixed-term deposits 0 7,812
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (11,979) 32
FINANCING ACTIVITIES    
Increase (decrease) in notes payable to banks 3,131 (826)
Proceeds from long-term debt 57,488 38,557
Payments of long-term debt (59,295) (48,752)
Dividends paid (3,121) (3,149)
Proceeds from issuance of common shares 1,146 0
Purchase of common shares for treasury (155) (2)
Purchase of common shares for treasury from related parties (3,971) (1,488)
NET CASH (USED IN) FINANCING ACTIVITIES (4,777) (15,660)
Effects of exchange rate changes on cash and cash equivalents (1,569) 2,341
Net (decrease) increase in cash, cash equivalents and restricted cash (11,238) 8,426
Cash, cash equivalents and restricted cash at beginning of year 45,579 30,737
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD [1] $ 34,341 $ 39,163
[1] Includes restricted cash of $.3 million at September 30, 2018 and $1.2 million at December 31, 2017. For further information regarding restricted cash, refer to Note O, “Debt Arrangements.”