XML 16 R6.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income $ 8,316,000 $ 39,968,000
Adjustments to reconcile net income to cash provided by operating activities    
Depreciation and amortization 3,261,000 2,974,000
Non-cash lease expense 1,108,000 1,369,000
Share-based compensation 2,171,000 606,000
Loss on sale or disposal of property, plant and equipment 13,000 0
Realized gain on sale of investment securities (9,000) 0
Amortization of premium on investment securities (191,000) 0
Deferred income taxes 112,000 800,000
Unrealized gain on equity investment securities (2,437,000) 0
Change in operating assets and liabilities:    
Inventories 8,318,000 21,960,000
Prepaid expenses and other current assets (742,000) 6,563,000
Other assets 24,000 (887,000)
Accounts payable and accrued expenses (15,918,000) (21,897,000)
Prepaid income taxes 3,256,000 12,603,000
Net cash flow provided by operating activities 7,282,000 64,059,000
Investing Activities    
Purchase of investment securities (9,169,000) 0
Proceeds from sale and maturities of investment securities 8,235,000 0
Purchase of property and equipment (1,841,000) (2,115,000)
Net cash flow used in investing activities (2,775,000) (2,115,000)
Financing Activities    
Options exercised by directors 36,000 105,000
Net shares repurchased for taxes (817,000) (3,236,000)
Cash dividends paid to stockholders (710,000) (19,163,000)
Stock repurchases 0 (3,602,000)
Net cash flow used in financing activities (1,491,000) (25,896,000)
Foreign currency impact 15,000 9,000
Increase in cash and cash equivalents 3,031,000 36,057,000
Cash and cash equivalents - beginning of the period 94,440,000 87,691,000
Cash and cash equivalents - end of period 97,471,000 123,748,000
Supplemental disclosure of cash flow information:    
Income taxes refunded (100,000) (46,000)
Dividends included in accounts payable $ 697,000 $ 18,653,000