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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net Income $ 44,924 $ 41,789 $ 15,886
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 11,407 11,886 8,410
Loss (gain) on disposal of property, plant and equipment 145 (6,149) (14)
Gain on sale of Molded Fiber business 0 (15,651) 0
Share-based compensation 4,641 3,208 2,428
Change in fair value of contingent consideration 3,527 9,837 0
Deferred income taxes 816 (4,710) (1,794)
Changes in operating assets and liabilities:      
Receivables, net (9,124) (16,864) (7,754)
Inventories (16,565) (19,605) (4,496)
Prepaid expenses (21) (692) (557)
Income taxes (2,982) 953 893
Other assets 1,557 (3,545) (681)
Accounts payable 1,553 9,131 102
Accrued expenses (888) 10,446 1,009
Deferred revenue 1,936 1,008 2,294
Other liabilities 408 (3,298) (1,433)
Net cash provided by operating activities 41,334 17,744 14,293
Cash flows from investing activities:      
Additions to property, plant and equipment (10,490) (13,780) (5,395)
Acquisitions, net of cash acquired 0 (20,653) (96,178)
Proceeds from sale of Molded Fiber 0 29,007 0
Proceeds from sale of property, plant and equipment 2 6,717 114
Net cash provided by (used in) investing activities (10,488) 1,291 (101,459)
Cash flows from financing activities:      
Proceeds from advances on revolving line of credit 9,000 44,000 34,839
Payments on revolving line of credit (28,000) (60,000) 0
Proceeds from the issuance of long-term debt 0 0 40,000
Principal repayment of long-term debt (4,000) (4,000) 0
Payment of contingent consideration (5,000) (4,543) 0
Principal payments on finance lease obligations (63) (63) (29)
Proceeds from the exercise of stock options 680 390 162
Payment of statutory withholding for restricted stock units vested (2,641) (1,678) (923)
Net cash (used in) provided by financing activities (30,024) (25,894) 74,049
Effect of foreign currency exchange rates on cash and cash equivalents (10) 193 0
Net change in cash and cash equivalents 812 (6,666) (13,117)
Cash and cash equivalents at beginning of year 4,451 11,117 24,234
Cash and cash equivalents at end of year $ 5,263 $ 4,451 $ 11,117