Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Operating Activities |
|
|
| Net income |
$ 32,457
|
$ 31,825
|
| Adjustment to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for doubtful accounts |
124
|
628
|
| Depreciation |
13,451
|
14,196
|
| Amortization of intangibles |
2,328
|
2,339
|
| Amortization of debt issuance costs |
159
|
159
|
| Stock-based compensation expense |
1,075
|
762
|
| Excess tax benefits from stock-based payment arrangements |
(212)
|
(80)
|
| Provision for deferred income tax expense (benefit) |
5,111
|
8
|
| Gain on sale of property, plant and equipment |
(367)
|
(113)
|
| Changes in operating assets and liabilities, net of amounts acquired: |
|
|
| Accounts receivable |
2,552
|
(5,721)
|
| Inventories |
(4,265)
|
(12,935)
|
| Rental equipment |
199
|
(14,427)
|
| Prepaid expenses and other assets |
(2,216)
|
(2,257)
|
| Trade accounts payable and accrued liabilities |
(1,895)
|
12,318
|
| Income taxes payable |
(524)
|
4,989
|
| Other long-term liabilities |
59
|
(473)
|
| Net cash provided by operating activities |
48,036
|
31,218
|
| Investing Activities |
|
|
| Acquisitions, net of cash acquired |
(188)
|
(3,465)
|
| Purchase of property, plant and equipment |
(7,201)
|
(7,030)
|
| Proceeds from sale of property, plant and equipment |
899
|
197
|
| Purchase of patents |
(50)
|
0
|
| Net cash used in investing activities |
(6,540)
|
(10,298)
|
| Financing Activities |
|
|
| Borrowings on bank revolving credit facility |
71,000
|
62,000
|
| Repayments on bank revolving credit facility |
(81,000)
|
(77,000)
|
| Principal payments on long-term debt and capital leases |
(37)
|
(28)
|
| Proceeds from issuance of debt |
1,149
|
0
|
| Dividends paid |
(3,082)
|
(2,719)
|
| Proceeds from sale of common stock |
1,254
|
2,008
|
| Excess tax benefits from stock-based payment arrangements |
212
|
80
|
| Stock repurchased |
(19)
|
0
|
| Net cash used in financing activities |
(10,523)
|
(15,659)
|
| Effect of exchange rate changes on cash and cash equivalents |
(1,410)
|
(2,137)
|
| Net change in cash and cash equivalents |
29,563
|
3,124
|
| Cash and cash equivalents at beginning of the period |
26,922
|
39,533
|
| Cash and cash equivalents at end of the period |
56,485
|
42,657
|
| Cash paid during the period for: |
|
|
| Interest |
4,433
|
5,075
|
| Income taxes |
$ 14,178
|
$ 14,691
|