CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
| OPERATING ACTIVITIES |
|
|
| Net income |
$ 7,609
|
$ 5,261
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
417
|
359
|
| Gain on sale of equipment and property |
|
(8)
|
| Amortization of premium related to marketable securities |
87
|
64
|
| Stock-based compensation expense |
516
|
508
|
| Deferred income tax provision |
129
|
276
|
| (Increase) decrease in assets: |
|
|
| Accounts receivable |
(4,761)
|
(7,429)
|
| Inventories |
(6,034)
|
3,920
|
| Prepaid expenses and other current assets |
784
|
689
|
| Income taxes receivable |
(406)
|
(923)
|
| Other non-current assets |
(2)
|
(111)
|
| Increase (decrease) in liabilities: |
|
|
| Accounts payable |
7,636
|
5,145
|
| Accrued expenses and other liabilities |
1,562
|
2,232
|
| Other long-term liabilities |
(27)
|
67
|
| Net cash provided by operating activities |
7,510
|
10,050
|
| INVESTING ACTIVITIES |
|
|
| Capital expenditures |
(309)
|
(318)
|
| Proceeds from sale of assets |
|
8
|
| Purchases of marketable securities |
(3,581)
|
(4,262)
|
| Sales of marketable securities |
4,675
|
2,389
|
| Maturities of marketable securities |
350
|
|
| Net cash provided by (used for) investing activities |
1,135
|
(2,183)
|
| FINANCING ACTIVITIES |
|
|
| Payment of dividends |
(3,465)
|
(2,436)
|
| Cash paid for common stock purchased and retired |
(2,935)
|
(1,223)
|
| Net cash used for financing activities |
(6,400)
|
(3,659)
|
| Net increase in cash and cash equivalents |
2,245
|
4,208
|
| Cash and cash equivalents at beginning of period |
7,684
|
2,619
|
| Cash and cash equivalents at end of period |
9,929
|
6,827
|
| Supplemental information: |
|
|
| Income tax payments, net |
$ 1,556
|
$ 2,362
|