|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net income |
$ 6,496 |
$ 3,174 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
1,608 |
2,120 |
| Provision for inventory losses |
2,124 |
1,229 |
| Provision for doubtful accounts |
579 |
178 |
| (Gain) loss on disposal of assets |
(9) |
52 |
| Stock-based compensation expense |
678 |
173 |
| Deferred income taxes |
(1,627) |
(2,079) |
| Tax benefit from expiration of stock options |
(32) |
(35) |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(713) |
(291) |
| Income tax receivable |
0 |
880 |
| Inventories |
970 |
10 |
| Prepaid expenses and other current assets |
945 |
433 |
| Other assets |
(170) |
(496) |
| Deferred commissions |
(1,943) |
(2,126) |
| Accounts payable |
(709) |
883 |
| Accrued expenses |
854 |
(373) |
| Taxes payable |
803 |
(2,054) |
| Commissions and incentives payable |
(2,102) |
2,441 |
| Deferred revenue |
4,749 |
4,860 |
| Change in restricted cash |
(3,081) |
(452) |
| Net cash provided by operating activities |
9,420 |
8,527 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Acquisition of property and equipment |
(1,534) |
(602) |
| Proceeds from sales of assets |
9 |
1 |
| Net cash used in investing activities |
(1,525) |
(601) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Proceeds from stock options exercised |
84 |
22 |
| Tax benefit from exercise of options |
32 |
35 |
| Repayment of capital lease obligations |
(1,540) |
(1,576) |
| Net cash used in financing activities |
(1,424) |
(1,519) |
| Effect of currency exchange rate changes on cash and cash equivalents |
1,133 |
(389) |
| Net increase in cash and cash equivalents |
7,604 |
6,018 |
| Cash and cash equivalents at the beginning of the year |
20,395 |
14,377 |
| Cash and cash equivalents at the end of the year |
27,999 |
20,395 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
| Income taxes paid, net |
4,253 |
2,234 |
| Interest paid on capital leases |
119 |
137 |
| Summary of non-cash investing and financing activities: |
|
|
| Assets acquired through capital lease |
2,141 |
1,044 |
| Note receivable, net relating to sale of property and equipment |
$ 0 |
$ 195 |