|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2013
|
Sep. 30, 2012
|
| Cash flows from operating activities: |
|
|
| Net (loss) earnings |
$ (426) |
$ 6,554 |
| Less loss from discontinued operations |
(1,437) |
(106) |
| Income from continuing operations, net of income tax benefit |
1,011 |
6,660 |
| Adjustments to reconcile income from continuing operations, net of income tax benefit, to net cash provided by operating activities of continuing operations: |
|
|
| Depreciation and amortization |
3,552 |
2,361 |
| Bad debt expense |
350 |
168 |
| Inventory reserves |
704 |
80 |
| Other non-cash expense |
187 |
57 |
| Stock-based compensation |
1,323 |
1,083 |
| Deferred income taxes |
(2,473) |
(4,739) |
| Changes in operating assets and liabilities, net of effects of acquisition: |
|
|
| Accounts and financing receivables, net |
(2,886) |
(2,539) |
| Inventory, net |
(1,045) |
(778) |
| Accounts payable |
412 |
(81) |
| Deferred revenue |
990 |
289 |
| Other |
1,210 |
(880) |
| Net cash provided by operating activities of continuing operations |
3,335 |
1,681 |
| Cash flows from investing activities: |
|
|
| Net cash paid for acquisition |
(177) |
|
| Purchase of property and equipment |
(1,002) |
(1,050) |
| Purchase of intangible and other assets |
(2,599) |
(1,976) |
| Proceeds from sale-leaseback of equipment |
716 |
|
| Other |
(11) |
(500) |
| Net cash used in investing activities of continuing operations |
(3,073) |
(3,526) |
| Cash flows from financing activities: |
|
|
| Proceeds from underwritten offering, net of offering costs |
27,731 |
|
| Proceeds from exercise of warrants |
193 |
|
| Stock-based compensation plan activity |
(28) |
287 |
| Proceeds from note payable |
|
1,000 |
| Principal payments on capital lease obligations |
(198) |
(237) |
| Principal payments on notes payable and debt |
(6,975) |
(1,900) |
| Net cash provided by (used in) financing activities of continuing operations |
20,723 |
(850) |
| Cash flows from discontinued operations: |
|
|
| Net cash (used in) provided by operating activities of discontinued operations |
(105) |
7 |
| Net cash used in investing activities of discontinued operations |
(11) |
(104) |
| Net cash used in discontinued operations |
(116) |
(97) |
| Net increase (decrease) in cash and cash equivalents |
20,869 |
(2,792) |
| Cash and cash equivalents at beginning of the period |
4,948 |
9,547 |
| Cash and cash equivalents at end of period |
25,817 |
6,755 |
| Cash payments for: |
|
|
| Interest |
144 |
172 |
| Income taxes |
76 |
175 |
| Disclosure of non-cash investing activities: |
|
|
| Capital leases |
716 |
|
| Common stock issued in connection with acquisition |
$ 925 |
|