|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2014
|
Jun. 30, 2013
|
| Cash flows from operating activities: |
|
|
| Net income (loss) |
$ 880 |
$ (1,001) |
| Less loss from discontinued operations, net of income taxes |
(492) |
(1,436) |
| Income from continuing operations, net of income taxes |
1,372 |
435 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
3,180 |
2,326 |
| Equity-based compensation expense |
1,139 |
717 |
| Deferred income taxes |
(200) |
(2,511) |
| Bad debt expense |
263 |
268 |
| Inventory reserves |
286 |
613 |
| Gain on sale of cost method investment |
(1,109) |
|
| Other non-cash expense |
54 |
150 |
| Changes in assets and liabilities, net of effects of acquisitions: |
|
|
| Accounts and financing receivables |
1,321 |
(1,143) |
| Inventory |
559 |
(1,539) |
| Accounts payable, accrued expenses and other liabilities |
(2,121) |
162 |
| Deferred revenues |
133 |
523 |
| Other |
181 |
150 |
| Net cash provided by operating activities |
5,058 |
151 |
| Cash flows from investing activities: |
|
|
| Net cash paid for acquisition |
(37,113) |
(177) |
| Purchases of property and equipment |
(968) |
(599) |
| Purchases of intangible and other assets |
(1,648) |
(1,774) |
| Proceeds from sale-leaseback of equipment |
|
716 |
| Proceeds from sale of cost basis investment |
1,309 |
|
| Other |
|
(11) |
| Net cash used in investing activities |
(38,420) |
(1,845) |
| Cash flows from financing activities: |
|
|
| Principal payments on debt |
(942) |
(6,816) |
| Principal payments on capital lease obligations |
(142) |
(150) |
| Proceeds from underwritten offering, net of offering costs |
|
27,731 |
| Proceeds from long-term debt |
25,000 |
|
| Equity-based compensation plan activity |
366 |
(9) |
| Deferred financing costs |
(286) |
|
| Proceeds from exercise of warrants |
|
193 |
| Net cash provided by financing activities |
23,996 |
20,949 |
| Cash flows from discontinued operations: |
|
|
| Cash provided by (used in) operating activities |
166 |
(81) |
| Cash provided by (used in) investing activities |
|
(10) |
| Net cash provided by (used in) discontinued operations |
166 |
(91) |
| Net (decrease) increase in cash and cash equivalents |
(9,200) |
19,164 |
| Cash and cash equivalents at beginning of year |
25,603 |
4,948 |
| Cash and cash equivalents at end of period |
16,403 |
24,112 |
| Supplemental disclosures of cash flow information: |
|
|
| Cash paid for interest |
232 |
166 |
| Cash paid for income taxes |
79 |
66 |
| Disclosure of non-cash investing and financing activities: |
|
|
| Deferred payment in connection with acquisition |
215 |
|
| Note issued in conjunction with disposal of discontinued operations |
35 |
|
| Non-cash interest |
54 |
26 |
| Capital expenditures in accounts payable |
178 |
85 |
| Acquisition of property under capital lease |
|
716 |
| Common stock issuable in connection with acquisition |
|
$ 925 |