|
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2013
|
Mar. 31, 2012
|
| Operating activities: |
|
|
| Net income |
$ 3,442 |
$ 289 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
| Depreciation and amortization |
3,133 |
2,846 |
| Provision for losses on accounts receivable |
372 |
254 |
| Warranty reserve |
656 |
216 |
| Loss on disposal of property and equipment |
6 |
2 |
| Share-based compensation |
1,360 |
1,157 |
| Excess tax benefit on the exercise of stock options |
(81) |
107 |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(787) |
(1,799) |
| Inventories |
64 |
3,953 |
| Prepaid expenses and other assets |
734 |
(321) |
| Accounts payable |
(3,302) |
(318) |
| Deferred income tax |
(304) |
86 |
| Accrued liabilities and deferred revenue |
(6,228) |
(342) |
| Net cash provided by (used in) operating activities |
(935) |
6,130 |
| Investing activities: |
|
|
| Acquisition of businesses, net of cash acquired |
(18,600) |
|
| Purchases of property and equipment |
(687) |
(1,218) |
| Purchase of intangible assets |
(669) |
|
| Net cash used in investing activities |
(19,956) |
(1,218) |
| Financing activities: |
|
|
| Proceeds from stock option exercises and ESPP purchases |
2,115 |
130 |
| Excess tax benefit on the exercise of stock options |
81 |
(107) |
| Proceeds from short-term borrowings |
22,000 |
|
| Payments on borrowings |
(2,142) |
(40) |
| Net cash provided by (used in) financing activities |
22,054 |
(17) |
| Exchange rate changes effect on cash and cash equivalents |
134 |
(295) |
| Net increase in cash and cash equivalents |
1,297 |
4,600 |
| Cash and cash equivalents, beginning of period |
23,057 |
32,816 |
| Cash and cash equivalents, end of period |
24,354 |
37,416 |
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for interest |
613 |
12 |
| Cash paid for income taxes |
4,241 |
1,432 |
| Non-cash investing activities: |
|
|
| Property and equipment included in accounts payable |
$ 261 |
|