|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net income |
$ 2,373 |
$ 703 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
1,715 |
1,277 |
| Stock-based compensation expense |
983 |
408 |
| Deferred income taxes |
616 |
|
| Change in assets and liabilities, net of effect of acquisition: |
|
|
| Accounts receivable, net |
(1,171) |
(83) |
| Prepaid expenses and other current assets |
(528) |
(82) |
| Other long-term assets |
120 |
(350) |
| Accounts payable |
782 |
(1,419) |
| Accrued expenses and other current liabilities |
(155) |
792 |
| Other long-term liabilities |
64 |
(17) |
| Net cash provided by operating activities |
4,799 |
1,229 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Purchases of property and equipment |
(2,040) |
(1,184) |
| Cash paid for business acquisition |
(600) |
|
| Net cash used in investing activities |
(2,640) |
(1,184) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Repayment on bank financing |
(250) |
(250) |
| Proceeds from exercise of common stock options |
639 |
17 |
| Repayments on capital lease obligations |
(1,035) |
(1,085) |
| Initial public offering costs |
(2,753) |
|
| Proceeds from initial public offering |
25,364 |
|
| Net cash (used in) provided by financing activities |
21,965 |
(1,318) |
| Effect of exchange rate changes on cash and cash equivalents |
9 |
|
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
24,133 |
(1,273) |
| CASH AND CASH EQUIVALENTS--Beginning of period |
10,925 |
5,412 |
| CASH AND CASH EQUIVALENTS--End of period |
35,058 |
4,139 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
| Cash paid for interest |
121 |
45 |
| Cash paid for income taxes |
83 |
|
| SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING TRANSACTIONS: |
|
|
| Property and equipment acquired under capital lease obligations |
2,484 |
397 |
| Accrued business acquisition consideration |
500 |
|
| Accrued property and equipment expenditures |
$ 152 |
$ 30 |