|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net income |
$ 3,025 |
$ 2,188 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
2,696 |
1,950 |
| Stock-based compensation expense |
1,503 |
640 |
| Loss on disposal of property and equipment |
32 |
10 |
| Deferred income taxes |
563 |
|
| Change in assets and liabilities, net of effect of acquisition: |
|
|
| Accounts receivable, net |
(57) |
(2,350) |
| Prepaid expenses and other current assets |
(115) |
121 |
| Other long-term assets |
223 |
(38) |
| Accounts payable |
1,048 |
707 |
| Accrued expenses and other current liabilities |
812 |
809 |
| Other long-term liabilities |
101 |
(26) |
| Net cash provided by operating activities |
9,831 |
4,011 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Purchases of property and equipment |
(2,983) |
(1,478) |
| Cash paid for business acquisition |
(600) |
|
| Net cash used in investing activities |
(3,583) |
(1,478) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Proceeds from sale/leaseback |
|
794 |
| Repayment on bank financing |
(250) |
(375) |
| Repayments on capital lease obligations |
(1,739) |
(1,400) |
| Proceeds from exercise of common stock options |
922 |
289 |
| Proceeds from initial public offering |
25,364 |
|
| Initial public offering costs |
(2,753) |
|
| Net cash (used in) provided by financing activities |
21,544 |
(692) |
| Effect of exchange rate changes on cash and cash equivalents |
(8) |
|
| NET INCREASE IN CASH AND CASH EQUIVALENTS |
27,784 |
1,841 |
| CASH AND CASH EQUIVALENTS--Beginning of period |
10,925 |
5,412 |
| CASH AND CASH EQUIVALENTS--End of period |
38,709 |
7,253 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
| Cash paid for interest |
201 |
64 |
| Cash paid for income taxes |
109 |
|
| SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING TRANSACTIONS: |
|
|
| Property and equipment acquired under capital lease obligations |
2,484 |
843 |
| Accrued business acquisition consideration |
500 |
|
| Accrued property and equipment expenditures |
616 |
|
| Receivable for stock option exercises |
$ 60 |
|