Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2017 |
Apr. 01, 2016 |
| Operating activities |
|
|
| Net income |
$ 6,668
|
$ 6,589
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization expense |
407
|
605
|
| Loss on disposal of property, plant, and equipment |
0
|
277
|
| Stock-based compensation |
1,086
|
1,713
|
| Amortization of debt issuance costs |
194
|
228
|
| Changes in assets and liabilities: |
|
|
| Receivables |
7,441
|
17,709
|
| Other assets |
4,202
|
147
|
| Accounts payable |
(22,599)
|
(36,832)
|
| Billings in excess of costs |
2,415
|
1,094
|
| Deferred taxes |
(2,506)
|
(1,103)
|
| Compensation and other employee benefits |
12,059
|
11,687
|
| Other liabilities |
547
|
(429)
|
| Net cash provided by operating activities |
9,914
|
1,685
|
| Investing activities |
|
|
| Purchases of capital assets |
(24)
|
(31)
|
| Proceeds from the disposition of assets |
0
|
111
|
| Net cash (used in) provided by investing activities |
(24)
|
80
|
| Financing activities |
|
|
| Repayments of long-term debt |
(3,500)
|
(3,500)
|
| Proceeds from revolver |
18,000
|
59,000
|
| Repayments of revolver |
(18,000)
|
(59,000)
|
| Proceeds from exercise of stock options |
50
|
0
|
| Payments of employee withholding taxes on share-based compensation |
(577)
|
(627)
|
| Net cash (used in) financing activities |
(4,027)
|
(4,127)
|
| Exchange rate effect on cash |
175
|
989
|
| Net change in cash |
6,038
|
(1,373)
|
| Cash-beginning of year |
47,651
|
39,995
|
| Cash-end of period |
53,689
|
38,622
|
| Supplemental Disclosure of Cash Flow Information: |
|
|
| Interest paid |
1,036
|
1,408
|
| Income taxes paid |
$ 161
|
$ 2,320
|