XML 42 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net income $ 7,798,000 $ 5,530,000
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 910,000 1,086,000
Non cash interest expense included in net income 69,000 68,000
Share based compensation expense 493,000 538,000
Bad debt expense 141,000 212,000
Inventory reserve expense 147,000 196,000
Gain on sale of fixed assets (11,000)  
Changes in operating assets and liabilities:    
Accounts receivable 1,657,000 5,942,000
Costs and estimated earnings in excess of billings on uncompleted contracts 3,586,000 (1,923,000)
Inventories (95,000) (820,000)
Prepaid expense and other current assets 281,000 (96,000)
Deferred charges and other assets 188,000 (138,000)
Accounts payable and accrued expenses (1,392,000) (5,041,000)
Billings in excess of costs and estimated earnings on uncompleted contracts (1,146,000) 684,000
Income taxes payable 1,138,000 (1,171,000)
Other liabilities 42,000 (188,000)
Net cash provided by operating activities 13,806,000 4,879,000
Cash flows from investing activities:    
Acquisitions of property and equipment (234,000) (654,000)
Net proceeds from sale of plant and equipment 37,000 636,000
Net cash used in investing activities (197,000) (18,000)
Cash flows from financing activities:    
Proceeds from exercise of stock options 266,000 111,000
Cash paid for repurchase of common shares (456,000) (483,000)
Dividends paid to common shareholders (1,688,000) (363,000)
Net cash used in financing activities (1,878,000) (735,000)
Net increase in cash and cash equivalents 11,731,000 4,126,000
Cash and cash equivalents at beginning of period 12,724,000 5,792,000
Cash and cash equivalents at end of period 24,455,000 9,918,000
Supplemental Schedule of Non-Cash Activities:    
Conversion of subordinated debt to common stock 840,000 700,000
Cash paid during the period for:    
Interest 828,000 872,000
Income taxes $ 1,619,000 $ 4,294,000