XML 49 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net income $ 2,208 $ 2,045
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 414 318
Non cash interest expense included in net income 5 23
Share based compensation expense 158 154
Bad debt (recoveries) expense (37) 21
Inventory reserve expense 69 56
Changes in operating assets and liabilities:    
Accounts receivable 6,987 2,790
Costs and estimated earnings in excess of billings on uncompleted contracts (2,203) 4,369
Inventories (137) (270)
Prepaid expense and other current assets (588) 509
Deferred charges and other assets 42 179
Accounts payable and accrued expenses (878) (2,452)
Billings in excess of costs and estimated earnings on uncompleted contracts 62 (609)
Income taxes payable 302 414
Other liabilities 1,725 121
Net cash provided by operating activities 8,129 7,668
Cash flows from investing activities:    
Acquisitions of property and equipment (53) (73)
Net cash paid for acquisition (24,379)  
Net cash used in by investing activities (24,432) (73)
Cash flows from financing activities:    
Net borrowings on revolving credit line 1,030  
Proceeds from exercise of stock options 91 53
Dividends paid to common shareholders (886) (512)
Net cash provided by (used in) financing activities 235 (459)
Net (decrease) increase in cash and cash equivalents (16,068) 7,136
Cash and cash equivalents at beginning of period 22,994 12,724
Cash and cash equivalents at end of period 6,926 19,860
Supplemental Schedule of Non-Cash Activities:    
Conversion of subordinated debt to common stock 0 200
Common stock issued in business acquisition 7,423 0
Cash paid during the period for:    
Interest 318 421
Income taxes $ 1,282 $ 105