XML 105 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income $ 9,403 $ 7,122
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of assets (146) (428)
Impairment of goodwill 100 0
Depreciation and amortization 5,953 5,050
Amortization and write-off of deferred financing costs (36) 348
Provision for losses on accounts receivable 782 1,102
Stock-based compensation expense 1,624 1,182
Deferred income taxes 1,894 2,266
Other 208 38
Changes in operating assets and liabilities that provided (required) cash:    
Accounts and preneed receivables (2,070) (1,414)
Inventories and other current assets 1,211 740
Deferred charges and other 24 75
Preneed funeral and cemetery trust investments (1,363) (146)
Accounts payable and accrued liabilities 2,285 (2,552)
Deferred preneed funeral and cemetery revenue (9,755) (177)
Deferred preneed funeral and cemetery receipts held in trust 13,879 168
Net cash provided by operating activities 23,993 13,374
Cash flows from investing activities:    
Acquisitions and new construction (6,051) (16,729)
Capital expenditures (4,468) (5,651)
Net proceeds from the sale of businesses 2,736 0
Net cash used in investing activities (7,783) (22,380)
Cash flows from financing activities:    
Net borrowings from (payments against) the line of credit (10,100) 14,200
Payments on the term loan (5,000) 0
Payments on other long-term debt and obligations under capital leases (307) (342)
Proceeds from the exercise of stock options and employee stock purchase plan 492 440
Stock option benefit 0 24
Dividends on common stock (906) (903)
Dividend on redeemable preferred stock (4) (7)
Payment of loan origination costs (565) 0
Purchase of treasury stock 0 (4,531)
Net cash provided by (used in) financing activities (16,390) 8,881
Net decrease in cash and cash equivalents (180) (125)
Cash and cash equivalents at beginning of period 1,698 1,137
Cash and cash equivalents at end of period $ 1,518 $ 1,012