XML 44 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
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 (loss) $ 1,735 $ (690)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Deferred income tax provision (benefit) 566 (352)
Equity income from foreign joint ventures' operations (2,571) (1,320)
Depreciation and amortization 676 579
Stock based compensation 326 200
Provision for bad debt 90 113
Allowance for obsolete inventory 25 19
Gain on sale of property, plant and equipment (17) 0
Deferred compensation costs 5 (94)
Change in operating assets and liabilities:    
Accounts receivable 2,969 (1,292)
Inventories (657) (1,330)
Costs and estimated earnings in excess of billings on uncompleted contracts 540 1,279
Accounts payable and accrued liabilities (2,088) 832
Billings in excess of costs and estimated earnings on uncompleted contracts (774) 901
Other, net 328 89
Net cash (used in) provided by operating activities 1,153 (1,066)
Cash flows from investing activities:    
Purchases of property, plant and equipment (813) (183)
Proceeds from disposal of property, plant and equipment 17 7
Proceeds from joint venture dividends 907 1,052
Investment in joint venture 0 (165)
Purchase of intangible assets (104) 0
Net cash provided by investing activities 7 711
Cash flows from financing activities:    
Proceeds from issuance of common stock 39 27
Proceeds from sale of preferred stock and warrants-net 4,961 0
Dividends on mandatorily redeemable preferred stock (116) 0
Treasury stock purchase, in accordance with the employee stock incentive plan (92) 0
Capital lease obligation payment (117) (115)
Principal payments on short-term notes payable 0 (50)
Principal (payments on) advances from revolving credit facility (3,500) 1,000
Net cash provided by financing activities 1,175 862
Net increase (decrease) in cash and cash equivalents 2,335 507
Cash and cash equivalents, beginning of period 3,749 1,364
Cash and cash equivalents, end of period 6,084 1,871
Supplemental disclosures of cash flow information:    
Interest paid 97 117
Income taxes paid 116 104
Non-cash investing and financing activities:    
Common stock issuance to acquire intangible assets $ 219