XML 28 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net income $ 580 $ 1,738
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax provision (benefit)   255
Equity income from foreign joint ventures’ operations (474) (1,458)
Depreciation and amortization 232 186
Stock based compensation 190 197
Provision for bad debt   110
Allowance for obsolete inventory (38) 8
Gain on sale of property and equipment      
Deferred compensation costs 19 33
Change in operating assets and liabilities:    
Accounts receivable (1,455) (1,793)
Dividend declared receivables      
Income taxes payable (49) 8
Inventories (839) 422
Costs and estimated earnings in excess of billings on uncompleted contracts 108 (371)
Prepaid expenses and other current assets (90) 276
Accounts payable and accrued liabilities 1,195 1,761
Billings in excess of costs and estimated earnings on uncompleted contracts (1,513) (113)
Net cash provided by (used in) operating activities (2,134) 1,259
Cash flows from investing activities:    
Purchases of property, plant and equipment and other assets (1,661) (277)
Proceeds from disposal of property, plant and equipment      
Investment (in) foreign joint ventures’ operations      
Proceeds from foreign joint ventures’ operations dividends 830  
Net cash provided by (used in) from investing activities (831) (277)
Cash flows from financing activities:    
Proceeds from sale of common stock, preferred stock, and warrants 83 6
Treasury stocks purchase (466) (147)
Preferred stock cash dividend (75) (75)
Advances from (repayment of) credit facility 1,000  
Capital lease obligation payment   (40)
Principal payments on short-term notes payable      
Net cash provided by (used in) financing activities 542 (256)
Net increase (decrease) in cash and cash equivalents (2,423) 726
Cash and cash equivalents, beginning of year 4,148 4,477
Cash and cash equivalents, end of year 1,725 5,203
Supplemental disclosures of cash flow information:    
Interest paid 27 7
Income taxes paid $ 179 $ 1