XML 32 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income from continuing operations $ 1,910 $ 3,021
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax provision (benefit)   635
Equity income from foreign joint ventures’ operations (1,584) (2,706)
Depreciation and amortization 259 216
Stock based compensation 191 340
Provision for bad debt   66
Allowance for obsolete inventory 17 66
Loss or (gain) on sale of property and equipment   6
Deferred compensation costs 39 52
Change in operating assets and liabilities:    
Accounts receivable 421 1,332
Income taxes payable (71) 5
Inventories (376) (1,206)
Costs and estimated earnings in excess of billings on uncompleted contracts 98 (1,950)
Prepaid expenses and other current assets 36 (105)
Accounts payable and accrued liabilities (343) 1,433
Billings in excess of costs and estimated earnings on uncompleted contracts (101) 645
Other (12) (2)
Net cash provided by (used in) operating activities 484 1,848
Cash flows from investing activities:    
Purchases of property, plant and equipment and other assets (3,603) (433)
Proceeds from disposal of property, plant and equipment      
Proceeds from foreign joint ventures’ operations dividends 2,522 106
Cash withdrawal from joint venture 46  
Net cash provided by (used in) from investing activities (1,035) (327)
Cash flows from financing activities:    
Proceeds from sale of common stock, preferred stock, and warrants 313 14
Treasury stocks purchase (466) (146)
Preferred stock cash dividend (150) (150)
Advances from credit facility 1,000  
Repayments (of) credit facility (1,000)  
Capital lease obligation payment      
Net cash provided by (used in) financing activities (303) (282)
Net increase (decrease) in cash and cash equivalents from continuing operations (854) 1,239
Advances (to) discontinued operations (394) (294)
Net increase (decrease) in cash and cash equivalents (1,248) 945
Cash and cash equivalents, beginning of period 4,148 4,477
Cash and cash equivalents, end of period 2,900 5,422
Supplemental disclosures of cash flow information:    
Interest paid 29 15
Income taxes paid $ 72 $ 28