Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities      
Net income $ 5,489 $ 5,539 $ 4,421
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 302 325 317
Provision for doubtful accounts receivable 272 161 141
Deferred income tax expense 64 272 273
Share-based compensation expense 1,071 1,059 1,187
Reversal of uncertain tax position liability     (78)
Gain on disposal of fixed assets   (12)  
Changes in operating assets and liabilities:      
Accounts receivable (17,463) (6,876) (15,436)
Inventory (477) (76) (197)
Prepaid expenses and other current assets 719 (738) (249)
Accounts payable and accrued expenses 13,419 4,069 12,542
Net change in other operating assets and liabilities (21) (22) (4)
Net cash provided by operating activities 3,375 3,701 2,917
Cash flows provided by (used in) investing activities      
Purchase of equipment and leasehold improvements (215) (234) (176)
Purchase of available-for-sale securities (7,295) (5,623) (6,206)
Redemptions of available-for-sale securities 8,268 4,760 9,255
Net cash provided by (used in) investing activities 758 (1,097) 2,873
Cash flows used in financing activities      
Purchase of treasury stock (1,120) (1,536) (608)
Proceeds from stock option exercises 430 71  
Tax benefit from share-based compensation 224 237 53
Dividends paid (2,991) (2,988) (2,881)
Repayment of capital lease obligations (76) (83) (34)
Net cash used in financing activities (3,533) (4,299) (3,470)
Effect of foreign exchange rate on cash 33 (58) 75
Net increase (decrease) in cash and cash equivalents 633 (1,753) 2,395
Cash and cash equivalents at beginning of year 9,202 10,955 8,560
Cash and cash equivalents at end of year 9,835 9,202 10,955
Supplementary disclosure of cash flow information:      
Income taxes paid 3,339 2,762 2,142
Equipment financed with capital lease     $ 247