Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,863 $ 1,789
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts (22) 62
Depreciation and amortization 1,451 1,170
Share-based compensation expense 778 882
Loss on sale of property and equipment (16) 68
Deferred income taxes 263 589
Purchase of trading investment securities (266) (177)
Proceeds from sale of trading investment securities 33 29
Realized and unrealized losses on investments (49) (25)
Foreign exchange gains (1,303) (913)
Changes in assets and liabilities:    
Accounts receivable (926) (432)
Inventories (850) (2,695)
Prepaid expenses and other current assets (186) (107)
Other assets 88 (792)
Accounts payable 346 2,607
Accrued volume incentives and service fees 2,471 2,152
Accrued liabilities (3,466) (3,433)
Deferred revenue 293 2,331
Income taxes payable (70) (364)
Liability related to unrecognized tax benefits 59 (34)
Deferred compensation payable 283 155
Net cash provided by operating activities 774 2,862
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (2,711) (1,312)
Proceeds from sale of property, plant and equipment 522 14
Net cash used in investing activities (2,189) (1,298)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments of cash dividends (1,886) (1,872)
Net borrowings on revolving credit facility 3,341 4,835
Net proceeds from the exercise of stock options 0 59
Payment of withholding taxes related to the vesting of restricted stock units (512) (169)
Net cash provided by financing activities 943 2,853
Effect of exchange rates on cash and cash equivalents 1,248 596
Net increase in cash and cash equivalents 776 5,013
Cash and cash equivalents at the beginning of the period 32,284 41,420
Cash and cash equivalents at the end of the period 33,060 46,433
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for income taxes 1,180 1,474
Cash paid for interest $ 94 $ 20