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, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,789 $ 5,515
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 62 30
Depreciation and amortization 1,170 996
Share-based compensation expense 882 1,339
Tax benefit from the exercise of stock options 0 (52)
(Gain) loss on sale of property and equipment 68 (1,312)
Deferred income taxes 589 50
Purchase of trading investment securities (177) (112)
Proceeds from sale of trading investment securities 29 55
Realized and unrealized gains (losses) on investments (25) (46)
Foreign exchange (gains) losses (913) 351
Changes in assets and liabilities:    
Accounts receivable (432) (1,411)
Inventories (2,695) (1,989)
Prepaid expenses and other current assets (107) (1,837)
Other assets (792) 74
Accounts payable 2,607 3,010
Accrued volume incentives 2,152 1,539
Accrued liabilities (3,433) (6,707)
Deferred revenue 2,331 (461)
Income taxes payable (364) (268)
Liability related to unrecognized tax benefits (34) 230
Deferred compensation payable 155 80
Net cash provided by (used in) operating activities 2,862 (926)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (1,312) (6,019)
Proceeds from sale of property, plant and equipment 14 1,312
Purchase of investments available for sale 0 (15)
Net cash used in investing activities (1,298) (4,722)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments of cash dividends (1,872) (1,865)
Net borrowings on revolving credit facility 4,835 348
Net proceeds from the exercise of stock options 59 1,640
Payment of withholding taxes related to the vesting of restricted stock units (169) 0
Tax benefit from stock option exercise 0 52
Repurchase of common stock 0 (2,857)
Net cash provided by (used in) financing activities 2,853 (2,682)
Effect of exchange rates on cash and cash equivalents 596 (304)
Net increase (decrease) in cash and cash equivalents 5,013 (8,634)
Cash and cash equivalents at the beginning of the period 41,420 58,699
Cash and cash equivalents at the end of the period 46,433 50,065
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for income taxes 1,474 2,608
Cash paid for interest $ 20 $ 25