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
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Net income $ 1,799 $ 3,935
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 358 359
(Benefit) for doubtful accounts receivable   (95)
Deferred income tax expense 7 181
Share-based compensation expense 2,618 1,026
Loss on disposal of fixed assets 22  
Changes in operating assets and liabilities:    
Accounts receivable (4,147) 21,101
Inventory 1,029 (69)
Prepaid expenses and other current assets 24 169
Vendor prepayments 2,867 (7,471)
Accounts payable and accrued expenses 163 (25,405)
Other assets and liabilities (109) (96)
Net cash provided by (used in) operating activities 4,631 (6,365)
Cash flows used in investing activities    
Purchase of equipment and leasehold improvements (243) (339)
Net cash used in investing activities (243) (339)
Cash flows used in financing activities    
Purchase of treasury stock (1,018) (2,841)
Borrowings under revolving credit facility 10,000 2,000
Repayment of borrowings under revolving credit facility (10,000)  
Dividends paid (2,301) (2,298)
Net cash used in financing activities (3,319) (3,139)
Effect of foreign exchange rate on cash (135) 384
Net increase (decrease) in cash and cash equivalents 934 (9,459)
Cash and cash equivalents at beginning of period 5,530 13,524
Cash and cash equivalents at end of period 6,464 4,065
Supplementary disclosure of cash flow information:    
Income taxes paid $ 1,779 $ 1,944