Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities      
Net income $ 6,393 $ 5,489 $ 5,539
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 274 302 325
Provision for doubtful accounts receivable 188 272 161
Deferred income tax expense 82 64 272
Share-based compensation expense 1,127 1,071 1,059
Gain on disposal of fixed assets     (12)
Changes in operating assets and liabilities:      
Accounts receivable 1,975 (17,463) (6,876)
Inventory 402 (477) (76)
Prepaid expenses and other current assets (840) 719 (738)
Accounts payable and accrued expenses 827 13,419 4,069
Net change in other operating assets and liabilities (90) (21) (22)
Net cash provided by operating activities 10,338 3,375 3,701
Cash flows provided by (used in) investing activities      
Purchase of equipment and leasehold improvements (219) (215) (234)
Purchase of available-for-sale securities (920) (7,295) (5,623)
Redemptions of available-for-sale securities 5,342 8,268 4,760
Net cash provided by (used in) investing activities 4,203 758 (1,097)
Cash flows used in financing activities      
Purchase of treasury stock (2,056) (1,120) (1,536)
Proceeds from stock option exercises 201 430 71
Tax benefit from share-based compensation 163 224 237
Dividends paid (3,014) (2,991) (2,988)
Repayment of capital lease obligations (55) (76) (83)
Net cash used in financing activities (4,761) (3,533) (4,299)
Effect of foreign exchange rate on cash (6) 33 (58)
Net increase (decrease) in cash and cash equivalents 9,774 633 (1,753)
Cash and cash equivalents at beginning of year 9,835 9,202 10,955
Cash and cash equivalents at end of year 19,609 9,835 9,202
Supplementary disclosure of cash flow information:      
Income taxes paid $ 2,980 $ 3,339 $ 2,762