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, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities      
Net income $ 5,539 $ 4,421 $ 2,867
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 321 311 291
Amortization expense 4 6 6
Provision for doubtful accounts receivable 161 141 66
Deferred income tax expense 272 273 271
Share-based compensation expense 1,059 1,187 893
Reversal of uncertain tax position liability   (78)  
Gain on disposal of fixed assets (12)    
Changes in operating assets and liabilities:      
Accounts receivable (6,876) (15,436) (8,972)
Inventory (76) (197) 93
Prepaid expenses and other current assets (738) (249) (217)
Accounts payable and accrued expenses 4,069 12,542 5,680
Net change in other operating assets and liabilities (22) (4) 21
Net cash provided by operating activities 3,701 2,917 999
Cash flows provided by (used in) investing activities      
Purchase of equipment and leasehold improvements (234) (176) (179)
Purchase of available-for-sale securities (5,623) (6,206) (10,379)
Redemptions of available-for-sale securities 4,760 9,255 12,138
Net cash provided by (used in) investing activities (1,097) 2,873 1,580
Cash flows used in financing activities      
Purchase of treasury stock (1,536) (608) (718)
Proceeds from stock option exercises 71    
Tax benefit (expense) from share- based compensation 237 53 (51)
Dividends paid (2,988) (2,881) (2,813)
Repayment of capital lease obligations (83) (34)  
Net cash used in financing activities (4,299) (3,470) (3,582)
Effect of foreign exchange rate on cash (58) 75 214
Net increase (decrease) in cash and cash equivalents (1,753) 2,395 (789)
Cash and cash equivalents at beginning of year 10,955 8,560 9,349
Cash and cash equivalents at end of year 9,202 10,955 8,560
Supplementary disclosure of cash flow information:      
Income taxes paid 2,762 2,142 1,995
Equipment financed with capital lease   $ 247