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, 2015
Sep. 30, 2014
Cash flows from operating activities    
Net income $ 4,218 $ 3,911
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 188 167
Deferred income tax expense (benefit) 67 (52)
Provision for doubtful accounts receivable 6 43
Share-based compensation expense 797 853
Changes in operating assets and liabilities:    
Accounts receivable 4,686 (1,080)
Inventory (531) (99)
Prepaid expenses and other current assets (176) 1,266
Accounts payable and accrued expenses (6,642) (8,262)
Other assets 55 (8)
Net cash provided by (used in) operating activities 2,668 (3,261)
Cash flows used in investing activities    
Purchase of equipment and leasehold improvements (164) (197)
Net cash used in investing activities (164) (197)
Cash flows used in financing activities    
Dividends paid (2,446) (2,407)
Purchase of treasury stock (3,916) (456)
Tax benefit from share-based compensation 172 713
Proceeds from stock option exercises 574 1,791
Net cash used in financing activities (5,616) (359)
Effect of foreign exchange rate on cash (405) (186)
Net decrease in cash and cash equivalents (3,517) (4,003)
Cash and cash equivalents at beginning of period 23,124  
Cash and cash equivalents at end of period 19,607 15,606
Supplementary disclosure of cash flow information:    
Income taxes paid $ 2,347 $ 1,693