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
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net income $ 5,901 $ 5,830 $ 5,760
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 296 253 226
(Benefit) provision for doubtful accounts receivable (73) 13 43
Deferred income tax expense 105 (43) 7
Share-based compensation expense 1,673 1,213 1,305
Loss on disposal of fixed assets 12    
Changes in operating assets and liabilities:      
Accounts receivable (27,939) 1,085 1,740
Inventory (361) (481) (176)
Prepaid expenses and other current assets 42 (72) 1,171
Accounts payable and accrued expenses 19,862 322 (4,333)
Net change in other operating assets and liabilities (34) 65 2
Net cash (used in) provided by operating activities (516) 8,185 5,745
Cash flows used in investing activities      
Purchase of equipment and leasehold improvements (1,040) (200) (311)
Net cash used in investing activities (1,040) (200) (311)
Cash flows used in financing activities      
Purchase of treasury stock (5,404) (4,638) (772)
Proceeds from stock option exercises   574 1,791
Tax benefit from share-based compensation 141 213 716
Dividends paid (3,199) (3,242) (3,230)
Net cash used in financing activities (8,462) (7,093) (1,495)
Effect of foreign exchange rate on cash (281) (193) (424)
Net (decrease) increase in cash and cash equivalents (10,299) 699 3,515
Cash and cash equivalents at beginning of period 23,823 23,124 19,609
Cash and cash equivalents at end of period 13,524 23,823 23,124
Supplementary disclosure of cash flow information:      
Income taxes paid 2,559 $ 3,191 $ 2,431
Leasehold improvements funded with tenant allowance $ 840