Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income $ 1,319 $ 1,029
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 114 54
Deferred income tax (benefit) expense (39) 8
Share-based compensation expense 347 399
Changes in operating assets and liabilities:    
Accounts receivable 14,752 4,332
Inventory (136) (418)
Prepaid expenses and other current assets 71 (143)
Accounts payable and accrued expenses (16,142) (2,901)
Other assets (113) (58)
Net cash provided by operating activities 173 2,302
Cash flows used in investing activities    
Purchase of equipment and leasehold improvements (174) (24)
Net cash used in investing activities (174) (24)
Cash flows used in financing activities    
Purchase of treasury stock (1,726) (910)
Tax benefit from share-based compensation   44
Dividends paid (777) (816)
Net cash used in financing activities (2,503) (1,682)
Effect of foreign exchange rate on cash 70 (129)
Net (decrease) increase in cash and cash equivalents (2,434) 467
Cash and cash equivalents at beginning of period 13,524 23,823
Cash and cash equivalents at end of period 11,090 24,290
Supplementary disclosure of cash flow information:    
Income taxes paid $ 21 $ 313