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, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities      
Net income $ 5,062 $ 5,901 $ 5,830
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation and amortization expense 477 296 253
(Benefit) provision for doubtful accounts receivable (95) (73) 13
Deferred income tax expense 278 105 (43)
Share-based compensation expense 1,512 1,673 1,213
Loss on disposal of fixed assets   12  
Changes in operating assets and liabilities:      
Accounts receivable 10,710 (27,939) 1,085
Inventory (461) (361) (481)
Prepaid expenses and other current assets (35) 42 (72)
Vendor prepayments (6,837)    
Accounts payable and accrued expenses (12,507) 19,862 322
Other assets (125) (34) 65
Net cash (used in) provided by operating activities (2,021) (516) 8,185
Cash flows used in investing activities      
Purchase of equipment and leasehold improvements (359) (1,040) (200)
Net cash used in investing activities (359) (1,040) (200)
Cash flows used in financing activities      
Purchase of treasury stock (2,954) (5,404) (4,638)
Proceeds from stock option exercise     574
Tax benefit from share-based compensation   141 213
Dividends paid (3,055) (3,199) (3,242)
Net cash used in financing activities (6,009) (8,462) (7,093)
Effect of foreign exchange rate on cash 395 (281) (193)
Net (decrease) increase in cash and cash equivalents (7,994) (10,299) 699
Cash and cash equivalents at beginning of year 13,524 23,823 23,124
Cash and cash equivalents at end of year 5,530 13,524 23,823
Supplementary disclosure of cash flow information:      
Income taxes paid $ 2,437 2,559 $ 3,191
Leasehold improvements funded by tenant allowance   $ 840