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
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net income $ 2,592 $ 2,555
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 233 108
Deferred income tax (benefit) expense (28) 33
Share-based compensation expense 703 839
(Benefit) provision for doubtful accounts receivable (54)  
Changes in operating assets and liabilities:    
Accounts receivable 19,769 (985)
Inventory (20) (165)
Prepaid expenses and other current assets (259) (276)
Accounts payable and accrued expenses (22,660) 2,610
Other assets (104) (50)
Net cash provided by operating activities 172 4,669
Cash flows used in investing activities    
Purchase of equipment and leasehold improvements (285) (210)
Net cash used in investing activities (285) (210)
Cash flows used in financing activities    
Purchase of treasury stock (2,376) (1,959)
Tax benefit from share-based compensation   78
Dividends paid (1,539) (1,621)
Net cash used in financing activities (3,915) (3,502)
Effect of foreign exchange rate on cash 233 (204)
Net (decrease) increase in cash and cash equivalents (3,795) 753
Cash and cash equivalents at beginning of period 13,524 23,823
Cash and cash equivalents at end of period 9,729 24,576
Supplementary disclosure of cash flow information:    
Income taxes paid $ 1,359 $ 1,207