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, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash Flows from Operating Activities      
Net Income (Loss) $ 21,591 $ 14,948 $ (3,802)
Adjustments to Reconcile Net Income (Loss) to Cash Provided By Operating Activities:      
Impairment Loss 2,500   19,381
Depreciation and Amortization 4,943 4,881 7,342
Provision for Non-Cash Losses on Inventory and Receivables 802 1,134 1,014
Stock Compensation Expense 1,061 884 773
Deferred Tax Expense (Benefit) 423 1,385 (7,914)
Fair Value Adjustment to Contingent Note Payable 0   (1,000)
Other (220) 67 (109)
Cash Flows from Changes in Operating Assets and Liabilities:      
Accounts Receivable (3,042) (290) 12,407
Inventories (883) (6,891) 6,185
Prepaid Expenses 291 (650) 220
Accounts Payable (349) 3,156 (6,061)
Accrued Expenses 638 318 943
Customer Advanced Payments and Deferred Revenue 1,943 (1,099) (285)
Billings in Excess of Recoverable Costs and Accrued Profits on Uncompleted Contracts (1,255) (660) 900
Income Taxes Payable (404) (347) 859
Supplemental Retirement Plan and Other Liabilities (131) (333) 235
Cash Provided By Operating Activities 27,908 16,503 31,088
Cash Flows from Investing Activities      
Acquisition of Business (23,926)   (40,655)
Capital Expenditures (14,281) (3,568) (2,466)
Proceeds From Sale of Fixed Assets     425
Other 75 (46) (6)
Cash Used For Investing Activities (38,132) (3,614) (42,702)
Cash Flows from Financing Activities      
Proceeds from Long-term Debt     40,000
Principal Payments on Long-term Debt (5,302) (6,245) (14,965)
Proceeds from Note Payable     4,176
Payments on Note Payable     (4,176)
Debt Acquisition Costs (143)   (1,682)
Use of (Unexpended) Industrial Revenue Bond Proceeds     136
Proceeds from Exercise of Stock Options 2,266 1,092 16
Income Tax Benefit from Exercise of Stock Options 1,614 22 15
Cash (Used for) Provided By Financing Activities (1,565) (5,131) 23,520
Effect of Exchange Rates on Cash (1) 2 5
(Decrease) Increase in Cash and Cash Equivalents (11,790) 7,760 11,911
Cash and Cash Equivalents at Beginning of Year 22,709 14,949 3,038
Cash and Cash Equivalents at End of Year 10,919 22,709 14,949
Noncash Investing and Financing Activities :      
Subordinated Debt Issued For Acquisition     6,000
Treasury Stock Issued For Acquisition     3,585
Disclosure of Cash Payments for:      
Interest 1,900 2,604 2,335
Income Taxes, net $ 5,785 $ 5,812 $ 3,125