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, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash Flows from Operating Activities      
Net Income $ 27,266 $ 21,874 $ 21,591
Adjustments to Reconcile Net Income to Cash Provided By Operating Activities, Excluding the Effects of Acquisitions:      
Impairment Loss     2,500
Depreciation and Amortization 11,059 6,905 4,943
Provision for Non-Cash Losses on Inventory and Receivables 216 1,632 802
Stock Compensation Expense 1,384 1,351 1,061
Deferred Tax Expense (Benefit) (722) (1,544) 423
Other (578) 154 (220)
Cash Flows from Changes in Operating Assets and Liabilities:      
Accounts Receivable 3,493 (8,097) (3,042)
Inventories (5,222) (9,330) (883)
Prepaid Expenses 380 335 291
Accounts Payable 5,831 (537) (349)
Accrued Expenses 3,520 3,374 638
Income Taxes Payable 2,271 669 (404)
Customer Advanced Payments and Deferred Revenue (359) 6,490 1,943
Billings in Excess of Recoverable Costs and Accrued Profits on Uncompleted Contracts (188) (76) (1,255)
Supplemental Retirement Plan and Other Liabilities 1,198 978 (131)
Cash Provided By Operating Activities 49,549 24,178 27,908
Cash Flows from Investing Activities      
Acquisition of Business (159,761) (10,659) (23,926)
Capital Expenditures (6,868) (16,720) (14,281)
Other     75
Cash Used For Investing Activities (166,629) (27,379) (38,132)
Cash Flows from Financing Activities      
Proceeds From Term Note 190,000    
Principal Payments on Long-term Debt (19,498) (10,307) (5,302)
Proceeds from Note Payable   10,000  
Payments on Note Payable (7,000) (3,000)  
Payment of Contingent Consideration (81)    
Debt Acquisition Costs (2,288)   (143)
Proceeds from Exercise of Stock Options 1,922 1,714 2,266
Income Tax Benefit from Exercise of Stock Options 1,198 1,252 1,614
Cash Provided By (Used For) Financing Activities 164,253 (341) (1,565)
Effect of Exchange Rates on Cash 82 3 (1)
Increase (Decrease) in Cash and Cash Equivalents 47,255 (3,539) (11,790)
Cash and Cash Equivalents at Beginning of Year 7,380 10,919 22,709
Cash and Cash Equivalents at End of Year 54,635 7,380 10,919
Supplemental Cash Flow Information:      
Interest Paid 3,543 1,068 1,900
Income Taxes Paid, net of refunds 8,025 9,330 5,785
Value of Shares Issued as Consideration for Acquisition $ 13,473