Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net Loss $ (26,421,000) $ (35,747,000) $ (25,578,000)
Adjustments to Reconcile Net Loss to Cash Flows from Operating Activities:      
Depreciation and Amortization 26,104,000 27,777,000 29,005,000
Amortization of Deferred Financing Fees 3,023,000 0 0
Provisions for Non-Cash Losses on Inventory and Receivables 16,003,000 3,415,000 3,942,000
Equity-based Compensation Expense 7,198,000 6,497,000 6,460,000
Deferred Tax Expense (Benefit) 146,000 19,000 (441,000)
Operating Lease Non-cash Expense 5,088,000 6,028,000 5,198,000
Net Gain on Sales of Assets 0 0 (5,083,000)
Contingent Consideration Liability Fair Value Adjustment 0 0 (2,200,000)
Non-cash Accrued 401K Contribution 5,106,000 4,512,000 4,199,000
Non-cash Accrued Stock Bonus Expense 4,249,000 0 0
Net Gain on Sale of Business, Before Taxes (3,427,000) (11,284,000) (10,677,000)
Non-cash Litigation Provision Adjustment (1,305,000) 500,000 8,374,000
Non-cash Deferred Liability Recovery (5,824,000) 0 0
Other 1,913,000 3,086,000 4,179,000
Changes in Operating Assets and Liabilities:      
Accounts Receivable (31,872,000) (41,646,000) (14,832,000)
Inventories (13,283,000) (34,058,000) (5,150,000)
Accounts Payable (4,495,000) 27,843,000 8,610,000
Accrued Expenses 4,634,000 1,193,000 (5,344,000)
Income Taxes (1,949,000) 16,134,000 156,000
Customer Advanced Payments and Deferred Revenue (4,835,000) 5,264,000 (235,000)
Operating Lease Liabilities (4,880,000) (7,295,000) (6,036,000)
Supplemental Retirement Plan Liabilities (408,000) (405,000) (404,000)
Other Assets and Liabilities 1,285,000 (145,000) 327,000
Net Cash from Operating Activities (23,950,000) (28,312,000) (5,530,000)
Cash Flows from Investing Activities      
Proceeds from Sale of Businesses and Assets 3,537,000 22,061,000 9,213,000
Capital Expenditures (7,643,000) (7,675,000) (6,034,000)
Net Cash from Investing Activities (4,106,000) 14,386,000 3,179,000
Cash Flows from Financing Activities      
Proceeds from Long-term Debt 139,732,000 125,825,000 20,000,000
Principal Payments on Long-term Debt (131,233,000) (124,825,000) (30,000,000)
Stock Award and Employee Stock Purchase Plan (“ESPP”) activity 2,476,000 97,000 3,396,000
Proceeds from At-the-Market (“ATM”) Stock Sales 21,269,000 0 0
Finance Lease Principal Payments (47,000) (93,000) (901,000)
Debt Acquisition Costs (6,762,000) (2,416,000) 0
Net Cash from Financing Activities 25,435,000 (1,412,000) (7,505,000)
Effect of Exchange Rates on Cash 156,000 (641,000) (799,000)
Decrease in Cash and Cash Equivalents and Restricted Cash (2,465,000) (15,979,000) (10,655,000)
Cash and Cash Equivalents and Restricted Cash at Beginning of Year 13,778,000 29,757,000 40,412,000
Cash and Cash Equivalents and Restricted Cash at End of Year 11,313,000 13,778,000 29,757,000
Supplemental Disclosure of Cash Flow Information      
Interest Paid 17,689,000 7,605,000 5,951,000
Income Taxes Paid (Refunded), Net of (Refunds) Payments $ 1,964,000 $ (9,978,000) $ (1,250,000)