Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jul. 01, 2017
Jul. 02, 2016
Operating activities:    
Net income (loss) $ 3,858 $ (2,811)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 609 634
Amortization of debt issuance costs 135 89
Stock based compensation expense 32 141
Gain on sale of property (5,163) 0
Change in reserve for uncollectible accounts receivable (27) 0
Change in reserve for inventory obsolescence 32 0
Change in deferred income taxes 594 439
Other (291) (37)
Changes in assets and liabilities:    
Trade and other receivables 1,777 4,917
Prepaid expenses and other currrent assets (1,566) (145)
Inventories 3,697 801
Accounts payable and accrued expenses (1,605) 744
Accrued income taxes 1,216 885
Net cash provided by operating activities 3,298 5,657
Investing activities:    
Purchases of property and equipment (104) (193)
Proceeds from sale of property and equipment, net 6,785 0
Increase in restricted cash (798) 0
Other 0 (3)
Net cash provided by (used in) investing activities 5,883 (196)
Financing activities:    
Net payments under line of credit - PNC Bank (10,333) (4,882)
Net borrowing under the line of credit - MidCap Financial Trust 1,066 0
Proceeds from issuance of long term debt obligations 1,070 100
Payment of debt issuance costs (344) (125)
Payments on debt obligations (1,427) (307)
Net cash used in financing activities (9,968) (5,214)
Effect of changes in exchange rate on cash and cash equivalents 10 33
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (777) 280
CASH AND CASH EQUIVALENTS, beginning of period 968 1,969
CASH AND CASH EQUIVALENTS, end of period 191 2,249
Supplemental cash flow disclosures:    
Interest paid 304 213
Income taxes refunded (paid) (48) 871
Noncash financing and investing activities:    
Debt issuance costs related to credit agreement renewal $ 0 $ 63