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
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net income $ 3,935 $ 3,929
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization expense 359 192
Deferred income tax expense 181 32
Share-based compensation expense 1,026 1,168
Benefit for doubtful accounts receivable (95) (57)
Changes in operating assets and liabilities:    
Accounts receivable 21,101 (2,271)
Inventory (69) 62
Prepaid expenses and other current assets 169 (204)
Vendor prepayments (7,471)  
Accounts payable and accrued expenses (25,405) 1,312
Other assets (96) (45)
Net cash (used in) provided by operating activities (6,365) 4,118
Cash flows used in investing activities    
Purchase of equipment and leasehold improvements (339) (779)
Net cash used in investing activities (339) (779)
Cash flows used in financing activities    
Purchase of treasury stock (2,841) (3,612)
Tax benefit from share-based compensation   115
Dividends paid (2,298) (2,420)
Net borrowings under revolving credit facility 2,000  
Net cash used in financing activities (3,139) (5,917)
Effect of foreign exchange rate on cash 384 (287)
Net decrease in cash and cash equivalents (9,459) (2,865)
Cash and cash equivalents at beginning of period 13,524 23,823
Cash and cash equivalents at end of period 4,065 20,958
Supplementary disclosure of cash flow information:    
Income taxes paid $ 1,944 1,915
Leasehold improvements funded by tenant allowance   $ 840