| |
| Consolidated
Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In
thousands) |
|
|
|
Year
Ended December 31,
|
| |
|
|
|
2002
|
|
|
2001
|
|
|
2000
|
|
|
| Operating
activities |
|
|
| Net
income |
|
|
$
|
41,303 |
|
$ |
35,444 |
|
$ |
28,076 |
|
| Adjustments
to reconcile net income
to net cash provided by |
|
|
| operating
activities |
|
|
| Depreciation
and amortization |
|
|
|
6,842
|
|
|
8,107 |
|
|
5,131 |
|
| Provision
for doubtful accounts receivable,
net of write-offs |
|
|
|
522
|
|
|
(71 |
) |
|
(221 |
) |
| Provision
for inventory obsolescence,
net of write-offs |
|
|
|
(821
|
)
|
|
(971 |
) |
|
1,484 |
|
| Provision
for deferred income taxes
(benefit) |
|
|
|
5,937
|
|
|
1,380 |
|
|
(988 |
) |
| Loss
on sale of property and
equipment |
|
|
|
70
|
|
|
4 |
|
|
71 |
|
| Changes
in operating assets and
liabilities, net of effects |
|
|
| of
acquisitions |
|
|
| Receivables |
|
|
|
6,086
|
|
|
5,678 |
|
|
(6,036 |
) |
| Product
inventories |
|
|
|
16,635
|
|
|
(34,912 |
) |
|
(23,195 |
) |
| Prepaid
expenses and other assets |
|
|
|
1,312
|
|
|
(3,601 |
) |
|
102 |
|
| Accounts
payable |
|
|
|
(18,306
|
)
|
|
15,203 |
|
|
11,816 |
|
| Accrued
expenses and other current
liabilities |
|
|
|
(421
|
)
|
|
492 |
|
|
2,063 |
|
|
| Net
cash provided by operating
activities |
|
|
|
59,159
|
|
|
26,753 |
|
|
18,303 |
|
| |
|
|
| Investing
activities |
|
|
| Acquisition
of businesses, net of cash
acquired |
|
|
|
(45,350
|
)
|
|
(50,684 |
) |
|
(24,879 |
) |
| Purchase
of property and equipment |
|
|
|
(6,430
|
)
|
|
(6,325 |
) |
|
(4,289 |
) |
| Proceeds
from sale of property and
equipment |
|
|
|
14
|
|
|
52 |
|
|
27 |
|
|
| Net
cash used in investing activities |
|
|
|
(51,766
|
)
|
|
(56,957 |
) |
|
(29,141 |
) |
| |
|
|
| Financing
activities |
|
|
| Net
borrowings from revolving
loan |
|
|
|
40,175
|
|
|
52,350 |
|
|
16,975 |
|
| Payments
on long-term debt |
|
|
|
—
|
|
|
(8,250 |
) |
|
(3,750 |
) |
| Issuance
of common stock |
|
|
|
1,110
|
|
|
3,125 |
|
|
1,799 |
|
| Purchase
of treasury stock |
|
|
|
(47,504
|
)
|
|
(16,958 |
) |
|
(4,377 |
) |
|
| Net
cash provided by (used in)
financing activities |
|
|
|
(6,219
|
)
|
|
30,267 |
|
|
10,647 |
|
| Effect
of exchange rate changes
on cash |
|
|
|
434
|
|
|
30 |
|
|
(336 |
) |
|
| Change
in cash and cash equivalents |
|
|
|
1,608
|
|
|
93 |
|
|
(527 |
) |
| Cash
and cash equivalents at
beginning of year |
|
|
|
3,524
|
|
|
3,431 |
|
|
3,958 |
|
|
| Cash
and cash equivalents at
end of year |
|
|
$
|
5,132 |
|
$ |
3,524 |
|
$ |
3,431 |
|
| |
|
|
| Supplemental
cash flow information
|
|
|
| Cash
paid during the year for |
|
|
| Interest |
|
|
$
|
4,282 |
|
$ |
4,659 |
|
$ |
3,426 |
|
| Income
taxes, net of refunds |
|
|
|
18,738
|
|
|
18,399 |
|
|
18,405 |
|
| Non
cash financing and investing
transactions |
|
|
| Convertible
note exchanged for stock |
|
|
|
91
|
|
|
— |
|
|
— |
|
|
The accompanying Notes are an integral part
of these Consolidated Financial Statements.
5
|
|
