| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net (loss) earnings | ||||||||||
-8,743 | 20,709 | -11,897 | -64,834 | 19,197 | 8,603 | 15,908 | 2,373 | 3,764 | 13,649 | -8,310 |
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operating activities: | ||||||||||
Impairment of goodwill | ||||||||||
8,891 | - | - | 105,972 | 0 | 0 | - | - | - | - | - |
Depreciation and amortization | ||||||||||
16,471 | 18,207 | 20,718 | 21,778 | 23,009 | 20,367 | 12,382 | 9,113 | 8,667 | 8,836 | 6,778 |
Stock-based compensation | ||||||||||
2,888 | 2,835 | 3,030 | 2,817 | 2,815 | 2,717 | 1,879 | 1,767 | 1,709 | 2,200 | 1,731 |
Impairment/loss on disposal of assets related to restructuring | ||||||||||
- | - | - | - | - | - | - | 1,389 | 0 | 0 | 12,875 |
Impairment of investment | ||||||||||
- | - | - | - | - | - | - | 775 | 0 | 0 | - |
Realized gain on sale of investment | ||||||||||
- | - | - | - | - | - | - | - | 119 | 0 | 7,129 |
Amortization of deferred financing costs | ||||||||||
466 | 531 | 2,259 | 1,804 | 1,432 | 699 | 0 | 0 | - | - | - |
Deferred income taxes | ||||||||||
-2,172 | 2,490 | -315 | -6,401 | -356 | -2,691 | -877 | -1,234 | 683 | 725 | 4,004 |
Changes in operating assets and liabilities (see page 6) | ||||||||||
- | - | - | - | - | - | - | - | -14,542 | 18,136 | -23,095 |
Net unrealized gains/losses on foreign currency revaluation | ||||||||||
110 | 2,663 | -2,770 | 3,063 | 5,095 | 4,313 | - | - | - | - | - |
(Gain) loss on disposal of property, plant and equipment | ||||||||||
4,194 | -141 | -109 | 2,583 | -426 | -273 | - | - | 93 | 352 | 4,693 |
Other, net | ||||||||||
-1,522 | -795 | -1,897 | -864 | -3,209 | -389 | -407 | -422 | -1,114 | -715 | -807 |
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable, net | ||||||||||
-19,298 | 13,004 | 2,948 | -10,803 | -12,187 | -1,382 | 8,025 | -260 | -14,172 | 12,164 | 11,297 |
Unbilled receivables | ||||||||||
519 | 1,263 | 0 | - | - | - | - | - | - | - | - |
Inventories | ||||||||||
-17,087 | 24,735 | 6,160 | 2,794 | -12,951 | -9,121 | 6,538 | 343 | -3,561 | 17,648 | 14,763 |
Other current assets | ||||||||||
2,292 | -966 | 2,423 | 670 | -846 | -693 | -1,702 | -273 | - | - | - |
Other assets | ||||||||||
1,392 | -922 | - | - | - | - | - | - | - | - | - |
Decrease (increase) in prepaid expenses and other current assets | ||||||||||
- | - | - | - | - | - | - | - | 1,746 | 833 | -92 |
Other assets | ||||||||||
- | - | 1,621 | -297 | -2,161 | 450 | 62 | 230 | 140 | 13 | 76 |
Accounts payable | ||||||||||
-15,105 | 8,995 | -1,426 | -588 | -10,022 | -3,890 | 1,485 | 1,422 | 2,683 | -1,716 | -2,905 |
Accrued expenses | ||||||||||
-5,875 | 1,911 | -1,861 | -6,120 | -3,113 | -10,170 | -7,670 | -553 | -501 | -12,120 | 2,047 |
Other operating assets/liabilities, net | ||||||||||
8,178 | -15,708 | -16,566 | 16,565 | 295 | 423 | 165 | 11 | 0 | 0 | - |
Accrued restructuring costs | ||||||||||
- | - | - | - | - | - | - | -122 | 507 | 157 | 297 |
Income taxes payable | ||||||||||
-9,949 | 8,968 | 5,422 | -2,114 | 6,437 | -696 | -175 | 1,674 | -1,384 | 1,157 | 3,510 |
Changes in operating assets and liabilities | ||||||||||
- | - | - | - | - | - | - | - | -14,542 | 18,136 | -23,095 |
Net cash provided by (used in) operating activities | ||||||||||
24,450 | 10,097 | 24,120 | 38,603 | 65,789 | 22,457 | 10,581 | 11,609 | 30,267 | 7,637 | 29,158 |
Cash flows from investing activities: | ||||||||||
Purchases of property, plant and equipment | ||||||||||
9,891 | 11,594 | 6,425 | 8,223 | 9,891 | 9,042 | 6,940 | 4,744 | 2,928 | 2,427 | 2,357 |
Payment for acquisitions, net of cash acquired | ||||||||||
29,003 | 2,177 | 0 | - | - | 208,693 | 30,994 | 19,410 | 0 | 40,424 | 454 |
Proceeds from surrender of company owned life insurance | ||||||||||
- | 433 | 0 | - | - | 5,756 | 0 | 0 | - | - | - |
Cash transferred from (to) restricted cash | ||||||||||
- | - | - | - | - | - | -12,993 | 0 | 12,830 | -250 | 250 |
Purchase of company owned life insurance | ||||||||||
- | 433 | 0 | 2,164 | 2,820 | 2,820 | 2,820 | 0 | 2,406 | -3,428 | -1,518 |
Proceeds from sale of marketable securities within rabbi trust | ||||||||||
- | 1,348 | 0 | 2,164 | 2,820 | 0 | 2,820 | 5,119 | 433 | 0 | 20,592 |
Purchase of intangible asset | ||||||||||
- | - | - | - | - | - | 1,336 | 0 | 0 | - | 99 |
Purchase of marketable securities within rabbi trust | ||||||||||
- | 1,348 | 0 | - | - | 2,936 | 0 | 24 | 5,135 | 6,190 | 3,545 |
Proceeds from disposal/sale of property, plant and equipment | ||||||||||
5,807 | 77 | 76 | 5,839 | 77 | 65 | 96 | 193 | 386 | 606 | 2,639 |
Redemption of investment | ||||||||||
- | - | - | - | - | - | - | - | - | - | 5,286 |
Net cash used in investing activities | ||||||||||
-33,087 | -13,694 | -6,349 | -2,384 | -9,814 | -217,670 | -26,181 | -18,866 | -22,480 | -44,757 | 23,330 |
Cash flows from financing activities: | ||||||||||
Dividends paid to common stockholders | ||||||||||
3,352 | 3,295 | 3,281 | 3,245 | 3,238 | 3,160 | 3,111 | 3,225 | 3,205 | 3,181 | 3,137 |
Borrowings under revolving credit line | ||||||||||
44,000 | 7,500 | 6,000 | 0 | 12,500 | 23,000 | 12,000 | 0 | 0 | - | - |
Repayments of revolving credit line | ||||||||||
12,000 | 7,500 | - | - | - | - | - | - | - | - | - |
Deferred financing costs | ||||||||||
- | - | 2,012 | 718 | 15 | 5,756 | 0 | 0 | - | - | - |
Repayments under revolving credit line | ||||||||||
- | - | 6,000 | 0 | 35,500 | 12,000 | 0 | 0 | - | - | - |
Reduction in notes payable | ||||||||||
-2,974 | -9,012 | -225 | -126 | -123 | -161 | 506 | -17 | - | - | - |
Proceeds from long-term debt | ||||||||||
- | - | 125,000 | 0 | 0 | 215,000 | 0 | 0 | - | - | - |
Repayments of long-term debt | ||||||||||
- | - | 143,799 | 43,389 | 22,438 | 5,375 | 0 | 0 | - | - | - |
Proceeds or Repayments of Notes Payable | ||||||||||
- | - | - | - | - | - | - | - | 0 | - | - |
Decrease in notes payable | ||||||||||
- | - | - | - | - | - | - | - | - | 0 | - |
Purchase and retirement of Class A common stock | ||||||||||
448 | - | - | - | - | - | 3,356 | 6,644 | 0 | 0 | 92 |
Net cash used in financing activities | ||||||||||
25,226 | -12,307 | -24,317 | -47,478 | -48,814 | 211,548 | 6,039 | -9,886 | -3,205 | -3,181 | -3,229 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
1,789 | 461 | 2,489 | -370 | 741 | -1,320 | 422 | 164 | -170 | -101 | 17 |
Net decrease in cash and cash equivalents | ||||||||||
18,378 | -15,443 | -4,057 | -11,629 | 7,902 | 15,015 | -9,139 | -16,979 | 4,412 | -40,402 | 49,276 |
Supplementary information: | ||||||||||
Income taxes, net of refunds received | ||||||||||
4,686 | 7,483 | 756 | 2,459 | 580 | 4,686 | -474 | 1,464 | 1,947 | 2,172 | 1,909 |
Interest payments | ||||||||||
4,850 | 4,775 | 4,353 | 4,843 | 6,153 | 3,210 | 156 | 16 | 0 | 15 | -2 |
Fair value of identifiable net assets acquired | ||||||||||
- | - | - | - | - | 130,747 | 34,541 | 13,336 | 0 | 38,132 | 25 |
Goodwill | ||||||||||
- | - | - | - | - | 105,402 | 4,812 | 9,065 | 0 | 2,349 | 468 |
Fair value of net assets acquired | ||||||||||
- | - | - | - | - | 236,149 | 39,353 | 22,401 | 0 | 40,481 | 493 |
Deferred consideration | ||||||||||
- | - | - | - | - | - | - | - | - | - | 39 |
Cash paid for acquisitions, net of cash acquired | ||||||||||
29,003 | 2,177 | 0 | - | - | 208,693 | 30,994 | 19,410 | 0 | 40,424 | 454 |
BCMZ Precision Engineering Limited [Member] | ||||||||||
Payment for acquisitions, net of cash acquired | ||||||||||
29,003 | 2,177 | 0 | - | - | - | - | - | - | - | - |
Fair value of consideration transferred | ||||||||||
29,196 | 2,588 | 0 | - | - | 236,149 | 39,353 | 22,401 | 0 | 40,481 | 493 |
Less: Cash acquired in acquisitions | ||||||||||
193 | 411 | 0 | - | - | 27,456 | 8,359 | 2,991 | 0 | 57 | 0 |
Cash paid for acquisitions, net of cash acquired | ||||||||||
29,003 | 2,177 | 0 | - | - | - | - | - | - | - | - |