CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31,
(IN THOUSANDS) 2003 2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 5,057 $ 2,589 $ 9,754
Adjustments to reconcile net income to net cash provided by operating activities:
Cumulative effect of accounting change, net of tax — 1,641 —
Gain on disposal of discontinued operations (165) (165) (5,492)
Depreciation and amortization 4,746 4,384 4,569
Deferred income taxes 1,639 366 316
Tax benefit related to stock plans 515 82 1,238
Other 34 127 (428)
11,826 9,024 9,957
Changes in operating assets and liabilities:
Accounts receivable 495 838 (384)
Inventories (1,003) 803 (1,004)
Prepaid expenses 379 (810) (888)
Other non-current assets 8 (240) 301
Accounts payable and accrued liabilities 1,008 (307) 934
Accrued income and other taxes (208) 750 (78)
Other non-current liabilities 199 (190) (135)
Net cash provided by continuing operations 12,704 9,868 8,703
Net cash provided by discontinued operations 165 165 165
12,869 10,033 8,868
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment additions (4,215) (3,279) (2,808)
Patent sale — — 428
(4,215) (3,279) (2,380)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in line of credit (6,050) (6,788) 9,725
Issuance of treasury stock 2,656 409 1,778
Purchase of treasury stock (4,909) (564) (17,608)
Dividends paid (406) — —
(8,709) (6,943) (6,105)
NET CHANGE IN CASH AND CASH EQUIVALENTS (55) (189) 383
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 353 542 159
CASH AND CASH EQUIVALENTS, END OF YEAR $ 298 $ 353 $ 542
CASH PAID FOR:
Interest $ 207 $ 418 $ 272
Income taxes (net of refunds) 554 (340) 1,217
The accompanying notes are an integral part of these statements.
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