Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Jan. 02, 2016
Dec. 27, 2014
Cash flows from operating activities:      
Net income $ 23,304 $ 33,138 $ 43,775
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 11,318 9,557 8,718
Loss (Gain) on disposal of assets 329 (171) 171
Stock-based compensation expense 4,848 4,324 3,899
Deferred director and phantom stock unit expense 10 17 35
Stock compensation income tax expense (benefit) 113 112 (137)
Amortization of debt issuance costs 47    
Allowance for doubtful accounts (61) 12 55
Provision for slow moving inventory 117 (193) (37)
Provision (benefit) for deferred income taxes 77 (846) 1,265
Amortization of acquisition-related inventory step-up 1,021    
(Increase) decrease in, net of acquisition:      
Accounts receivable (3,158) 3,958 (572)
Inventories (1,380) 1,244 (208)
Income taxes receivable (1,628) (235) 1,091
Other current assets (153) (741) (150)
Other assets, net (106) 289 69
Increase (decrease) in, net of acquisition:      
Accounts payable 2,566 (451) 243
Accrued expenses and other liabilities 656 476 4,118
Income taxes payable 838 (559) 559
Other noncurrent liabilities (252) (29) (48)
Net cash from operating activities 38,506 49,902 62,846
Cash flows from investing activities:      
Acquisition of business, net of cash acquired (200,056)    
Investment in licensed technology (1,227) (1,425) (1,075)
Capital expenditures (6,187) (6,106) (10,667)
Proceeds from dispositions of equipment 7 1,645 37
Purchases of short-term investments (24,699) (30,125) (51,236)
Proceeds from sale of short-term investments 62,374 26,698 44,765
Net cash used in investing activities (169,788) (9,313) (18,176)
Cash flows from financing activities:      
Borrowings on revolving line of credit 140,000    
Stock compensation income tax (expense) benefit (113) (112) 137
Proceeds from stock issued 1,039 1,019 846
Dividends to shareholders (10,744) (11,999) (38,357)
Change in restricted cash   275 15
Debt issuance costs (1,959)    
Net cash provided by (used in) financing activities 128,223 (10,817) (37,359)
Effect of exchange rate changes on cash and cash equivalents (4,652) (4,683) (5,380)
Net (decrease) increase in cash and cash equivalents (7,711) 25,089 1,931
Cash and cash equivalents, beginning of period 81,932 56,843 54,912
Cash and cash equivalents, end of period 74,221 81,932 56,843
Cash paid:      
Income taxes 12,785 17,857 19,693
Interest 364    
Supplemental disclosure of noncash transactions:      
Common stock issued for shared distribution through accrued expenses and other liabilities 1,679 3,535 3,226
Contingent consideration incurred in connection with acquisition 35,077    
Unrealized gain (loss) on available for sale securities $ 871 $ (403) $ (671)