Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES    
Net income $ 3,743 $ 3,357
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on extinguishment of long-term debt 1,599  
Provision for doubtful accounts 5,234 5,774
Depreciation 5,359 3,626
Loss/(gain) on disposal of medical equipment 591 281
Gain on sale of medical equipment (2,441) (2,179)
Amortization of intangible assets 2,884 2,516
Amortization of deferred debt issuance costs 127 623
Stock-based compensation expense 996 576
Deferred income tax expense 1,763 2,588
Changes in Assets - (Increase)/Decrease:    
Accounts receivable (9,140) (5,377)
Inventories (158) (524)
Other current assets (228) (115)
Other assets (497) 140
Changes in Liabilities - Increase/(Decrease):    
Accounts payable and other liabilities (2,778) (4,031)
NET CASH PROVIDED BY OPERATING ACTIVITIES 7,054 7,255
INVESTING ACTIVITIES    
Acquisitions (6,156)  
Purchases of medical equipment (4,198) (4,167)
Purchases of property (314) (1,995)
Purchases of intangible assets (5,733) (3,543)
Proceeds from sale of medical equipment 4,494 6,867
NET CASH USED IN INVESTING ACTIVITIES (11,907) (2,838)
FINANCING ACTIVITIES    
Principal payments on term loans and capital lease obligations (65,202) (66,689)
Cash proceeds from bank loans and revolving credit facility 70,429 61,853
Debt Issuance Costs (157)  
Cash Proceeds - Stock Plans 265  
Common stock repurchased to satisfy taxes on stock based compensation (179) (204)
NET CASH USED IN FINANCING ACTIVITIES 5,156 (5,040)
Net change in cash and cash equivalents 303 (623)
Cash and cash equivalents, beginning of year 515 1,138
Cash and cash equivalents, end of year 818 515
SUPPLEMENTAL DISCLOSURES    
Cash paid for interest 1,508 2,351
Cash paid for income taxes 146 298
NON-CASH TRANSACTIONS    
Additions to medical equipment and property (a) [1] 1,415 920
Medical equipment acquired pursuant to a capital lease $ 4,233 $ 3,596
[1] Amounts consist of current liabilities for medical equipment that have not been included in investing activities. These amounts have not been paid for as of December 31, 2015 and 2014, respectively, but will be included as a cash outflow from investing activities for purchases of medical equipment and property when paid.