Annual report pursuant to section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net (loss) income $ (3,179) $ 8,090 [1] $ 3,963
Less: Income (loss) on discontinued operations (30) 1,691 (919)
(Loss) income from continuing operations (3,149) 6,399 [1] 4,882
Adjustments to reconcile net income from continuing operations to cash provided by operations:      
Depreciation and amortization 5,470 4,816 [1] 4,530
Amortization of debt discount 12 141 333
Amortization of fair value of customer contracts (3,667) (262) 0
Deferred tax (benefit) expense (234) 1,943 [1] 208
Provision for bad debt and other reserves 124 83 59
Foreign exchange gain (loss) 1 (3) 0
Loss (gain) on disposal of plant, property and equipment 15 (15) 138
Issuance of common stock for services 217 210 240
Stock-based compensation 191 345 343
Changes in operating assets and liabilities of continuing operations, net of effect of business acquisitions:      
Accounts receivable 5,929 7,125 3,215
Unbilled receivables 1,390 1,697 279
Prepaid expenses, inventories and other assets 2,845 1,494 1,789
Accounts payable, accrued expenses and unearned revenue (11,631) 4 (7,289)
Cash (used in) provided by continuing operations (2,487) 23,977 8,727
Cash used in provided by discontinued operations (922) (2,533) (344)
Cash (used in) provided by operating activities (3,409) 21,444 8,383
Cash flows from investing activities:      
Purchases of property and equipment, net (412) (2,303) (1,571)
Proceeds from sale of plant, property and equipment 121 25 11
Change in restricted cash, net 1,500 0 0
Payments to finite risk sinking fund (1,918) (1,930) (1,944)
Payment of earn-out to Nuvotec shareholders 0 (840) (1,000)
Cash used for acquisition consideration, net of cash acquired 0 (15,628) 0
Cash used in investing activities of continuing operations (709) (20,676) (4,504)
Cash (used in) provided by investing activities of discontinued operations (2) 7,691 (544)
Net cash used in investing activities (711) (12,985) (5,048)
Cash flows from financing activities:      
Net repayments of revolving credit 0 (2,019) (640)
Principal repayments of long term debt (3,532) (11,329) (3,117)
Proceeds from issuance of long-term debt 0 16,000 0
Proceeds from issuance of stock 0 1,000 509
Cash (used in) provided by financing activities of continuing operations (3,532) 3,652 (3,248)
Principal repayment of long-term debt for discontinued operations (35) (157) (52)
Cash (used in) provided by financing activities (3,567) 3,495 (3,300)
(Decrease) increase in cash (7,687) 11,954 35
Cash at beginning of period 12,055 101 66
Cash at end of period 4,368 12,055 101
Supplemental disclosure:      
Interest paid 922 707 893
Income taxes paid 479 2,051 492
Non-cash investing and financing activities:      
Long-term debt incurred for purchase of property and equipment 0 0 429
Note issued for earn-out to Nuvotec shareholders 0 0 1,322
Warrant extension for debt modification 0 36 0
Note issued in connection with settlement related to SEC acquisition, net (see Note 3) 0 1,270 0
Amount held in escrow account in connection with SEC acquisition (see Note 3) $ 0 $ 1,500 $ 0
[1] As presented in the accompanying consolidated financial statements contained herein within this Form 10-K/A – Amendment No. 1.