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
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net income $ 14,086 $ 2,608 $ 9,622
Less: Income (loss) on discontinued operations 2,286 (663) (65)
Income from continuing operations 11,800 3,271 9,687
Adjustments to reconcile net income from continuing operations to cash provided by operations:      
Depreciation and amortization 4,961 4,530 4,321
Amortization of debt discount 141 333 216
Deferred tax (benefit) expense (3,090) 1,819 (2,490)
Provision for bad debt and other reserves 83 59 343
Foreign exchange loss (3) 0 0
(Gain) loss on disposal of plant, property and equipment (15) 138 (7)
Issuance of common stock for services 210 240 251
Stock-based compensation 345 343 713
Changes in operating assets and liabilities of continuing operations, net of effect of business acquisitions:      
Accounts receivable 7,125 3,215 (683)
Unbilled receivables 1,697 279 4,623
Prepaid expenses, inventories and other assets 1,044 1,844 1,352
Accounts payable, accrued expenses and unearned revenue (800) (7,997) (10,035)
Cash provided by continuing operations 23,498 8,074 8,291
Cash (used in) provided by discontinued operations (2,739) (344) 154
Cash provided by operating activities 20,759 7,730 8,445
Cash flows from investing activities:      
Purchases of property and equipment, net (2,303) (1,571) (1,308)
Proceeds from sale of plant, property and equipment 25 11 7
Payments to finite risk sinking fund (1,930) (1,944) (4,135)
Payment of earn-out to Nuvotec shareholders (840) (1,000) (734)
Cash used for acquisition consideration, net of cash acquired (15,628) 0 0
Cash used in investing activities of continuing operations (20,676) (4,504) (6,170)
Cash provided by (used in) investing activities of discontinued operations 7,691 (544) (186)
Net cash used in investing activities (12,985) (5,048) (6,356)
Cash flows from financing activities:      
Net repayments of revolving credit (2,019) (640) (3,857)
Principal repayments of long term debt (11,329) (3,117) (2,584)
Proceeds from issuance of long-term debt 16,000 0 2,982
Proceeds from issuance of stock 1,000 509 631
Proceeds from finite risk financing 685 653 753
Cash provided by (used in) financing activities of continuing operations 4,337 (2,595) (2,075)
Principal repayment of long-term debt for discontinued operations (157) (52) (55)
Cash provided by (used in) financing activities 4,180 (2,647) (2,130)
Increase (decrease) in cash 11,954 35 (41)
Cash at beginning of period 101 66 107
Cash at end of period 12,055 101 66
Supplemental disclosure:      
Interest paid 707 893 4,188
Income taxes paid 2,051 492 349
Non-cash investing and financing activities:      
Long-term debt incurred for purchase of property and equipment 0 429 125
Note issued for earn-out to Nuvotec shareholders 0 1,322 0
Issuance of Common Stock for debt 0 0 476
Issuance of Warrants for debt 0 0 190
Warrant extension for debt modification 36 0 0
Note issued for SEC acquisition 2,500 0 0
Amount held in escrow account in connection with SEC acquisition (see Note 7) $ 1,500 $ 0 $ 0