Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Jul. 03, 2022
Jun. 27, 2021
Operating activities:    
Net income $ 1,434 $ 2,665
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 169 152
Amortization of intangibles 120 129
Amortization of right of use assets 442 447
Deferred income taxes 259 (164)
Gain on extinguishment of debt 0 (1,985)
Gain on insurance proceeds received for damage to equipment (34) 0
Gain on sale of property, plant and equipment (2) 0
Reserve for unrecognized tax liabilities 34 37
Stock-based compensation 333 132
Changes in assets and liabilities:    
Accounts receivable 5,582 1,868
Inventories (5,697) (1,620)
Prepaid expenses (197) 227
Other assets 0 1
Lease liabilities (480) (497)
Accounts payable 3,079 2,289
Accrued liabilities (1,544) 1,317
Net cash provided by operating activities 3,498 4,998
Cash used in investing activities:    
Capital expenditures for property, plant and equipment (95) (75)
Insurance proceeds received for damage to equipment 34 0
Proceeds from sale of property, plant and equipment 2 0
Net cash used in investing activities (59) (75)
Financing activities:    
Repayments under revolving line of credit 0 (5,809)
Borrowings under revolving line of credit 0 5,809
Purchase of treasury stock from related parties (162) (179)
Issuance of common stock 74 145
Dividends paid (808) (800)
Net cash used in financing activities (896) (834)
Net increase in cash and cash equivalents 2,543 4,089
Cash and cash equivalents at beginning of period 1,598 613
Cash and cash equivalents at end of period 4,141 4,702
Supplemental cash flow information:    
Income taxes paid 0 610
Interest paid 1 5
Noncash activities:    
Property, plant and equipment purchased but unpaid (16) (32)
Dividends declared but unpaid $ (824) $ (802)