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
Apr. 01, 2012
Apr. 03, 2011
Operating activities:    
Net income $ 5,039 $ 4,306
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 267 257
Amortization of intangibles 1,057 1,224
Impairment charge - assets held for sale   121
Deferred income taxes 397 169
(Gain) loss on sale of property, plant and equipment (4) (2)
Accretion of interest expense to original issue discount 48 184
Stock-based compensation 545 732
Tax shortfall from stock-based compensation (28) (14)
Changes in assets and liabilities:    
Accounts receivable (1,670) (632)
Inventories 1,721 (2,807)
Prepaid expenses (67) (735)
Other assets 36 (5)
Accounts payable 1,330 (616)
Accrued liabilities (403) (173)
Net cash provided by operating activities 8,268 2,009
Investing activities:    
Capital expenditures for property, plant and equipment (310) (177)
Maturity of temporary investment - restricted   505
Proceeds from disposition of assets 5 2
Payment to acquire the Bibsters product line   (2,072)
Capitalized costs of internally developed intangible assets (256) (28)
Net cash used in investing activities (561) (1,770)
Financing activities:    
Payments on long-term debt (2,000) (2,000)
Borrowings (repayments) under revolving line of credit, net (4,336) 2,914
Purchase of treasury stock (1,033) (778)
Issuance of common stock 904 356
Excess tax benefit from stock-based compensation 19 151
Dividends paid (1,252) (752)
Net cash used in financing activities (7,698) (109)
Net increase in cash and cash equivalents 9 130
Cash and cash equivalents at beginning of period 205 75
Cash and cash equivalents at end of period 214 205
Supplemental cash flow information:    
Income taxes paid 2,864 3,054
Interest paid, net of interest received 182 281
Noncash investing activity:    
Adjustment to purchase price of the assets of Neat Solutions, Inc., net of liabilities assumed, from resolution of pre-acquisition contingency   (28)
Noncash financing activity:    
Dividends declared but unpaid $ (1,160) $ (287)