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 $)
 3 Months Ended
Jul. 01, 2012
Jul. 03, 2011
Operating activities:    
Net income $ 897,000 $ 530,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 55,000 67,000
Amortization of intangibles 187,000 308,000
Deferred income taxes 52,000 133,000
Gain on sale of property, plant and equipment   (5,000)
Accretion of interest expense to original issue discount   36,000
Stock-based compensation 147,000 137,000
Tax shortfall from stock-based compensation (58,000) (27,000)
Changes in assets and liabilities:    
Accounts receivable 5,158,000 5,309,000
Inventories (2,680,000) (4,823,000)
Prepaid expenses 318,000 519,000
Other assets 5,000 14,000
Accounts payable (153,000) 2,730,000
Accrued liabilities 200,000 (755,000)
Net cash provided by operating activities 4,128,000 4,173,000
Investing activities:    
Capital expenditures for property, plant and equipment (37,000) (79,000)
Proceeds from disposition of assets   5,000
Capitalized costs of internally developed intangible assets (253,000) (1,000)
Net cash used in investing activities (290,000) (75,000)
Financing activities:    
Repayments under revolving line of credit, net   (3,909,000)
Purchase of treasury stock (1,002,000) (735,000)
Issuance of common stock 798,000 628,000
Excess tax benefit from stock-based compensation 100,000 11,000
Dividends paid (387,000) (287,000)
Net cash used in financing activities (491,000) (4,292,000)
Net increase (decrease) in cash and cash equivalents 3,347,000 (194,000)
Cash and cash equivalents at beginning of period 214,000 205,000
Cash and cash equivalents at end of period 3,561,000 11,000
Supplemental cash flow information:    
Income taxes paid, net of refunds received 104,000 440,000
Interest paid, net of interest received 11,000 38,000
Noncash financing activity:    
Dividends declared but unpaid $ (780,000) $ (289,000)