Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities:    
Net income $ 19,513 $ 13,068
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles 12,862 11,670
Inventory valuation 3,010
Asset impairments 3,100
Income from loan forgiveness (3,887)
Non-cash compensation 1,779 1,655
Amortization of deferred financing fees 37 701
Bad debt expense 66 143
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable (393) (23,694)
Inventories (14,729) (18,526)
Other assets 3,210 12,233
Operating leases (2,528) (2,069)
Assets held-for-sale (2,915)
Liabilities held-for-sale 1,445
Accounts payable and accrued expenses (2,132) 11,096
Net cash provided by operating activities 20,695 4,020
Investing Activities:    
Proceeds from Madera Sale 19,500
Additions to property and equipment (9,762) (4,192)
Purchase of Eagle Alcohol, net of cash acquired (14,655)
Net cash (used in) provided by investing activities (24,417) 15,308
Financing Activities:    
Net proceeds from Kinergy’s line of credit 2,195 24,406
Proceeds from principal payments on notes receivable 14,766
Proceeds from stock option exercises 462
Principal payments on borrowings (37,810)
Preferred stock dividends paid (627)
Net cash provided by (used in) financing activities 16,334 (12,942)
Net change in cash, cash equivalents and restricted cash 12,612 6,386
Cash, cash equivalents and restricted cash at beginning of period 62,125 48,187
Cash, cash equivalents and restricted cash at end of period 74,737 54,573
Reconciliation of total cash, cash equivalents and restricted cash:    
Cash and cash equivalents 57,376 50,796
Restricted cash 17,361 3,777
Total cash, cash equivalents and restricted cash 74,737 54,573
Supplemental Information:    
Interest paid 456 2,723
Accrued preferred stock dividends $ 627