Consolidated Statements of Cash Flows

 
Years Ended March 31,
 
1999
2000
2001
Cash Flows from Operating Activites
 
Net income
$10,403,000
$11,967,000
$13,222,000
 
Adjustments to reconcile net income to net cash provided by operating activities:
   
Depreciation
6,344,000
6,965,000
6,759,000
   
Deferred income taxes
(588,000)
(131,000)
303,000
   
Loss on write down and (gain) on disposal of property and equipment
37,000
192,000
(45,000)
   
Changes in operating assets and liabilities:
     
Accounts receivable
(5,929,000)
(4,312,000)
1,558,000
     
Prepaid expenses and taxes
(120,000)
(1,075,000)
(534,000)
     
Accounts and taxes payable
390,000
(1,158,000)
(2,304,000)
     
Accrued liabilities
154,000
1,050,000
4,657,000
     
Other assets
(482,000)
(779,000)
149,000
 
Net cash provided by operating activities
10,209,000
12,719,000
23,765,000
 
Cash Flows from Investing Activities
 
Purchases of property and equipment
(6,627,000)
(6,240,000)
(10,154,000)
 
Net cash used in investing activities
(6,627,000)
(6,240,000)
(10,154,000)
 
Cash Flows from Financing Activities
 
Proceeds and tax benefits from exercise of stock options
2,303,000
3,078,000
4,150,000
 
Purchase of common stock
(5,263,000)
(12,966,000)
(13,947,000)
 
Net cash used in financing activities
(2,960,000)
(9,888,000)
(9,797,000)
Net increase (decrease) in cash and cash equivalents
622,000
(3,409,000)
3,814,000
Cash and cash equivalents at beginning of year
8,430,000
9,052,000
5,643,000
 
Cash and Cash Equivalents at End of Year
$9,052,000
$5,643,000
$9,457,000