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
 12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Cash flows from operating activities:      
Net income (loss) $ 45,286 $ (2,285) $ (9,977)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of property, plant and equipment 2,163 2,019 2,131
Amortization of intangible assets 1,677 1,770 1,840
Provision for uncollectible accounts receivable 2,336 2,284 3,063
Deferred income tax benefit (60) (104) (18)
Share-based compensation charges 525 429 594
Share-based 401(k) employer match expense 709 662 636
Foreign exchange loss (gain) 357 664 (304)
Changes in operating assets and liabilities:      
Accounts receivable (4,791) (2,003) (3,224)
Other receivables - settlements 6,650 (6,650)  
Inventories 466 1,151 159
Prepaid expenses 169 (108) 336
Accounts payable - trade 1,103 394 (226)
Accrued liabilities, other current liabilities and other liabilities (3,464) (1,923) 3,293
Total adjustments 7,840 (1,415) 8,280
Net cash provided by (used in) operating activities 53,126 (3,700) (1,697)
Cash flows from investing activities:      
Capital expenditures (1,530) (1,783) (838)
Decrease in security deposits and other 18 31 5
Net cash used in investing activities (1,512) (1,752) (833)
Cash flows from financing activities:      
Net proceeds from issuance of common stock   6,688 11,542
Proceeds from borrowings under Credit Agreement 89,880 88,632 78,814
Repayments under Credit Agreement (91,336) (88,632) (79,065)
Installment loan payments (565) (463) (374)
Proceeds from exercise of stock options 90    
Net cash (used in) provided by financing activities (1,931) 6,225 10,917
Effect of exchange rate changes on cash and cash equivalents (15) (119) 61
Increase in cash and cash equivalents 49,668 654 8,448
Cash and cash equivalents - beginning of year 18,109 17,455 9,007
Cash and cash equivalents - end of year $ 67,777 $ 18,109 $ 17,455