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, 2017
Jul. 31, 2016
Jul. 31, 2015
Cash flows from operating activities:      
Net (loss) income $ (2,504) $ 45,286 $ (2,285)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation and amortization of property, plant and equipment 2,078 2,163 2,019
Amortization of intangible assets 1,520 1,677 1,770
Provision for uncollectible accounts receivable 2,775 2,336 2,284
Deferred income tax benefit   (60) (104)
Share-based compensation charges 831 525 429
Share-based 401(k) employer match expense 724 709 662
Foreign exchange (gain) loss (476) 357 664
Changes in operating assets and liabilities:      
Accounts receivable (3,244) (4,791) (2,003)
Other receivables - settlements   6,650 (6,650)
Inventories 92 466 1,151
Prepaid expenses (618) 169 (108)
Accounts payable - trade 515 1,103 394
Accrued liabilities, other current liabilities and other liabilities (1,898) (3,464) (1,923)
Total adjustments 2,299 7,840 (1,415)
Net cash (used in) provided by operating activities (205) 53,126 (3,700)
Cash flows from investing activities:      
Capital expenditures (1,753) (1,530) (1,783)
Decrease in security deposits and other 4 18 31
Net cash used in investing activities (1,749) (1,512) (1,752)
Cash flows from financing activities:      
Net proceeds from issuance of common stock     6,688
Proceeds from borrowings under Credit Agreement 40,694 89,880 88,632
Repayments under Credit Agreement (42,250) (91,336) (88,632)
Installment loan payments (566) (565) (463)
Proceeds from exercise of stock options 453 90  
Net cash (used in) provided by financing activities (1,669) (1,931) 6,225
Effect of exchange rate changes on cash and cash equivalents 13 (15) (119)
(Decrease) increase in cash and cash equivalents (3,610) 49,668 654
Cash and cash equivalents - beginning of year 67,777 18,109 17,455
Cash and cash equivalents - end of year $ 64,167 $ 67,777 $ 18,109