The effective tax rate for the third quarter of 2013 was 13.1% and the estimated effective tax rate for full year 2013 is expected to be approximately 38.0%. The effective tax rate for the three months ended September 30, 2013 was lower than corresponding period in 2012 due to changes triggered by the TrynEx acquisition.
The Company reported Adjusted EBITDA of $10.2 million in the third quarter of 2013 compared to Adjusted EBITDA of $7.8 million in the third quarter of 2012.
Balance Sheet and Liquidity
During the first nine months of 2013, the Company recorded net cash used in operating activities of $26.7 million compared to net cash used in operating activities of $35.1 million in the same period last year. The decrease in cash used in operating activities was primarily due to favorable changes in working capital of $7.7 million.Inventory was $36.0 million at the end of the third quarter of 2013, an increase of $5.6 million compared to the third quarter of 2012 that was driven primarily by the acquisition of TrynEx assets. Accounts receivable at the end of the third quarter of 2013 were $71.3 million, an increase of $0.6 million compared to third quarter 2012. Dividend As previously reported on September 9, 2013, the Company declared a quarterly cash dividend of $0.2075 per share on its common stock. The declared $0.2075 per share cash dividend was paid on September 30, 2013 to stockholders of record as of the close of business on September 20, 2013. The Company also announced that its board of directors has approved a 2.41% increase in the Company's quarterly cash dividend to $0.2125 per share effective for the fourth quarter 2013 dividend. Mr. Janik commented, "The board's decision reflects our ongoing financial strength and our confidence in the future prospects for our business. We're excited about the outlook as we anticipate a return to more normal market conditions and remain committed to returning cash to shareholders."
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