Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 18,749 $ 14,706
Accounts receivable, less allowance for doubtful accounts of $6,376 and $35,000, respectively 34,788,248 28,704,481
Inventories, net 82,848,802 72,125,181
Prepaid expenses and other current assets 6,253,721 6,802,072
Total current assets 123,909,520 107,646,440
Property, plant and equipment, net of accumulated depreciation of $51,822,397 and $50,451,436 respectively 35,532,103 35,080,009
Goodwill 6,003,525 6,003,525
Intangible assets, net of accumulated amortization of $11,139,502 and $10,568,479 respectively 10,309,498 10,880,521
Deferred charges, net and other non-current assets 235,210 263,655
Total assets 175,989,856 159,874,150
Current liabilities    
Accounts payable 29,416,907 24,256,812
Accrued expenses 7,737,008 8,993,454
Total current liabilities 37,153,915 33,250,266
Long-term debt 34,274,134 25,913,557
Deferred income taxes 794,630 635,910
Long-term deferred gain, sale-leaseback 5,849,782 5,933,350
Long-term portion of earn-out liability 2,881,879 3,170,099
Other long-term liabilities 1,307,807 1,270,542
Shareholders' equity    
Common stock, par value $1 per share - authorized 24,000,000 shares; issued 10,300,000 shares 10,300,000 10,300,000
Capital in excess of par value 35,170,363 35,193,152
Retained earnings 61,953,682 58,129,382
Accumulated other comprehensive loss 0 (10,864)
Shareholders' equity before treasury stock 107,424,045 103,611,670
Less cost of common stock in treasury: 1,542,565 and 1,566,769 shares, respectively 13,696,336 13,911,244
Total shareholders' equity 93,727,709 89,700,426
Commitments and contingencies – See Note 12
Total liabilities and shareholders' equity $ 175,989,856 $ 159,874,150