Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 626 $ 2,220
Accounts receivable, net 35,074 41,065
Inventories, net    
Raw materials 42,643 59,779
Work-in-process 17,354 21,034
Finished goods 38,189 33,389
Total inventories, net 98,186 114,202
Prepaid expenses and other current assets 13,229 9,983
Total current assets 147,115 167,470
Property, plant and equipment, net 40,690 40,925
Right-of-use assets, operating leases, net 35,772 0
Goodwill 17,558 9,800
Intangible assets, net 15,714 9,696
Deferred charges, net and other non-current assets 348 508
Total assets 257,197 228,399
Current liabilities    
Accounts payable 21,150 25,074
Accrued expenses 11,613 12,163
Current portion of long-term debt 4,000 0
Current portion of operating lease liabilities 3,562 0
Current portion of finance lease liabilities 253 0
Total current liabilities 40,578 37,237
Long-term debt 71,554 76,405
Long-term portion of earn-out liability 3,578 4,704
Long-term portion of operating lease liabilities 33,723 0
Long-term portion of finance lease liabilities 336 0
Long-term deferred sale-leaseback gain 0 5,599
Deferred income taxes 790 253
Other long-term liabilities 127 1,717
Shareholders' equity    
Common stock, par value $1 per share - authorized 24,000,000 shares; issued 10,300,000 shares 10,300 10,300
Capital in excess of par value 37,407 36,521
Retained earnings 70,552 68,965
Accumulated other comprehensive loss 0 0
Shareholders' equity before treasury stock 118,259 115,786
Less cost of common stock in treasury - 1,257,784 and 1,424,279 shares, respectively 11,748 13,302
Total shareholders' equity 106,511 102,484
Commitments and contingencies – see Note 11
Total liabilities and shareholders' equity $ 257,197 $ 228,399