Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 28, 2013
Sep. 29, 2012
Operating activities    
Net income $ 4,839,572 $ 3,270,017
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation expense 2,682,014 2,148,879
Amortization expense 1,190,458 21,454
Deferred income taxes 637,755 67,068
Bargain purchase gain from acquisition of CRI, LLC (1,678,072) 0
Reduction of losses on accounts receivable (130,417) (87,450)
Provision for losses on inventory 812,022 544,802
Gain on sale of property, plant and equipment (3,911) (12,347)
Cash value of life insurance (81,000) (215,436)
Change in fair value of interest rate swap (526,672) 175,780
Environmental reserves 27,209 24,050
Issuance of treasury stock for director fees 127,989 99,995
Employee stock option and grant compensation 248,385 239,917
Changes in operating assets and liabilities:    
Accounts receivable (4,936,515) (3,755,657)
Inventories (9,951,075) (3,821,881)
Other assets and liabilities, net 1,184,656 201,797
Accounts payable 7,575,826 (4,210,118)
Accrued expenses (2,765,263) 1,247,461
Accrued income taxes (60,291) (145,351)
Net cash used in operating activities (807,330) (4,207,020)
Investing activities    
Purchases of property, plant and equipment (4,555,202) (2,568,479)
Proceeds from sale of property, plant and equipment 103,866 77,500
Acquisition of CRI Tolling, LLC (4,527,762) 0
Acquisition of Palmer of Texas 0 (28,998,466)
Cash received from Palmer of Texas acquisition 0 1,389,054
Proceeds from life insurance settlement 0 734,206
Net cash used in investing activities (8,979,098) (29,366,185)
Financing activities    
Net borrowings from long-term debt 8,661,364 33,468,655
Proceeds from exercised stock options 80,276 0
Net cash provided by financing activities 8,741,640 33,468,655
Decrease in cash and cash equivalents (1,044,788) (104,550)
Cash and cash equivalents at beginning of period 1,085,261 110,138
Cash and cash equivalents at end of period 40,473 5,588
Interest Paid 940,688 156,631
Income Taxes Paid $ 2,050,219 $ 1,347,385