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 $)
 3 Months Ended
Mar. 29, 2014
Mar. 30, 2013
Operating activities    
Net income $ 1,776,279 $ 1,465,447
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense 1,056,750 936,973
Amortization expense 342,297 393,975
Deferred income taxes (431,055) 37,005
(Reduction of) provision for losses on accounts receivable (42,608) 71,000
Provision for losses on inventory 411,189 266,800
Cash value of life insurance (24,000) (27,000)
Change in fair value of interest rate swap 118,806 (137,679)
Environmental reserves 18,000 14,875
Employee stock option and grant compensation 80,733 80,730
Changes in operating assets and liabilities:    
Accounts receivable (4,876,721) (4,174,786)
Inventories (2,644,261) (1,125,563)
Other assets and liabilities, net 544,410 (642,158)
Accounts payable 10,247,605 5,278,090
Accrued expenses (587,921) (3,131,378)
Accrued income taxes 1,355,859 521,321
Net cash provided by (used in) operating activities 7,345,362 (172,348)
Investing activities    
Purchases of property, plant and equipment (1,653,910) (1,419,792)
Proceeds from sale of property, plant and equipment 0 52,366
Net cash used in investing activities (1,653,910) (1,367,426)
Financing activities    
Net borrowings from line of credit 0 1,087,819
Payments on Long-term Debt (633,476) (568,494)
Proceeds from exercised stock options 0 69,181
Net cash (used in) provided by financing activities (633,476) 588,506
Increase (decrease) in cash and cash equivalents 5,057,976 (951,268)
Cash and cash equivalents at beginning of period 1,776,763 1,085,261
Cash and cash equivalents at end of period 6,834,739 133,993
Interest Paid 235,941 284,864
Income Taxes Paid $ 7,600 $ 177,607