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. 27, 2014
Sep. 28, 2013
Operating activities    
Net income $ 3,455,056 $ 4,839,572
Loss (income) from discontinued operations, net of tax 7,754,872 (844,509)
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation expense 2,816,742 2,351,340
Amortization expense 1,027,105 1,190,458
Deferred income taxes (631,624) 37,006
Bargain gain on acquisition of CRI Tolling, LLC, net of taxes 0 (1,077,323)
Palmer earn-out adjustment (3,476,197) 0
Provision for (reduction of) losses on accounts receivable 593,042 (140,417)
Provision for losses on inventory 3,828,122 766,122
Gain on sale of property, plant and equipment (8,000) (3,911)
Cash value of life insurance (72,000) (81,000)
Change in fair value of interest rate swap 191,527 (526,672)
Environmental reserves 26,496 27,209
Issuance of treasury stock for director fees 110,501 127,989
Employee stock option and grant compensation 252,488 248,385
Changes in operating assets and liabilities:    
Accounts receivable (294,896) (2,240,645)
Inventories (476,615) (7,084,054)
Other assets and liabilities, net 305,948 1,243,918
Accounts payable 2,656,999 7,077,454
Accrued expenses 4,036,683 (3,060,698)
Accrued income taxes (469,849) (60,291)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations 21,626,400 2,789,933
Net cash provided by (used in) discontinued operating activities 189,471 (3,597,263)
Net cash provided by (used in) operating activities 21,815,871 (807,330)
Investing activities    
Purchases of property, plant and equipment (4,562,734) (4,442,423)
Proceeds from sale of property, plant and equipment 8,000 103,866
Acquisition of CRI Tolling, LLC 0 (4,527,762)
Net Cash Provided by (Used in) Investing Activities, Continuing Operations (4,554,734) (8,866,319)
Net cash provided by (used in) discontinued investing activities 3,586,044 (112,779)
Net cash used in investing activities (968,690) (8,979,098)
Financing activities    
Net borrowings from line of credit 0 6,372,083
Borrowings from long-term debt 0 4,033,250
Payments of Long-term Debt (1,900,428) (1,743,969)
Proceeds from exercised stock options 27,026 80,276
Net cash (used in) provided by financing activities (1,873,402) 8,741,640
Increase (decrease) in cash and cash equivalents 18,973,779 (1,044,788)
Cash and cash equivalents at beginning of period 1,773,743 1,085,261
Cash and cash equivalents at end of period 20,747,522 40,473
Interest Paid 719,287 940,688
Income Taxes Paid $ 2,112,877 $ 2,050,219