Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.2.0.727
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jul. 04, 2015
Jun. 28, 2014
Operating activities    
Net income $ 6,093,024 $ 2,176,566
Loss from discontinued operations, net of tax 0 5,855,884
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense 2,387,856 1,907,583
Amortization expense 1,180,587 684,701
Deferred income taxes 412,062 28,793
Palmer earn-out adjustment (2,483,333) (3,476,198)
(Reduction of) provision for losses on accounts receivable (837,568) 77,000
Provision for losses on inventory 452,103 2,698,706
Gain on sale of property, plant and equipment (12,000) 0
Cash value of life insurance 540,152 (48,000)
Change in fair value of interest rate swap (13,917) 294,501
Environmental reserves 18,868 21,020
Issuance of treasury stock for director fees 118,762 110,501
Employee stock option and grant compensation 273,369 167,381
Changes in operating assets and liabilities:    
Accounts receivable 4,301,148 (11,000,293)
Inventories (711,559) (86,720)
Other assets and liabilities, net 273,891 244,628
Accounts payable (9,391,189) 6,831,155
Accrued expenses (979,410) 4,436,161
Accrued income taxes (334,748) (1,073,082)
Net Cash Provided by Operating Activities, Continuing Operations 1,288,098 9,850,287
Net cash used in discontinued operating activities 0 (1,459,424)
Net cash provided by operating activities 1,288,098 8,390,863
Investing activities    
Purchases of property, plant and equipment (2,796,329) (2,807,568)
Proceeds from sale of property, plant and equipment 12,000 0
Net Cash Used in Investing Activities, Continuing Operations (2,784,329) (2,807,568)
Net cash used in discontinued investing activities 0 (4,633)
Net cash used in investing activities (2,784,329) (2,812,201)
Financing activities    
Net borrowings from line of credit 4,546,401 0
Payments of Long-term Debt (2,433,619) (1,266,952)
Proceeds from exercised stock options 8,302 0
Net cash provided by (used in) financing activities 1,700,880 (1,266,952)
Increase in cash and cash equivalents 204,649 4,311,710
Cash and cash equivalents at beginning of period 26,623 1,776,763
Cash and cash equivalents at end of period 231,272 6,088,473
Interest Paid 619,590 470,385
Income Taxes Paid 2,023,618 1,647,700
Payments Of Multiemployer Plan Withdrawal Obligation $ (420,204) $ 0