Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Oct. 03, 2015
Jan. 03, 2015
Current assets    
Cash and cash equivalents $ 209,430 $ 26,623
of $206,042 and $1,114,814, respectively 21,987,894 29,229,927
Inventories, net 67,963,222 67,674,670
Deferred income taxes 2,689,655 2,921,654
Prepaid expenses and other current assets 5,178,995 5,460,344
Total current assets 98,029,196 105,313,218
Cash value of life insurance 1,524,360 2,046,512
Property, plant and equipment, net of accumulated depreciation of $49,379,609 and $46,036,102, respectively 43,348,323 39,937,466
Goodwill 18,512,979 23,250,201
Intangible Assets, Net (Excluding Goodwill) 15,309,750 17,001,525
Deferred charges, net and other non-current assets 443,238 300,308
Total assets 177,167,846 187,849,230
Current liabilities    
Accounts payable 11,072,264 21,388,298
Accrued expenses 8,339,199 14,684,686
Current portion of long-term debt 4,533,908 4,533,908
Other current liabilities 159,058 126,000
Total current liabilities 24,104,429 40,732,892
Long-term debt 27,758,896 27,255,442
Long-term contingent consideration 0 2,596,516
Deferred income taxes 7,323,486 6,438,146
Long-term pension liability from the closure of Bristol Fab 0 713,181
Other long-term liabilities 661,000 659,500
Shareholders' equity    
Common stock, par value $1 per share - authorized 12,000,000 shares; issued 10,300,000 shares 10,300,000 10,300,000
Capital in excess of par value 34,455,003 34,054,374
Retained earnings 86,615,537 79,167,323
Shareholders' equity before treasury stock 131,370,540 123,521,697
Less cost of common stock in treasury: 1,587,662 and 1,589,698 shares, respectively 14,050,505 14,068,144
Total shareholders' equity $ 117,320,035 $ 109,453,553
Commitments and contingencies – See Note 11
Total liabilities and shareholders' equity $ 177,167,846 $ 187,849,230