Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.3.0.814
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Oct. 03, 2015
Sep. 27, 2014
Operating activities    
Net income $ 7,448,214 $ 3,455,056
Loss from discontinued operations, net of tax 0 (7,754,872)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 3,514,073 2,816,742
Amortization expense 1,771,265 1,027,105
Deferred income taxes 1,117,339 (631,624)
Specialty and Palmer earn-out adjustments (4,897,448) (3,476,197)
(Reduction of) provision for losses on accounts receivable (99,333) 593,042
Provision for losses on inventory 1,632,000 3,828,122
Gain on sale of property, plant and equipment (10,000) (8,000)
Cash value of life insurance 64,000 (72,000)
Change in fair value of interest rate swap 233,235 191,527
Environmental reserves 33,058 26,496
Issuance of treasury stock for director fees 118,762 110,501
Employee stock option and grant compensation 403,418 252,488
Changes in operating assets and liabilities:    
Accounts receivable 7,341,366 (294,896)
Inventories 397,635 (476,615)
Other assets and liabilities, net (881,765) 305,948
Accounts payable (10,316,034) 2,656,999
Accrued expenses (1,987,528) 4,036,683
Accrued income taxes 739,590 (469,849)
Net Cash Provided by Continuing Operating Activities 6,621,847 21,626,400
Net cash provided by (used in) discontinued operating activities (633,880) 189,471
Net cash provided by operating activities 5,987,967 21,815,871
Investing activities    
Purchases of property, plant and equipment (7,439,218) (4,562,734)
Proceeds from sale of property, plant and equipment 12,000 8,000
Proceeds from casualty insurance 512,287 0
Proceeds from life insurance 720,518 0
Net Cash Used in Investing Activities of Continuing Operations (6,194,413) (4,554,734)
Net cash used in discontinued investing activities 0 3,586,044
Net cash used in investing activities (6,194,413) (968,690)
Financing activities    
Net borrowings from line of credit 4,070,548 0
Payments of Long-term Debt (3,567,094) (1,900,428)
Proceeds from exercised stock options 8,302 27,026
Purchases of treasury stock (122,503) 0
Net cash provided by (used in) financing activities 389,253 (1,873,402)
Increase in cash and cash equivalents 182,807 18,973,779
Cash and cash equivalents at beginning of period 26,623 1,773,743
Cash and cash equivalents at end of period 209,430 20,747,522
Interest Paid 938,855 719,287
Income Taxes Paid $ 2,197,809 $ 2,112,877