Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Jan. 03, 2015
Dec. 28, 2013
Operating activities      
Net (loss) income $ (11,520,336) $ 5,462,263 $ 1,760,564
Income from discontinued operations, net of tax 1,251,058 7,156,524 1,137,484
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation expense 4,356,911 3,724,757 3,074,369
Amortization expense 2,398,001 1,466,395 1,597,578
Goodwill, Impairment Loss 17,158,249 0 0
Deferred income taxes 150,462 796,916 (1,325,781)
Bargain gain on acquisition of CRI, net of taxes 0 0 (1,077,332)
Specialty and Palmer earn-out adjustments (4,897,448) (3,476,197) 0
Provision for (reduction of) losses on accounts receivable 60,855 72,100 (229,230)
Provision for losses on inventories 2,003,885 2,548,196 169,810
(Gain) loss on sale of property, plant and equipment (18,277) 26,800 8,044
Casualty insurance gain (923,470) 0 0
Cash value of life insurance (82,504) (39,093) (161,530)
Change in fair value of interest rate swap 41,581 425,543 (740,832)
Environmental reserves (25,000) (50,000) (14,000)
Issuance of treasury stock for director fees 118,762 110,501 127,989
Employee stock option and grant compensation 521,695 364,157 331,362
Changes in operating assets and liabilities:      
Accounts receivable 11,380,941 3,448,709 642,125
Inventories 4,173,337 (3,298,982) (2,659,949)
Other assets and liabilities, net (718,787) (1,164,297) (303,959)
Accounts payable (9,122,368) 7,820,957 879,632
Accrued expenses (2,034,303) 3,995,534 (2,316,263)
Accrued income taxes 3,038,362 (1,287,007) (863,495)
Net cash provided by continuing operating activities 17,311,606 28,103,776 36,586
Net cash (used in) provided by discontinued operating activities (849,974) 785,249 (5,578,384)
Net cash provided by (used in) operating activities 16,461,632 28,889,025 (5,541,798)
Investing activities      
Purchases of property, plant and equipment (10,905,230) (8,065,992) (5,648,290)
Proceeds from sale of property, plant and equipment 21,500 8,000 136,297
Proceeds from casualty insurance 1,219,048 0 0
Proceeds from life insurance settlement 720,518 0 703,331
Net cash used in continuing investing activities (8,944,164) (39,535,465) (9,336,424)
Net cash provided by (used in) discontinued investing activities 0 3,139,106 (115,472)
Net cash used in investing activities (8,944,164) (36,396,359) (9,451,896)
Financing activities      
Net borrowings from (payments on) line of credit 990,929 884,637 (18,060,894)
Borrowings from long-term debt 0 10,000,000 4,033,250
Payments on long-term debt (4,700,570) (2,533,903) (2,401,103)
Payments on capital lease obligation (13,355) 0 0
Proceeds from sale of common stock 0 0 34,232,625
Proceeds from exercised stock options 8,302 42,017 138,026
Dividends paid (2,617,513) (2,632,537) (2,259,728)
Purchase of common stock (820,460) 0 0
Net cash (used in) provided by financing activities (7,152,667) 5,760,214 15,682,176
Increase (decrease) in cash and cash equivalents 364,801 (1,747,120) 688,482
Cash and cash equivalents at beginning of year 26,623 1,773,743 1,085,261
Cash and cash equivalents at end of year 391,424 26,623 1,773,743
Color Resources, LLC [Member]      
Investing activities      
Acquisition 0 0 (4,527,762)
Specialty Pipe And Tube, Inc. [Member]      
Investing activities      
Acquisition 0 (31,490,433) 0
Cash received from acquisition $ 0 $ 12,960 $ 0