Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.4.0.3
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 255,794 $ 391,424
Accounts receivable, less allowance for doubtful accounts of $180,000 and $247,000, respectively 20,411,483 17,946,119
Inventories, net 60,446,657 63,815,635
Prepaid expenses and other current assets 4,726,771 2,943,236
Total current assets 85,840,705 85,096,414
Cash value of life insurance 1,518,781 1,500,781
Property, plant and equipment, net of accumulated depreciation of $51,297,241 and $50,203,945, respectively 45,964,944 46,294,271
Goodwill 1,354,730 1,354,730
Intangible assets, net of accumulated amortization of $6,320,422 and $5,711,175 14,136,578 14,745,825
Deferred charges, net and other non-current assets 45,768 51,469
Total assets 148,861,506 149,043,490
Current liabilities    
Accounts payable 10,534,234 12,265,930
Accrued expenses 8,406,682 9,891,868
Current portion of long-term debt 4,533,908 4,533,908
Other current liabilities 112,325 101,000
Total current liabilities 23,587,149 26,792,706
Long-term debt, less unamortized debt issuance costs of $119,278 and $135,915, respectively 26,411,867 23,409,886
Long-term environmental reserves 450,000 450,000
Deferred income taxes 4,638,639 3,016,954
Deferred compensation 146,257 146,257
Other long-term liabilities 0 73,393
Shareholders' equity    
Common stock, par value $1 per share - authorized 24,000,000 shares; issued 10,300,000 shares 10,300,000 10,300,000
Capital in excess of par value 34,524,497 34,476,240
Retained earnings 63,662,742 65,029,474
Shareholders' equity before treasury stock 108,487,239 109,805,714
Less cost of common stock in treasury: 1,687,630 and 1,663,314 shares, respectively 14,859,645 14,651,420
Total shareholders' equity $ 93,627,594 $ 95,154,294
Commitments and contingencies – See Note 10
Total liabilities and shareholders' equity $ 148,861,506 $ 149,043,490