Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2016
Apr. 04, 2015
Operating activities    
Net (loss) income $ (1,366,732) $ 3,637,739
Adjustments to reconcile net income to net used in operating activities:    
Depreciation expense 1,108,229 1,194,665
Amortization expense 614,945 569,370
Non-cash interest expense on debt issuance costs 16,637 18,316
Deferred income taxes 1,621,685 27,319
Palmer earn-out adjustment 0 (2,483,333)
Adjustments to allowance for doubtful accounts (36,981) (23,600)
Adjustments to inventory reserves (149,526) 221,200
Gain on sale of property, plant and equipment (21,560) (12,000)
Change in cash value of life insurance (18,000) (24,000)
Change in fair value of interest rate swap 293,653 169,420
Chnage in environmental reserves 11,325 9,650
Employee stock option and grant compensation 99,992 143,319
Changes in operating assets and liabilities:    
Accounts receivable (2,428,383) 447,835
Inventories 3,518,504 (5,205,631)
Other assets and liabilities, net 220,414 (101,342)
Accounts payable (1,731,696) (8,977,677)
Accrued expenses (1,709,867) (1,733,685)
Accrued income taxes (2,010,017) 1,324,534
Net cash used In continuing operating activities (1,967,378) (10,797,901)
Net cash used in discontinued operating activities (218,539) (208,920)
Net cash used in operating activities (2,185,917) (11,006,821)
Investing activities    
Purchases of property, plant and equipment (720,325) (1,916,146)
Proceeds from sale of property, plant and equipment 55,463 12,000
Net cash used in investing activities (664,862) (1,904,146)
Financing activities    
Net borrowings from line of credit 4,118,820 14,386,076
Payments on long-term debt (1,133,476) (1,300,143)
Payments of capital lease obligation (16,306) 0
Purchases of treasury stock (253,889) 0
Net cash provided by financing activities 2,715,149 13,085,933
(Decrease) increase in cash and cash equivalents (135,630) 174,966
Cash and cash equivalents at beginning of period 391,424 26,623
Cash and cash equivalents at end of period 255,794 201,589
Interest paid 262,098 307,247
Income taxes paid $ 310,400 $ 79,515