Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 2,150,196 $ 391,424
Accounts receivable, less allowance for doubtful accounts of $212,000 and $247,000, respectively 18,809,710 17,946,119
Inventories, net 59,540,602 63,815,635
Prepaid expenses and other current assets 6,359,146 2,943,236
Total current assets 86,859,654 85,096,414
Cash value of life insurance 0 1,500,781
Property, plant and equipment, net of accumulated depreciation of $52,439,143 and $50,203,945, respectively 45,732,667 46,294,271
Goodwill 1,354,730 1,354,730
Intangible assets, net of accumulated amortization of $6,929,668 and $5,711,175 13,527,332 14,745,825
Deferred charges, net and other non-current assets 40,068 51,469
Total assets 147,514,451 149,043,490
Current liabilities    
Accounts payable 14,490,685 12,265,930
Accrued expenses 6,852,587 9,891,868
Current portion of long-term debt 4,533,908 4,533,908
Other current liabilities 122,458 101,000
Total current liabilities 25,999,638 26,792,706
Long-term debt, less unamortized debt issuance costs of $108,181 and $135,915, respectively 23,914,370 23,409,886
Long-term environmental reserves 450,000 450,000
Deferred income taxes 4,638,640 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 34,540,125 34,476,240
Retained earnings 61,980,013 65,029,474
Shareholders' equity before treasury stock 106,820,138 109,805,714
Less cost of common stock in treasury: 1,641,639 and 1,663,314 shares, respectively 14,454,592 14,651,420
Total shareholders' equity 92,365,546 95,154,294
Commitments and contingencies – See Note 10
Total liabilities and shareholders' equity $ 147,514,451 $ 149,043,490