Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2016
Jul. 04, 2015
Operating activities    
Net (loss) income $ (3,049,461) $ 6,093,024
Loss from discontinued operations, net of tax (99,334) 0
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation expense 2,279,954 2,387,856
Amortization expense 1,229,892 1,138,740
Non-cash interest expense on debt issuance costs 27,734 41,847
Deferred income taxes 1,621,686 412,062
Palmer earn-out adjustment 0 (2,483,333)
Adjustments to allowance for doubtful accounts (27,043) (837,568)
Adjustments to inventory reserves 228,126 452,103
Gain on sale of property, plant and equipment (45,429) (12,000)
Change in cash value of life insurance 1,502 540,152
Change in fair value of interest rate swap 391,839 (13,917)
Change in environmental reserves 21,458 18,868
Issuance of treasury stock for director fees 330,000 118,762
Employee stock option and grant compensation 189,257 273,369
Changes in operating assets and liabilities:    
Accounts receivable (836,548) 4,301,148
Inventories 4,046,907 (711,559)
Other assets and liabilities, net (369,588) 273,891
Accounts payable 2,224,755 (9,391,189)
Accrued expenses (3,064,961) (979,410)
Accrued income taxes (3,081,713) (334,748)
Net provided by continuing operating activities 2,217,701 1,288,098
Net cash used in discontinued operating activities (538,886) (420,204)
Net cash provided by operating activities 1,678,815 867,894
Investing activities    
Purchases of property, plant and equipment (1,740,548) (2,796,329)
Proceeds from sale of property, plant and equipment 100,363 12,000
Cancellation of life insurance policies 1,502,283 0
Net cash used in investing activities (137,902) (2,784,329)
Financing activities    
Net borrowings from line of credit 2,743,702 4,546,401
Payments on long-term debt (2,239,218) (2,433,619)
Payments of capital lease obligation (32,736) 0
Proceeds from exercised stock options 0 8,302
Purchases of treasury stock (253,889) 0
Net cash provided by financing activities 217,859 2,121,084
Increase in cash and cash equivalents 1,758,772 204,649
Cash and cash equivalents at beginning of period 391,424 26,623
Cash and cash equivalents at end of period 2,150,196 231,272
Interest paid 497,722 619,590
Income taxes paid $ 875,015 $ 2,023,618