Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 257,817 $ 391,424
Accounts receivable, less allowance for doubtful accounts of $179,000 and $247,000, respectively 20,128,605 17,946,119
Inventories 59,156,909 63,815,635
Prepaid expenses and other current assets 5,298,723 2,943,236
Total current assets 84,842,054 85,096,414
Cash value of life insurance 0 1,500,781
Property, plant and equipment, net of accumulated depreciation of $44,306,220 and $50,203,945, respectively 27,296,861 46,294,271
Goodwill 1,354,730 1,354,730
Intangible assets, net of accumulated amortization of $7,538,915 and $5,711,175 12,918,085 14,745,825
Deferred charges, net and other non-current assets 165,927 51,469
Total assets 126,577,657 149,043,490
Current liabilities    
Accounts payable 13,036,358 12,265,930
Accrued expenses 6,267,754 9,891,868
Current portion of long-term debt 0 4,533,908
Other current liabilities 132,530 101,000
Total current liabilities 19,436,642 26,792,706
Long-term debt, less unamortized debt issuance costs of $0 and $135,915, respectively 8,441,723 23,409,886
Long-term environmental reserves 450,000 450,000
Deferred income taxes 1,892,568 3,016,954
Deferred compensation 146,257 146,257
Long-term portion of deferred gain on sale-leaseback 6,351,192 0
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 34,642,130 34,476,240
Retained earnings 59,371,737 65,029,474
Shareholders' equity before treasury stock 104,313,867 109,805,714
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 89,859,275 95,154,294
Commitments and contingencies – See Note 10
Total liabilities and shareholders' equity $ 126,577,657 $ 149,043,490