Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Jan. 03, 2015
Operating activities      
Net (loss) income $ (7,093,301) $ (11,520,336) $ 5,462,263
Income from discontinued operations, net of tax 99,334 1,251,058 7,156,524
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation expense 4,235,203 4,356,911 3,724,757
Amortization expense 2,459,787 2,277,480 1,407,149
Non-cash interest expense on debt issuance costs 72,290 120,521 59,246
Goodwill impairment 0 17,158,249 0
Deferred income taxes (1,407,462) 150,462 796,916
Earn-out adjustments 0 (4,897,448) (3,476,197)
(Reduction of) provision for losses on accounts receivable (45,151) 60,855 72,100
Provision for losses on inventories 983,505 2,003,885 2,548,196
Loss (gain) on sale of property, plant and equipment 2,294,917 (18,277) 26,800
Amortization of gain on sale-leaseback (83,569) 0 0
Deferred rent adjustment on sale-leaseback 101,633 0 0
Casualty insurance gain 0 (923,470) 0
Change in cash value of life insurance 1,502 (82,504) (39,093)
Change in fair value of interest rate swap (277,430) 41,581 425,543
Change in environmental reserves 140,520 (25,000) (50,000)
Issuance of treasury stock for director fees 330,000 118,762 110,501
Employee stock option and grant compensation 459,473 521,695 364,157
Dividend on stock grant forfeiture 360 0 0
Changes in operating assets and liabilities:      
Accounts receivable (37,676) 11,380,941 3,448,709
Inventories 2,032,621 4,173,337 (3,298,982)
Other assets and liabilities (11,531,707) (718,787) (1,164,297)
Accounts payable 4,418,578 (9,122,368) 7,820,957
Accrued expenses 9,441,925 (2,034,303) 3,995,534
Accrued income taxes (1,294,557) 3,038,362 (1,287,007)
Net cash provided by continuing operating activities 5,300,795 17,311,606 28,103,776
Net cash (used in) provided by discontinued operating activities (3,843,137) (849,974) 785,249
Net cash provided by operating activities 1,457,658 16,461,632 28,889,025
Investing activities      
Purchases of property, plant and equipment (3,044,411) (10,905,230) (8,065,992)
Proceeds from sale of property, plant and equipment 22,215,362 21,500 8,000
MUSA escrow deposit (3,000,000) 0 0
Proceeds from casualty insurance 0 1,219,048 0
Proceeds from life insurance policies 1,502,283 720,518 0
Net cash provided by (used in) continuing investing activities 17,673,234 (8,944,164) (39,535,465)
Net cash provided by discontinued investing activities 0 0 3,139,106
Net cash provided by (used in) investing activities 17,673,234 (8,944,164) (36,396,359)
Financing activities      
Net borrowings from line of credit 6,928,640 990,929 884,637
Borrowings from long-term debt 0 0 10,000,000
Payments on long-term debt (26,068,228) (4,700,570) (2,533,903)
Payments on capital lease obligation (65,966) (13,355) 0
Proceeds from exercised stock options 0 8,302 42,017
Dividends paid 0 (2,617,513) (2,632,537)
Purchase of common stock (253,889) (820,460) 0
Net cash (used in) provided by financing activities (19,459,443) (7,152,667) 5,760,214
(Decrease) increase in cash and cash equivalents (328,551) 364,801 (1,747,120)
Cash and cash equivalents at beginning of year 391,424 26,623 1,773,743
Cash and cash equivalents at end of year 62,873 391,424 26,623
Specialty Pipe And Tube, Inc. [Member]      
Investing activities      
Acquisition 0 0 (31,490,433)
Cash received from acquisition $ 0 $ 0 $ 12,960