Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 318,540 $ 62,873
Accounts receivable, less allowance for doubtful accounts of $21,000 and $82,000, respectively 26,042,656 18,028,946
Inventories 68,391,949 60,799,509
Prepaid expenses and other current assets 6,230,165 7,272,569
Indemnified contingencies - see Note 11 11,016,000 11,339,888
Total current assets 111,999,310 97,503,785
Property, plant and equipment, net of accumulated depreciation of $46,305,755 and $45,219,309, respectively 35,079,797 27,324,092
Goodwill 4,944,072 1,354,730
Intangible assets, net of accumulated amortization of $8,732,742 and $8,148,162 12,711,258 12,308,838
Deferred charges, net and other non-current assets 127,308 146,618
Total assets 164,861,745 138,638,063
Current liabilities    
Accounts payable 16,615,358 16,684,508
Accrued expenses 17,215,446 16,087,434
Total current liabilities 33,830,804 32,771,942
Long-term debt 29,972,946 8,804,206
Deferred income taxes 1,480,756 1,609,492
Long-term portion of deferred gain on sale-leaseback 6,184,054 6,267,623
Other long-term liabilities 3,945,588 592,245
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 34,751,284 34,714,206
Retained earnings 58,672,470 57,936,533
Shareholders' equity before treasury stock 103,723,754 102,950,739
Less cost of common stock in treasury: 1,621,378 and 1,630,690 shares, respectively 14,276,157 14,358,184
Total shareholders' equity 89,447,597 88,592,555
Commitments and contingencies – See Note 11
Total liabilities and shareholders' equity $ 164,861,745 $ 138,638,063