Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities    
Net income (loss) $ 1,531,419 $ (3,049,461)
Loss from discontinued operations, net of tax 0 99,334
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation expense 2,545,195 2,279,954
Amortization expense 1,211,225 1,229,892
Non-cash interest expense on debt issuance costs 27,219 27,734
Deferred income taxes (450,864) 1,621,686
Reduction of losses on accounts receivable (18,958) (27,043)
Provision for losses on inventories 229,044 228,126
Gain on sale of property, plant and equipment 0 (45,429)
Amortization of gain on sale-leaseback (167,136) 0
Deferred rent adjustment on sale-leaseback 203,265 0
Change in cash value of life insurance 0 1,502
Change in fair value of interest rate swaps (24,503) 391,839
Change in environmental reserves 15,298 21,458
Issuance of treasury stock for director fees 287,475 330,000
Employee stock option and grant compensation 330,238 189,257
Changes in operating assets and liabilities:    
Accounts receivable (12,193,408) (836,548)
Inventories (5,281,753) 4,046,907
Other assets and liabilities, net (526,153) (369,588)
Accounts payable 5,109,121 2,224,755
Accrued expenses 2,166,968 (3,064,961)
Accrued income taxes (560,732) (3,081,713)
Net cash (used in) provided by continuing operating activities (5,567,040) 2,217,701
Net cash used in discontinued operating activities 0 (538,886)
Net cash (used in) provided by operating activities (5,567,040) 1,678,815
Investing activities    
Purchases of property, plant and equipment (2,831,976) (1,740,548)
Proceeds from sale of property, plant and equipment 0 100,363
Purchases of available for sale securities (3,831,521) 0
Purchases of available for sale securities (11,953,513) 0
Proceeds from life insurance policies 0 1,502,283
Net cash used in investing activities (18,617,010) (137,902)
Financing activities    
Net borrowings from line of credit 24,241,144 2,743,702
Payments on long-term debt 0 (2,239,218)
Payments on capital lease obligation (67,260) (32,736)
Purchase of common stock 0 (253,889)
Net cash provided by financing activities 24,173,884 217,859
(Decrease) increase in cash and cash equivalents (10,166) 1,758,772
Cash and cash equivalents at beginning of period 62,873 391,424
Cash and cash equivalents at end of period 52,707 2,150,196
Supplemental disclosure    
Interest 345,009 497,722
Income taxes $ 1,659,565 $ 875,015