Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities    
Net income (loss) $ 324,667 $ (5,657,737)
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 3,916,131 3,322,115
Amortization expense 1,827,171 1,844,840
Amortization of debt issuance costs 40,829 58,681
Deferred income taxes (32,978) (1,124,386)
Gain on sale of available for sale securities (310,043) 0
Provision for (reduction) of losses on accounts receivable 192,892 (51,531)
Provision for losses on inventories 500,338 460,726
Gain on sale of property, plant and equipment 2,279 2,294,917
Amortization of deferred gain on sale-leaseback (250,705) 0
Straight line lease cost on sale-leaseback 304,898 0
Change in cash value of life insurance 0 1,502
Change in fair value of interest rate swaps (33,000) 276,512
Issuance of treasury stock for director fees 287,475 330,000
Employee stock option and grant compensation 486,740 291,262
Changes in operating assets and liabilities:    
Accounts receivable (12,476,532) (2,130,955)
Inventories (4,772,884) 4,198,000
Other assets and liabilities, net 10,179,835 (932,324)
Accounts payable 8,084,756 770,428
Accrued expenses (7,900,999) (142,533)
Accrued income taxes (2,392,073) (1,605,714)
Net cash (used in) provided by continuing operating activities (2,021,203) 2,303,137
Net cash used in discontinued operating activities 0 (3,943,137)
Net cash used in operating activities (2,021,203) (1,640,000)
Investing activities    
Purchases of property, plant and equipment (3,692,571) (2,115,577)
Proceeds from sale of property, plant and equipment 1,048 22,215,362
Purchases of available for sale securities (3,831,521) 0
Proceeds from sale of available for sale securities 4,141,564 0
Acquisition of the stainless pipe and tube assets of Marcegaglia USA, Inc. (11,953,513) 0
Proceeds from life insurance policies 0 1,502,283
Net cash (used in) provided by investing activities (15,334,993) 21,602,068
Financing activities    
Net borrowings from line of credit 17,918,754 6,566,157
Payments on long-term debt 0 (26,068,228)
Payments on capital lease obligation (91,565) (49,288)
Settlement of CRI interest rate swap 0 290,427
Payments on earn-out liability to MUSA sellers (518,456) 0
Purchase of common stock 0 (253,889)
Net cash provided by (used in) financing activities 17,308,733 (20,095,675)
Decrease in cash and cash equivalents (47,463) (133,607)
Cash and cash equivalents at beginning of period 62,873 391,424
Cash and cash equivalents at end of period 15,410 257,817
Supplemental disclosure    
Interest 617,606 711,916
Income taxes $ 2,557,121 $ 916,015