Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 29, 2012
Dec. 31, 2011
Jan. 01, 2011
Operating activities      
Net income $ 4,234,912 $ 5,797,160 $ 4,033,823
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation expense 2,831,718 2,631,864 2,631,785
Amortization expense 567,693 26,958 10,680
Deferred income taxes 53,697 121,192 (116,000)
Provision for losses on accounts receivable 106,883 792,719 62,617
Provision for (reduction of) losses on inventories 484,070 (599,981) 1,356,057
(Gain) loss on sale of property, plant and equipment (76,184) 198 5,372
Cash value of life insurance (190,996) (62,864) (69,929)
Change in fair value of interest rate swap 113,648 0 0
Environmental reserves 0 (296,456) (188,544)
Issuance of treasury stock for director fees 99,995 78,704 67,487
Employee stock option and grant compensation 337,750 276,553 179,814
Changes in operating assets and liabilities:      
Accounts receivable 246,899 (7,402,098) (5,994,387)
Inventories (1,906,355) (8,110,000) (10,204,490)
Other assets and liabilities, net (1,668,773) (973,550) (17,103)
Accounts payable (4,151,832) 2,369,076 4,092,446
Accrued expenses 1,195,374 1,806,371 (2,514,456)
Accrued income taxes (643,636) (313,626) 616,885
Net cash provided by (used in) operating activities 1,634,863 (3,857,780) (6,047,943)
Investing activities      
Purchases of property, plant and equipment (4,739,728) (3,185,129) (5,095,254)
Proceeds from sale of property, plant and equipment 153,850 31,490 63,032
Acquisition of Palmer of Texas (27,895,209) 0 0
Cash received from Palmer of Texas acquisition 1,389,054 0 0
Proceeds from life insurance settlement 734,206 0 0
Net cash used in investing activities (30,357,827) (3,153,639) (5,032,222)
Financing activities      
Net borrowings from line of credit 9,410,463 8,431,156 219,275
Borrowings from long-term debt 22,500,000 0 0
Payments on long-term debt (759,962) 0 0
Proceeds from notes receivable 20,000 0 0
Proceeds from exercised stock options 123,888 161,903 39,066
Dividends paid (1,596,302) (1,580,404) (3,165,831)
Net cash provided by (used in) financing activities 29,698,087 7,012,655 (2,907,490)
Increase (decrease) in cash and cash equivalents 975,123 1,236 (13,987,655)
Cash and cash equivalents at beginning of year 110,138 108,902 14,096,557
Cash and cash equivalents at end of year $ 1,085,261 $ 110,138 $ 108,902