Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Dec. 28, 2013
Dec. 29, 2012
Current assets    
Cash and cash equivalents $ 1,776,763 $ 1,085,261
Accounts receivable, less allowance for doubtful accounts of $1,079,288 and $1,312,715 respectively 34,089,364 31,177,526
Inventories, net    
Raw materials 16,557,350 13,975,628
Work-in-process 20,402,032 13,773,037
Finished goods 18,897,421 22,414,727
Total inventories 55,856,803 50,163,392
Deferred income taxes 3,776,647 2,981,439
Prepaid expenses and other current assets 4,111,775 5,514,530
Total current assets 99,611,352 90,922,148
Cash value of life insurance 2,007,419 2,549,220
Property, plant and equipment, net 35,883,376 28,034,930
Goodwill 18,252,678 18,252,678
Intangible asset, net 6,930,000 8,460,000
Deferred charges, net and other non-current assets 575,546 287,564
Total assets 163,260,371 148,506,540
Current liabilities    
Current portion of long-term debt 2,533,908 2,274,054
Accounts payable 12,430,290 10,523,788
Accrued expenses 9,511,528 12,083,499
Current portion of environmental reserves 147,500 122,000
Total current liabilities 24,623,226 25,003,341
Long-term debt 20,904,708 37,593,309
Long-term environmental reserves 478,500 518,000
Long-term deferred compensation 219,794 263,872
Long-term contingent consideration 3,362,031 5,708,831
Deferred income taxes 7,573,999 7,645,119
Shareholders' equity    
Common stock, par value $1 per share - authorized 12,000,000 shares; issued 10,300,000 shares and 8,000,000 shares, respectively 10,300,000 8,000,000
Capital in excess of par value 33,657,714 1,398,612
Retained earnings 76,337,597 76,836,761
Shareholders' equity before treasury stock 120,295,311 86,235,373
Less cost of common stock in treasury: 1,612,200 and 1,643,267 shares, respectively 14,197,198 14,461,305
Total shareholders' equity 106,098,113 71,774,068
Commitments and contingencies – See Note 11      
Total liabilities and shareholders' equity $ 163,260,371 $ 148,506,540