Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 28, 2013
Dec. 29, 2012
Dec. 31, 2011
Operating activities      
Net income $ 1,760,564 $ 4,234,912 $ 5,797,160
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation expense 3,516,374 2,831,718 2,631,864
Amortization expense 1,597,578 567,693 26,958
Deferred income taxes (1,467,068) 53,697 121,192
Gain on bargain purchase, net of taxes (1,077,332) 0 0
(Reduction of) provision for losses on accounts receivable (231,230) 106,883 792,719
Provision for (reduction of) losses on inventories 169,810 484,070 (599,981)
Loss (gain) on sale of property, plant and equipment 2,695 (76,184) 198
Cash value of life insurance (161,530) (190,996) (62,864)
Change in fair value of interest rate swap (740,832) 113,648 0
Environmental reserves (14,000) 0 (296,456)
Issuance of treasury stock for director fees 127,989 99,995 78,704
Employee stock option and grant compensation 331,362 337,750 276,553
Changes in operating assets and liabilities:      
Accounts receivable (2,057,069) 246,899 (7,402,098)
Inventories (5,630,450) (1,906,355) (8,110,000)
Other assets and liabilities, net (315,099) (1,668,773) (973,550)
Accounts payable 1,540,605 (4,151,832) 2,369,076
Accrued expenses (2,171,957) 1,195,374 1,806,371
Accrued income taxes (722,208) (643,636) (313,626)
Net cash (used in) provided by operating activities (5,541,798) 1,634,863 (3,857,780)
Investing activities      
Purchases of property, plant and equipment (5,766,091) (4,739,728) (3,185,129)
Proceeds from sale of property, plant and equipment 141,646 153,850 31,490
Cash received from Palmer of Texas acquisition 0 1,389,054 0
Proceeds from life insurance settlement 703,331 734,206 0
Net cash used in investing activities (9,448,876) (30,357,827) (3,153,639)
Financing activities      
Net (payments on) borrowings from line of credit (18,060,894) 9,410,463 8,431,156
Borrowings from long-term debt 4,033,250 22,500,000 0
Payments on long-term debt (2,401,103) (759,962) 0
Proceeds from notes receivable 0 20,000 0
Proceeds from sale of common stock 34,232,625 0 0
Proceeds from exercised stock options 138,026 123,888 161,903
Dividends paid (2,259,728) (1,596,302) (1,580,404)
Net cash provided by financing activities 15,682,176 29,698,087 7,012,655
Increase in cash and cash equivalents 691,502 975,123 1,236
Cash and cash equivalents at beginning of year 1,085,261 110,138  
Cash and cash equivalents at end of year 1,776,763 1,085,261 110,138
Palmer of Texas [Member]
      
Investing activities      
Acquisition 0 (27,895,209) 0
Color Resources, LLC [Member]
      
Investing activities      
Acquisition $ (4,527,762) $ 0 $ 0