Ascent Industries Co. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
Consolidated Statements of Cash Flows (USD $)	Jan. 03, 2015	Dec. 28, 2013	Dec. 29, 2012
Operating activities
Net income	$ 5,462,263	$ 1,760,564	$ 4,234,912
Loss (income) from discontinued operations, net of tax	7,156,524	1,137,484	(252,028)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense	3,724,757us-gaap_Depreciation	3,074,369us-gaap_Depreciation	2,394,298us-gaap_Depreciation
Amortization expense	1,466,395us-gaap_AdjustmentForAmortization	1,597,578us-gaap_AdjustmentForAmortization	567,693us-gaap_AdjustmentForAmortization
Deferred income taxes	796,916us-gaap_DeferredIncomeTaxExpenseBenefit	(1,325,781)us-gaap_DeferredIncomeTaxExpenseBenefit	164,774us-gaap_DeferredIncomeTaxExpenseBenefit
Bargain gain on acquisition of CRI, net of taxes	0	(1,077,332)	0
Palmer earn-out adjustment	(3,476,197)	0	0
Provision for (reduction of) losses on accounts receivable	72,100us-gaap_ProvisionForDoubtfulAccounts	(229,230)us-gaap_ProvisionForDoubtfulAccounts	105,918us-gaap_ProvisionForDoubtfulAccounts
Provision for losses on inventories	2,548,196synl_ProvisionForLossesOnInventories	169,810synl_ProvisionForLossesOnInventories	463,824synl_ProvisionForLossesOnInventories
Loss (gain) on sale of property, plant and equipment	26,800	8,044	(107,970)
Cash value of life insurance	(39,093)	(161,530)	(190,996)
Change in fair value of interest rate swap	425,543us-gaap_UnrealizedGainLossOnDerivatives	(740,832)us-gaap_UnrealizedGainLossOnDerivatives	113,648us-gaap_UnrealizedGainLossOnDerivatives
Environmental reserves	(50,000)	(14,000)	0
Issuance of treasury stock for director fees	110,501	127,989	99,995
Employee stock option and grant compensation	364,157us-gaap_ShareBasedCompensation	331,362us-gaap_ShareBasedCompensation	337,750us-gaap_ShareBasedCompensation
Changes in operating assets and liabilities:
Accounts receivable	3,448,709	642,125	(894,385)
Inventories	(3,298,982)	(2,659,949)	(2,615,218)
Other assets and liabilities, net	(1,164,297)	(303,959)	(1,661,047)
Accounts payable	7,820,957	879,632	(3,971,870)
Accrued expenses	3,995,534	(2,316,263)	1,189,805
Accrued income taxes	(1,287,007)	(863,495)	(754,713)
Net cash provided by (used in) continuing operating activities	28,103,776	36,586	(775,610)
Net cash provided by (used in) discontinued operating activities	785,249	(5,578,384)	2,410,473
Net cash provided by (used in) operating activities	28,889,025	(5,541,798)	1,634,863
Investing activities
Purchases of property, plant and equipment	(8,065,992)	(5,648,290)	(4,542,150)
Proceeds from sale of property, plant and equipment	8,000	136,297	148,500
Proceeds from life insurance settlement	0	703,331	734,206
Net cash used in continuing investing activities	(39,535,465)	(9,336,424)	(30,165,599)
Net cash provided by (used in) discontinued investing activities	3,589,064	(115,472)	(192,228)
Net cash used in investing activities	(35,946,401)	(9,451,896)	(30,357,827)
Financing activities
Net borrowings from (payments on) line of credit	884,637	(18,060,894)	9,410,463
Borrowings from long-term debt	10,000,000	4,033,250	22,500,000
Payments on long-term debt	(2,533,903)us-gaap_RepaymentsOfLongTermDebt	(2,401,103)us-gaap_RepaymentsOfLongTermDebt	(759,962)us-gaap_RepaymentsOfLongTermDebt
Payments on pension liability from the closure of Bristol Fab	(449,958)	0	0
Proceeds from notes receivable	0	0	20,000
Proceeds from sale of common stock	0	34,232,625	0
Proceeds from exercised stock options	42,017	138,026	123,888
Dividends paid	(2,632,537)us-gaap_PaymentsOfDividendsCommonStock	(2,259,728)us-gaap_PaymentsOfDividendsCommonStock	(1,596,302)us-gaap_PaymentsOfDividendsCommonStock
Net cash provided by financing activities	5,310,256	15,682,176	29,698,087
(Decrease) increase in cash and cash equivalents	(1,747,120)	688,482	975,123
Cash and cash equivalents at beginning of year	1,773,743	1,085,261	110,138
Cash and cash equivalents at end of year	26,623	1,773,743	1,085,261
Palmer of Texas [Member]
Investing activities
Acquisition	0	0	(27,895,209)
Cash received from acquisition	0	0	1,389,054
Color Resources, LLC [Member]
Investing activities
Acquisition	0	(4,527,762)	0
Specialty Pipe And Tube, Inc. [Member]
Investing activities
Acquisition	(31,490,433)	0	0
Cash received from acquisition	$ 12,960	$ 0	$ 0