Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.6.0.2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 62,873 $ 391,424
Accounts receivable, less allowance for doubtful accounts of $82,000 and $247,000, respectively 18,028,946 17,946,119
Inventories, net    
Raw materials 31,973,073 34,821,694
Work-in-process 9,897,857 5,096,515
Finished goods 18,928,579 23,897,426
Total inventories 60,799,509 63,815,635
Prepaid expenses and other current assets 7,272,569 2,704,958
Indemnified contingencies 11,339,888 238,278
Total current assets 97,503,785 85,096,414
Cash value of life insurance 0 1,500,781
Property, plant and equipment, net 27,324,092 46,294,271
Goodwill 1,354,730 1,354,730
Intangible assets, net 12,308,838 14,745,825
Deferred charges, net and other non-current assets 146,618 51,469
Total assets 138,638,063 149,043,490
Current liabilities    
Accounts payable 16,684,508 12,265,930
Accrued expenses 16,087,434 9,992,868
Current portion of long-term debt 0 4,533,908
Total current liabilities 32,771,942 26,792,706
Long-term debt, less unamortized debt issuance costs of $0 and $135,915, respectively 8,804,206 23,409,886
Long-term deferred gain, sale-leaseback 6,267,623 0
Deferred income taxes 1,609,492 3,016,954
Other long-term liabilities 592,245 669,650
Shareholders' equity    
Common stock, par value $1 per share - authorized 24,000,000 shares; issued 10,300,000 shares 10,300,000 10,300,000
Capital in excess of par value 34,714,206 34,476,240
Retained earnings 57,936,533 65,029,474
Shareholders' equity before treasury stock 102,950,739 109,805,714
Less cost of common stock in treasury - 1,630,690 and 1,663,314 shares, respectively 14,358,184 14,651,420
Total shareholders' equity 88,592,555 95,154,294
Commitments and contingencies – see Note 13
Total liabilities and shareholders' equity $ 138,638,063 $ 149,043,490