Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 14,706 $ 62,873
Accounts receivable, less allowance for doubtful accounts of $35,000 and $82,000, respectively 28,704,481 18,028,946
Inventories, net    
Raw materials 37,748,316 31,973,073
Work-in-process 9,491,408 9,897,857
Finished goods 24,885,457 18,928,579
Total inventories, net 72,125,181 60,799,509
Prepaid expenses and other current assets 6,802,072 7,272,569
Indemnified contingencies - see Note 13 0 11,339,888
Total current assets 107,646,440 97,503,785
Property, plant and equipment, net 35,080,009 27,324,092
Goodwill 6,003,525 1,354,730
Intangible assets, net 10,880,521 12,308,838
Deferred charges, net and other non-current assets 263,655 146,618
Total assets 159,874,150 138,638,063
Current liabilities    
Accounts payable 24,256,812 16,684,508
Accrued expenses 8,993,454 15,950,787
Total current liabilities 33,250,266 32,635,295
Long-term debt 25,913,557 8,804,206
Long-term portion of earn-out liability 3,170,099 0
Long-term deferred sale-leaseback gain 5,933,350 6,267,623
Deferred income taxes 635,910 1,609,492
Other long-term liabilities 1,270,542 728,892
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 35,193,152 34,714,206
Retained earnings 58,129,382 57,936,533
Accumulated other comprehensive loss (10,864) 0
Shareholders' equity before treasury stock 103,611,670 102,950,739
Less cost of common stock in treasury - 1,566,769 and 1,630,690 shares, respectively 13,911,244 14,358,184
Total shareholders' equity 89,700,426 88,592,555
Commitments and contingencies – see Note 13
Total liabilities and shareholders' equity $ 159,874,150 $ 138,638,063