Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
 3 Months Ended
Mar. 30, 2013
Mar. 31, 2012
Operating activities    
Net income $ 1,465,447 $ 1,337,269
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation expense 936,973 706,341
Amortization expense 393,975 6,273
Deferred income taxes 37,005 67,068
Provision for (reduction of) losses on accounts receivable 71,000 (96,000)
Provision for losses on inventory 266,800 286,250
Gain on sale of property, plant and equipment 0 (41,724)
Cash value of life insurance (27,000) (161,436)
Change in fair value of interest rate swap (137,679) 0
Environmental reserves 14,875 11,055
Employee stock option and grant compensation 80,730 78,251
Changes in operating assets and liabilities:    
Accounts receivable (4,174,786) (5,943,088)
Inventories (1,125,563) (1,050,844)
Other assets and liabilities, net (642,158) 57,890
Accounts payable 5,278,090 5,010,535
Accrued expenses (3,131,378) 797,767
Accrued income taxes 521,321 619,162
Net cash (used in) provided by operating activities (172,348) 1,684,769
Investing activities    
Purchases of property, plant and equipment (1,419,792) (525,004)
Proceeds from sale of property, plant and equipment 52,366 77,500
Proceeds from life insurance settlement 0 734,206
Net cash (used in) provided by investing activities (1,367,426) 286,702
Financing activities    
Net borrowings from (payments on) line of credit 1,087,819 (1,967,026)
Payments on long-term debt (568,494) 0
Proceeds from exercised stock options 69,181 0
Net cash provided by (used in) financing activities 588,506 (1,967,026)
(Decrease) increase in cash and cash equivalents (951,268) 4,445
Cash and cash equivalents at beginning of period 1,085,261 110,138
Cash and cash equivalents at end of period $ 133,993 $ 114,583