Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 29, 2013
Jun. 30, 2012
Operating activities    
Net income $ 3,378,111 $ 2,427,456
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation expense 1,735,226 1,412,683
Amortization expense 796,483 12,546
Deferred income taxes 37,005 67,068
Reduction of losses on accounts receivable (35,524) (38,450)
Provision for losses on inventory 739,357 531,300
Gain on sale of property, plant and equipment (3,911) (41,724)
Cash value of life insurance (53,999) (188,436)
Change in fair value of interest rate swap (633,109) 0
Environmental reserves 18,823 12,923
Issuance of treasury stock for director fees 127,989 99,995
Employee stock option and grant compensation 164,887 155,684
Changes in operating assets and liabilities:    
Accounts receivable (5,168,152) (2,912,869)
Inventories (7,682,335) (4,421,478)
Other assets and liabilities, net (741,932) 49,444
Accounts payable 6,946,676 3,006,474
Accrued expenses (1,874,048) 319,549
Accrued income taxes 27,521 (177,538)
Net cash (used in) provided by operating activities (2,220,932) 314,627
Investing activities    
Purchases of property, plant and equipment (3,062,159) (1,327,757)
Proceeds from sale of property, plant and equipment 103,866 77,500
Proceeds from life insurance settlement 0 734,206
Net cash used in investing activities (2,958,293) (516,051)
Financing activities    
Net borrowings from line of credit 5,337,965 213,209
Payments on long-term debt (1,181,469) 0
Proceeds from exercised stock options 80,276 0
Net cash provided by financing activities 4,236,772 213,209
(Decrease) increase in cash and cash equivalents (942,453) 11,785
Cash and cash equivalents at beginning of period 1,085,261 110,138
Cash and cash equivalents at end of period 142,808 121,923
Interest Paid 690,371 65,689
Income Taxes Paid $ 1,699,489 $ 1,357,559