Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.2.0.727
Condensed Consolidated Balance Sheets - USD ($)
Jul. 04, 2015
Jan. 03, 2015
Current assets    
Cash and cash equivalents $ 231,272 $ 26,623
Accounts receivable, less allowance for doubtful accounts of $268,885 and $1,114,814, respectively 25,766,347 29,229,927
Inventories, net 70,252,313 67,674,670
Deferred income taxes 2,509,592 2,921,654
Prepaid expenses and other current assets 5,349,371 5,460,344
Total current assets 104,108,895 105,313,218
Cash value of life insurance 1,506,360 2,046,512
Property, plant and equipment, net of accumulated depreciation of $48,318,426 and $46,036,102, respectively 40,345,939 39,937,466
Goodwill 18,512,979 23,250,201
Intangible asset, net 15,873,675 17,001,525
Deferred charges, net and other non-current assets 459,647 300,308
Total assets 180,807,495 187,849,230
Current liabilities    
Accounts payable 11,997,109 21,388,298
Accrued expenses 9,140,185 14,684,686
Current portion of long-term debt 4,533,908 4,533,908
Other current liabilities 144,868 126,000
Total current liabilities 25,816,070 40,732,892
Long-term debt 29,368,224 27,255,442
Long-term contingent consideration 2,396,100 2,596,516
Deferred income taxes 6,438,146 6,438,146
Long-term pension liability from the closure of Bristol Fab 173,656 713,181
Other long-term liabilities 658,000 659,500
Shareholders' equity    
Common stock, par value $1 per share - authorized 12,000,000 shares; issued 10,300,000 shares 10,300,000 10,300,000
Capital in excess of par value 34,324,954 34,054,374
Retained earnings 85,260,347 79,167,323
Shareholders' equity before treasury stock 129,885,301 123,521,697
Less cost of common stock in treasury: 1,573,862 and 1,589,698 shares, respectively 13,928,002 14,068,144
Total shareholders' equity $ 115,957,299 $ 109,453,553
Commitments and contingencies – See Note 11    
Total liabilities and shareholders' equity $ 180,807,495 $ 187,849,230