Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2012
Jul. 02, 2011
Operating activities    
Net income $ 2,427,456 $ 4,209,362
Adjustments to reconcile net income to net cash (used in) provided by continuing operating activities:    
Depreciation expense 1,412,683 1,536,482
Amortization of deferred charges 12,546 14,412
Deferred income taxes 67,068 62,072
(Reduction of) provision for reserve for losses on accounts receivable (38,450) 75,300
Provision for (reduction of) losses on inventory 531,300 (127,000)
Gain on sale of property, plant and equipment (41,724) (33,835)
Cash value of life insurance (188,436) (36,000)
Environmental reserves 12,923 14,534
Issuance of treasury stock for director fees 99,995 74,950
Employee stock option and stock grant compensation 155,684 123,180
Changes in operating assets and liabilities:    
Accounts receivable (2,912,869) (4,507,128)
Inventories (4,421,478) (12,091,330)
Other assets and liabilities 49,444 80,113
Accounts payable 3,006,474 5,142,824
Accrued expenses 319,549 2,321,420
Income taxes payable (177,538) 398,113
Net cash provided by (used in) operating activities 314,627 (2,742,531)
Investing activities    
Purchases of property, plant and equipment (1,327,757) (1,330,469)
Proceeds from sale of property, plant and equipment 77,500 45,450
Proceeds from life insurance 734,206 0
Net cash used in investing activities (516,051) (1,285,019)
Financing activities    
Net (payments on) borrowings from long-term debt 213,209 3,872,164
Proceeds from exercised stock options 0 161,902
Net cash provided by financing activities 213,209 4,034,066
Increase (decrease) in cash and cash equivalents 11,785 6,516
Cash and cash equivalents at beginning of period 110,138 108,902
Cash and cash equivalents at end of period $ 121,923 $ 115,418