XML 22 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
9 Months Ended
Sep. 27, 2014
Sep. 28, 2013
Operating Activities    
Net income $ 5,628,205 $ 4,978,325
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,506,785 2,916,310
Loss on sale of equipment and other assets 105,511 28,065
Provision for doubtful accounts 71,229 76,201
Deferred income taxes 0 (1,959)
Issuance of Common Stock for directors' fees 22,491 16,872
Changes in operating assets and liabilities:    
Accounts receivable (2,448,174) (499,335)
Inventories (207,873) (1,092,971)
Prepaid expenses and other 56,064 201,459
Prepaid pension cost 865,344 1,842,832
Recoverable taxes receivable 0 1,158,632
Other assets (141,478) (59,685)
Accounts payable 1,357,742 655,352
Accrued compensation (672,074) (960,059)
Other accrued expenses (130,173) (1,366,903)
Net cash provided by operating activities 7,013,599 7,893,136
Investing Activities    
Purchases of property, plant and equipment (2,292,872) (4,160,251)
Proceeds from sale of equipment and other assets 19,000 0
Net cash used in investing activities (2,273,872) (4,160,251)
Financing Activities    
Principal payments on long-term debt (1,071,428) (1,071,429)
Proceeds from sales of Common Stock 0 13,580
Dividends paid (2,302,391) (1,928,439)
Net cash used in financing activities (3,373,819) (2,986,288)
Effect of exchange rate changes on cash (155,480) (147,996)
Net change in cash and cash equivalents 1,210,428 598,601
Cash and cash equivalents at beginning of period 19,988,361 18,482,144
Cash and cash equivalents at end of period $ 21,198,789 $ 19,080,745