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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2018
Jul. 01, 2017
Operating Activities    
Net income $ 6,358,672 $ 2,983,543
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,314,985 1,536,319
Unrecognized pension and postretirement benefits 116,578 231,005
Loss on sale of equipment and other assets 50,348 48,618
Provision for doubtful accounts 201,552 24,866
Issuance of Common Stock for directors' fees 214,821 81,970
Changes in operating assets and liabilities:    
Accounts receivable (3,717,778) (4,519,266)
Inventories (2,658,358) 3,249,443
Prepaid expenses and other (339,385) (1,636,168)
Other assets (58,426) 970,284
Accounts payable 3,712,586 956,626
Accrued compensation (1,527,545) (822,861)
Other accrued expenses 946,368 3,204,161
Net cash provided by operating activities 5,614,417 6,308,540
Investing Activities    
Marketable securities 0 (318,039)
Business Acquisition, net of cash acquired (4,994,685) (42,148,000)
Capitalized software (1,444,459) 0
Purchases of property, plant and equipment (1,236,375) (708,499)
Net cash used in investing activities (7,675,519) (43,174,538)
Financing Activities    
Proceeds from issuance of long-term debt 0 31,000,000
Proceeds from short term borrowings 7,000,000 6,614,611
Payments on revolving credit note (6,000,000) (1,614,611)
Principal payments on long-term debt (775,000) (1,785,714)
Dividends paid (1,378,456) (1,376,914)
Net cash used in financing activities (1,153,456) 32,837,372
Effect of exchange rate changes on cash (80,996) 382,052
Net change in cash and cash equivalents (3,295,553) (3,646,574)
Cash and cash equivalents at beginning of period 22,275,477 22,725,376
Cash and cash equivalents at end of period $ 18,979,924 $ 19,078,802