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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 29, 2018
Sep. 30, 2017
Operating Activities    
Net income $ 10,125,333 $ 5,214,024
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,483,035 3,230,174
Unrecognized pension and postretirement benefits (2,197,580) 74,839
Loss on sale of equipment and other assets 55,823 18,585
Provision for doubtful accounts 211,292 52,663
Issuance of stock compensation 268,412 130,547
Changes in operating assets and liabilities:    
Accounts receivable (4,116,321) (3,894,569)
Inventories (4,730,310) 2,267,945
Prepaid expenses and other (158,549) (2,686,763)
Other assets (6,864) 494,750
Accounts payable 2,614,554 1,466,401
Accrued compensation (200,967) (172,509)
Other accrued expenses 1,747,682 3,978,256
Net cash provided by operating activities 7,095,540 10,174,343
Investing Activities    
Marketable securities (174,145) (366,554)
Business Acquisition, net of cash acquired (4,994,685) (42,148,000)
Capitalized software (1,311,567) 0
Purchases of property, plant and equipment (2,850,365) (1,457,641)
Net cash used in investing activities (9,330,762) (43,972,195)
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 (12,000,000) (1,614,611)
Principal payments on long-term debt (1,162,500) (2,173,214)
Purchase common stock for the Treasury (315,061) 0
Dividends paid (2,067,957) (2,065,607)
Net cash used in financing activities (8,545,518) 31,761,179
Effect of exchange rate changes on cash (323,034) 505,388
Net change in cash and cash equivalents (11,103,774) (1,531,285)
Cash and cash equivalents at beginning of period 22,275,477 22,725,376
Cash and cash equivalents at end of period $ 11,171,703 $ 21,194,091