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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Operating Activities    
Net income $ 8,293,815 $ 10,125,333
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,807,479 3,483,035
Unrecognized pension and postretirement benefits 134,199 (2,197,580)
Loss on restructuring, equipment and other assets 1,727,788 55,823
Provision for doubtful accounts 51,711 211,292
Stock compensation expense 445,338 268,412
Changes in operating assets and liabilities:    
Accounts receivable 359,606 (4,116,321)
Inventories 3,217,736 (4,730,310)
Prepaid expenses and other 762,646 (158,549)
Other assets (589,448) (6,864)
Accounts payable (1,815,309) 2,614,554
Accrued compensation (1,680,668) (200,967)
Other accrued expenses (2,202,622) 1,747,682
Net cash provided by operating activities 12,512,271 7,095,540
Investing Activities    
Marketable securities (33,759) (174,145)
Business acquisition, net of cash acquired (81,155,753) (4,994,685)
Capitalized software 0 (1,311,567)
Purchases of property, plant and equipment (1,896,128) (2,850,365)
Net cash used in investing activities (83,085,640) (9,330,762)
Financing Activities    
Proceeds from short term borrowings 0 7,000,000
Payments on revolving credit note 0 (12,000,000)
Proceeds from long-term borrowings 100,000,000 0
Principal payments on long-term debt (29,009,769) (1,162,500)
Purchase common stock for the Treasury 0 (315,061)
Dividends paid (2,058,697) (2,067,957)
Net cash used in financing activities 68,931,534 (8,545,518)
Effect of exchange rate changes on cash (300,602) (323,034)
Net change in cash and cash equivalents (1,942,437) (11,103,774)
Cash and cash equivalents at beginning of period 13,925,765 22,275,477
Cash and cash equivalents at end of period 11,983,328 $ 11,171,703
Non-cash investing and financing activities    
Right of use asset 10,280,814  
Lease liability $ (10,280,814)