XML 57 R9.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 28, 2019
Dec. 29, 2018
Operating Activities    
Net income $ 13,266,142 $ 14,505,937
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,454,881 5,329,208
Unrecognized pension & other postretirement benefits 1,844,814 (2,226,083)
(Gain) Loss on sale of equipment and other assets (568,956) (413,333)
Non cash restructuring charges 2,641,890 0
Provision for doubtful accounts 63,564 185,136
Deferred Taxes (2,093,654) 947,851
Stock compensation expense 656,925 493,767
Changes in operating assets and liabilities:    
Accounts receivable 5,982,435 (3,483,484)
Inventories 1,463,409 (5,356,646)
Prepaid expenses 860,607 (761,135)
Other assets (499,010) 102,068
Accounts payable (2,337,146) 4,106,130
Accrued compensation (1,462,262) (165,828)
Other accrued expenses (3,315,476) (387,526)
Net cash provided by operating activities 22,958,164 12,876,062
Investing Activities    
Purchases of property, plant and equipment (5,440,488) (3,596,572)
Capitalized software 0 (1,813,973)
Proceeds from sale of equipment and other assets 857,967 0
Marketable securities (34,305) 0
Business acquisitions, net of cash acquired (81,155,753) (4,994,685)
Net cash used in investing activities (85,772,579) (10,405,230)
Financing Activities    
Proceeds from issuance of long-term debt 100,000,000 0
Principal payments on long-term debt (30,285,146) (1,550,000)
Proceeds from short-term borrowing (Revolver) 0 7,000,000
Payments on Revolving Credit Note 0 (12,000,000)
Purchase Common Stock for Treasury 0 (1,063,375)
Dividends paid (2,743,993) (2,756,478)
Net cash used in financing activities 66,970,861 (10,369,853)
Effect of exchange rate changes on cash (85,704) (450,691)
Net change in cash and cash equivalents 4,070,740 (8,349,712)
Cash and cash equivalents at beginning of year 13,925,765 22,275,477
Cash and cash equivalents at end of year $ 17,996,505 $ 13,925,765