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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Apr. 03, 2021
Mar. 28, 2020
Operating Activities    
Net income $ 5,840,827 $ 2,895,817
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,192,622 2,055,782
Unrecognized pension and postretirement benefits (674,262) (678,305)
(Gain) loss on sale of equipment and other assets (1,600,288) (437,446)
Provision for doubtful accounts 73,097 156,286
Stock compensation expense 278,258 238,293
Changes in operating assets and liabilities:    
Accounts receivable (4,551,399) (2,273,864)
Inventories (1,015,663) (994,546)
Prepaid expenses and other (744,138) 341,582
Other assets (156,726) (415,415)
Accounts payable 2,063,182 2,766,829
Accrued compensation (1,159,489) (1,585,976)
Other accrued expenses 1,554,036 (564,572)
Net cash provided by operating activities 2,100,057 1,504,465
Investing Activities    
Marketable securities (273) 11,151
Payments received from notes receivable 68,325 0
Proceeds from sale of equipment 1,994,017 445,212
Purchases of property, plant and equipment (919,589) (828,115)
Net cash provided by/used in investing activities 1,142,480 (371,752)
Financing Activities    
Principal payments on long-term debt (1,162,045) (1,221,423)
Lease payments (9,875) 0
Purchase common stock for treasury 0 (368,864)
Dividends paid (684,702) (686,614)
Net cash used in financing activities (1,856,622) (2,276,901)
Effect of exchange rate changes on cash (22,881) (343,436)
Net change in cash and cash equivalents 1,363,034 (1,487,624)
Cash and cash equivalents at beginning of period 16,101,635 17,996,505
Cash and cash equivalents at end of period 17,464,669 16,508,881
Supplemental disclosure of cash flow information:    
Interest 685,520 827,664
Income taxes 21,100 21,000
Non-cash investing and financing activities    
Right of use asset 114,471 (489,822)
Lease liability $ (104,595) $ 489,822