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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Oct. 02, 2021
Oct. 03, 2020
Operating Activities    
Net income $ 7,343,020 $ 3,991,709
Less: Loss from discontinued operations (4,926,248) (3,886,914)
Income from continuing operations 12,269,268 7,878,623
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 5,188,863 4,966,934
Unrecognized pension and postretirement benefits (3,056,642) (1,066,777)
Gain on sale of equipment and other assets (1,469,218) (418,872)
Provision for doubtful accounts 73,097 156,286
Stock compensation expense 1,090,946 652,232
Changes in operating assets and liabilities:    
Accounts receivable (9,553,337) 3,013,523
Inventories (13,686,268) 3,092,768
Prepaid expenses and other (3,903,388) 132,623
Other assets 47,534 4,755,718
Accounts payable 11,156,105 (949,971)
Accrued compensation 697,735 (1,191,856)
Other accrued expenses (2,173,142) (1,587,475)
Net cash (used in) provided by operating activities (3,318,447) 19,433,756
Investing Activities    
Marketable securities 28,951 7,741
Business disposition 0 (5,994,267)
Issuance of notes receivable 0 (1,251,943)
Payments received from notes receivable 694,962 54,069
Proceeds from sale of equipment 1,980,729 445,212
Purchases of property, plant and equipment (2,112,990) (1,531,082)
Net cash provided by (used in) investing activities 591,652 (8,270,270)
Financing Activities    
Principal payments on long-term debt (4,424,757) (3,846,861)
Financing leases, net 132,221 0
Purchase common stock for treasury 0 (368,864)
Dividends paid (2,062,492) (2,058,943)
Net cash used in financing activities (6,355,028) (6,274,668)
Cash provided by (used in) operating activities 3,546,530 (2,744,115)
Cash used in investing activities (794,519) (245,288)
Cash provided by (used in) discontinued operations 2,752,011 (2,989,403)
Effect of exchange rate changes on cash 239,561 (344,534)
Net change in cash and cash equivalents (6,090,251) 1,554,881
Cash and cash equivalents at beginning of period 16,101,635 17,996,505
Cash and cash equivalents at end of period ? 10,011,384 19,551,386
Supplemental disclosure of cash flow information:    
Interest 1,839,729 2,085,953
Income taxes 866,850 1,453,775
Non-cash investing and financing activities    
Right of use asset (820,561) (428,510)
Lease liability $ 688,341 $ 428,510