XML 27 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 1,165,000 $ 1,709,000
Restricted cash 0 671,000
Investments in marketable securities 254,000 228,000
Accounts receivable (less allowance for doubtful accounts of $145,000) 3,980,000 4,941,000
Inventories 14,605,000 12,550,000
Costs and estimated earnings in excess of billings on uncompleted contracts 43,000 0
Deferred tax asset 985,000 527,000
Other current assets 184,000 250,000
Total current assets 21,216,000 20,876,000
Property and equipment, net 1,155,000 1,014,000
Goodwill 1,688,000 1,688,000
Deferred tax asset 1,265,000 1,734,000
Other assets 95,000 99,000
TOTAL ASSETS 25,419,000 25,411,000
Current Liabilities:    
Current portion of long-term debt 963,000 931,000
Note payable-bank 1,407,000 0
Accounts payable 838,000 804,000
Liability associated with non-renewal of senior officers' contracts 835,000 623,000
Income taxes payable 0 30,000
Accrued expenses 1,148,000 1,435,000
Customer advances 15,000 15,000
Total current liabilities 5,206,000 3,838,000
Liability associated with non-renewal of senior officers' contracts, net of current portion 489,000 0
Long-term debt, net of current portion 1,654,000 2,095,000
Total liabilities 7,349,000 5,933,000
STOCKHOLDERS' EQUITY    
Common stock - $.10 par value, 10,000,000 shares authorized, 5,102,000 shares issued at 2012 and 2011 and 4,638,000 and 4,733,000 shares outstanding at 2012 and 2011, respectively 510,000 510,000
Additional paid-in capital 22,668,000 22,515,000
Treasury stock, at cost, 464,000 and 369,000 shares at 2012 and 2011, respectively (1,317,000) (915,000)
Accumulated other comprehensive loss, net of tax (1,000) (18,000)
Accumulated deficit (3,790,000) (2,614,000)
Total stockholders' equity 18,070,000 19,478,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 25,419,000 $ 25,411,000