XML 73 R6.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows related to operating activities:    
Net Income $ 2,109,000 $ 3,498,000
Adjustments to reconcile net income to net cash (used) generated by operating activities:    
Depreciation and amortization 1,268,000 1,025,000
Loss on disposal of property 137,000 1,000
Stock based compensation 316,000 276,000
Increase in allowance for doubtful accounts 167,000 21,000
(Decrease)/Increase in inventory reserve (106,000) 105,000
(Decrease)/Increase in warranty reserve (8,000) 389,000
Deferred income tax 188,000 114,000
Change in assets and liabilities:    
Accounts receivable (2,764,000) (2,183,000)
Inventories (4,895,000) (2,464,000)
Prepaid income taxes (102,000) (314,000)
Other current assets (26,000) (247,000)
Other non-current assets 49,000  
Accounts payable 1,964,000 1,117,000
Accrued employee compensation and benefit costs 375,000 124,000
Other accrued liabilities 177,000 (399,000)
Accrued income taxes   (414,000)
Post retirement obligation 430,000 83,000
Employee stock ownership trust payment 101,000 101,000
Net cash (used) generated by operating activities (620,000) 833,000
Cash flows related to investing activities:    
Capital expenditures - property, plant and equipment (2,271,000) (1,866,000)
Net cash used by investing activities (2,271,000) (1,866,000)
Cash flows related to financing activities:    
Principal payments on long-term debt (548,000) (548,000)
Principal payments on equipment financing lease obligations (285,000) (160,000)
Proceeds from equipment note and equipment financing lease 721,000 210,000
Proceeds from the line of credit 3,000,000  
Purchase of treasury shares (157,000) (175,000)
Cash dividend (409,000) (403,000)
Net cash provided (used) by financing activities 2,322,000 (1,076,000)
Net decrease in cash (569,000) (2,109,000)
Cash at beginning of year 2,598,000 4,707,000
Cash at end of year 2,029,000 $ 2,598,000
Supplemental Cash Flow Information:    
Equipment acquired through financing paid directly to vendor $ 333,000