XML 87 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 7,372,756 $ 8,854,765 $ 8,306,895
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 6,264,246 5,897,100 5,659,005
Deferred income taxes 750,363 62,948 584,512
Deferred compensation and pension     416,572
Loss (gain) on disposal of fixed assets 52,293 (50,949) 53,124
Gain on acquisition (601,975)    
Stock compensation expense 458,800 122,500 122,500
Receivables (3,182,751) 824,438 2,549,431
Inventories (9,813,065) (2,177,197) (6,166,492)
Income tax receivable (242,228)   (1,164,664)
Other current assets (319,340) 1,598,879 (768,089)
Other assets 68,214 146,766 712,419
Accounts payable (4,779,055) 3,769,551 (2,922,410)
Accrued and other liabilities 1,518,524 (1,055,248) (853,245)
Net cash (used in) provided by operating activities (2,453,218) 17,993,553 6,529,558
Purchase of fixed assets (7,717,102) (6,145,390) (7,559,846)
Proceeds from sales of fixed assets 47,625 118,398 62,295
Acquisition of business assets (2,229,000)    
Investment in trademarks and patents (68,452) (55,613) (46,098)
Net cash used in investing activities (9,966,929) (6,082,605) (7,543,649)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from revolving credit facility 78,622,969 63,140,815 76,376,444
Repayments of revolving credit facility (63,696,111) (74,679,475) (74,474,277)
Repayments of long-term debt     (1,997,985)
Debt financing costs (58,738)    
Dividends paid on common stock (2,254,935)    
Proceeds from exercise of stock options     371,427
Tax benefit related to stock options     26,242
Net cash provided by (used in) financing activities 12,613,185 (11,538,660) 301,851
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 193,038 372,288 (712,240)
CASH AND CASH EQUIVALENTS:      
BEGINNING OF PERIOD 4,022,579 3,650,291 4,362,531
END OF PERIOD $ 4,215,617 $ 4,022,579 $ 3,650,291