XML 26 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Condensed Consolidated Statements of Cash Flows (USD $)
9 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,244,493 $ 6,269,261
Adjustments to reconcile net income from operations to net cash flows from operating activities:    
Depreciation 1,268,397 1,043,186
Amortization 255,418 200,121
Gain on sale of property and equipment (37,177) (31,843)
Stock based compensation 1,740,969 376,422
Net excess tax benefit on equity-based awards (125,904) (130,126)
Deferred income taxes 1,521,683 (380,575)
Provision for (recoveries) losses on doubtful accounts (768,000) 750,489
Provision for losses on inventory obsolescence 104,871 82,778
Other (6,033) 77,094
Changes in assets and liabilities net of effects of business acquisition:    
Accounts receivable 3,044,399 (2,325,168)
Inventories (20,191,024) (4,923,666)
Prepaid and other current assets (3,444,459) (2,830,201)
Other assets (186,546) (35,850)
Accounts payable 2,598,310 3,388,920
Accrued expenses and accrued wages, salaries and bonuses (824,500) (375,910)
Income tax payable (1,729,818) (1,326,635)
Net cash flows from operating activities (11,534,921) (171,703)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (1,641,035) (1,423,912)
Proceeds from sales of property and equipment 64,375 62,406
Acquisition (13,368,057) (3,099,836)
Net cash flows from investing activities (14,944,717) (4,461,342)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net borrowings on bank credit agreements 28,533,322 5,646,484
Principal payments on long-term debt (684,108) (682,574)
Proceeds from exercise of stock options 22,391 126,973
Net excess tax benefit on equity-based awards 125,904 130,126
Dividends paid on convertible preferred stock (218,755) (222,158)
Dividends on common stock (325,377) (310,358)
Net cash flows from financing activities 27,453,377 4,688,493
Net change in cash 973,739 55,448
Cash, beginning of period 356,735 309,914
Cash, end of period 1,330,474 365,362
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 994,280 1,141,934
Cash paid during the period for income taxes 4,377,134 5,202,208
Supplemental disclosure of non-cash information:    
Conversion by holders of Series B Convertible Preferred Stock to common stock 450,000  
Equipment acquisitions classified as accounts payable 33,233 35,866
Acquisition of equipment through capital leases   14,969
Business acquisition (See Note 2):    
Accounts receivable 8,881,428  
Inventory 4,571,629 1,981,498
Property and equipment 1,891,000 122,978
Prepaid assets 35,000  
Non-competition agreement 444,428  
Customer relationships intangible assets 661,090 1,620,000
Goodwill   300,360
Accrued expenses (120,000)  
Note payable (2,552,090) (500,000)
Amount due under non-competition agreement (444,428)  
Contingent consideration due   $ (425,000)