Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

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 (loss) income $ (957,888) $ 2,238,114 $ 9,797,866
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,184,830 2,133,511 2,100,735
Share-based compensation (80,886) 302,964 448,896
Deferred taxes (317,727) (631,626) 1,695,595
Impairment loss 5,849,853   1,271,986
Change in fair value of acquisition-related contingent consideration (43,898) 85,501  
Loss/(gain) on sale of assets 73,126 (62,630) 27,081
Excess tax benefit from share based payments (16,284) (67,835) (21,920)
Changes in assets and liabilities:      
Trade receivables (8,207,253) (189,775) 3,273,730
Inventories 4,647,916 (7,705,772) (602,414)
Prepaid income taxes 732,618 1,776,601 (3,600,652)
Other assets 89,533 252,378 (78,349)
Accounts payable (4,342,626) 4,819,481 (1,025,703)
Accrued compensation and benefits 994,012 (2,250,647) 751,925
Other accrued liabilities 71,293 (680,171) 395,133
Income taxes payable 96,704 (15,168) (335,374)
Other   195,244 (32,022)
Net cash provided by operating activities 773,323 200,170 14,066,513
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (2,699,347) (2,607,958) (2,755,991)
Purchases of investments (4,401,321) (15,010,778) (20,884,014)
Acquisition of business     (3,138,367)
Proceeds from the sale of fixed assets 82,078 198,109 22,555
Proceeds from the sale of investments 12,794,000 20,456,039 23,635,385
Net cash provided by (used in) investing activities 5,775,410 3,035,412 (3,120,432)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Cash dividends paid (4,099,087) (6,734,466) (5,064,811)
Mortgage principal payments (457,464) (427,345) (399,209)
Proceeds from issuance of common stock 310,857 297,664 257,255
Excess tax benefit from stock based payments 16,284 67,835 21,920
Payment of contingent consideration related to acquisition (161,060) (370,096)  
Purchase of common stock   (757,951)  
Net cash used in financing activities (4,390,470) (7,924,359) (5,184,845)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 31,145 42,779 (33,084)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,189,408 (4,645,998) 5,728,152
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 17,869,712 22,515,710 16,787,558
CASH AND CASH EQUIVALENTS AT END OF YEAR 20,059,120 17,869,712 22,515,710
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Income taxes paid 1,556,590 87,343 10,037,938
Interest paid 106,101 138,477 165,514
Dividends declared not paid 1,436,318   1,270,016
Acquisition costs in accrued liabilities     $ 1,002,623