Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

v2.4.0.6
Condensed Consolidated Statements Of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,026,813 $ 6,642,504
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,124,254 1,034,140
Share-based compensation 223,062 249,316
Deferred income taxes 68,375 661,389
Goodwill impairment 0 1,271,986
(Gain) loss on sale of assets (89,542) 9,984
Excess tax benefit from stock based payments (67,932) (23,227)
Changes in assets and liabilities:    
Trade receivables (790,154) (14,682,075)
Inventories (5,060,313) (2,208,145)
Prepaid income taxes 313,120 296,586
Other assets 368,680 101,517
Accounts payable 818,696 2,521,963
Accrued compensation and benefits (2,526,956) (165,456)
Other accrued expenses (323,490) (296,517)
Income taxes payable 84,710 568,899
Net cash used in operating activities (4,830,677) (4,017,136)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (1,213,458) (968,912)
Purchases of investments (8,734,935) (10,575,526)
Proceeds from the sale of fixed assets 97,222 2,745
Proceeds from the sale of investments 9,440,039 11,950,000
Net cash (used in) provided by investing activities (411,132) 408,307
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,639,201) (2,527,555)
Mortgage principal payments (210,035) (196,206)
Proceeds from issuance of common stock 219,978 125,953
Excess tax benefit from stock based payments 67,932 23,227
Payment of contingent consideration related to acquisition (43,639)  
Purchase of common stock (207,102)  
Net cash used in financing activities (2,812,067) (2,574,581)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 3,514 7,232
NET DECREASE IN CASH AND CASH EQUIVALENTS (8,050,362) (6,176,178)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 22,515,710 16,787,558
CASH AND CASH EQUIVALENTS AT END OF PERIOD 14,465,348 10,611,380
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes paid 54,171 3,255,766
Interest paid 70,793 78,210
Dividends declared not paid $ 1,366,082 $ 1,268,723