Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

v2.4.0.6
Consolidated Statements Of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 9,797,866 $ 9,715,433 $ 6,043,645
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,100,735 1,858,881 1,698,321
Share based compensation 448,896 39,093 31,571
Deferred taxes 1,695,595 (518,234) 641,574
Impairment loss 1,271,986   196,020
Loss/(gain) on sale of assets 27,081 9,238 (39,919)
Excess tax benefit from share based payments (21,920) (34,981) (467)
Changes in assets and liabilities net of effects from acquisitions:      
Trade receivables 3,273,730 (2,521,012) 2,287,237
Inventories (602,414) 69,693 4,908,760
Prepaid income taxes (3,600,652) 40,688 (337,274)
Other assets (78,349) (52,913) (10,116)
Accounts payable (1,025,703) 407,757 827,562
Accrued compensation and benefits 751,925 417,873 1,791,395
Other accrued expenses 395,133 301,376 (263,369)
Income taxes payable (335,374) (10,158) (21,112)
Other (32,022) 3,092 (116,707)
Net cash provided by operating activities 14,066,513 9,725,826 17,637,121
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (2,755,991) (1,794,422) (3,237,558)
Purchases of investments (20,884,014) (20,339,715) (34,841,042)
Acquisition of business (3,138,367)    
Proceeds from the sale of fixed assets 22,555 27,783 106,672
Proceeds from the sale of investments 23,635,385 12,808,642 16,099,000
Net cash used in investing activities (3,120,432) (9,297,712) (21,872,928)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Cash dividends paid (5,064,811) (4,858,484) (4,332,666)
Mortgage principal payments (399,209) (372,926) (348,373)
Proceeds from issuance of common stock 257,255 307,810 170,626
Excess tax benefit from stock based payments 21,920 34,981 467
Purchase of common stock     (53,117)
Net cash used in financing activities (5,184,845) (4,888,619) (4,563,063)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH (33,084) (45,385) 140,757
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,728,152 (4,505,890) (8,658,113)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 16,787,558 21,293,448 29,951,561
CASH AND CASH EQUIVALENTS AT END OF YEAR 22,515,710 16,787,558 21,293,448
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Income taxes paid 10,037,938 6,315,827 4,472,507
Interest paid 165,514 201,191 225,883
Dividends declared not paid 1,270,016 1,263,434 1,169,040
Acquisition costs in accrued expenses $ 1,002,623