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, 2012
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 2,238,114 $ 9,797,866 $ 9,715,433
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,133,511 2,100,735 1,858,881
Share-based compensation 302,964 448,896 39,093
Deferred taxes (631,626) 1,695,595 (518,234)
Impairment loss   1,271,986  
Change in fair value of acquisition-related contingent consideration 85,501    
(Gain)/loss on sale of assets (62,630) 27,081 9,238
Excess tax benefit from stock based payments (67,835) (21,920) (34,981)
Changes in assets and liabilities net of effects from acquisitions:      
Trade receivables (189,775) 3,273,730 (2,521,012)
Inventories (7,705,772) (602,414) 69,693
Prepaid income taxes 1,776,601 (3,600,652) 40,688
Other assets 252,378 (78,349) (52,913)
Accounts payable 4,819,481 (1,025,703) 407,757
Accrued compensation and benefits (2,250,647) 751,925 417,873
Other accrued liabilities (680,171) 395,133 301,376
Income taxes payable (15,168) (335,374) (10,158)
Other 195,244 (32,022) 3,092
Net cash provided by operating activities 200,170 14,066,513 9,725,826
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (2,607,958) (2,755,991) (1,794,422)
Purchases of investments (15,010,778) (20,884,014) (20,339,715)
Acquisition of business   (3,138,367)  
Proceeds from the sale of fixed assets 198,109 22,555 27,783
Proceeds from the sale of investments 20,456,039 23,635,385 12,808,642
Net cash provided by (used in) investing activities 3,035,412 (3,120,432) (9,297,712)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Cash dividends paid (6,734,466) (5,064,811) (4,858,484)
Mortgage principal payments (427,345) (399,209) (372,926)
Proceeds from issuance of common stock 297,664 257,255 307,810
Excess tax benefit from stock based payments 67,835 21,920 34,981
Payment of contingent consideration related to acquisition (370,096)    
Purchase of common stock (757,951)    
Net cash used in financing activities (7,924,359) (5,184,845) (4,888,619)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 42,779 (33,084) (45,385)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (4,645,998) 5,728,152 (4,505,890)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 22,515,710 16,787,558 21,293,448
CASH AND CASH EQUIVALENTS AT END OF YEAR 17,869,712 22,515,710 16,787,558
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Income taxes paid 87,343 10,037,938 6,315,827
Interest paid 138,477 165,514 201,191
Dividends declared not paid   1,270,016 1,263,434
Acquisition costs in accrued liabilities   $ 1,002,623