Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

v2.3.0.15
Condensed Consolidated Statements Of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 10,372,141 $ 7,745,647
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,571,423 1,418,065
Share-based compensation 413,332 39,093
Deferred income taxes 973,817 (474,900)
Goodwill impairment 1,271,986 0
Gain (loss) on sale of assets 4,674 (1,143)
Excess tax benefit from stock based payments (23,227)  
Changes in assets and liabilities:    
Trade receivables (3,664,939) (5,315,719)
Inventories (609,224) 302,888
Prepaid income taxes (273,981) 337,274
Other assets 21,595 (508,666)
Accounts payable (1,357,506) (421,603)
Accrued compensation and benefits (99,861) 56,473
Other accrued expenses (288,821) 247,625
Income taxes payable (59,368) 1,552,228
Net cash provided by operating activities 8,252,041 4,977,262
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (1,635,893) (1,190,886)
Purchases of investments (16,156,015) (17,110,186)
Acquisition of business, net of cash acquired (2,408,910)  
Proceeds from the sale of fixed assets 8,055 27,593
Proceeds from the sale of investments 19,174,385 10,176,299
Net cash used in investing activities (1,018,378) (8,097,180)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (3,795,989) (3,598,544)
Mortgage principal payments (296,844) (277,300)
Proceeds from issuance of common stock 177,609 100,337
Excess tax benefit from stock based payments 23,227  
Net cash used in financing activities (3,891,997) (3,775,507)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH (44,619) (31,841)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,297,047 (6,927,266)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16,787,558 21,293,448
CASH AND CASH EQUIVALENTS AT END OF PERIOD 20,084,605 14,366,182
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes paid 6,996,908 3,473,805
Interest paid 121,615 153,249
Dividends declared not paid 1,269,155 1,259,940
Acquisition costs in accrued expenses $ 1,681,367