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 $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,146,153 $ 10,372,141
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,636,887 1,571,423
Share-based compensation 366,574 413,332
Deferred income taxes 129,918 973,817
Goodwill impairment 0 1,271,986
Change in fair value of acquisition-related contingent consideration (161,644)  
(Gain) loss on sale of assets (87,801) 4,674
Excess tax benefit from stock based payments (67,932) (23,227)
Changes in assets and liabilities:    
Trade receivables (2,101,517) (3,664,939)
Inventories (2,493,891) (609,224)
Prepaid income taxes 890,067 (273,981)
Other assets (2,815) 21,595
Accounts payable (797,081) (1,357,506)
Accrued compensation and benefits (2,554,475) (99,861)
Other accrued expenses (109,789) (288,821)
Income taxes payable (23,475) (59,368)
Net cash (used in) provided by operating activities (3,230,821) 8,252,041
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (2,047,771) (1,635,893)
Purchases of investments (13,599,917) (16,156,015)
Acquisition of business, net of cash acquired   (2,408,910)
Proceeds from the sale of fixed assets 161,663 8,055
Proceeds from the sale of investments 15,556,039 19,174,385
Net cash provided by (used in) investing activities 70,014 (1,018,378)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (4,005,003) (3,795,989)
Mortgage principal payments (317,765) (296,844)
Proceeds from issuance of common stock 249,847 177,609
Excess tax benefit from stock based payments 67,932 23,227
Payment of contingent consideration related to acquisition (357,879)   
Purchase of common stock (252,647)   
Net cash used in financing activities (4,615,515) (3,891,997)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 25,011 (44,619)
NET DECREASE IN CASH AND CASH EQUIVALENTS (7,751,311) 3,297,047
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 22,515,710 16,787,558
CASH AND CASH EQUIVALENTS AT END OF PERIOD 14,764,399 20,084,605
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes paid 74,508 6,996,908
Interest paid 103,945 121,615
Dividends declared not paid 1,363,430 1,269,155
Acquisition costs in accrued expenses   $ 1,681,367