BUSINESS SEGMENT DATA

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 8: BUSINESS SEGMENT DATA

 

The Company’s operations are conducted through two business segments. These segments, and the primary operations of each, are as follows:

 

BUSINESS SEGMENT	OPERATION
Candied Fruit	Production of candied fruit, a basic fruitcake ingredient, sold to manufacturing bakers, institutional users, and retailers for use in home baking.  Also, based on market conditions, the processing of frozen strawberry products, for sale to commercial and institutional users such as preservers, dairies, drink manufacturers, etc.
Molded Plastics	Production of plastics containers and other molded plastics for sale to various food processors and others.

	YEAR ENDED		YEAR ENDED
	2015		2014
NET SALES IN EACH SEGMENT
Candied Fruit:
Sales to Unaffiliated Customers	$	16,202,626	$	16,581,479
Molded Plastics:
Sales to Unaffiliated Customers		7,531,815		8,601,555
Net Sales	$	23,734,441	$	25,183,034

	YEAR ENDED		YEAR ENDED
	2015		2014
THE OPERATING PROFIT OF EACH SEGMENT IS LISTED BELOW
Candied Fruit	$	4,228,325	$	3,150,602
Molded Plastics		1,360,920		2,138,395
Operating Profit of Segments		5,589,245		5,288,997
General Corporate Expenses, Net		(4,707,382)		(4,468,045)
General Corporate Depreciation and Amortization Expense		(83,474)		(97,643)
Interest Expense		-		(2,216)
Other Income		19,885		52,301
Income Before Provision for Income Taxes	$	818,274	$	773,394

Operating profit is composed of net sales, less direct costs and overhead costs associated with each segment. The candied fruit segment purchases items from the molded plastics segment at cost. These transactions are then eliminated during consolidation. Due to the high degree of integration between the segments of the Company, it is not practical to allocate general corporate expenses, interest, and other income between the various segments.

	YEAR ENDED		YEAR ENDED
	2015		2014
Identifiable Assets of Each Segment are Listed Below:
Candied Fruit	$	9,161,755	$	9,289,619
Molded Plastics		4,874,312		4,719,576
Identifiable Assets		14,036,067		13,922,189
General Corporate Assets		10,546,498		9,499,371
Total Assets	$	24,582,565	$	23,508,566

Included in Identifiable Assets of the Molded Plastics Segment is goodwill totaling $413,280 at both December 31, 2015 and 2014.

Identifiable assets by segment are those assets that are principally used in the operations of each segment. General corporate assets are principally cash, land and buildings.

	YEAR ENDED		YEAR ENDED
	2015		2014
Depreciation and Amortization Expense of Each Segment are Listed Below:
Candied Fruit	$	349,656	$	370,970
Molded Plastics		146,474		154,959
Segment Depreciation and Amortization Expense		496,130		525,859
General Corporate Depreciation and Amortization Expense		83,474		97,643
Total Depreciation and Amortization Expense	$	579,604	$	623,502

	YEAR ENDED		YEAR ENDED
	2015		2014
Capital Expenditures of Each Segment are Listed Below:
Candied Fruit	$	361,572	$	59,630
Molded Plastics		387,780		77,390
Segment Capital Expenditures		749,352		137,020
General Corporate Capital Expenditures		141,018		-
Total Capital Expenditures	$	890,370	$	137,020

The Company conducts operations only within the United States. Foreign sales are insignificant; primarily all sales are to domestic companies.