XML 44 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Operating activities:    
Net income (loss) $ (18,944) $ 634,961
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 438,648 486,892
Stock-based compensation 22,237 78,984
Deferred income taxes (103,000) (35,000)
Foreign currency transaction (gain)/loss 99,779 14,401
(Increase) decrease in accounts receivable 50,322 (272,892)
(Increase) decrease in inventories (410,442) (171,933)
(Increase) decrease in refundable income taxes (13,190) 96,387
(Increase) decrease in prepaid expenses and other current assets (719,884) (400,608)
(Increase) decrease in other assets (25,343) (3,155)
Increase (decrease) in income taxes payable 0 6,345
Increase (decrease) in accounts payable & accrued expenses and other noncurrent liabilities 280,525 910,806
Net cash (used in) provided by operating activities (399,292) 1,345,188
Investing activities:    
Purchase of property, plant and equipment (130,797) (191,523)
Purchase of note and mortgage secured by underlying property 0 (2,000,000)
Payments received on distributor note receivable 35,352 0
Payment of life insurance premiums (259,726) (259,121)
Net cash used in investing activities (355,171) (2,450,644)
Financing activities:    
Principal payments on long-term borrowings (392,008) (288,681)
Common stock dividends paid (252,380) (250,283)
Purchase of stock for treasury (5,364) (46,904)
Net cash used in financing activities (649,752) (585,868)
Effect of exchange rate changes on cash and cash equivalents (140,864) 23,127
Increase (decrease) in cash and cash equivalents (1,545,079) (1,668,197)
Cash and cash equivalents at beginning of period 5,801,042 7,174,213
Cash and cash equivalents at end of period $ 4,255,963 $ 5,506,016