XML 47 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net income $ 2,030,243 $ 2,348,734
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 973,586 681,449
Gain on sale of fixed assets   (5,463)
Share-based compensation 179,340 186,901
Excess tax benefit on share-based compensation   (276,596)
Deferred income taxes (3,556) 58,450
Changes in operating assets and liabilities:    
Receivables, net (678,234) (769,707)
Inventories (835,565) (307,718)
Taxes receivable 776,779 676,618
Prepaid expenses (886,366) (391,291)
Accounts payable 596,641 611,358
Accrued taxes and other expenses (2,030,816) (820,443)
Retirement and other liabilities 74,768 205,323
Other assets (81,983) (541,299)
Net cash provided by operating activities 114,837 1,656,316
Cash flows from investing activities:    
Additions to property, plant, and equipment (1,251,658) (2,309,282)
Holdback payment related to the acquisition of PAC Foam (200,000)  
Proceeds from sale of fixed assets   5,463
Redemption of cash value life insurance   131,621
Net cash used in investing activities (1,451,658) (2,172,198)
Cash flows from financing activities:    
Proceeds from the issuance of long-term debt 579,650  
Principal repayments of long-term debt (385,462) (145,165)
Proceeds from exercise of stock options, net of attestation 30,975 34,088
Excess tax benefit on share-based compensation   276,596
Payment of statutory withholdings for stock options exercised and restricted stock units vested (426,164) (672,284)
Distribution to United Development Company Limited (non-controlling interests)   (1,209,732)
Net cash used in financing activities (201,001) (1,716,497)
Net decrease in cash and cash equivalents (1,537,822) (2,232,379)
Cash and cash equivalents at beginning of period 33,479,519 29,848,798
Cash and cash equivalents at end of period $ 31,941,697 $ 27,616,419