XML 30 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
3 Months Ended 9 Months Ended
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,827,751 $ 4,749,086 $ 5,244,493
Adjustments to reconcile net income from operations to net cash flows from operating activities:      
Depreciation 423,277 1,496,868 1,268,397
Amortization 95,822 283,441 255,418
Gain on sale of property and equipment   (28,606) (37,177)
Equity-based compensation   930,593 1,740,969
Net excess tax benefit on equity-based awards     (125,904)
Deferred income taxes   1,022,701 1,521,683
Provision (recoveries) for losses on doubtful accounts   75,757 (768,000)
Provision for losses on inventory obsolescence   98,789 104,871
Other   (6,034) (6,033)
Changes in assets and liabilities:      
Accounts receivable   (1,144,999) 3,044,399
Inventories   (11,031,978) (20,191,024)
Prepaid and other current assets   1,097,241 (3,444,459)
Other assets   (51,138) (186,546)
Accounts payable   (2,396,748) 2,598,310
Accrued expenses and accrued wages, salaries and bonuses   (19,827) (824,500)
Income tax payable   (1,796,182) (1,729,818)
Net cash flows from operating activities   (6,721,036) (11,534,921)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment   (914,486) (1,641,035)
Proceeds from sales of property and equipment   48,984 64,375
Acquisition     (13,368,057)
Net cash flows from investing activities   (865,502) (14,944,717)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net borrowings on bank credit agreements   9,308,869 28,533,322
Principal payments on long-term debt   (1,018,587) (684,108)
Repurchase of common stock   (918,000)  
Net excess tax benefit on equity-based awards     125,904
Dividends paid on convertible preferred stock   (201,454) (218,755)
Dividends on common stock   (354,723) (325,377)
Proceeds from exercise of stock options   1,180 22,391
Withholdings on the exercise of equity-based awards   (51,452)  
Net cash flows from financing activities   6,765,833 27,453,377
Net change in cash   (820,705) 973,739
Cash, beginning of period   1,389,665 356,735
Cash, end of period 1,330,474 568,960 1,330,474
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest   1,094,086 994,280
Cash paid during the period for income taxes   4,089,482 4,377,134
Supplemental disclosure of non-cash information:      
Equipment acquisitions classified as accounts payable   28,282 33,233
Issuance of common stock in connection with the vesting and exercise of equity based awards   950,562  
Conversion by holders of Series B Convertible Preferred Stock to common stock     450,000
Business acquisition (see Note 2):      
Accounts receivable 8,881,428   8,881,428
Inventory 4,571,629   4,571,629
Property and equipment 1,795,859   1,795,859
Prepaid assets 35,000   35,000
Goodwill 200,659   200,659
Accrued expenses (120,000)   (120,000)
Note payable (2,552,090)   (2,552,090)
Amount due under non-competition agreement (444,428)   (444,428)
Non-competition agreement
     
Business acquisition (see Note 2):      
Customer relationships intangible assets 500,000   500,000
Customer relationships
     
Business acquisition (see Note 2):      
Customer relationships intangible assets $ 500,000   $ 500,000