|
Condensed Consolidated Statements of Cash Flows (USD $)
|
3 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net income |
$ 1,287,996 |
$ 1,462,752 |
| Adjustments to reconcile net income from operations to net cash flows from operating activities: |
|
|
| Depreciation |
532,790 |
502,612 |
| Amortization |
91,250 |
91,250 |
| Gain on sale of property and equipment |
(7,704) |
(70,631) |
| Equity-based compensation |
342,160 |
327,476 |
| Deferred income taxes |
484,838 |
419,627 |
| Provision for losses on doubtful accounts |
130,000 |
105,000 |
| Provision for losses on inventory obsolescence |
38,803 |
71,603 |
| Other |
(2,011) |
(2,011) |
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(3,838,855) |
241,773 |
| Inventories |
(4,900,694) |
(11,412,393) |
| Prepaid and other current assets |
(2,030,838) |
(878,343) |
| Other assets |
64,798 |
56,705 |
| Accounts payable |
995 |
(2,021,716) |
| Accrued expenses and accrued wages, salaries and bonuses |
(928,307) |
(500,789) |
| Income tax payable |
(1,669,022) |
(1,569,182) |
| Net cash flows from operating activities |
(10,403,801) |
(13,176,267) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Purchases of property and equipment |
(985,678) |
(330,228) |
| Proceeds from sales of property and equipment |
9,320 |
139,040 |
| Net cash flows from investing activities |
(976,358) |
(191,188) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Net borrowings on bank credit agreements |
13,908,025 |
16,025,449 |
| Principal payments on long-term debt |
(302,076) |
(292,345) |
| Repurchase of common stock and Series B Convertible Preferred Stock |
(1,941,918) |
(2,572,085) |
| Dividends paid on convertible preferred stock |
(49,177) |
(59,291) |
| Dividends on common stock |
(120,628) |
(117,428) |
| Proceeds from exercise of stock options |
|
1,180 |
| Withholdings on the exercise of equity-based awards |
(62,713) |
(74,610) |
| Net cash flows from financing activities |
11,431,513 |
12,910,870 |
| Net change in cash |
51,354 |
(456,585) |
| Cash, beginning of period |
275,036 |
491,387 |
| Cash, end of period |
326,390 |
34,802 |
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid during the period for interest |
274,796 |
279,667 |
| Cash paid during the period for income taxes |
2,149,184 |
2,219,555 |
| Supplemental disclosure of non-cash information: |
|
|
| Equipment acquisitions classified as accounts payable |
60,332 |
64,042 |
| Issuance of common stock in connection with the vesting and exercise of equity-based awards |
1,154,869 |
1,389,258 |
| Conversion by holder of Series B Convertible Preferred Stock to common stock |
|
100,000 |
| Common stock acquired with other consideration |
|
$ 760,871 |