CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($)
|
Aug. 31, 2015 |
Feb. 28, 2015 |
| CURRENT ASSETS: |
|
|
| Cash and cash equivalents |
$ 312,100
|
$ 383,900
|
| Accounts receivable, less allowance for doubtful accounts and sales returns of $397,700 (August 31) and $334,500 (February 28) |
4,164,100
|
3,076,700
|
| Inventories—Net |
13,356,000
|
11,181,000
|
| Prepaid expenses and other assets |
422,500
|
374,200
|
| Deferred income taxes |
255,900
|
249,800
|
| Total current assets |
18,510,600
|
15,265,600
|
| INVENTORIES—Net |
304,500
|
350,800
|
| PROPERTY, PLANT AND EQUIPMENT—Net |
2,403,900
|
2,073,200
|
| OTHER ASSETS |
243,400
|
243,400
|
| DEFERRED INCOME TAXES |
68,800
|
80,200
|
| TOTAL ASSETS |
21,531,200
|
18,013,200
|
| CURRENT LIABILITIES: |
|
|
| Accounts payable |
4,571,600
|
2,237,700
|
| Line of credit |
1,350,000
|
1,400,000
|
| Accrued salaries and commissions |
1,394,800
|
618,100
|
| Income taxes payable |
293,500
|
63,600
|
| Dividends payable |
364,400
|
322,000
|
| Other current liabilities |
854,300
|
1,043,500
|
| Total current liabilities |
$ 8,828,600
|
$ 5,684,900
|
| COMMITMENTS |
|
|
| SHAREHOLDERS’ EQUITY: |
|
|
| Common stock, $0.20 par value; Authorized 8,000,000 shares; Issued 6,041,040 (August 31 and February 28) shares; Outstanding 4,049,335 (August 31) and 4,024,539 (February 28) shares |
$ 1,208,200
|
$ 1,208,200
|
| Capital in excess of par value |
8,548,000
|
8,548,000
|
| Retained earnings |
14,138,800
|
13,857,200
|
|
23,895,000
|
23,613,400
|
| Less treasury stock, at cost |
(11,192,400)
|
(11,285,100)
|
| Total shareholders' equity |
12,702,600
|
12,328,300
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ 21,531,200
|
$ 18,013,200
|