|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
|
3 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| OPERATING ACTIVITIES |
|
|
| Net earnings |
$ 2,091,854 |
$ 1,831,411 |
| Adjustments to reconcile net earnings to cash provided by (used in) operating activities: |
|
|
| Depreciation |
450,297 |
458,099 |
| Provision for deferred taxes |
(27,652) |
(22,675) |
| Change in postretirement benefits |
22,354 |
19,049 |
| Decrease (increase) in operating assets: |
|
|
| Accounts receivable |
4,645,039 |
1,224,754 |
| Inventories |
1,913,505 |
5,063,837 |
| Other current assets |
79,393 |
(87,985) |
| Increase (decrease) in operating liabilities: |
|
|
| Accounts payable and accrued expenses |
(7,157,273) |
1,993,091 |
| Contribution to profit sharing plan |
52,500 |
50,100 |
| Employee compensation and related expenses |
10,588 |
(278,833) |
| Income taxes payable |
842,471 |
470,482 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES |
2,923,076 |
10,721,330 |
| INVESTING ACTIVITIES |
|
|
| Purchase of property, plant and equipment |
(90,573) |
(163,970) |
| Proceeds from sales of assets |
42,375 |
|
| Increase in cash surrender value of officers' life insurance |
(15,500) |
(15,250) |
| NET CASH USED IN INVESTING ACTIVITIES |
(63,698) |
(179,220) |
| FINANCING ACTIVITIES |
|
|
| Cash dividends paid |
(883,928) |
(747,939) |
| NET CASH USED IN FINANCING ACTIVITIES |
(883,928) |
(747,939) |
| INCREASE IN CASH |
1,975,450 |
9,794,171 |
| Cash at beginning of period |
11,881,548 |
7,210,290 |
| CASH AT END OF PERIOD |
$ 13,856,998 |
$ 17,004,461 |