PART II
ITEM 8: CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
CONSOLIDATED STATEMENTS OF CASH FLOWS
 |
|
FISCAL YEARS ENDED
|
APRIL 1, 2001
|
MARCH 26, 2000
|
MARCH 28, 1999
| |
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
Net income
|
$
|
5,274,000
|
$
|
5,542,600
|
$
|
1,972,400
|
|
Adjustments to reconcile net income to net cash provided
|
|
|
|
|
|
|
|
by (used in) operating activities
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
3,652,800
|
|
2,746,400
|
|
2,138,100
|
|
Loss on disposal of property and equipment
|
|
-
|
|
-
|
|
191,900
|
|
Provision for bad debts
|
|
972,200
|
|
328,100
|
|
290,200
|
|
Deferred income taxes and other
|
|
1,150,400
|
|
473,700
|
|
(385,700) |
|
Decrease (increase) in trade accounts receivable
|
|
1,647,400
|
|
(8,884,500) |
|
(4,154,100) |
|
Increase in product inventory
|
|
(842,600) |
|
(10,574,800) |
|
(2,276,900) |
|
(Increase) decrease in prepaid expenses and other current assets
|
|
(846,500) |
|
125,800
|
|
(359,500) |
|
(Decrease) increase in trade accounts payable
|
|
(8,609,200) |
|
12,415,300
|
|
(3,355,700) |
|
Increase in accrued expenses and other current liabilities
|
|
478,600
|
|
1,205,100
|
|
423,400
| |
|
Net cash provided by (used in) operating activities
|
|
2,877,100
|
|
3,377,700
|
|
(5,515,900) | |
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
| |
|
Proceeds from disposal of property and equipment
|
|
- |
|
-
|
|
3,100
|
|
Acquisition of property and equipment
|
|
(7,843,500) |
|
(3,854,400) |
|
(2,972,000) | |
|
Net cash used in investing activities
|
|
(7,843,500) |
|
(3,854,400) |
|
(2,968,900) | |
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
| |
|
Net borrowings under revolving credit facility
|
|
4,149,000
|
|
1,459,000
|
|
4,403,000
|
|
Decrease in other liabilities
|
|
-
|
|
(50,000) |
|
(50,000) |
|
Payments on long-term debt
|
|
(333,000) |
|
(287,200) |
|
(319,500) |
|
Proceeds from exercise of stock options
|
|
332,300
|
|
75,300
|
|
89,800
| |
|
Net cash provided by financing activities
|
|
4,148,300
|
|
1,197,100
|
|
4,123,300
| |
|
Net (decrease) increase in cash and cash equivalents
|
|
(818,100) |
|
720,400
|
|
(4,361,500) |
|
CASH AND CASH EQUIVALENTS, beginning of period
|
|
818,100
|
|
97,700
|
|
4,459,200
| |
|
CASH AND CASH EQUIVALENTS, end of period
|
$
|
-
|
$
|
818,100
|
$
|
97,700
| |
The accompanying Notes to the Consolidated Financial
Statements are an integral part of these consolidated balance sheets.
|
