 |
|
Item 8. Consolidated Financial Statements and Supplementary Data.
|
| |
|
MARCH 30, 2003 |
|
MARCH 31, 2002 |
|
| Assets |
|
|
|
|
| Current Assets: |
|
|
|
|
| Cash and cash equivalents |
|
$ --- |
|
$ 505,100 |
Trade accounts receivable, net of allowance for doubtful accounts of $694,100
and $722,000, respectively |
|
32,216,000 |
|
28,111,400 |
| Insurance receivable from disaster |
|
7,248,100 |
|
--- |
| Product inventory |
|
26,639,700 |
|
38,480,500 |
| Deferred tax asset |
|
2,258,600 |
|
2,231,000 |
| Prepaid expenses and other current assets |
|
3,606,300 |
|
1,745,400 |
|
| Total current assets |
|
71,968,700 |
|
71,073,400 |
|
| Property and Equipment, Net |
|
24,876,900 |
|
25,843,100 |
|
| Goodwill, Net |
|
2,452,200 |
|
2,452,200 |
|
| Other Long-Term Assets |
|
940,200 |
|
860,600 |
|
| Total assets |
|
$ 100,238,000 |
|
$ 100,229,300 |
|
| Liabilities and Shareholders' Equity |
|
|
|
|
| Current Liabilities: |
|
|
|
|
| Trade accounts payable |
|
$ 27,474,200 |
|
$ 28,137,500 |
| Accrued expenses and other current liabilities |
|
8,577,800 |
|
5,993,500 |
| Revolving credit facility |
|
--- |
|
5,408,000 |
| Current portion of long-term debt |
|
372,800 |
|
377,800 |
|
| Total current liabilities |
|
36,424,800 |
|
39,916,800 |
|
| Deferred Tax Liability |
|
3,240,600 |
|
2,679,500 |
|
| Long-Term Debt, net of current portion |
|
5,660,800 |
|
6,063,400 |
|
| Other Long-Term Liabilities |
|
926,000 |
|
762,200 |
|
| Total liabilities |
|
46,252,200 |
|
49,421,900 |
|
| Commitments and Contingencies |
|
|
|
|
| Shareholders' Equity: |
|
|
|
|
Preferred stock, $0.01 par value, 500,000 shares authorized and no shares
issued and outstanding |
|
--- |
|
--- |
Common stock, $0.01 par value, 15,000,000 shares authorized; 4,828,540 shares
issued and 4,521,130 shares outstanding as of March 30, 2003, and 4,815,895
shares issued and 4,508,485 shares outstanding as of March 31, 2002 |
|
48,300 |
|
48,200 |
| Additional paid-in capital |
|
22,040,100 |
|
21,910,400 |
| Treasury stock, at cost, 307,410 shares |
|
(3,792,600) |
|
(3,792,600) |
| Retained earnings |
|
35,690,000 |
|
32,641,400 |
|
| Total shareholders' equity |
|
53,985,800 |
|
50,807,400 |
|
| Total liabilities and shareholders' equity |
|
$ 100,238,000 |
|
$ 100,229,300 |
|
The accompanying Notes to the Consolidated Financial Statements are an integral part of these consolidated balance sheets.
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