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Item 8. Consolidated Financial Statements and Supplementary Data.
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| |
|
MARCH 31, 2002 |
|
APRIL 1, 2001 |
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| Assets |
|
|
|
|
| Current Assets: |
|
|
|
|
| Cash and cash equivalents |
|
$ 505,100 |
|
$ -- |
Trade accounts receivable, net of allowance for doubtful accounts of $722,000
and $1,480,100, respectively |
|
28,111,400 |
|
25,557,800 |
| Product inventory |
|
38,480,500 |
|
32,566,400 |
| Deferred tax asset |
|
2,231,000 |
|
1,531,600 |
| Prepaid expenses and other current assets |
|
1,745,400 |
|
2,689,600 |
|
| Total current assets |
|
71,073,400 |
|
62,345,400 |
|
| Property and Equipment, Net |
|
25,843,100 |
|
21,640,400 |
|
| Goodwill and Other Intangible Assets, Net |
|
2,692,200 |
|
3,002,400 |
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| Other Long-Term Assets |
|
620,600 |
|
425,300 |
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| Total assets |
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$ 100,229,300 |
|
$ 87,413,500 |
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| Liabilities and Shareholders' Equity |
|
|
|
|
| Current Liabilities: |
|
|
|
|
| Trade accounts payable |
|
$ 28,137,500 |
|
$ 16,744,600 |
| Accrued expenses and other current liabilities |
|
5,993,500 |
|
4,409,200 |
| Revolving credit facility |
|
5,408,000 |
|
10,011,000 |
| Current portion of long-term debt |
|
377,800 |
|
354,500 |
|
| Total current liabilities |
|
39,916,800 |
|
31,519,300 |
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| Deferred Tax Liability |
|
2,679,500 |
|
2,274,900 |
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| Long-Term Debt, net of current portion |
|
6,063,400 |
|
6,441,200 |
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| Other Long-Term Liabilities |
|
762,200 |
|
438,900 |
|
| Total liabilities |
|
$ 49,421,900 |
|
$ 40,674,300 |
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| 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; 4,815,895 shares
issued and 4,508,485 shares outstanding as of March 31, 2002, and 4,802,687
shares issued and 4,495,277 shares outstanding as of April 1, 2001 |
|
48,200 |
|
48,000 |
| Additional paid-in capital |
|
21,910,400 |
|
21,748,300 |
| Treasury stock, at cost, 307,410 shares |
|
(3,792,600) |
|
(3,792,600) |
| Retained earnings |
|
32,641,400 |
|
28,735,500 |
|
| Total shareholders' equity |
|
50,807,400 |
|
46,739,200 |
|
| Total liabilities and shareholders' equity |
|
$ 100,229,300 |
|
$ 87,413,500 |
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The accompanying Notes to the Consolidated Financial Statements are an integral part of these consolidated balance sheets.
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