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Item 8. Consolidated Financial Statements and Supplementary Data.
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FISCAL YEARS ENDED |
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MARCH 31, 2002 |
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APRIL 1, 2001 |
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APRIL 1, 2001 |
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Cash Flows from Operating Activities: |
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Net Income |
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$ 3,905,900 |
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$ 5,274,000 |
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$ 5,542,600 |
Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
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4,519,500 |
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3,652,800 |
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2,746,400 |
Provision for bad debts |
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823,300 |
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972,200 |
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328,100 |
Deferred income taxes and other |
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(166,800) |
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1,150,400 |
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473,700 |
(Increase) decrease in trade accounts receivable |
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(3,376,900) |
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1,647,400 |
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(8,884,500) |
Increase in product inventory |
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(5,914,100) |
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(842,600) |
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(10,574,800) |
Decrease (increase) in prepaid expenses and other current assets |
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944,200 |
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(846,500) |
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125,800 |
Increase (decrease) in trade accounts payable |
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11,392,900 |
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(8,609,200) |
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12,415,300 |
Increase in accrued expenses and other current liabilities |
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1,584,300 |
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478,600 |
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1,205,100 |
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Net cash provided by operating activities |
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13,712,300 |
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2,877,100 |
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3,377,700 |
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Cash Flows from Investing Activities: |
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Acquisition of property and equipment |
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(8,412,000) |
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(7,843,500) |
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(3,854,400) |
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Net cash used in investing activities |
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(8,412,000) |
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(7,843,500) |
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(3,854,400) |
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Cash Flows from Financing Activities: |
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Net borrowings under revolving credit facility |
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(4,603,000) |
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4,149,000 |
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1,459,000 |
Decrease in other liabilities |
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-- |
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-- |
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(50,000) |
Payments on long-term debt |
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(354,500) |
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(333,000) |
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(287,200) |
Proceeds from issuance of stock |
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162,300 |
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332,300 |
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75,300 |
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Net cash (used in) provided by financing activities |
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(4795,200) |
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4,148,300 |
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1,197,100 |
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Net increase (decrease) in cash and cash equivalents |
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505,100 |
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(818,100) |
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720,400 |
Cash and Cash Equivalents, beginning of period |
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-- |
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818,100 |
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97,700 |
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Cash and Cash Equivalents, end of period |
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$ 505,100 |
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$ -- |
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$ 818,100 |
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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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