Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | ||
Sep. 30, 2018 | Nov. 02, 2018 | Jun. 30, 2018 | |
Details | |||
Registrant Name | Chicago Rivet & Machine Co. | ||
Registrant CIK | 19,871 | ||
SEC Form | 10-Q | ||
Period End date | Sep. 30, 2018 | ||
Fiscal Year End | --12-31 | ||
Trading Symbol | CVR | ||
Tax Identification Number (TIN) | 360,904,920 | ||
Number of common stock shares outstanding | 966,132 | ||
Public Float | $ 25,335,536 | ||
Entity Filer Category | Non-accelerated Filer | ||
Current with reporting | Yes | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q3 | ||
Entity Incorporation, State Country Name | Illinois | ||
Entity Address, Address Line One | 901 Frontenac Road | ||
Entity Address, City or Town | Naperville | ||
Entity Address, State or Province | Illinois | ||
Entity Address, Postal Zip Code | 60,563 | ||
City Area Code | 630 | ||
Local Phone Number | 357-8500 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 1,084,363 | $ 1,152,569 |
Certificates of deposit | 6,814,000 | 7,810,000 |
Accounts receivable - Less allowances of $140,000 | 6,502,374 | 5,326,650 |
Inventories, net | 5,254,333 | 4,528,100 |
Prepaid income taxes | 148,686 | 84,112 |
Other current assets | 399,682 | 357,918 |
Total current assets | 20,203,438 | 19,259,349 |
Property, Plant and Equipment | ||
Land and improvements | 1,616,041 | 1,535,434 |
Buildings and improvements | 8,039,831 | 8,039,831 |
Production equipment and other | 35,510,017 | 34,607,507 |
Property, Plant and Equipment, Gross | 45,165,889 | 44,182,772 |
Less accumulated depreciation | 31,939,664 | 31,625,819 |
Net property, plant and equipment | 13,226,225 | 12,556,953 |
Total assets | 33,429,663 | 31,816,302 |
Current Liabilities: | ||
Accounts payable | 1,204,908 | 737,040 |
Accrued wages and salaries | 895,390 | 674,316 |
Other accrued expenses | 440,352 | 495,132 |
Unearned revenue and customer deposits | 373,848 | 312,775 |
Total current liabilities | 2,914,498 | 2,219,263 |
Deferred income taxes | 855,084 | 737,084 |
Total liabilities | 3,769,582 | 2,956,347 |
Shareholders' Equity: | ||
Preferred stock, no par value, 500,000 shares authorized: none outstanding | 0 | 0 |
Common stock, $1.00 par value, 4,000,000 shares authorized, 1,138,096 shares issued; 966,132 shares outstanding | 1,138,096 | 1,138,096 |
Additional paid-in capital | 447,134 | 447,134 |
Retained earnings | 31,996,949 | 31,196,823 |
Treasury stock, 171,964 shares at cost | 3,922,098 | 3,922,098 |
Total shareholders' equity | 29,660,081 | 28,859,955 |
Total liabilities and shareholders' equity | $ 33,429,663 | $ 31,816,302 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Details | ||
Allowance for Doubtful Accounts Receivable, Current | $ 140,000 | $ 140,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 500,000 | 500,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 4,000,000 | 4,000,000 |
Common Stock, Shares, Issued | 1,138,096 | 1,138,096 |
Common Stock, Shares, Outstanding | 966,132 | 966,132 |
Treasury Stock, Shares | 171,964 | 171,964 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Consolidated Statements of Income (Unaudited) | ||||
Net sales | $ 8,856,049 | $ 8,386,756 | $ 28,660,474 | $ 27,305,591 |
Cost of goods sold | 7,221,815 | 6,632,070 | 22,394,801 | 21,224,986 |
Gross profit | 1,634,234 | 1,754,686 | 6,265,673 | 6,080,605 |
Selling and administrative expenses | 1,308,884 | 1,278,646 | 4,185,571 | 4,205,493 |
Operating profit | 325,350 | 476,040 | 2,080,102 | 1,875,112 |
Other income | 38,399 | 24,795 | 109,527 | 68,000 |
Income before income taxes | 363,749 | 500,835 | 2,189,629 | 1,943,112 |
Provision for income taxes | 76,000 | 165,000 | 491,000 | 634,000 |
Net income | $ 287,749 | $ 335,835 | $ 1,698,629 | $ 1,309,112 |
Per share data, basic and diluted: | ||||
Net income per share | $ 0.30 | $ 0.35 | $ 1.76 | $ 1.36 |
Average common shares outstanding | 966,132 | 966,132 | 966,132 | 966,132 |
Cash dividends declared per share | $ 0.21 | $ 0.20 | $ 0.93 | $ 0.95 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 1,698,629 | $ 1,309,112 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 973,182 | 922,347 |
Gain on disposal of equipment | (26,135) | (1,700) |
Deferred income taxes | 118,000 | (70,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,175,724) | (547,573) |
Inventories | (726,233) | (550,424) |
Other current assets and prepaid income taxes | (106,338) | 98,977 |
Accounts payable | 460,603 | 460,171 |
Accrued wages and salaries | 221,074 | 199,981 |
Other accrued expenses | (54,780) | (131,262) |
Unearned revenue and customer deposits | 61,073 | (45,282) |
Net cash provided by operating activities | 1,443,351 | 1,644,347 |
Cash flows from investing activities: | ||
Capital expenditures | 1,635,189 | 1,069,559 |
Proceeds from the sale of equipment | 26,135 | 1,700 |
Proceeds from certificates of deposit | 3,735,000 | 5,320,000 |
Purchases of certificates of deposit | 2,739,000 | 4,573,000 |
Net cash used in investing activities | (613,054) | (320,859) |
Cash flows from financing activities: | ||
Cash dividends paid | 898,503 | 917,825 |
Net cash used in financing activities | (898,503) | (917,825) |
Net increase (decrease) in cash and cash equivalents | (68,206) | 405,663 |
Cash and cash equivalents at beginning of period | 1,152,569 | 353,475 |
Cash and cash equivalents at end of period | 1,084,363 | 759,138 |
Supplemental schedule of non-cash investing activities: | ||
Capital expenditures in accounts payable | $ 7,265 | $ 1,487 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Retained Earnings (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Consolidated Statements of Retained Earnings (Unaudited) | ||
Retained earnings at beginning of period | $ 31,196,823 | $ 30,228,793 |
Net income | 1,698,629 | 1,309,112 |
Cash dividends declared in the period, $.93 per share in 2018 and $.95 in 2017 | (898,503) | (917,825) |
Retained earnings at end of period | $ 31,996,949 | $ 30,620,080 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Retained Earnings (Unaudited) - Parenthetical - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Details | ||||
Cash dividends declared per share | $ 0.21 | $ 0.20 | $ 0.93 | $ 0.95 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Notes | |
Accounting Policies | 1. In the opinion of the Company, the accompanying unaudited interim financial statements contain all adjustments necessary to present fairly the financial position of the Company as of September 30, 2018 (unaudited) and December 31, 2017 (audited) and the results of operations and changes in cash flows for the indicated periods. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted from these unaudited financial statements in accordance with applicable rules. Please refer to the financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2017. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three and nine-month period ending September 30, 2018 are not necessarily indicative of the results to be expected for the year. In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The ASU will increase transparency and comparability among entities by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The ASU will require lessees to recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The ASU is effective for annual reporting periods beginning after December 15, 2018 and interim periods within those annual periods. The impact of adopting this ASU is not expected to be significant based on current lease agreements. |
Risks and Uncertainties
Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2018 | |
Notes | |
Risks and Uncertainties | 2. The Company extends credit on the basis of terms that are customary within our markets to various companies doing business primarily in the automotive industry. The Company has a concentration of credit risk primarily within the automotive industry and in the Midwestern United States. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Notes | |
Commitments and Contingencies | 3. The Company is, from time to time, involved in litigation, including environmental claims and contract disputes, in the normal course of business. While it is not possible at this time to establish the ultimate amount of liability with respect to contingent liabilities, including those related to legal proceedings, management is of the opinion that the aggregate amount of any such liabilities, for which provision has not been made, will not have a material adverse effect on the Company's financial position. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2018 | |
Notes | |
Revenue | 4. RevenueOn January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers using the modified retrospective method. The adoption did not result in the recognition of a cumulative adjustment to beginning retained earnings, nor did it have a material impact on the condensed consolidated financial statements. For the Company, the most significant impact of the new standard is the addition of required disclosures within the notes to the financial statements. The Company operates in the fastener industry and is in the business of manufacturing and selling rivets, cold-formed fasteners and parts, screw machine products, automatic rivet setting machines and parts and tools for such machines. Revenue is recognized when control of the promised goods or services is transferred to our customers, generally upon shipment of goods or completion of services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. Sales taxes we may collect concurrent with revenue producing activities are excluded from revenue. Revenue is recognized net of certain sales adjustments to arrive at net sales as reported on the statement of income. These adjustments primarily relate to customer returns and allowances. The Company records a liability and reduction in sales for estimated product returns based upon historical experience. If we determine that our obligation under warranty claims is probable and subject to reasonable determination, an estimate of that liability is recorded as an offset against revenue at that time. As of September 30, 2018 and December 31, 2017 reserves for warranty claims were not material. Cash received by the Company prior to shipment is recorded as unearned revenue. Shipping and handling fees billed to customers are recognized in net sales, and related costs as cost of sales, when incurred. Sales commissions are expensed when incurred because the amortization period is less than one year. These costs are recorded within selling and administrative expenses in the statement of income. The following table presents revenue by segment, further disaggregated by end-market: Fastener Assembly Equipment Consolidated Three Months Ended September 30, 2018: Automotive 5,291,033 100,751 5,391,784 Non-automotive 2,645,765 818,500 3,464,265 Total 7,936,798 919,251 8,856,049 Three Months Ended September 30, 2017: Automotive 5,181,974 49,040 5,231,014 Non-automotive 2,304,219 851,523 3,155,742 Total 7,486,193 900,563 8,386,756 Nine Months Ended September 30, 2018: Automotive 17,225,475 189,656 17,415,131 Non-automotive 8,670,697 2,574,646 11,245,343 Total 25,896,172 2,764,302 28,660,474 Nine Months Ended September 30, 2017: Automotive 17,116,399 130,631 17,247,030 Non-automotive 7,203,326 2,855,235 10,058,561 Total 24,319,725 2,985,866 27,305,591 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Notes | |
Income Taxes | 5. The Companys effective tax rates were 21.0% and 32.9% for the third quarter of 2018 and 2017, respectively, and 22.4% and 32.6% for the nine months ended September 30, 2018 and 2017, respectively. The lower rate in 2018 is due to the enactment of the Tax Cuts and Jobs Act in December 2017 that reduced the maximum federal corporate tax rate from 35% to 21% beginning in 2018. The effective rate was lower than the U.S. federal statutory rate in 2017 primarily due to the Domestic Production Activities Deduction allowed under Internal Revenue Code Section 199. The Companys federal income tax returns for the 2015, 2016 and 2017 tax years are subject to examination by the Internal Revenue Service (IRS). While it may be possible that a reduction could occur with respect to the Companys unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company. No statutes have been extended on any of the Companys federal income tax filings. The statute of limitations on the Companys 2015, 2016 and 2017 federal income tax returns will expire on September 15, 2019, 2020 and 2021, respectively. The Companys state income tax returns for the 2015 through 2017 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2021. The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Notes | |
Inventories | 6. Inventories are stated at the lower of cost or net realizable value, cost being determined by the first-in, first-out method. A summary of inventories is as follows: September 30, 2018 December 31, 2017 Raw material $ 2,231,154 $ 1,812,603 Work-in-process 1,828,478 1,604,867 Finished goods 1,784,701 1,674,630 Inventory, gross 5,844,333 5,092,100 Valuation reserves (590,000) (564,000) Inventories, net $ 5,254,333 $ 4,528,100 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
Notes | |
Segment Reporting | 7. Segment InformationThe Company operates in two business segments as determined by its products. The fastener segment includes rivets, cold-formed fasteners and parts and screw machine products. The assembly equipment segment includes automatic rivet setting machines and parts and tools for such machines. Information by segment is as follows: Fastener Assembly Equipment Other Consolidated Three Months Ended September 30, 2018: Net sales $ 7,936,798 $ 919,251 0 $ 8,856,049 Depreciation 281,418 28,358 9,869 319,645 Segment operating profit 599,188 297,009 0 896,197 Selling and administrative expenses 0 0 (563,347) (563,347) Interest income 0 0 30,899 30,899 Income before income taxes $ 363,749 Capital expenditures 813,649 5,489 187,598 1,006,736 Segment assets: Accounts receivable, net 5,961,946 540,428 0 6,502,374 Inventories, net 4,226,263 1,028,070 0 5,254,333 Property, plant and equipment, net 10,696,801 1,596,585 932,839 13,226,225 Other assets 0 0 8,446,731 8,446,731 $ 33,429,663 Three Months Ended September 30, 2017: Net sales $ 7,486,193 $ 900,563 0 $ 8,386,756 Depreciation 275,820 24,390 8,970 309,180 Segment operating profit 768,247 317,602 0 1,085,849 Selling and administrative expenses 0 0 (603,809) (603,809) Interest income 0 0 18,795 18,795 Income before income taxes $ 500,835 Capital expenditures 263,563 8,325 0 271,888 Segment assets: Accounts receivable, net 5,576,022 295,070 0 5,871,092 Inventories, net 4,134,219 953,898 0 5,088,117 Property, plant and equipment, net 10,409,913 1,613,245 576,099 12,599,257 Other assets 0 0 8,452,225 8,452,225 $ 32,010,691 Nine Months Ended September 30, 2018: Net sales $ 25,896,172 $ 2,764,302 0 $ 28,660,474 Depreciation 865,677 82,954 24,551 973,182 Segment operating profit 3,006,367 930,570 0 3,936,937 Selling and administrative expenses 0 0 (1,831,926) (1,831,926) Interest income 0 0 84,618 84,618 Income before income taxes $ 2,189,629 Capital expenditures 1,279,568 36,984 325,902 1,642,454 Nine Months Ended September 30, 2017: Net sales $ 24,319,725 $ 2,985,866 0 $ 27,305,591 Depreciation 822,267 73,170 26,910 922,347 Segment operating profit 2,716,020 1,089,089 0 3,805,109 Selling and administrative expenses 0 0 (1,911,509) (1,911,509) Interest income 0 0 49,512 49,512 Income before income taxes $ 1,943,112 Capital expenditures 949,333 121,713 0 1,071,046 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Policies | |
Accounting Policies | 1. In the opinion of the Company, the accompanying unaudited interim financial statements contain all adjustments necessary to present fairly the financial position of the Company as of September 30, 2018 (unaudited) and December 31, 2017 (audited) and the results of operations and changes in cash flows for the indicated periods. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted from these unaudited financial statements in accordance with applicable rules. Please refer to the financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2017. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three and nine-month period ending September 30, 2018 are not necessarily indicative of the results to be expected for the year. In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The ASU will increase transparency and comparability among entities by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The ASU will require lessees to recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The ASU is effective for annual reporting periods beginning after December 15, 2018 and interim periods within those annual periods. The impact of adopting this ASU is not expected to be significant based on current lease agreements. |
Risks and Uncertainties | 2. The Company extends credit on the basis of terms that are customary within our markets to various companies doing business primarily in the automotive industry. The Company has a concentration of credit risk primarily within the automotive industry and in the Midwestern United States. |
Commitments and Contingencies | 3. The Company is, from time to time, involved in litigation, including environmental claims and contract disputes, in the normal course of business. While it is not possible at this time to establish the ultimate amount of liability with respect to contingent liabilities, including those related to legal proceedings, management is of the opinion that the aggregate amount of any such liabilities, for which provision has not been made, will not have a material adverse effect on the Company's financial position. |
Revenue | 4. RevenueOn January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers using the modified retrospective method. The adoption did not result in the recognition of a cumulative adjustment to beginning retained earnings, nor did it have a material impact on the condensed consolidated financial statements. For the Company, the most significant impact of the new standard is the addition of required disclosures within the notes to the financial statements. The Company operates in the fastener industry and is in the business of manufacturing and selling rivets, cold-formed fasteners and parts, screw machine products, automatic rivet setting machines and parts and tools for such machines. Revenue is recognized when control of the promised goods or services is transferred to our customers, generally upon shipment of goods or completion of services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. Sales taxes we may collect concurrent with revenue producing activities are excluded from revenue. Revenue is recognized net of certain sales adjustments to arrive at net sales as reported on the statement of income. These adjustments primarily relate to customer returns and allowances. The Company records a liability and reduction in sales for estimated product returns based upon historical experience. If we determine that our obligation under warranty claims is probable and subject to reasonable determination, an estimate of that liability is recorded as an offset against revenue at that time. As of September 30, 2018 and December 31, 2017 reserves for warranty claims were not material. Cash received by the Company prior to shipment is recorded as unearned revenue. Shipping and handling fees billed to customers are recognized in net sales, and related costs as cost of sales, when incurred. Sales commissions are expensed when incurred because the amortization period is less than one year. These costs are recorded within selling and administrative expenses in the statement of income. |
Income Taxes | 5. The Companys effective tax rates were 21.0% and 32.9% for the third quarter of 2018 and 2017, respectively, and 22.4% and 32.6% for the nine months ended September 30, 2018 and 2017, respectively. The lower rate in 2018 is due to the enactment of the Tax Cuts and Jobs Act in December 2017 that reduced the maximum federal corporate tax rate from 35% to 21% beginning in 2018. The effective rate was lower than the U.S. federal statutory rate in 2017 primarily due to the Domestic Production Activities Deduction allowed under Internal Revenue Code Section 199. The Companys federal income tax returns for the 2015, 2016 and 2017 tax years are subject to examination by the Internal Revenue Service (IRS). While it may be possible that a reduction could occur with respect to the Companys unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company. No statutes have been extended on any of the Companys federal income tax filings. The statute of limitations on the Companys 2015, 2016 and 2017 federal income tax returns will expire on September 15, 2019, 2020 and 2021, respectively. The Companys state income tax returns for the 2015 through 2017 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2021. The Company is currently not under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended. |
Inventories | 6. Inventories are stated at the lower of cost or net realizable value, cost being determined by the first-in, first-out method. |
Segment Reporting | 7. Segment InformationThe Company operates in two business segments as determined by its products. The fastener segment includes rivets, cold-formed fasteners and parts and screw machine products. The assembly equipment segment includes automatic rivet setting machines and parts and tools for such machines. |
Revenue_ Revenue (Tables)
Revenue: Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Tables/Schedules | |
Revenue | Fastener Assembly Equipment Consolidated Three Months Ended September 30, 2018: Automotive 5,291,033 100,751 5,391,784 Non-automotive 2,645,765 818,500 3,464,265 Total 7,936,798 919,251 8,856,049 Three Months Ended September 30, 2017: Automotive 5,181,974 49,040 5,231,014 Non-automotive 2,304,219 851,523 3,155,742 Total 7,486,193 900,563 8,386,756 Nine Months Ended September 30, 2018: Automotive 17,225,475 189,656 17,415,131 Non-automotive 8,670,697 2,574,646 11,245,343 Total 25,896,172 2,764,302 28,660,474 Nine Months Ended September 30, 2017: Automotive 17,116,399 130,631 17,247,030 Non-automotive 7,203,326 2,855,235 10,058,561 Total 24,319,725 2,985,866 27,305,591 |
Inventories_ Inventories (Table
Inventories: Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Tables/Schedules | |
Inventories | September 30, 2018 December 31, 2017 Raw material $ 2,231,154 $ 1,812,603 Work-in-process 1,828,478 1,604,867 Finished goods 1,784,701 1,674,630 Inventory, gross 5,844,333 5,092,100 Valuation reserves (590,000) (564,000) Inventories, net $ 5,254,333 $ 4,528,100 |
Segment Reporting_ Schedule of
Segment Reporting: Schedule of Segment Reporting Information, by Segment (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Tables/Schedules | |
Schedule of Segment Reporting Information, by Segment | Fastener Assembly Equipment Other Consolidated Three Months Ended September 30, 2018: Net sales $ 7,936,798 $ 919,251 0 $ 8,856,049 Depreciation 281,418 28,358 9,869 319,645 Segment operating profit 599,188 297,009 0 896,197 Selling and administrative expenses 0 0 (563,347) (563,347) Interest income 0 0 30,899 30,899 Income before income taxes $ 363,749 Capital expenditures 813,649 5,489 187,598 1,006,736 Segment assets: Accounts receivable, net 5,961,946 540,428 0 6,502,374 Inventories, net 4,226,263 1,028,070 0 5,254,333 Property, plant and equipment, net 10,696,801 1,596,585 932,839 13,226,225 Other assets 0 0 8,446,731 8,446,731 $ 33,429,663 Three Months Ended September 30, 2017: Net sales $ 7,486,193 $ 900,563 0 $ 8,386,756 Depreciation 275,820 24,390 8,970 309,180 Segment operating profit 768,247 317,602 0 1,085,849 Selling and administrative expenses 0 0 (603,809) (603,809) Interest income 0 0 18,795 18,795 Income before income taxes $ 500,835 Capital expenditures 263,563 8,325 0 271,888 Segment assets: Accounts receivable, net 5,576,022 295,070 0 5,871,092 Inventories, net 4,134,219 953,898 0 5,088,117 Property, plant and equipment, net 10,409,913 1,613,245 576,099 12,599,257 Other assets 0 0 8,452,225 8,452,225 $ 32,010,691 Nine Months Ended September 30, 2018: Net sales $ 25,896,172 $ 2,764,302 0 $ 28,660,474 Depreciation 865,677 82,954 24,551 973,182 Segment operating profit 3,006,367 930,570 0 3,936,937 Selling and administrative expenses 0 0 (1,831,926) (1,831,926) Interest income 0 0 84,618 84,618 Income before income taxes $ 2,189,629 Capital expenditures 1,279,568 36,984 325,902 1,642,454 Nine Months Ended September 30, 2017: Net sales $ 24,319,725 $ 2,985,866 0 $ 27,305,591 Depreciation 822,267 73,170 26,910 922,347 Segment operating profit 2,716,020 1,089,089 0 3,805,109 Selling and administrative expenses 0 0 (1,911,509) (1,911,509) Interest income 0 0 49,512 49,512 Income before income taxes $ 1,943,112 Capital expenditures 949,333 121,713 0 1,071,046 |
Revenue_ Revenue (Details)
Revenue: Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fastener | Automotive | ||||
Revenue | $ 5,291,033 | $ 5,181,974 | $ 17,225,475 | $ 17,116,399 |
Fastener | NonAutomotive | ||||
Revenue | 2,645,765 | 2,304,219 | 8,670,697 | 7,203,326 |
Fastener | ||||
Revenue | 7,936,798 | 7,486,193 | 25,896,172 | 24,319,725 |
Assembly Equipment | Automotive | ||||
Revenue | 100,751 | 49,040 | 189,656 | 130,631 |
Assembly Equipment | NonAutomotive | ||||
Revenue | 818,500 | 851,523 | 2,574,646 | 2,855,235 |
Assembly Equipment | ||||
Revenue | 919,251 | 900,563 | 2,764,302 | 2,985,866 |
Automotive | ||||
Revenue | 5,391,784 | 5,231,014 | 17,415,131 | 17,247,030 |
NonAutomotive | ||||
Revenue | 3,464,265 | 3,155,742 | 11,245,343 | 10,058,561 |
Revenue | $ 8,856,049 | $ 8,386,756 | $ 28,660,474 | $ 27,305,591 |
Inventories_ Inventories (Detai
Inventories: Inventories (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Details | |||
Raw material | $ 2,231,154 | $ 1,812,603 | |
Work-in-process | 1,828,478 | 1,604,867 | |
Finished goods | 1,784,701 | 1,674,630 | |
Inventory, gross | 5,844,333 | 5,092,100 | |
Valuation reserves | (590,000) | (564,000) | |
Inventories, net | $ 5,254,333 | $ 4,528,100 | $ 5,088,117 |
Segment Reporting_ Schedule o_2
Segment Reporting: Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Net sales | $ 8,856,049 | $ 8,386,756 | $ 28,660,474 | $ 27,305,591 | |
Depreciation | 319,645 | 309,180 | 973,182 | 922,347 | |
Segment operating profit | 896,197 | 1,085,849 | 3,936,937 | 3,805,109 | |
Selling and administrative expenses | (563,347) | (603,809) | (1,831,926) | (1,911,509) | |
Interest income | 30,899 | 18,795 | 84,618 | 49,512 | |
Capital expenditures | 1,006,736 | 271,888 | 1,642,454 | 1,071,046 | |
Accounts receivable, net | 6,502,374 | 5,871,092 | 6,502,374 | 5,871,092 | $ 5,326,650 |
Inventories, net | 5,254,333 | 5,088,117 | 5,254,333 | 5,088,117 | 4,528,100 |
Property, plant and equipment, net | 13,226,225 | 12,599,257 | 13,226,225 | 12,599,257 | $ 12,556,953 |
Other assets | 8,446,731 | 8,452,225 | 8,446,731 | 8,452,225 | |
Fastener | |||||
Net sales | 7,936,798 | 7,486,193 | 25,896,172 | 24,319,725 | |
Depreciation | 281,418 | 275,820 | 865,677 | 822,267 | |
Segment operating profit | 599,188 | 768,247 | 3,006,367 | 2,716,020 | |
Selling and administrative expenses | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Capital expenditures | 813,649 | 263,563 | 1,279,568 | 949,333 | |
Accounts receivable, net | 5,961,946 | 5,576,022 | 5,961,946 | 5,576,022 | |
Inventories, net | 4,226,263 | 4,134,219 | 4,226,263 | 4,134,219 | |
Property, plant and equipment, net | 10,696,801 | 10,409,913 | 10,696,801 | 10,409,913 | |
Other assets | 0 | 0 | 0 | 0 | |
Assembly Equipment | |||||
Net sales | 919,251 | 900,563 | 2,764,302 | 2,985,866 | |
Depreciation | 28,358 | 24,390 | 82,954 | 73,170 | |
Segment operating profit | 297,009 | 317,602 | 930,570 | 1,089,089 | |
Selling and administrative expenses | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Capital expenditures | 5,489 | 8,325 | 36,984 | 121,713 | |
Accounts receivable, net | 540,428 | 295,070 | 540,428 | 295,070 | |
Inventories, net | 1,028,070 | 953,898 | 1,028,070 | 953,898 | |
Property, plant and equipment, net | 1,596,585 | 1,613,245 | 1,596,585 | 1,613,245 | |
Other assets | 0 | 0 | 0 | 0 | |
Unallocated Corporate | |||||
Net sales | 0 | 0 | 0 | 0 | |
Depreciation | 9,869 | 8,970 | 24,551 | 26,910 | |
Segment operating profit | 0 | 0 | 0 | 0 | |
Selling and administrative expenses | (563,347) | (603,809) | (1,831,926) | (1,911,509) | |
Interest income | 30,899 | 18,795 | 84,618 | 49,512 | |
Capital expenditures | 187,598 | 0 | 325,902 | 0 | |
Accounts receivable, net | 0 | 0 | 0 | 0 | |
Inventories, net | 0 | 0 | 0 | 0 | |
Property, plant and equipment, net | 932,839 | 576,099 | 932,839 | 576,099 | |
Other assets | $ 8,446,731 | $ 8,452,225 | $ 8,446,731 | $ 8,452,225 |