Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Details | ||
Registrant CIK | 0000019871 | |
Fiscal Year End | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 000-01227 | |
Entity Registrant Name | Chicago Rivet & Machine Co. | |
Entity Incorporation, State or Country Code | IL | |
Entity Address, Address Line One | 901 Frontenac Road | |
Entity Address, City or Town | Naperville | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60563 | |
City Area Code | 630 | |
Local Phone Number | 357-8500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 966,132 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 3,075,766 | $ 2,567,731 |
Certificates of deposit | 2,990,000 | 4,733,000 |
Accounts receivable - Less allowances of $170,000 | 6,869,891 | 5,163,450 |
Inventories, net | 6,311,960 | 5,153,294 |
Prepaid income taxes | 0 | 85,940 |
Other current assets | 384,811 | 383,772 |
Total current assets | 19,632,428 | 18,087,187 |
Property, Plant and Equipment: | ||
Land and improvements | 1,636,749 | 1,636,749 |
Buildings and improvements | 8,449,768 | 8,440,738 |
Production equipment and other | 36,344,494 | 36,333,550 |
Property, Plant and Equipment, Gross | 46,431,011 | 46,411,037 |
Less accumulated depreciation | 33,509,910 | 33,260,153 |
Net property, plant and equipment | 12,921,101 | 13,150,884 |
Total assets | 32,553,529 | 31,238,071 |
Current Liabilities: | ||
Accounts payable | 1,135,304 | 466,424 |
Accrued wages and salaries | 686,571 | 482,008 |
Other accrued expenses | 317,568 | 322,968 |
Unearned revenue and customer deposits | 205,774 | 249,498 |
Federal and state income taxes | 194,560 | 0 |
Total current liabilities | 2,539,777 | 1,520,898 |
Deferred income taxes | 980,084 | 1,011,084 |
Total liabilities | 3,519,861 | 2,531,982 |
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 | 31,370,536 | 31,042,957 |
Treasury stock, 171,964 shares at cost | (3,922,098) | (3,922,098) |
Total shareholders' equity | 29,033,668 | 28,706,089 |
Total liabilities and shareholders' equity | $ 32,553,529 | $ 31,238,071 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Details | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 170,000 | $ 170,000 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Condensed Consolidated Statements of Income (Unaudited) | ||
Net sales | $ 9,304,949 | $ 7,576,455 |
Cost of goods sold | 7,270,512 | 6,266,028 |
Gross profit | 2,034,437 | 1,310,427 |
Selling and administrative expenses | 1,362,201 | 1,285,334 |
Operating profit | 672,236 | 25,093 |
Other income | 17,892 | 46,475 |
Income before income taxes | 690,128 | 71,568 |
Provision for income taxes | 150,000 | 15,000 |
Net Income | $ 540,128 | $ 56,568 |
Per share data, basic and diluted: | ||
Net income per share | $ 0.56 | $ 0.06 |
Average common shares outstanding | 966,132 | 966,132 |
Cash dividends declared per share | $ 0.22 | $ 0.22 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock |
Beginning Balance at Dec. 31, 2019 | $ 29,158,027 | $ 0 | $ 1,138,096 | $ 447,134 | $ 31,494,895 | $ (3,922,098) |
Common Stock Shares at Dec. 31, 2019 | 966,132 | |||||
Treasury Stock Shares at Dec. 31, 2019 | 171,964 | |||||
Net Income | 56,568 | 56,568 | ||||
Dividends Declared | (212,549) | (212,549) | ||||
Ending Balance at Mar. 31, 2020 | 29,002,046 | 0 | $ 1,138,096 | 447,134 | 31,338,914 | $ (3,922,098) |
Common Stock Shares at Mar. 31, 2020 | 966,132 | |||||
Treasury Stock Shares at Mar. 31, 2020 | 171,964 | |||||
Beginning Balance at Dec. 31, 2020 | $ 28,706,089 | 0 | $ 1,138,096 | 447,134 | 31,042,957 | $ (3,922,098) |
Common Stock Shares at Dec. 31, 2020 | 966,132 | 966,132 | ||||
Treasury Stock Shares at Dec. 31, 2020 | 171,964 | 171,964 | ||||
Net Income | $ 540,128 | 540,128 | ||||
Dividends Declared | (212,549) | (212,549) | ||||
Ending Balance at Mar. 31, 2021 | $ 29,033,668 | $ 0 | $ 1,138,096 | $ 447,134 | $ 31,370,536 | $ (3,922,098) |
Common Stock Shares at Mar. 31, 2021 | 966,132 | 966,132 | ||||
Treasury Stock Shares at Mar. 31, 2021 | 171,964 | 171,964 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - Parenthetical - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Details | ||
Cash dividends declared per share | $ 0.22 | $ 0.22 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net Income | $ 540,128 | $ 56,568 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation | 330,165 | 337,356 |
Loss on disposal of equipment | 16,081 | 0 |
Deferred income taxes | (31,000) | (24,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,706,441) | (894,369) |
Inventories | (1,158,666) | (227,204) |
Other current assets | 84,901 | (225) |
Accounts payable | 668,880 | 437,728 |
Accrued wages and salaries | 204,563 | (15,892) |
Other accrued expenses | 189,160 | (115,663) |
Unearned revenue and customer deposits | (43,724) | (44,338) |
Net cash used in operating activities | (905,953) | (490,039) |
Cash flows from investing activities: | ||
Capital expenditures | (116,463) | (166,667) |
Proceeds from certificates of deposit | 1,743,000 | 2,241,000 |
Purchases of certificates of deposit | 0 | (1,743,000) |
Net cash provided by investing activities | 1,626,537 | 331,333 |
Cash flows from financing activities: | ||
Cash dividends paid | (212,549) | (212,549) |
Net cash used in financing activities | (212,549) | (212,549) |
Net increase (decrease) in cash and cash equivalents | 508,035 | (371,255) |
Cash and cash equivalents at beginning of period | 2,567,731 | 1,429,454 |
Cash and cash equivalents at end of period | 3,075,766 | 1,058,199 |
Supplemental schedule of non-cash investing activities: | ||
Capital expenditures in accounts payable | $ 0 | $ 1,330 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 (unaudited) and December 31, 2020 (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, 2020. 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 month period ended March 31, 2021 are not necessarily indicative of the results to be expected for the year. |
Risks and Uncertainties
Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2021 | |
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 | 3 Months Ended |
Mar. 31, 2021 | |
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 | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
Revenue | 4. RevenueThe 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. For certain assembly equipment segment transactions, revenue is recognized based on progress toward completion of the performance obligation using a labor-based measure. Labor incurred and specific material costs are compared to milestone payments per sales contract. Based on our experience, this method most accurately reflects the transfer of goods under such contracts. During the first quarter of 2021, the Company realized $235,210 related to such contracts and $120,879 is the remaining performance obligation under such contracts which the Company expects to recognize as revenue in the second quarter. 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 March 31, 2021 and December 31, 2020 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 March 31, 2021: Automotive $ 5,059,469 $ 32,973 $ 5,092,442 Non-automotive 3,089,209 1,123,298 4,212,507 Total net sales $ 8,148,678 $ 1,156,271 $ 9,304,949 Three Months Ended March 31, 2020: Automotive $ 4,413,737 $ 33,459 $ 4,447,196 Non-automotive 2,323,660 805,599 3,129,259 Total net sales $ 6,737,397 $ 839,058 $ 7,576,455 The following table presents revenue by segment, further disaggregated by location: Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2021: United States $ 6,437,852 $ 1,130,360 $ 7,568,212 Foreign 1,710,826 25,911 1,736,737 Total net sales $ 8,148,678 $ 1,156,271 $ 9,304,949 Three Months Ended March 31, 2020: United States $ 5,740,925 $ 748,486 $ 6,489,411 Foreign 996,472 90,572 1,087,044 Total net sales $ 6,737,397 $ 839,058 $ 7,576,455 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
Income Taxes | 5. The Companys effective tax rates rates were approximately 21.7% and 21.0% for the first quarter of 2021 and 2020, respectively. The Companys federal income tax returns for the 2017 through 2020 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 2017 through 2020 federal income tax returns will expire on September 15, 2021 through 2024, respectively. The Companys state income tax returns for the 2017 through 2020 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2024. The Company is not currently under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 Raw material $ 2,734,512 $ 2,245,709 Work-in-process 2,081,169 1,410,868 Finished goods 2,095,279 2,096,717 Inventory, gross 6,910,960 5,753,294 Valuation reserves (599,000) (600,000) Inventories, net $ 6,311,960 $ 5,153,294 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021: Net sales $ 8,148,678 $ 1,156,271 0 $ 9,304,949 Depreciation 291,183 33,533 5,449 330,165 Segment operating profit 927,158 296,700 0 1,223,858 Selling and administrative expenses 0 0 (543,772) (543,772) Interest income 0 0 10,042 10,042 Income before income taxes $ 690,128 Capital expenditures 104,524 0 11,939 116,463 Segment assets: Accounts receivable, net 6,222,588 647,303 0 6,869,891 Inventories, net 5,055,332 1,256,628 0 6,311,960 Property, plant and equipment, net 10,276,980 1,535,329 1,108,792 12,921,101 Other assets 0 0 6,450,577 6,450,577 $ 32,553,529 Three Months Ended March 31, 2020: Net sales $ 6,737,397 $ 839,058 0 $ 7,576,455 Depreciation 296,110 32,869 8,377 337,356 Segment operating profit 404,018 184,571 0 588,589 Selling and administrative expenses 0 0 (550,896) (550,896) Interest income 0 0 33,875 33,875 Income before income taxes $ 71,568 Capital expenditures 167,997 0 0 167,997 Segment assets: Accounts receivable, net 5,106,941 396,742 0 5,503,683 Inventories, net 4,195,183 983,198 0 5,178,381 Property, plant and equipment, net 10,919,327 1,653,895 931,472 13,504,694 Other assets 0 0 7,619,802 7,619,802 $ 31,806,560 |
COVID-19
COVID-19 | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
COVID-19 | 8. COVID-19In March 2020, the World Health Organization characterized the novel coronavirus (COVID-19) a pandemic and the President of the United States declared the COVID-19 outbreak a national emergency. The rapid spread of the virus and the response domestically and internationally to combat it has had a significant negative impact on the global economy, including the automotive industry upon which we rely for sales. Beginning in March 2020, most states issued executive orders which temporarily closed businesses deemed non-essential in an effort to limit the spread of the coronavirus. Similar measures also took place in foreign markets we serve. As a result, our operations and the operations of our customers and suppliers were adversely affected. Since some of our customers are classified as essential businesses and were allowed to continue to operate during this period, we were able to continue our operations, but at a significantly reduced level, in order to service those customers. Our automotive customers were particularly affected, as much of the industry was idled for an extended period of time during the second quarter of 2020 due to employee safety concerns. While most shut-down orders were lifted late in that quarter, various work-related restrictions remained in place and the economic fallout lingers. Due to the rapidly changing business environment and heightened degree of uncertainty resulting from COVID-19, we took measures to reduce expenses and conserve capital during this period, including reduced work schedules, delayed capital expenditures and a reduction in dividend payments. In the second half of 2020, we experienced improved demand as government-imposed restrictions were relaxed. However, the timing and sustainability of any broad economic recovery is uncertain and will likely be tied to the course of the pandemic. As we cannot predict the duration or scope of the COVID-19 pandemic, or its broader impact on the global economy, including the demand for automobiles, it is unknown what the impact of COVID-19 and its related effects will be on our business, results of operations or financial condition, but the impact could be material and last for an extended period of time. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 (unaudited) and December 31, 2020 (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, 2020. 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 month period ended March 31, 2021 are not necessarily indicative of the results to be expected for the year. |
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. RevenueThe 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. For certain assembly equipment segment transactions, revenue is recognized based on progress toward completion of the performance obligation using a labor-based measure. Labor incurred and specific material costs are compared to milestone payments per sales contract. Based on our experience, this method most accurately reflects the transfer of goods under such contracts. During the first quarter of 2021, the Company realized $235,210 related to such contracts and $120,879 is the remaining performance obligation under such contracts which the Company expects to recognize as revenue in the second quarter. 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 March 31, 2021 and December 31, 2020 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 rates were approximately 21.7% and 21.0% for the first quarter of 2021 and 2020, respectively. The Companys federal income tax returns for the 2017 through 2020 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 2017 through 2020 federal income tax returns will expire on September 15, 2021 through 2024, respectively. The Companys state income tax returns for the 2017 through 2020 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2024. The Company is not currently 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_ Disaggregation of Reve
Revenue: Disaggregation of Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Location | |
Disaggregation of Revenue | Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2021: United States $ 6,437,852 $ 1,130,360 $ 7,568,212 Foreign 1,710,826 25,911 1,736,737 Total net sales $ 8,148,678 $ 1,156,271 $ 9,304,949 Three Months Ended March 31, 2020: United States $ 5,740,925 $ 748,486 $ 6,489,411 Foreign 996,472 90,572 1,087,044 Total net sales $ 6,737,397 $ 839,058 $ 7,576,455 |
End Market | |
Disaggregation of Revenue | Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2021: Automotive $ 5,059,469 $ 32,973 $ 5,092,442 Non-automotive 3,089,209 1,123,298 4,212,507 Total net sales $ 8,148,678 $ 1,156,271 $ 9,304,949 Three Months Ended March 31, 2020: Automotive $ 4,413,737 $ 33,459 $ 4,447,196 Non-automotive 2,323,660 805,599 3,129,259 Total net sales $ 6,737,397 $ 839,058 $ 7,576,455 |
Inventories_ Inventories (Table
Inventories: Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Inventories | March 31, 2021 December 31, 2020 Raw material $ 2,734,512 $ 2,245,709 Work-in-process 2,081,169 1,410,868 Finished goods 2,095,279 2,096,717 Inventory, gross 6,910,960 5,753,294 Valuation reserves (599,000) (600,000) Inventories, net $ 6,311,960 $ 5,153,294 |
Segment Reporting_ Schedule of
Segment Reporting: Schedule of Segment Reporting by Segment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Schedule of Segment Reporting by Segment | Fastener Assembly Equipment Other Consolidated Three Months Ended March 31, 2021: Net sales $ 8,148,678 $ 1,156,271 0 $ 9,304,949 Depreciation 291,183 33,533 5,449 330,165 Segment operating profit 927,158 296,700 0 1,223,858 Selling and administrative expenses 0 0 (543,772) (543,772) Interest income 0 0 10,042 10,042 Income before income taxes $ 690,128 Capital expenditures 104,524 0 11,939 116,463 Segment assets: Accounts receivable, net 6,222,588 647,303 0 6,869,891 Inventories, net 5,055,332 1,256,628 0 6,311,960 Property, plant and equipment, net 10,276,980 1,535,329 1,108,792 12,921,101 Other assets 0 0 6,450,577 6,450,577 $ 32,553,529 Three Months Ended March 31, 2020: Net sales $ 6,737,397 $ 839,058 0 $ 7,576,455 Depreciation 296,110 32,869 8,377 337,356 Segment operating profit 404,018 184,571 0 588,589 Selling and administrative expenses 0 0 (550,896) (550,896) Interest income 0 0 33,875 33,875 Income before income taxes $ 71,568 Capital expenditures 167,997 0 0 167,997 Segment assets: Accounts receivable, net 5,106,941 396,742 0 5,503,683 Inventories, net 4,195,183 983,198 0 5,178,381 Property, plant and equipment, net 10,919,327 1,653,895 931,472 13,504,694 Other assets 0 0 7,619,802 7,619,802 $ 31,806,560 |
Revenue_ Revenue (Details)
Revenue: Revenue (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Details | ||
Revenue Recognized, Performance Obligation | $ 235,210 | |
Revenue, Remaining Performance Obligation | $ 120,879 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | second quarter |
Revenue_ Disaggregation of Re_2
Revenue: Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | $ 9,304,949 | $ 7,576,455 |
United Sates | ||
Revenue | 7,568,212 | 6,489,411 |
Foreign | ||
Revenue | 1,736,737 | 1,087,044 |
Automotive | ||
Revenue | 5,092,442 | 4,447,196 |
Nonautomotive | ||
Revenue | 4,212,507 | 3,129,259 |
Fastener | ||
Revenue | 8,148,678 | 6,737,397 |
Fastener | United Sates | ||
Revenue | 6,437,852 | 5,740,925 |
Fastener | Foreign | ||
Revenue | 1,710,826 | 996,472 |
Fastener | Automotive | ||
Revenue | 5,059,469 | 4,413,737 |
Fastener | Nonautomotive | ||
Revenue | 3,089,209 | 2,323,660 |
Assemby Equipment | ||
Revenue | 1,156,271 | 839,058 |
Assemby Equipment | United Sates | ||
Revenue | 1,130,360 | 748,486 |
Assemby Equipment | Foreign | ||
Revenue | 25,911 | 90,572 |
Assemby Equipment | Automotive | ||
Revenue | 32,973 | 33,459 |
Assemby Equipment | Nonautomotive | ||
Revenue | $ 1,123,298 | $ 805,599 |
Inventories_ Inventories (Detai
Inventories: Inventories (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Details | ||
Raw material | $ 2,734,512 | $ 2,245,709 |
Work-in-process | 2,081,169 | 1,410,868 |
Finished goods | 2,095,279 | 2,096,717 |
Inventory, gross | 6,910,960 | 5,753,294 |
Valuation reserves | (599,000) | (600,000) |
Inventories, net | $ 6,311,960 | $ 5,153,294 |
Segment Reporting_ Schedule o_2
Segment Reporting: Schedule of Segment Reporting by Segment (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Net sales | $ 9,304,949 | $ 7,576,455 | |
Depreciation | 330,165 | 337,356 | |
Accounts receivable - Less allowances of $170,000 | 6,869,891 | $ 5,163,450 | |
Inventories, net | 6,311,960 | 5,153,294 | |
Net property, plant and equipment | 12,921,101 | $ 13,150,884 | |
Fastener | |||
Net sales | 8,148,678 | 6,737,397 | |
Depreciation | 291,183 | 296,110 | |
Segment operating profit | 927,158 | 404,018 | |
Selling and Administrative Expenses | 0 | 0 | |
Interest income | 0 | 0 | |
Capital expenditures | 104,524 | 167,997 | |
Accounts receivable - Less allowances of $170,000 | 6,222,588 | 5,106,941 | |
Inventories, net | 5,055,332 | 4,195,183 | |
Net property, plant and equipment | 10,276,980 | 10,919,327 | |
Other Assets | 0 | 0 | |
Assemby Equipment | |||
Net sales | 1,156,271 | 839,058 | |
Depreciation | 33,533 | 32,869 | |
Segment operating profit | 296,700 | 184,571 | |
Selling and Administrative Expenses | 0 | 0 | |
Interest income | 0 | 0 | |
Capital expenditures | 0 | 0 | |
Accounts receivable - Less allowances of $170,000 | 647,303 | 396,742 | |
Inventories, net | 1,256,628 | 983,198 | |
Net property, plant and equipment | 1,535,329 | 1,653,895 | |
Other Assets | 0 | 0 | |
Unallocated Corporate | |||
Net sales | 0 | 0 | |
Depreciation | 5,449 | 8,377 | |
Segment operating profit | 0 | 0 | |
Selling and Administrative Expenses | (543,772) | (550,896) | |
Interest income | 10,042 | 33,875 | |
Capital expenditures | 11,939 | 0 | |
Accounts receivable - Less allowances of $170,000 | 0 | 0 | |
Inventories, net | 0 | 0 | |
Net property, plant and equipment | 1,108,792 | 931,472 | |
Other Assets | $ 6,450,577 | $ 7,619,802 |