Chicago Rivet & Machine (CVR) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	3 Months Ended
	Mar. 31, 2019	May 06, 2019	Jun. 30, 2018
Details
Registrant Name	Chicago Rivet & Machine Co.
Registrant CIK	0000019871
SEC Form	10-Q
Period End date	Mar. 31, 2019
Fiscal Year End	--12-31
Trading Symbol	CVR
Tax Identification Number (TIN)	360904920
Number of common stock shares outstanding		966,132
Public Float			$ 25,335,536
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Small Business	true
Emerging Growth Company	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
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	60563
City Area Code	630
Local Phone Number	357-8500

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 606,213	$ 706,873
Certificates of deposit	5,080,000	7,063,000
Accounts receivable - Less allowances of $140,000	5,954,474	5,529,307
Inventories, net	6,832,459	6,100,391
Prepaid income taxes	114,186	150,686
Other current assets	392,568	438,222
Total current assets	18,979,900	19,988,479
Property, Plant and Equipment:
Land and improvements	1,636,749	1,632,299
Buildings and improvements	8,246,331	8,234,182
Production equipment and other	36,154,303	35,627,443
Property, Plant and Equipment, Gross	46,037,383	45,493,924
Less accumulated depreciation	32,209,494	32,235,778
Net property, plant and equipment	13,827,889	13,258,146
Total assets	32,807,789	33,246,625
Current Liabilities:
Accounts payable	1,113,627	1,060,231
Accrued wages and salaries	682,890	701,434
Other accrued expenses	239,872	475,973
Unearned revenue and customer deposits	282,114	328,154
Total current liabilities	2,318,503	2,565,792
Deferred income taxes	945,084	921,084
Total liabilities	3,263,587	3,486,876
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	31,881,070	32,096,617
Treasury stock, 171,964 shares at cost	(3,922,098)	(3,922,098)
Total shareholders' equity	29,544,202	29,759,749
Total liabilities and shareholders' equity	$ 32,807,789	$ 33,246,625

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Details
Accounts Receivable, Allowance for Credit Loss, 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
	Mar. 31, 2019	Mar. 31, 2018
Condensed Consolidated Statements of Income (Unaudited)
Net sales	$ 8,621,678	$ 10,011,641
Cost of goods sold	6,959,915	7,668,636
Gross profit	1,661,763	2,343,005
Selling and administrative expenses	1,342,696	1,464,718
Operating profit	319,067	878,287
Other income	48,775	33,501
Income before income taxes	367,842	911,788
Provision for income taxes	81,000	204,000
Net income	$ 286,842	$ 707,788
Per share data, basic and diluted:
Net income per share	$ 0.30	$ 0.73
Average common shares outstanding	966,132	966,132
Cash dividends declared per share	$ 0.52	$ 0.51

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Beginning Balance at Dec. 31, 2017	$ 0	$ 1,138,096	$ 447,134	$ 31,196,823	$ (3,922,098)	$ 28,859,955
Common Stock Shares at Dec. 31, 2017		966,132
Treasury Stock Shares at Dec. 31, 2017					171,964
Net Income				707,788		707,788
Dividends Declared				(492,727)		(492,727)
Ending Balance at Mar. 31, 2018	0	$ 1,138,096	447,134	31,411,884	$ (3,922,098)	29,075,016
Common Stock Shares at Mar. 31, 2018		966,132
Treasury Stock Shares at Mar. 31, 2018					171,964
Beginning Balance at Dec. 31, 2018	0	$ 1,138,096	447,134	32,096,617	$ (3,922,098)	$ 29,759,749
Common Stock Shares at Dec. 31, 2018		966,132				966,132
Treasury Stock Shares at Dec. 31, 2018					171,964	171,964
Net Income				286,842		$ 286,842
Dividends Declared				(502,389)		(502,389)
Ending Balance at Mar. 31, 2019	$ 0	$ 1,138,096	$ 447,134	$ 31,881,070	$ (3,922,098)	$ 29,544,202
Common Stock Shares at Mar. 31, 2019		966,132				966,132
Treasury Stock Shares at Mar. 31, 2019					171,964	171,964

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - Parenthetical - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Details
Cash dividends declared per share	$ 0.52	$ 0.51

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net Income	$ 286,842	$ 707,788
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	336,389	326,520
Gain on disposal of equipment	(5,000)	(300)
Deferred income taxes	24,000	(14,000)
Changes in operating assets and liabilities:
Accounts receivable	(425,167)	(1,427,855)
Inventories	(732,068)	(68,578)
Other current assets	82,154	102,899
Accounts payable	53,396	908,830
Accrued wages and salaries	(18,544)	(14,635)
Other accrued expenses	(236,101)	(67,446)
Unearned revenue and customer deposits	(46,040)	(238,722)
Net cash provided by (used in) operating activities	(680,139)	214,501
Cash flows from investing activities:
Capital expenditures	(906,132)	(225,000)
Proceeds from the sale of equipment	5,000	300
Proceeds from certificates of deposit	3,577,000	1,494,000
Purchases of certificates of deposit	(1,594,000)	(1,245,000)
Net cash provided by investing activities	1,081,868	24,300
Cash flows from financing activities:
Cash dividends paid	(502,389)	(492,727)
Net cash used in financing activities	(502,389)	(492,727)
Net decrease in cash and cash equivalents	(100,660)	(253,926)
Cash and cash equivalents at beginning of period	706,873	1,152,569
Cash and cash equivalents at end of period	606,213	898,643
Supplemental schedule of non-cash investing activities:
Capital expenditures in accounts payable	$ 0	$ 1,427

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2019
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, 2019 (unaudited) and December 31, 2018 (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 Company’s Annual Report on Form 10-K for the year ended December 31, 2018. 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, 2019 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 increases 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 requires 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 Company adopted Topic 842 on January 1, 2019 using the modified retrospective method. The impact of adopting this ASU was not material.

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Mar. 31, 2019
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, 2019
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, 2019
Notes
Revenue	4. Revenue—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 March 31, 2019 and December 31, 2018 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, 2019: Automotive $ 4,718,215 $ 41,766 $ 4,759,981 Non-automotive 2,860,905 1,000,792 3,861,697 Total net sales $ 7,579,120 $ 1,042,558 $ 8,621,678 Three Months Ended March 31, 2018: Automotive $ 6,049,194 $ 49,362 $ 6,098,556 Non-automotive 2,875,905 1,037,180 3,913,085 Total net sales $ 8,925,099 $ 1,086,542 $ 10,011,641 The following table presents revenue by segment, further disaggregated by location: Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2019: United States $ 6,581,338 $ 956,310 $ 7,537,648 Foreign 997,782 86,248 1,084,030 Total net sales $ 7,579,120 $ 1,042,558 $ 8,621,678 Three Months Ended March 31, 2018: United States $ 7,681,647 $ 1,040,869 $ 8,722,516 Foreign 1,243,452 45,673 1,289,125 Total net sales $ 8,925,099 $ 1,086,542 $ 10,011,641

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Notes
Income Taxes	5. The Company’s effective tax rates were approximately 22.0% and 22.4% for the first quarter of 2019 and 2018, respectively. The Company’s federal income tax returns for the 2015 through 2018 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 Company’s 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 Company’s federal income tax filings. The statute of limitations on the Company’s 2015 through 2018 federal income tax returns will expire on September 15, 2019 through 2022, respectively. The Company’s state income tax returns for the 2015 through 2018 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2022. 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, 2019
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, 2019 December 31, 2018 Raw material $ 3,086,524 $ 2,798,918 Work-in-process 2,289,540 1,878,977 Finished goods 2,033,395 2,001,496 Inventory, gross 7,409,459 6,679,391 Valuation reserves (577,000) (579,000) Inventories, net $ 6,832,459 $ 6,100,391

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2019
Notes
Segment Reporting	7. Segment Information—The 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, 2019: Net sales $ 7,579,120 $ 1,042,558 0 $ 8,621,678 Depreciation 297,723 28,924 9,742 336,389 Segment operating profit 588,895 336,074 0 924,969 Selling and administrative expenses 0 0 (593,402) (593,402) Interest income 0 0 36,275 36,275 Income before income taxes $ 367,842 Capital expenditures 756,107 124,000 26,025 906,132 Segment assets: Accounts receivable, net 5,500,631 453,843 0 5,954,474 Inventories, net 5,831,166 1,001,293 0 6,832,459 Property, plant and equipment, net 11,184,576 1,674,573 968,740 13,827,889 Other assets 0 0 6,192,967 6,192,967 $ 32,807,789 Three Months Ended March 31, 2018: Net sales $ 8,925,099 $ 1,086,542 0 $ 10,011,641 Depreciation 291,881 27,298 7,341 326,520 Segment operating profit 1,177,462 384,185 0 1,561,647 Selling and administrative expenses 0 0 (676,939) (676,939) Interest income 0 0 27,080 27,080 Income before income taxes $ 911,788 Capital expenditures 184,227 31,495 10,705 226,427 Segment assets: Accounts receivable, net 6,420,410 334,095 0 6,754,505 Inventories, net 3,658,938 937,740 0 4,596,678 Property, plant and equipment, net 10,175,256 1,646,752 634,852 12,456,860 Other assets 0 0 8,798,774 8,798,774 $ 32,606,817

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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, 2019 (unaudited) and December 31, 2018 (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 Company’s Annual Report on Form 10-K for the year ended December 31, 2018. 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, 2019 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 increases 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 requires 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 Company adopted Topic 842 on January 1, 2019 using the modified retrospective method. The impact of adopting this ASU was not material.
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. Revenue—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 March 31, 2019 and December 31, 2018 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 Company’s effective tax rates were approximately 22.0% and 22.4% for the first quarter of 2019 and 2018, respectively. The Company’s federal income tax returns for the 2015 through 2018 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 Company’s 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 Company’s federal income tax filings. The statute of limitations on the Company’s 2015 through 2018 federal income tax returns will expire on September 15, 2019 through 2022, respectively. The Company’s state income tax returns for the 2015 through 2018 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2022. 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 Information—The 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, 2019
Location
Disaggregation of Revenue	Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2019: United States $ 6,581,338 $ 956,310 $ 7,537,648 Foreign 997,782 86,248 1,084,030 Total net sales $ 7,579,120 $ 1,042,558 $ 8,621,678 Three Months Ended March 31, 2018: United States $ 7,681,647 $ 1,040,869 $ 8,722,516 Foreign 1,243,452 45,673 1,289,125 Total net sales $ 8,925,099 $ 1,086,542 $ 10,011,641
End Market
Disaggregation of Revenue	Fastener Assembly Equipment Consolidated Three Months Ended March 31, 2019: Automotive $ 4,718,215 $ 41,766 $ 4,759,981 Non-automotive 2,860,905 1,000,792 3,861,697 Total net sales $ 7,579,120 $ 1,042,558 $ 8,621,678 Three Months Ended March 31, 2018: Automotive $ 6,049,194 $ 49,362 $ 6,098,556 Non-automotive 2,875,905 1,037,180 3,913,085 Total net sales $ 8,925,099 $ 1,086,542 $ 10,011,641

Inventories_ Inventories (Table

Inventories: Inventories (Tables)	3 Months Ended
	Mar. 31, 2019
Tables/Schedules
Inventories	March 31, 2019 December 31, 2018 Raw material $ 3,086,524 $ 2,798,918 Work-in-process 2,289,540 1,878,977 Finished goods 2,033,395 2,001,496 Inventory, gross 7,409,459 6,679,391 Valuation reserves (577,000) (579,000) Inventories, net $ 6,832,459 $ 6,100,391

Segment Reporting_ Schedule of

Segment Reporting: Schedule of Segment Reporting Information, by Segment (Tables)	3 Months Ended
	Mar. 31, 2019
Tables/Schedules
Schedule of Segment Reporting Information, by Segment	Fastener Assembly Equipment Other Consolidated Three Months Ended March 31, 2019: Net sales $ 7,579,120 $ 1,042,558 0 $ 8,621,678 Depreciation 297,723 28,924 9,742 336,389 Segment operating profit 588,895 336,074 0 924,969 Selling and administrative expenses 0 0 (593,402) (593,402) Interest income 0 0 36,275 36,275 Income before income taxes $ 367,842 Capital expenditures 756,107 124,000 26,025 906,132 Segment assets: Accounts receivable, net 5,500,631 453,843 0 5,954,474 Inventories, net 5,831,166 1,001,293 0 6,832,459 Property, plant and equipment, net 11,184,576 1,674,573 968,740 13,827,889 Other assets 0 0 6,192,967 6,192,967 $ 32,807,789 Three Months Ended March 31, 2018: Net sales $ 8,925,099 $ 1,086,542 0 $ 10,011,641 Depreciation 291,881 27,298 7,341 326,520 Segment operating profit 1,177,462 384,185 0 1,561,647 Selling and administrative expenses 0 0 (676,939) (676,939) Interest income 0 0 27,080 27,080 Income before income taxes $ 911,788 Capital expenditures 184,227 31,495 10,705 226,427 Segment assets: Accounts receivable, net 6,420,410 334,095 0 6,754,505 Inventories, net 3,658,938 937,740 0 4,596,678 Property, plant and equipment, net 10,175,256 1,646,752 634,852 12,456,860 Other assets 0 0 8,798,774 8,798,774 $ 32,606,817

Revenue_ Disaggregation of Re_2

Revenue: Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue	$ 8,621,678	$ 10,011,641
United States
Revenue	7,537,648	8,722,516
Foreign
Revenue	1,084,030	1,289,125
Automotive
Revenue	4,759,981	6,098,556
Nonautomotive
Revenue	3,861,697	3,913,085
Fastener
Revenue	7,579,120	8,925,099
Fastener | United States
Revenue	6,581,338	7,681,647
Fastener | Foreign
Revenue	997,782	1,243,452
Fastener | Automotive
Revenue	4,718,215	6,049,194
Fastener | Nonautomotive
Revenue	2,860,905	2,875,905
Assembly Equipment
Revenue	1,042,558	1,086,542
Assembly Equipment | United States
Revenue	956,310	1,040,869
Assembly Equipment | Foreign
Revenue	86,248	45,673
Assembly Equipment | Automotive
Revenue	41,766	49,362
Assembly Equipment | Nonautomotive
Revenue	$ 1,000,792	$ 1,037,180

Inventories_ Inventories (Detai

Inventories: Inventories (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Details
Raw material	$ 3,086,524	$ 2,798,918
Work-in-process	2,289,540	1,878,977
Finished goods	2,033,395	2,001,496
Inventory, gross	7,409,459	6,679,391
Valuation reserves	(577,000)	(579,000)
Inventories, net	$ 6,832,459	$ 6,100,391

Segment Reporting_ Schedule o_2

Segment Reporting: Schedule of Segment Reporting Information, by Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Net sales	$ 8,621,678	$ 10,011,641
Depreciation	336,389	326,520
Accounts receivable - Less allowances of $140,000	5,954,474		$ 5,529,307
Inventories, net	6,832,459		6,100,391
Net property, plant and equipment	13,827,889		$ 13,258,146
Fastener
Net sales	7,579,120	8,925,099
Depreciation	297,723	291,881
Segment operating profit	588,895	1,177,462
Selling and adminstrative expenses	0	0
Interest income	0	0
Capital expenditures	756,107	184,227
Accounts receivable - Less allowances of $140,000	5,500,631	6,420,410
Inventories, net	5,831,166	3,658,938
Net property, plant and equipment	11,184,576	10,175,256
Other Assets	0	0
Assembly Equipment
Net sales	1,042,558	1,086,542
Depreciation	28,924	27,298
Segment operating profit	336,074	384,185
Selling and adminstrative expenses	0	0
Interest income	0	0
Capital expenditures	124,000	31,495
Accounts receivable - Less allowances of $140,000	453,843	334,095
Inventories, net	1,001,293	937,740
Net property, plant and equipment	1,674,573	1,646,752
Other Assets	0	0
Unallocated Corporate
Net sales	0	0
Depreciation	9,742	7,341
Segment operating profit	0	0
Selling and adminstrative expenses	(593,402)	(676,939)
Interest income	36,275	27,080
Capital expenditures	26,025	10,705
Accounts receivable - Less allowances of $140,000	0	0
Inventories, net	0	0
Net property, plant and equipment	968,740	634,852
Other Assets	$ 6,192,967	$ 8,798,774