Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 28, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'LIFEWAY FOODS INC | ' | ' |
Entity Central Index Key | '0000814586 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 16,346,017 | ' |
Entity Public Float | ' | ' | $80,688,689 |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Consolidated_Statements_Of_Fin
Consolidated Statements Of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets | ' | ' |
Cash and cash equivalents | $3,306,608 | $2,286,226 |
Investments | 2,516,380 | 1,869,888 |
Certificates of deposits in financial institutions | 15,373 | 450,000 |
Inventories | 6,899,008 | 5,939,186 |
Accounts receivable, net of allowance for doubtful accounts and discounts of $1,050,000 and $970,000 | 10,444,839 | 8,723,737 |
Prepaid expenses and other current assets | 128,323 | 97,138 |
Other receivables | 103,272 | 8,825 |
Deferred income taxes | 322,071 | 234,687 |
Refundable income taxes | 1,014,947 | 84,828 |
Total current assets | 24,750,821 | 19,694,515 |
Property and equipment, net | 20,824,448 | 14,986,776 |
Intangible assets | ' | ' |
Goodwill and other non amortizable brand assets | 14,068,091 | 14,068,091 |
Other intangible assets, net of accumulated amortization of $4,555,559 and $3,842,756 at December 31, 2013 and 2012, respectively | 3,750,441 | 4,463,244 |
Total intangible assets | 17,818,532 | 18,531,335 |
Other Assets | ' | ' |
Long-term accounts receivable net of current portion | 280,000 | 294,000 |
Total assets | 63,673,801 | 53,506,626 |
Current liabilities | ' | ' |
Current maturities of notes payable | 875,002 | 542,981 |
Accounts payable | 6,723,179 | 4,256,725 |
Accrued expenses | 1,284,060 | 1,155,677 |
Accrued income taxes | 0 | 254,311 |
Total current liabilities | 8,882,241 | 6,209,694 |
Notes payable | 8,999,012 | 4,955,945 |
Deferred income taxes | 2,843,426 | 3,028,518 |
Total liabilities | 20,724,679 | 14,194,157 |
Stockholders' equity | ' | ' |
Common stock, no par value; 40,000,000 shares authorized; 17,273,776 shares issued; 16,346,017 shares outstanding at December 31, 2013; 17,273,776 shares issued; 16,346,017 shares outstanding at December 31, 2012 | 6,509,267 | 6,509,267 |
Paid-in-capital | 2,032,516 | 2,032,516 |
Treasury stock, at cost | -8,187,682 | -8,187,682 |
Retained earnings | 42,587,214 | 38,904,777 |
Accumulated other comprehensive income (loss), net of taxes | 7,807 | 53,591 |
Total stockholders' equity | 42,949,122 | 39,312,469 |
Total liabilities and stockholders' equity | $63,673,801 | $53,506,626 |
Consolidated_Statements_Of_Fin1
Consolidated Statements Of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Financial Condition [Abstract] | ' | ' |
Allowance for doubtful accounts and discounts | $1,050,000 | $970,000 |
Accumulated Amortization | $4,555,559 | $3,842,756 |
Common stock, no par value | ' | ' |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 17,273,776 | 17,273,776 |
Common stock, shares outstanding | 16,346,017 | 16,346,017 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income And Comprehensive Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Consolidated Statements Of Income And Comprehensive Income [Abstract] | ' | ' |
Sales | $108,966,094 | $89,754,007 |
Less: discounts and allowances | -11,441,952 | -8,402,742 |
Net sales | 97,524,142 | 81,351,265 |
Cost of goods sold | 68,274,674 | 53,098,191 |
Depreciation expense | 1,626,575 | 1,629,594 |
Total cost of goods sold | 69,901,249 | 54,727,785 |
Gross profit | 27,622,893 | 26,623,480 |
Selling expenses | 11,296,381 | 10,703,980 |
General and administrative | 7,582,397 | 6,319,972 |
Amortization expense | 712,803 | 754,817 |
Total operating expenses | 19,591,581 | 17,778,769 |
Income from operations | 8,031,312 | 8,844,711 |
Other income (expense): | ' | ' |
Interest and dividend income | 116,380 | 85,383 |
Rental income | 11,727 | 12,285 |
Interest expense | -203,365 | -177,622 |
Gain (loss) on sale of investments, net reclassified from OCI | 195,500 | 71,286 |
Loss on disposition of assets | -304,958 | ' |
Other income (expense) | 10,577 | -11,169 |
Total other income (expense) | -174,139 | -19,837 |
Income before provision for income taxes | 7,857,173 | 8,824,874 |
Provision for income taxes | 2,866,875 | 3,205,076 |
Net income | 4,990,298 | 5,619,798 |
Basic and diluted earnings per common share | $0.31 | $0.34 |
Weighted average number of shares outstanding | 16,346,017 | 16,373,224 |
COMPREHENSIVE INCOME | ' | ' |
Net income | 4,990,298 | 5,619,798 |
Other comprehensive income (loss), net of tax: | ' | ' |
Unrealized gains (losses) on investments (net of tax) | 64,674 | 102,816 |
Less reclassification adjustment for (gains) losses included in net income (net of taxes) | -110,458 | -40,277 |
Comprehensive income | $4,944,514 | $5,682,337 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Common Stock [Member] | Paid In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Tax [Member] | Total |
Balance at Dec. 31, 2011 | $6,509,267 | $2,032,516 | ($7,606,974) | $34,431,296 | ($8,948) | $35,357,157 |
Balance, treasury stock, shares at Dec. 31, 2011 | ' | ' | 864,459 | ' | ' | ' |
Balance, shares outstanding at Dec. 31, 2011 | 16,409,317 | ' | ' | ' | ' | ' |
Balance, shares issued at Dec. 31, 2011 | 17,273,776 | ' | ' | ' | ' | ' |
Redemption of stock, shares | -63,300 | ' | 63,300 | ' | ' | ' |
Redemption of stock | ' | ' | -580,708 | ' | ' | -580,708 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Unrealized gains on securities, net of taxes | ' | ' | ' | ' | 62,539 | 62,539 |
Net income | ' | ' | ' | 5,619,798 | ' | 5,619,798 |
Dividends ($.07) per share | ' | ' | ' | -1,146,317 | ' | -1,146,317 |
Balance at Dec. 31, 2012 | 6,509,267 | 2,032,516 | -8,187,682 | 38,904,777 | 53,591 | 39,312,469 |
Balance, treasury stock, shares at Dec. 31, 2012 | ' | ' | 927,759 | ' | ' | ' |
Balance, shares issued at Dec. 31, 2012 | 17,273,776 | ' | ' | ' | ' | 17,273,776 |
Balance, shares outstanding at Dec. 31, 2012 | 16,346,017 | ' | ' | ' | ' | 16,346,017 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Unrealized gains on securities, net of taxes | ' | ' | ' | ' | -45,784 | -45,784 |
Net income | ' | ' | ' | 4,990,298 | ' | 4,990,298 |
Dividends ($.07) per share | ' | ' | ' | -1,307,861 | ' | -1,307,861 |
Balance at Dec. 31, 2013 | $6,509,267 | $2,032,516 | ($8,187,682) | $42,587,214 | $7,807 | $42,949,122 |
Balance, treasury stock, shares at Dec. 31, 2013 | ' | ' | 927,759 | ' | ' | ' |
Balance, shares issued at Dec. 31, 2013 | 17,273,776 | ' | ' | ' | ' | 17,273,776 |
Balance, shares outstanding at Dec. 31, 2013 | 16,346,017 | ' | ' | ' | ' | 16,346,017 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Consolidated Statements Of Changes In Stockholders' Equity [Abstract] | ' | ' |
Dividends paid per share | $0.08 | $0.07 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income | $4,990,298 | $5,619,798 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' |
Depreciation and amortization | 2,339,378 | 2,384,411 |
Loss (gain) on sale of investments, net | -195,500 | -71,286 |
Deferred income taxes | -238,804 | -434,896 |
Bad Debt expense | 32,604 | 435,344 |
Loss (Gain) on disposition of equipment | 304,958 | 11,169 |
(Increase) decrease in operating assets: | ' | ' |
Accounts receivable | -1,741,759 | -1,213,253 |
Other receivables | -94,447 | 215,379 |
Inventories | -959,822 | -984,711 |
Refundable income taxes | -930,119 | -43,512 |
Prepaid expenses and other current assets | -6,185 | -17,508 |
Increase (decrease) in operating liabilities: | ' | ' |
Accounts payable | 2,466,454 | -129,514 |
Accrued expenses | 128,383 | 601,952 |
Income taxes payable | -254,311 | 254,311 |
Net cash provided by operating activities | 5,841,128 | 6,627,684 |
Cash flows from investing activities: | ' | ' |
Purchases of investments | -3,518,781 | -1,452,672 |
Proceeds from sale of investments | 3,001,016 | 1,475,730 |
Investments in certificates of deposits | 0 | -150,255 |
Redemption of certificates of deposit | 423,997 | 0 |
Purchases of property and equipment | -8,479,886 | -1,428,717 |
Proceeds from sale of equipment | 710,681 | 0 |
Net cash (used in) provided by investing activities | -7,862,973 | -1,555,914 |
Cash flows from financing activities: | ' | ' |
Checks written in excess of bank balances | 0 | -592,040 |
Purchases of treasury stock | 0 | -580,708 |
Dividends Paid | -1,307,861 | -1,146,317 |
Net proceeds from debt issuance | 4,975,000 | 250,000 |
Repayment of notes payable | -624,912 | -1,831,626 |
Net cash provided (used in) financing activities | 3,042,227 | -3,900,691 |
Net (decrease) increase in cash and cash equivalents | 1,020,382 | 1,171,079 |
Cash and cash equivalents at the beginning of the period | 2,286,226 | 1,115,150 |
Cash and cash equivalents at the end of the period | $3,306,608 | $2,286,226 |
Nature_Of_Business
Nature Of Business | 12 Months Ended |
Dec. 31, 2013 | |
Nature Of Business [Abstract] | ' |
Nature Of Business | ' |
Note 1 – NATURE OF BUSINESS | |
Lifeway Foods, Inc. (the "Company" or "Lifeway") commenced operations in February 1986 and incorporated under the laws of the state of Illinois on May 19, 1986. The Company's principal business activity is the production of dairy products. Specifically, the Company produces Kefir, a drinkable product which is similar to but distinct from yogurt, in several flavors sold under the name "Lifeway's Kefir;" a plain farmer's cheese sold under the name "Lifeway's Farmer's Cheese;" a fruit sugar-flavored product similar in consistency to cream cheese sold under the name of "Sweet Kiss;" and a dairy beverage, similar to Kefir, with increased protein and calcium, sold under the name "Basics Plus." The Company also produces a vegetable-based seasoning under the name "Golden Zesta." The Company currently distributes its products throughout the Chicago Metropolitan area and various cities on the East Coast through local food stores. In addition, products are sold throughout the United States by distributors. The Company also distributes some of its products in London. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary Of Significant Accounting Policies [Abstract] | ' | ||
Summary Of Significant Accounting Policies | ' | ||
Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows: | |||
Principles of consolidation | |||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Helios Nutrition, Ltd., Pride of Main Street, L.L.C., Starfruit, L.L.C., Fresh Made, Inc. and Starfruit Franchisor, L.L.C., Lifeway First Juice, Inc. (IL), First Juice, Inc. (DE) and Lifeway Wisconsin, Inc. Lifeway Wisconsin, Inc. was created to facilitate the operation of a production facility in Wisconsin. All significant intercompany accounts and transactions have been eliminated. | |||
Use of estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the consolidated financial statements include the allowance for doubtful accounts, the valuation of investment securities, the valuation of goodwill, intangible assets, and deferred taxes. | |||
Revenue Recognition | |||
Sales of Company produced dairy products are recorded at the time of shipment and the following four criteria have been met: (i) The product has been shipped and the Company has no significant remaining obligations; (ii) Persuasive evidence of an agreement exists; (iii) The price to the buyer is fixed or determinable and (iv) Collection is probable. In addition, shipping costs invoiced to the customers are included in net sales and the related cost in cost of sales. Discounts and allowances are reported as a reduction of gross sales unless the allowance is attributable to an identifiable benefit separable from the purchase of the product, the value of which can be reasonably estimated, which would be charged to the appropriate expense account. | |||
Customer Concentration | |||
Sales are predominately to companies in the retail food industry, located within the United States of America. Two major customers accounted for approximately 35 percent and 31 percent of gross sales for the years ended December 31, 2013 and 2012, respectively. These customers accounted for approximately 25 percent and 30 percent of accounts receivable as of December 31, 2013 and December 31, 2012, respectively. | |||
Cash and cash equivalents | |||
All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. | |||
The Company maintains cash deposits at several institutions located in the greater Chicago, Illinois and Philadelphia, Pennsylvania metropolitan areas. | |||
Investments | |||
All investment securities are classified as available-for-sale and are carried at fair value. Unrealized gains and losses on available-for-sale securities are reported as a separate component of stockholders' equity. Amortization, accretion, interest and dividends, realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are recorded in other income. All of the Company's securities are subject to a periodic impairment evaluation. This evaluation depends on the specific facts and circumstances. Factors that we consider in determining whether an other-than-temporary decline in value has occurred include: the market value of the security in relation to its cost basis; the financial condition of the investee; and the intent and ability to retain the investment for a sufficient period of time to allow for possible recovery in the market value of the investment. | |||
Accounts receivable | |||
Credit terms are extended to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers' financial condition and generally requires no collateral. Balances expected to be paid beyond one year are classified as long-term. | |||
Accounts receivable are recorded at invoice amounts, and reduced to their estimated net realizable value by recognition of an allowance for doubtful accounts and anticipated discounts. The Company's estimate of the allowances for doubtful accounts and anticipated discounts are based upon historical experience, its evaluation of the current status and contract terms of specific receivables, and unusual circumstances, if any. Accounts are considered past due if payment is not made on a timely basis in accordance with the Company's credit terms. Accounts considered uncollectible are charged against the allowance. | |||
Inventories | |||
Inventories are stated at the lower of cost or market, cost being determined by the first-in, first-out method. | |||
Property and equipment | |||
Purchased property and equipment are recorded at cost. Property and equipment is stated at depreciated cost or fair value where depreciated cost is not recoverable. Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to income as incurred; significant renewals and betterments are capitalized. | |||
Property and equipment is being depreciated over the following useful lives: | |||
Category | Years | ||
Buildings and improvements | 31 and 39 | ||
Machinery and equipment | 5 – 12 | ||
Office equipment | 5 – 7 | ||
Vehicles | 5 | ||
Intangible assets acquired in business combinations | |||
The Company accounts for intangible assets at historical cost. Intangible assets acquired in a business combination are recorded under the purchase method of accounting at their estimated fair values at the date of acquisition. Goodwill represents the excess purchase price over the fair value of the net tangible and other identifiable intangible assets acquired. Goodwill is not amortized, but is reviewed for impairment at least annually. Brand assets represent the fair value of brands acquired. Brand assets have an indefinite life and therefore are not amortized, rather are reviewed periodically for impairment. The Company amortizes other intangible assets over their estimated useful lives, as disclosed in the table below. | |||
The Company reviews intangible assets and their related useful lives at least once per year to determine if any adverse conditions exist that would indicate the carrying value of these assets may not be recoverable. The Company conducts more frequent impairment assessments if certain conditions exist, including: a change in the competitive landscape, any internal decisions to pursue new or different strategies, a loss of a significant customer, or a significant change in the market place including changes in the prices paid for the Company's products or changes in the size of the market for the Company's products. | |||
If the estimate of an intangible asset's remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. | |||
Intangible assets are being amortized over the following useful lives: | |||
Category | Years | ||
Recipes | 4 | ||
Customer lists and other customer related intangibles | 10-Jul | ||
Lease agreement | 7 | ||
Trade names | 15 | ||
Formula | 10 | ||
Customer relationships | 12 | ||
Income taxes | |||
Deferred income taxes are the result of temporary differences that arise from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of the assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. | |||
The principal sources of temporary differences are different depreciation and amortization methods for financial statement and tax purposes, unrealized gains or losses related to investments, capitalization of indirect costs for tax purposes, purchase price adjustments, and the recognition of an allowance for doubtful accounts for financial statement purposes. | |||
The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The only periods subject to examination for the Company's federal returns are the 2010, 2011 and 2012 tax years. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded. | |||
Treasury stock | |||
Treasury stock is recorded using the cost method. | |||
Advertising and promotional costs | |||
The Company expenses advertising costs as incurred. For the years ended December 31, 2013 and 2012 total advertising expenses were $2,685,691 And $2,679,798, respectively. | |||
Earnings per common share | |||
Earnings per common share were computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. For the years ended December 31, 2013 and 2012, diluted and basic earnings per share were the same, as the effect of dilutive securities options outstanding was not significant. | |||
Correction of Prior Year Amounts | |||
Management has revised the consolidated statement of income and comprehensive income for year ended December 31, 2012, to correct an immaterial matter. During 2012 salaries and wages related to costs of production of inventory were not presented as part of cost of goods sold at December 31, 2012 and were erroneously included as selling expenses in our previously issued financial statements. This revision resulted in an $802,727 increase in cost of goods sold and a corresponding decrease in the selling expenses. There was no impact on previously reported net income, consolidated balance sheets or consolidated statement of cash flows. | |||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||||
Intangible Assets | ' | ||||||||||||||||
Note 3 – INTANGIBLE ASSETS | |||||||||||||||||
Intangible assets, and the related accumulated amortization, consist of the following: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Cost | Accumulated Amortization | Cost | Accumulated Amortization | ||||||||||||||
Recipes | $ | 43,600 | $ | 43,600 | $ | 43,600 | $ | 43,600 | |||||||||
Customer lists and other customer related intangibles | 4,504,200 | 2,474,790 | 4,504,200 | 2,025,736 | |||||||||||||
Lease acquisition | 87,200 | 87,200 | 87,200 | 87,200 | |||||||||||||
Customer relationship | 985,000 | 596,785 | 985,000 | 526,701 | |||||||||||||
Trade names | 2,248,000 | 1,028,334 | 2,248,000 | 878,469 | |||||||||||||
Formula | 438,000 | 324,850 | 438,000 | 281,050 | |||||||||||||
$ | 8,306,000 | $ | 4,555,559 | $ | 8,306,000 | $ | 3,842,756 | ||||||||||
Amortization expense is expected to be approximately the following for the 12 months ending December 31: | |||||||||||||||||
2014 | $ | 712,803 | |||||||||||||||
2015 | 712,803 | ||||||||||||||||
2016 | 694,553 | ||||||||||||||||
2017 | 669,003 | ||||||||||||||||
2018 | 629,409 | ||||||||||||||||
Thereafter | 331,870 | ||||||||||||||||
$ | 3,750,441 | ||||||||||||||||
Amortization expense during the years ended December 31, 2013 and 2012 was $712,803 and $754,817, respectively. |
Investments
Investments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Note 4 – INVESTMENTS | |||||||||||||||||||||||||
The cost and fair value of investments classified as available for sale are as follows: | |||||||||||||||||||||||||
31-Dec-13 | Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Equities | $ | 1,006,169 | $ | 98,213 | $ | -32,181 | $ | 1,072,201 | |||||||||||||||||
Mutual Funds | 54,847 | 1,994 | 0 | 56,841 | |||||||||||||||||||||
Preferred Securities | 464,585 | 12,960 | -15,449 | 462,096 | |||||||||||||||||||||
Corporate Bonds | 973,333 | 1,329 | -49,420 | 925,242 | |||||||||||||||||||||
Total | $ | 2,498,934 | $ | 114,496 | $ | -97,050 | $ | 2,516,380 | |||||||||||||||||
31-Dec-12 | Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Equities | $ | 639,974 | $ | 90,875 | $ | (5,190 | ) | $ | 725,659 | ||||||||||||||||
Corporate Bonds | 1,135,064 | 16,212 | (7,047 | ) | 1,144,229 | ||||||||||||||||||||
Total | $ | 1,775,038 | $ | 107,087 | $ | (12,237 | ) | $ | 1,869,888 | ||||||||||||||||
Proceeds from the sale of investments were $3,001,016 and $1,475,730 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Gross gains of $248,223 and $88,713 and gross losses of $52,723 and $17,427 were realized on these sales during the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company's investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
31-Dec-13 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
Equities | $ | 213,222 | $ | (32,180 | ) | $ | 0 | $ | 0 | $ | 213,222 | $ | (32,180 | ) | |||||||||||
Mutual Funds | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Preferred Securities | 224,125 | (15,449 | ) | 0 | 0 | 224,125 | (15,449 | ) | |||||||||||||||||
Corporate Bonds | 615,986 | (42,827 | ) | 96,726 | (6,593 | ) | 712,712 | (49,420 | ) | ||||||||||||||||
$ | 1,053,333 | $ | (90,456 | ) | $ | 96,726 | $ | (6,593 | ) | $ | 1,150,059 | $ | (97,049 | ) | |||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
31-Dec-12 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
Equities | $ | 63,620 | $ | (3,745 | ) | $ | 21,910 | $ | (1,445 | ) | $ | 85,530 | $ | (5,190 | ) | ||||||||||
Corporate Bonds | 301,229 | (2,721 | ) | 193,930 | (4,326 | ) | 495,159 | (7,047 | ) | ||||||||||||||||
$ | 364,849 | $ | (6,466 | ) | $ | 215,840 | $ | (5,771 | ) | $ | 580,689 | $ | (12,237 | ) | |||||||||||
Equities, Mutual Funds, Preferred Securities, and Corporate Bonds - The Company's investments in equity securities, mutual funds, preferred securities, and corporate bonds consist of investments in common stock, preferred stock and debt securities of companies in various industries. As of December 31, 2013, there were three corporate bond securities that had unrealized losses greater than twelve months. The Company evaluated the near-term prospects of the issuer in relation to the severity and duration of the impairment. Based on that evaluation and the Company's ability and intent to hold these investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company did not consider any material investments to be other-than-temporarily impaired at December 31, 2013. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5 – INVENTORIES | |||||||||
Inventories consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Finished goods | $ | 3,027,900 | $ | 2,462,548 | |||||
Production supplies | 2,690,097 | 2,599,668 | |||||||
Raw materials | 1,181,011 | 876,970 | |||||||
Total inventories | $ | 6,899,008 | $ | 5,939,186 |
Property_And_Equipment
Property And Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property And Equipment [Abstract] | ' | ||||||||
Property And Equipment | ' | ||||||||
Note 6 – PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 1,856,370 | $ | 1,178,160 | |||||
Buildings and improvements | 14,587,022 | 11,904,919 | |||||||
Machinery and equipment | 19,633,164 | 15,185,204 | |||||||
Vehicles | 1,244,560 | 1,346,078 | |||||||
Office equipment | 433,679 | 411,773 | |||||||
Construction in process | 177,519 | 612,468 | |||||||
37,932,314 | 30,638,602 | ||||||||
Less accumulated depreciation | 17,107,866 | 15,651,826 | |||||||
Total property and equipment | $ | 20,824,448 | $ | 14,986,776 | |||||
Lifeway completed the purchase of Golden Guernsey's assets on July 2, 2013. The cost was approximately $7.4 million and none of the purchased assets have been placed in service. | |||||||||
Depreciation expense during the years ended December 31, 2013 and 2012 was $1,626,575 and $1,629,594, respectively. | |||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Expenses [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
Note 7 – ACCRUED EXPENSES | |||||||||
Accrued expenses consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Accrued payroll and payroll taxes | $ | 477,312 | $ | 356,280 | |||||
Accrued property tax | 306,608 | 302,573 | |||||||
Other | 500,140 | 496,824 | |||||||
$ | 1,284,060 | $ | 1,155,677 | ||||||
Notes_Payable
Notes Payable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes Payable [Abstract] | ' | ||||||||
Notes Payable | ' | ||||||||
Note 8 – NOTES PAYABLE | |||||||||
Notes payable consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Note payable to Private Bank in monthly installments of $42,222, plus variable interest rate, currently at 2.6677%, with a balloon payment for the remaining balance. Collateralized by substantially all assets of the Company. In May 2013, the Company refinanced this note under similar terms which extended the maturity date to May 31, 2018. | $ | 4,858,889 | $ | 5,365,556 | |||||
Line of credit with Private Bank at variable interest rate, currently at 3.25%. The agreement has been extended with terms allowing borrowings up to $5 million. Collateralized by substantially all assets of the Company and matures on May 31, 2014. | 0 | 0 | |||||||
Note payable to Private Bank in monthly installments of $27,778, plus variable interest rate, currently at 2.6677% with a balloon payment for the remaining balance, maturing on May 31, 2019, collateralized by substantially all assets of the Company | 4,916,667 | 0 | |||||||
Notes payable to Ford Credit Corp. payable in monthly installments of $1,778.23 at 5.99%, due July 2015, secured by transportation equipment. | 32,124 | 50,871 | |||||||
Note payable to Fletcher Jones of Chicago, Ltd LLC in monthly installments of $1,768.57 at 6.653%, due May 24, 2017, secured by transportation equipment. | 66,334 | 82,499 | |||||||
Total notes payable | 9,874,014 | 5,498,926 | |||||||
Less current maturities | 875,002 | 542,981 | |||||||
Total long-term portion | $ | 8,999,012 | $ | 4,955,945 | |||||
In accordance with the Private Bank agreements referenced above, the Company is subject to minimum fixed charged ratio and tangible net worth thresholds. | |||||||||
Maturities of notes payables are as follows: | |||||||||
For the Period Ended December 31, | |||||||||
2014 | $ | 875,002 | |||||||
2015 | 870,787 | ||||||||
2016 | 859,875 | ||||||||
2017 | 849,084 | ||||||||
2018 | 3,165,558 | ||||||||
Thereafter | 3,253,708 | ||||||||
Total | $ | 9,874,014 | |||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments And Contingencies | ' | ||||
Note 9 – COMMITMENTS AND CONTINGENCIES | |||||
The Company leases three stores for its Starfruit subsidiary. Total expense for these leases was approximately $347,164, and $379,348 for the years ended December 31, 2013 and 2012, respectively. The Company is also responsible for additional rent equal to real estate taxes and other operating expenses. Future annual minimum base rental payments for the leases as of December 31, 2013 are approximately as follows: | |||||
2014 | $ | 44,138 | |||
2015 | 45,461 | ||||
2016 | 46,825 | ||||
2017 | 48,229 | ||||
2018 | 49,676 | ||||
Total | $ | 234,329 |
Provision_For_Income_Taxes
Provision For Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Provision For Income Taxes [Abstract] | ' | ||||||||||||||||
Provision For Income Taxes | ' | ||||||||||||||||
Note 10 – PROVISION FOR INCOME TAXES | |||||||||||||||||
The provision for income taxes consists of the following: | |||||||||||||||||
For the Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 2,551,505 | $ | 2,757,332 | |||||||||||||
State and local | 554,174 | 882,640 | |||||||||||||||
Total current | 3,105,679 | 3,639,972 | |||||||||||||||
Deferred | (238,804 | ) | -434,896 | ||||||||||||||
Provision for income taxes | $ | 2,866,875 | $ | 3,205,076 | |||||||||||||
A reconciliation of the provision for income taxes and the income tax computed at the statutory rate is as follows: | |||||||||||||||||
For the Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||
Federal income tax expense computed at the statutory rate | $ | 2,666,223 | 34.00% | $ | 3,000,457 | 34.00% | |||||||||||
State and local tax expense, net | 744,974 | 9.50% | 838,363 | 9.50% | |||||||||||||
U.S. domestic manufacturers' deduction & other permanent differences | (455,442 | ) | -5.80% | -427,525 | -4.90% | ||||||||||||
Change in tax estimate | (88,880 | ) | -1.10% | -206,219 | -2.20% | ||||||||||||
Provision for income taxes | $ | 2,866,875 | 36.60% | $ | 3,205,076 | 36.40% | |||||||||||
Amounts for deferred tax assets and liabilities are as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Non-current deferred tax assets (liabilities) arising from: | |||||||||||||||||
Temporary differences - | |||||||||||||||||
Accumulated depreciation and amortization | |||||||||||||||||
from purchase accounting adjustments | $ | (2,896,058 | ) | $ | (3,164,716 | ) | |||||||||||
Capital loss carry-forwards | 52,632 | 136,198 | |||||||||||||||
Total non-current net deferred tax liabilities | (2,843,426 | ) | (3,028,518 | ||||||||||||||
Current deferred tax assets arising from: | |||||||||||||||||
Unrealized losses (gain) on investments | (7,589 | ) | (41,260 | ) | |||||||||||||
Inventory | 307,910 | 265,072 | |||||||||||||||
Allowance for doubtful accounts and discounts | 21,750 | 10,875 | |||||||||||||||
Total current deferred tax assets | 322,071 | 234,687 | |||||||||||||||
Net deferred tax liability | $ | (2,521,355 | ) | $ | (2,793,831 | ) |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Note 11 – SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||
Cash paid for interest and income taxes are as follows: | |||||||||
For the Years Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Interest | $ | 205,739 | $ | 191,277 | |||||
Income taxes | $ | 4,362,991 | $ | 3,413,687 | |||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 12 – FAIR VALUE MEASUREMENTS | |||||||||||||||||
Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows: | |||||||||||||||||
Level 1. Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. | |||||||||||||||||
Level 2. Inputs to the valuation methodology include the following: | |||||||||||||||||
Quoted prices for similar assets or liabilities in active markets; | |||||||||||||||||
Quoted prices for identical or similar assets or liabilities in inactive markets; | |||||||||||||||||
Inputs other than quoted prices that are observable for the asset or liability; | |||||||||||||||||
Inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||||||||||||
If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. | |||||||||||||||||
Level 3. Inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |||||||||||||||||
The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||||||||
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used as of December 31, 2013 and 2012. | |||||||||||||||||
The majority of the Company's short-term investments are classified within Level 1 or Level 2 of the fair value hierarchy. The Company's valuation of its Level 1 investments, which include mutual funds, is based on quoted market prices in active markets for identical securities. The Company's valuation of its Level 2 investments, which include certificates of deposits, is based on other observable inputs, specifically a valuation model which utilized vendor pricing for similar securities. | |||||||||||||||||
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | |||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the Company's financial assets at fair value for the years ended December 31, 2013 and December 31, 2012, respectively. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: | |||||||||||||||||
Assets and Liabilities at Fair Value as of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash | $ | 3,306,608 | $ | 0 | $ | 0 | $ | 3,306,608 | |||||||||
Certificate of Deposits | 0 | 15,378 | 0 | 15,378 | |||||||||||||
Mutual Funds | 56,841 | 0 | 0 | 56,841 | |||||||||||||
Stocks | 1,072,201 | 0 | 0 | 1,072,201 | |||||||||||||
Preferred Securities | 0 | 462,096 | 0 | 462,096 | |||||||||||||
Corporate Bonds | 0 | 925,242 | 0 | 925,242 | |||||||||||||
Notes Payable | 0 | 9,874,014 | 0 | 9,874,014 | |||||||||||||
Assets and Liabilities as Fair Value as of December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash | $ | 2,286,226 | $ | 0 | $ | 0 | $ | 2,286,226 | |||||||||
Certificate of Deposits | 0 | 439,982 | 0 | 439,982 | |||||||||||||
Stocks | 725,670 | 0 | 0 | 725,670 | |||||||||||||
Corporate Bonds | 0 | 1,144,229 | 0 | 1,144,229 | |||||||||||||
Notes Payable | 0 | 5,498,926 | 0 | 5,498,926 | |||||||||||||
The Company's financial assets and liabilities also include accounts receivable, other receivables and, accounts payable for which carrying value approximates fair value. All such assets are valued using level 2 inputs. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation | ' |
Note 13 – LITIGATION | |
The Company is named a party to lawsuits in the normal course of business. In the opinion of management, the resolution of these lawsuits will not have a material adverse effect on the Company's consolidated financial position or results of operations. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 14 – RECENT ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the Financial Accounting Standards Board ("FASB") amended the disclosure requirements regarding the reporting of amounts reclassified out of accumulated other comprehensive income. The amendment does not change the current requirement for reporting net income or other comprehensive income, but requires additional disclosures about items reclassified out of accumulated other comprehensive income, and the income statement line items impacted by the reclassifications. We adopted this standard effective January 1, 2013. Other than the additional disclosure requirements, the adoption of this standard did not have a material impact on our unaudited Consolidated Financial Statements. | |
In July 2013, the FASB issued an Accounting Standards Update ("ASU") related to the presentation of unrecognized tax benefits. The update requires presentation of an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward or a tax credit carryforward in the statement of financial position. The guidance does not apply to the extent that a net operating loss carryforward or tax credit carryforward at the reporting date is not available under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position. The guidance is effective for fiscal years (and interim periods within those years) beginning after December 15, 2013. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary Of Significant Accounting Policies [Abstract] | ' | ||
Principles Of Consolidation | ' | ||
Principles of consolidation | |||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Helios Nutrition, Ltd., Pride of Main Street, L.L.C., Starfruit, L.L.C., Fresh Made, Inc. and Starfruit Franchisor, L.L.C., Lifeway First Juice, Inc. (IL), First Juice, Inc. (DE) and Lifeway Wisconsin, Inc. Lifeway Wisconsin, Inc. was created to facilitate the operation of a production facility in Wisconsin. All significant intercompany accounts and transactions have been eliminated. | |||
Use Of Estimates | ' | ||
Use of estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the consolidated financial statements include the allowance for doubtful accounts, the valuation of investment securities, the valuation of goodwill, intangible assets, and deferred taxes. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Sales of Company produced dairy products are recorded at the time of shipment and the following four criteria have been met: (i) The product has been shipped and the Company has no significant remaining obligations; (ii) Persuasive evidence of an agreement exists; (iii) The price to the buyer is fixed or determinable and (iv) Collection is probable. In addition, shipping costs invoiced to the customers are included in net sales and the related cost in cost of sales. Discounts and allowances are reported as a reduction of gross sales unless the allowance is attributable to an identifiable benefit separable from the purchase of the product, the value of which can be reasonably estimated, which would be charged to the appropriate expense account. | |||
Customer Concentration | ' | ||
Customer Concentration | |||
Sales are predominately to companies in the retail food industry, located within the United States of America. Two major customers accounted for approximately 35 percent and 31 percent of gross sales for the years ended December 31, 2013 and 2012, respectively. These customers accounted for approximately 25 percent and 30 percent of accounts receivable as of December 31, 2013 and December 31, 2012, respectively. | |||
Cash And Cash Equivalents | ' | ||
Cash and cash equivalents | |||
All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents. | |||
The Company maintains cash deposits at several institutions located in the greater Chicago, Illinois and Philadelphia, Pennsylvania metropolitan areas. | |||
Investments | ' | ||
Investments | |||
All investment securities are classified as available-for-sale and are carried at fair value. Unrealized gains and losses on available-for-sale securities are reported as a separate component of stockholders' equity. Amortization, accretion, interest and dividends, realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are recorded in other income. All of the Company's securities are subject to a periodic impairment evaluation. This evaluation depends on the specific facts and circumstances. Factors that we consider in determining whether an other-than-temporary decline in value has occurred include: the market value of the security in relation to its cost basis; the financial condition of the investee; and the intent and ability to retain the investment for a sufficient period of time to allow for possible recovery in the market value of the investment. | |||
Accounts Receivable | ' | ||
Accounts receivable | |||
Credit terms are extended to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers' financial condition and generally requires no collateral. Balances expected to be paid beyond one year are classified as long-term. | |||
Accounts receivable are recorded at invoice amounts, and reduced to their estimated net realizable value by recognition of an allowance for doubtful accounts and anticipated discounts. The Company's estimate of the allowances for doubtful accounts and anticipated discounts are based upon historical experience, its evaluation of the current status and contract terms of specific receivables, and unusual circumstances, if any. Accounts are considered past due if payment is not made on a timely basis in accordance with the Company's credit terms. Accounts considered uncollectible are charged against the allowance. | |||
Inventories | ' | ||
Inventories | |||
Inventories are stated at the lower of cost or market, cost being determined by the first-in, first-out method. | |||
Property And Equipment | ' | ||
Property and equipment | |||
Purchased property and equipment are recorded at cost. Property and equipment is stated at depreciated cost or fair value where depreciated cost is not recoverable. Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to income as incurred; significant renewals and betterments are capitalized. | |||
Property and equipment is being depreciated over the following useful lives: | |||
Category | Years | ||
Buildings and improvements | 31 and 39 | ||
Machinery and equipment | 5 – 12 | ||
Office equipment | 5 – 7 | ||
Vehicles | 5 | ||
Intangible Assets Acquired In Business Combinations | ' | ||
Intangible assets acquired in business combinations | |||
The Company accounts for intangible assets at historical cost. Intangible assets acquired in a business combination are recorded under the purchase method of accounting at their estimated fair values at the date of acquisition. Goodwill represents the excess purchase price over the fair value of the net tangible and other identifiable intangible assets acquired. Goodwill is not amortized, but is reviewed for impairment at least annually. Brand assets represent the fair value of brands acquired. Brand assets have an indefinite life and therefore are not amortized, rather are reviewed periodically for impairment. The Company amortizes other intangible assets over their estimated useful lives, as disclosed in the table below. | |||
The Company reviews intangible assets and their related useful lives at least once per year to determine if any adverse conditions exist that would indicate the carrying value of these assets may not be recoverable. The Company conducts more frequent impairment assessments if certain conditions exist, including: a change in the competitive landscape, any internal decisions to pursue new or different strategies, a loss of a significant customer, or a significant change in the market place including changes in the prices paid for the Company's products or changes in the size of the market for the Company's products. | |||
If the estimate of an intangible asset's remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. | |||
Intangible assets are being amortized over the following useful lives: | |||
Category | Years | ||
Recipes | 4 | ||
Customer lists and other customer related intangibles | 10-Jul | ||
Lease agreement | 7 | ||
Trade names | 15 | ||
Formula | 10 | ||
Customer relationships | 12 | ||
Income Taxes | ' | ||
Income taxes | |||
Deferred income taxes are the result of temporary differences that arise from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of the assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. | |||
The principal sources of temporary differences are different depreciation and amortization methods for financial statement and tax purposes, unrealized gains or losses related to investments, capitalization of indirect costs for tax purposes, purchase price adjustments, and the recognition of an allowance for doubtful accounts for financial statement purposes. | |||
The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The only periods subject to examination for the Company's federal returns are the 2010, 2011 and 2012 tax years. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded. | |||
Treasury Stock | ' | ||
Treasury stock | |||
Treasury stock is recorded using the cost method. | |||
Advertising And Promotional Costs | ' | ||
Advertising and promotional costs | |||
The Company expenses advertising costs as incurred. For the years ended December 31, 2013 and 2012 total advertising expenses were $2,685,691 And $2,679,798, respectively. | |||
Earnings Per Common Share | ' | ||
Earnings per common share | |||
Earnings per common share were computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. For the years ended December 31, 2013 and 2012, diluted and basic earnings per share were the same, as the effect of dilutive securities options outstanding was not significant. | |||
Correction of Prior Year Amounts | ' | ||
Correction of Prior Year Amounts | |||
Management has revised the consolidated statement of income and comprehensive income for year ended December 31, 2012, to correct an immaterial matter. During 2012 salaries and wages related to costs of production of inventory were not presented as part of cost of goods sold at December 31, 2012 and were erroneously included as selling expenses in our previously issued financial statements. This revision resulted in an $802,727 increase in cost of goods sold and a corresponding decrease in the selling expenses. There was no impact on previously reported net income, consolidated balance sheets or consolidated statement of cash flows. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary Of Significant Accounting Policies [Abstract] | ' | ||
Schedule Of Property And Equipment, Estimated Useful Lives | ' | ||
Category | Years | ||
Buildings and improvements | 31 and 39 | ||
Machinery and equipment | 5 – 12 | ||
Office equipment | 5 – 7 | ||
Vehicles | 5 | ||
Schedule Of Intangible Assets Useful Lives | ' | ||
Category | Years | ||
Recipes | 4 | ||
Customer lists and other customer related intangibles | 10-Jul | ||
Lease agreement | 7 | ||
Trade names | 15 | ||
Formula | 10 | ||
Customer relationships | 12 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Intangible Assets [Abstract] | ' | ||||||||||||||||
Schedule Of Accumulated Amortization Of Intangible Assets | ' | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Cost | Accumulated Amortization | Cost | Accumulated Amortization | ||||||||||||||
Recipes | $ | 43,600 | $ | 43,600 | $ | 43,600 | $ | 43,600 | |||||||||
Customer lists and other customer related intangibles | 4,504,200 | 2,474,790 | 4,504,200 | 2,025,736 | |||||||||||||
Lease acquisition | 87,200 | 87,200 | 87,200 | 87,200 | |||||||||||||
Customer relationship | 985,000 | 596,785 | 985,000 | 526,701 | |||||||||||||
Trade names | 2,248,000 | 1,028,334 | 2,248,000 | 878,469 | |||||||||||||
Formula | 438,000 | 324,850 | 438,000 | 281,050 | |||||||||||||
$ | 8,306,000 | $ | 4,555,559 | $ | 8,306,000 | $ | 3,842,756 | ||||||||||
Amortization Expense On Future Intangible Assets | ' | ||||||||||||||||
2014 | $ | 712,803 | |||||||||||||||
2015 | 712,803 | ||||||||||||||||
2016 | 694,553 | ||||||||||||||||
2017 | 669,003 | ||||||||||||||||
2018 | 629,409 | ||||||||||||||||
Thereafter | 331,870 | ||||||||||||||||
$ | 3,750,441 |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||
Schedule Of Cost And Fair Value Of Available For Sale Investments | ' | ||||||||||||||||||||||||
31-Dec-13 | Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Equities | $ | 1,006,169 | $ | 98,213 | $ | -32,181 | $ | 1,072,201 | |||||||||||||||||
Mutual Funds | 54,847 | 1,994 | 0 | 56,841 | |||||||||||||||||||||
Preferred Securities | 464,585 | 12,960 | -15,449 | 462,096 | |||||||||||||||||||||
Corporate Bonds | 973,333 | 1,329 | -49,420 | 925,242 | |||||||||||||||||||||
Total | $ | 2,498,934 | $ | 114,496 | $ | -97,050 | $ | 2,516,380 | |||||||||||||||||
31-Dec-12 | Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Equities | $ | 639,974 | $ | 90,875 | $ | (5,190 | ) | $ | 725,659 | ||||||||||||||||
Corporate Bonds | 1,135,064 | 16,212 | (7,047 | ) | 1,144,229 | ||||||||||||||||||||
Total | $ | 1,775,038 | $ | 107,087 | $ | (12,237 | ) | $ | 1,869,888 | ||||||||||||||||
Schedule Of Gross Unrealized Loss On Investments | ' | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
31-Dec-13 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
Equities | $ | 213,222 | $ | (32,180 | ) | $ | 0 | $ | 0 | $ | 213,222 | $ | (32,180 | ) | |||||||||||
Mutual Funds | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Preferred Securities | 224,125 | (15,449 | ) | 0 | 0 | 224,125 | (15,449 | ) | |||||||||||||||||
Corporate Bonds | 615,986 | (42,827 | ) | 96,726 | (6,593 | ) | 712,712 | (49,420 | ) | ||||||||||||||||
$ | 1,053,333 | $ | (90,456 | ) | $ | 96,726 | $ | (6,593 | ) | $ | 1,150,059 | $ | (97,049 | ) | |||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
31-Dec-12 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
Equities | $ | 63,620 | $ | (3,745 | ) | $ | 21,910 | $ | (1,445 | ) | $ | 85,530 | $ | (5,190 | ) | ||||||||||
Corporate Bonds | 301,229 | (2,721 | ) | 193,930 | (4,326 | ) | 495,159 | (7,047 | ) | ||||||||||||||||
$ | 364,849 | $ | (6,466 | ) | $ | 215,840 | $ | (5,771 | ) | $ | 580,689 | $ | (12,237 | ) |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories [Abstract] | ' | ||||||||
Schedule Of Inventories | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Finished goods | $ | 3,027,900 | $ | 2,462,548 | |||||
Production supplies | 2,690,097 | 2,599,668 | |||||||
Raw materials | 1,181,011 | 876,970 | |||||||
Total inventories | $ | 6,899,008 | $ | 5,939,186 |
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property And Equipment [Abstract] | ' | ||||||||
Schedule Of Property And Equipment | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 1,856,370 | $ | 1,178,160 | |||||
Buildings and improvements | 14,587,022 | 11,904,919 | |||||||
Machinery and equipment | 19,633,164 | 15,185,204 | |||||||
Vehicles | 1,244,560 | 1,346,078 | |||||||
Office equipment | 433,679 | 411,773 | |||||||
Construction in process | 177,519 | 612,468 | |||||||
37,932,314 | 30,638,602 | ||||||||
Less accumulated depreciation | 17,107,866 | 15,651,826 | |||||||
Total property and equipment | $ | 20,824,448 | $ | 14,986,776 |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Expenses [Abstract] | ' | ||||||||
Schedule Of Accrued Expenses | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Accrued payroll and payroll taxes | $ | 477,312 | $ | 356,280 | |||||
Accrued property tax | 306,608 | 302,573 | |||||||
Other | 500,140 | 496,824 | |||||||
$ | 1,284,060 | $ | 1,155,677 |
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes Payable [Abstract] | ' | ||||||||
Schedule Of Notes Payable | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Note payable to Private Bank in monthly installments of $42,222, plus variable interest rate, currently at 2.6677%, with a balloon payment for the remaining balance. Collateralized by substantially all assets of the Company. In May 2013, the Company refinanced this note under similar terms which extended the maturity date to May 31, 2018. | $ | 4,858,889 | $ | 5,365,556 | |||||
Line of credit with Private Bank at variable interest rate, currently at 3.25%. The agreement has been extended with terms allowing borrowings up to $5 million. Collateralized by substantially all assets of the Company and matures on May 31, 2014. | 0 | 0 | |||||||
Note payable to Private Bank in monthly installments of $27,778, plus variable interest rate, currently at 2.6677% with a balloon payment for the remaining balance, maturing on May 31, 2019, collateralized by substantially all assets of the Company | 4,916,667 | 0 | |||||||
Notes payable to Ford Credit Corp. payable in monthly installments of $1,778.23 at 5.99%, due July 2015, secured by transportation equipment. | 32,124 | 50,871 | |||||||
Note payable to Fletcher Jones of Chicago, Ltd LLC in monthly installments of $1,768.57 at 6.653%, due May 24, 2017, secured by transportation equipment. | 66,334 | 82,499 | |||||||
Total notes payable | 9,874,014 | 5,498,926 | |||||||
Less current maturities | 875,002 | 542,981 | |||||||
Total long-term portion | $ | 8,999,012 | $ | 4,955,945 | |||||
Maturities Of Notes Payable | ' | ||||||||
For the Period Ended December 31, | |||||||||
2014 | $ | 875,002 | |||||||
2015 | 870,787 | ||||||||
2016 | 859,875 | ||||||||
2017 | 849,084 | ||||||||
2018 | 3,165,558 | ||||||||
Thereafter | 3,253,708 | ||||||||
Total | $ | 9,874,014 |
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule Of Annual Minimum Base Rental Payments | ' | ||||
2014 | $ | 44,138 | |||
2015 | 45,461 | ||||
2016 | 46,825 | ||||
2017 | 48,229 | ||||
2018 | 49,676 | ||||
Total | $ | 234,329 |
Provision_For_Income_Taxes_Tab
Provision For Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Provision For Income Taxes [Abstract] | ' | ||||||||||||||||
Summary Of The Provision For Income Taxes | ' | ||||||||||||||||
For the Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 2,551,505 | $ | 2,757,332 | |||||||||||||
State and local | 554,174 | 882,640 | |||||||||||||||
Total current | 3,105,679 | 3,639,972 | |||||||||||||||
Deferred | (238,804 | ) | -434,896 | ||||||||||||||
Provision for income taxes | $ | 2,866,875 | $ | 3,205,076 | |||||||||||||
Reconciliation Of The Provision For Income Taxes At Statutory Rate | ' | ||||||||||||||||
For the Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||
Federal income tax expense computed at the statutory rate | $ | 2,666,223 | 34.00% | $ | 3,000,457 | 34.00% | |||||||||||
State and local tax expense, net | 744,974 | 9.50% | 838,363 | 9.50% | |||||||||||||
U.S. domestic manufacturers' deduction & other permanent differences | (455,442 | ) | -5.80% | -427,525 | -4.90% | ||||||||||||
Change in tax estimate | (88,880 | ) | -1.10% | -206,219 | -2.20% | ||||||||||||
Provision for income taxes | $ | 2,866,875 | 36.60% | $ | 3,205,076 | 36.40% | |||||||||||
Schedule Of Deferred Tax Assets And Liabilities | ' | ||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Non-current deferred tax assets (liabilities) arising from: | |||||||||||||||||
Temporary differences - | |||||||||||||||||
Accumulated depreciation and amortization | |||||||||||||||||
from purchase accounting adjustments | $ | (2,896,058 | ) | $ | (3,164,716 | ) | |||||||||||
Capital loss carry-forwards | 52,632 | 136,198 | |||||||||||||||
Total non-current net deferred tax liabilities | (2,843,426 | ) | (3,028,518 | ||||||||||||||
Current deferred tax assets arising from: | |||||||||||||||||
Unrealized losses (gain) on investments | (7,589 | ) | (41,260 | ) | |||||||||||||
Inventory | 307,910 | 265,072 | |||||||||||||||
Allowance for doubtful accounts and discounts | 21,750 | 10,875 | |||||||||||||||
Total current deferred tax assets | 322,071 | 234,687 | |||||||||||||||
Net deferred tax liability | $ | (2,521,355 | ) | $ | (2,793,831 | ) |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Summary Of Cash Paid For Interest And Income Taxes | ' | ||||||||
For the Years Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Interest | $ | 205,739 | $ | 191,277 | |||||
Income taxes | $ | 4,362,991 | $ | 3,413,687 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Schedule Of Fair Value Assets And Liabilities As Classified | ' | ||||||||||||||||
Assets and Liabilities at Fair Value as of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash | $ | 3,306,608 | $ | 0 | $ | 0 | $ | 3,306,608 | |||||||||
Certificate of Deposits | 0 | 15,378 | 0 | 15,378 | |||||||||||||
Mutual Funds | 56,841 | 0 | 0 | 56,841 | |||||||||||||
Stocks | 1,072,201 | 0 | 0 | 1,072,201 | |||||||||||||
Preferred Securities | 0 | 462,096 | 0 | 462,096 | |||||||||||||
Corporate Bonds | 0 | 925,242 | 0 | 925,242 | |||||||||||||
Notes Payable | 0 | 9,874,014 | 0 | 9,874,014 | |||||||||||||
Assets and Liabilities as Fair Value as of December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Cash | $ | 2,286,226 | $ | 0 | $ | 0 | $ | 2,286,226 | |||||||||
Certificate of Deposits | 0 | 439,982 | 0 | 439,982 | |||||||||||||
Stocks | 725,670 | 0 | 0 | 725,670 | |||||||||||||
Corporate Bonds | 0 | 1,144,229 | 0 | 1,144,229 | |||||||||||||
Notes Payable | 0 | 5,498,926 | 0 | 5,498,926 | |||||||||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
customer | customer | |
Summary Of Significant Accounting Policies [Abstract] | ' | ' |
Number of major customers | 2 | 2 |
Percentage of gross sales | 35.00% | 31.00% |
Percentage of accounts receivable | 25.00% | 30.00% |
Reserves for uncertain tax position | $0 | ' |
Total advertising expenses | 2,685,691 | 2,679,798 |
Increase in cost of goods sold | ' | $802,727 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Property And Equipment, Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Vehicles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '5 years |
Maximum [Member] | Building And Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '39 years |
Maximum [Member] | Machinery And Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '12 years |
Maximum [Member] | Office Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '7 years |
Minimum [Member] | Building And Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '31 years |
Minimum [Member] | Machinery And Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '5 years |
Minimum [Member] | Office Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property and equipment, useful life | '5 years |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Intangible Assets Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Recipes [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful lives | '4 years |
Lease Agreements [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful lives | '7 years |
Trade Names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful lives | '15 years |
Formula [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful lives | '10 years |
Customer Relationships [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful lives | '12 years |
Maximum [Member] | Customer Lists And Other Customer Related Intangibles [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful lives | '10 years |
Minimum [Member] | Customer Lists And Other Customer Related Intangibles [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful lives | '7 years |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Accumulated Amortization Of Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $8,306,000 | $8,306,000 |
Accumulated Amortization | 4,555,559 | 3,842,756 |
Recipes [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 43,600 | 43,600 |
Accumulated Amortization | 43,600 | 43,600 |
Customer Lists And Other Customer Related Intangibles [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 4,504,200 | 4,504,200 |
Accumulated Amortization | 2,474,790 | 2,025,736 |
Lease Acquisitions [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 87,200 | 87,200 |
Accumulated Amortization | 87,200 | 87,200 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 985,000 | 985,000 |
Accumulated Amortization | 596,785 | 526,701 |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 2,248,000 | 2,248,000 |
Accumulated Amortization | 1,028,334 | 878,469 |
Formula [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 438,000 | 438,000 |
Accumulated Amortization | $324,850 | $281,050 |
Intangible_Assets_Amortization
Intangible Assets (Amortization Expense On Intangible Assets) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible Assets [Abstract] | ' | ' |
2014 | $712,803 | ' |
2015 | 712,803 | ' |
2016 | 694,553 | ' |
2017 | 669,003 | ' |
2018 | 629,409 | ' |
Thereafter | 331,870 | ' |
Finite-Lived Intangible Assets, Net, Total | 3,750,441 | 4,463,244 |
Amortization expense | $712,803 | $754,817 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Proceeds from sale of investments | $3,001,016 | $1,475,730 |
Gross realized gains | 248,223 | 88,713 |
Gross realized losses | $52,723 | $17,427 |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number Of Investment Securities | 3 | ' |
Investments_Schedule_Of_Cost_A
Investments (Schedule Of Cost And Fair Value Of Available For Sale Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $2,498,934 | $1,775,038 |
Unrealized Gains | 114,496 | 107,087 |
Unrealized Losses | -97,050 | -12,237 |
Fair Value | 2,516,380 | 1,869,888 |
Stocks [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 1,006,169 | 639,974 |
Unrealized Gains | 98,213 | 90,875 |
Unrealized Losses | -32,181 | -5,190 |
Fair Value | 1,072,201 | 725,659 |
Mutual Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 54,847 | ' |
Unrealized Gains | 1,994 | ' |
Unrealized Losses | 0 | ' |
Fair Value | 56,841 | ' |
Preferred Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 464,585 | ' |
Unrealized Gains | 12,960 | ' |
Unrealized Losses | -15,449 | ' |
Fair Value | 462,096 | ' |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 973,333 | 1,135,064 |
Unrealized Gains | 1,329 | 16,212 |
Unrealized Losses | -49,420 | -7,047 |
Fair Value | $925,242 | $1,144,229 |
Investments_Schedule_Of_Gross_
Investments (Schedule Of Gross Unrealized Loss On Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $1,053,333 | $364,849 |
Less Than 12 Months, Unrealized Losses | -90,456 | -6,466 |
12 Months or Greater, Fair Value | 96,726 | 215,840 |
12 Months or Greater, Unrealized Losses | -6,593 | -5,771 |
Total, Fair Value | 1,150,059 | 580,689 |
Total, Unrealized Losses | -97,049 | -12,237 |
Stocks [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 213,222 | 63,620 |
Less Than 12 Months, Unrealized Losses | -32,180 | -3,745 |
12 Months or Greater, Fair Value | 0 | 21,910 |
12 Months or Greater, Unrealized Losses | 0 | -1,445 |
Total, Fair Value | 213,222 | 85,530 |
Total, Unrealized Losses | -32,180 | -5,190 |
Mutual Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 0 | ' |
Less Than 12 Months, Unrealized Losses | 0 | ' |
12 Months or Greater, Fair Value | 0 | ' |
12 Months or Greater, Unrealized Losses | 0 | ' |
Total, Fair Value | 0 | ' |
Total, Unrealized Losses | 0 | ' |
Preferred Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 224,125 | ' |
Less Than 12 Months, Unrealized Losses | -15,449 | ' |
12 Months or Greater, Fair Value | 0 | ' |
12 Months or Greater, Unrealized Losses | 0 | ' |
Total, Fair Value | 224,125 | ' |
Total, Unrealized Losses | -15,449 | ' |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 615,986 | 301,229 |
Less Than 12 Months, Unrealized Losses | -42,827 | -2,721 |
12 Months or Greater, Fair Value | 96,726 | 193,930 |
12 Months or Greater, Unrealized Losses | -6,593 | -4,326 |
Total, Fair Value | 712,712 | 495,159 |
Total, Unrealized Losses | ($49,420) | ($7,047) |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventories [Abstract] | ' | ' |
Finished goods | $3,027,900 | $2,462,548 |
Production supplies | 2,690,097 | 2,599,668 |
Raw materials | 1,181,011 | 876,970 |
Total inventories | $6,899,008 | $5,939,186 |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Golden Guernsey [Member] | Land [Member] | Land [Member] | Building And Improvements [Member] | Building And Improvements [Member] | Machinery And Equipment [Member] | Machinery And Equipment [Member] | Vehicles [Member] | Vehicles [Member] | Office Equipment [Member] | Office Equipment [Member] | Construction In Progress [Member] | Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, gross | $37,932,314 | $30,638,602 | ' | $1,856,370 | $1,178,160 | $14,587,022 | $11,904,919 | $19,633,164 | $15,185,204 | $1,244,560 | $1,346,078 | $433,679 | $411,773 | $177,519 | $612,468 |
Less accumulated depreciation | 17,107,866 | 15,651,826 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total property and equipment | 20,824,448 | 14,986,776 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of assets, cost | ' | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | $1,626,575 | $1,629,594 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accrued Expenses [Abstract] | ' | ' |
Accrued payroll and payroll taxes | $477,312 | $356,280 |
Accrued property tax | 306,608 | 302,573 |
Other | 500,140 | 496,824 |
Total accrued expenses | $1,284,060 | $1,155,677 |
Notes_Payable_Schedule_Of_Note
Notes Payable (Schedule Of Notes Payable) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Total notes payable | $9,874,014 | $5,498,926 |
Less current maturities | 875,002 | 542,981 |
Total long-term portion | 8,999,012 | 4,955,945 |
Note Payable To Private Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total notes payable | 4,858,889 | 5,365,556 |
Debt instrument, monthly installments | 42,222 | ' |
Variable interest rate | 2.67% | ' |
Maturity date | 31-May-18 | ' |
Line Of Credit With Private Bank [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total notes payable | 0 | 0 |
Variable interest rate | 3.25% | ' |
Maturity date | 31-May-14 | ' |
Line of credit, maximum borrowing capacity | 5,000,000 | ' |
Note Payable To Private Bank II [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total notes payable | 4,916,667 | 0 |
Debt instrument, monthly installments | 27,778 | ' |
Variable interest rate | 2.67% | ' |
Maturity date | 31-May-19 | ' |
Notes Payable To Ford Credit Corp. [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total notes payable | 32,124 | 50,871 |
Debt instrument, monthly installments | 1,778.23 | ' |
Variable interest rate | 5.99% | ' |
Maturity date | 1-Jul-15 | ' |
Note Payable To Fletcher Jones Of Chicago, Ltd LLC [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total notes payable | 66,334 | 82,499 |
Debt instrument, monthly installments | $1,768.57 | ' |
Variable interest rate | 6.65% | ' |
Maturity date | 24-May-17 | ' |
Notes_Payable_Maturities_Of_No
Notes Payable (Maturities Of Notes Payable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Notes Payable [Abstract] | ' | ' |
2014 | $875,002 | ' |
2015 | 870,787 | ' |
2016 | 859,875 | ' |
2017 | 849,084 | ' |
2018 | 3,165,558 | ' |
Thereafter | 3,253,708 | ' |
Total | $9,874,014 | $5,498,926 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Total expenses on leases | $347,164 | $379,348 |
Starfruit [Member] | ' | ' |
Number of stores leased | 3 | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Annual Minimum Base Rental Payments)(Details) (USD $) | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $44,138 |
2015 | 45,461 |
2016 | 46,825 |
2017 | 48,229 |
2018 | 49,676 |
Total | $234,329 |
Provision_For_Income_Taxes_Sum
Provision For Income Taxes (Summary Of The Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Provision For Income Taxes [Abstract] | ' | ' |
Federal | $2,551,505 | $2,757,332 |
State and local | 554,174 | 882,640 |
Total current | 3,105,679 | 3,639,972 |
Deferred | -238,804 | -434,896 |
Provision for income taxes | $2,866,875 | $3,205,076 |
Provision_For_Income_Taxes_Sch
Provision For Income Taxes (Schedule Of Provision For Income Taxes And Income Tax Computed At The Statutory Rate) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Provision For Income Taxes [Abstract] | ' | ' |
Federal income tax expense computed at the statutory rate | $2,666,223 | $3,000,457 |
Federal income tax expense computed at the statutory rate, percentage | 34.00% | 34.00% |
State and local tax expense, net | 744,974 | 838,363 |
State and local tax expense, percentage | 9.50% | 9.50% |
U.S. domestic manufacturers' deduction & other permanent differences | -455,442 | -427,525 |
U.S. domestic manufacturers' deduction & other permanent differences, percentage | -5.80% | -4.90% |
Change in tax estimate | -88,880 | -206,219 |
Change in tax estimate, percentage | -1.10% | -2.20% |
Provision for income taxes | $2,866,875 | $3,205,076 |
Provision for income taxes, percentage | 36.60% | 36.40% |
Provision_For_Income_Taxes_Sch1
Provision For Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Provision For Income Taxes [Abstract] | ' | ' |
Accumulated depreciation and amortization from purchase accounting adjustments | ($2,896,058) | ($3,164,716) |
Capital loss carry-forwards | 52,632 | 136,198 |
Total non-current net deferred tax liabilities | -2,843,426 | -3,028,518 |
Unrealized losses (gain) on investments | -7,589 | -41,260 |
Inventory | 307,910 | 265,072 |
Allowance for doubtful accounts and discounts | 21,750 | 10,875 |
Total current deferred tax assets | 322,071 | 234,687 |
Net deferred tax liability | ($2,521,355) | ($2,793,831) |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Interest | $205,739 | $191,277 |
Income taxes | $4,362,991 | $3,413,687 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Notes Payable [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities at fair value | $9,874,014 | $5,498,926 |
Fair Value, Inputs, Level 1 [Member] | Notes Payable [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Notes Payable [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities at fair value | 9,874,014 | 5,498,926 |
Fair Value, Inputs, Level 3 [Member] | Notes Payable [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities at fair value | 0 | 0 |
Cash [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 3,306,608 | 2,286,226 |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 3,306,608 | 2,286,226 |
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | 0 |
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | 0 |
Certificates of Deposits [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 15,378 | 439,982 |
Certificates of Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | 0 |
Certificates of Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 15,378 | 439,982 |
Certificates of Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | 0 |
Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 56,841 | ' |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 56,841 | ' |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | ' |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | ' |
Stocks [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 1,072,201 | 725,670 |
Stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 1,072,201 | 725,670 |
Stocks [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | 0 |
Stocks [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | 0 |
Preferred Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 462,096 | ' |
Preferred Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | ' |
Preferred Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 462,096 | ' |
Preferred Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | ' |
Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 925,242 | 1,144,229 |
Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 0 | 0 |
Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 925,242 | 1,144,229 |
Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | $0 | $0 |