Consolidated Balance Sheets December 28 December 39 2019 2018 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Accounts payable $ 19,960,507 $ 18,497,626 Accrued compensation 3,815,186 4,159,808 Other accrued expenses 2,967,961 3,095,666 Contingent liability — 2,070,000 Current portion of long-term debt 5,187,689 2,325,000 Total Current Liabilities 31,931,343 30,148,100 Deferred income taxes 5,270,465 1,516,012 Other long-term liabilities 2,465,261 353,856 Lease liability 12,342,475 Long-term debt, less current portion 93,577,544 26,350,000 Accrued other postretirement benefits 1,007,146 648,635 Accrued pension cost 28,631,485 25,362,325 Commitments and contingencies (See Note 6) Shareholders’ Equity Voting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares Nonvoting Preferred Stock, no par value: Authorized and unissued: 1,000,000 shares Common Stock, no par value: Authorized: 50,000,000 shares Issued: 8,975,434 shares in 2019 and 8,965,987 shares in 2018 Outstanding: 6,240,705 shares in 2019 and 6,231,258 shares in 2018 30,651,815 29,994,890 Treasury Stock: 2,734,729 shares in 2019 and 2,734,729 shares in 2018 (20,169,098 ) (20,169,098 ) Retained earnings 120,189,111 109,671,362 Accumulated other comprehensive income (loss): Foreign currency translation (2,037,952 ) (2,106,329 ) Unrealized gain/(loss) on interest rate swap, net of tax 167,018 166,444 Unrecognized net pension and other postretirement benefit costs, net of taxes (23,363,637 ) (20,688,630 ) Accumulated other comprehensive loss (25,234,571 ) (22,628,515 ) Total Shareholders’ Equity 105,437,257 96,868,639 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 280,662,976 $ 181,247,567 28 See accompanying notes.