Consolidated Statements of Income Consolidated Statements of Comprehensive Income See accompanying notes. See accompanying notes. 29 Year ended December 28 December 29 2019 2018 Net income $ 13,266,142 $ 14,505,937 Other comprehensive income/(loss) - Change in foreign currency translation 68,377 (1,163,136 ) Change in fair value of interest rate swap, net of tax benefit of: $26 574 124,687 in 2019 and $26,969 in 2018 Change in pension and other postretirement benefit costs, net of income taxes (expense)/benefit of: $664,279 in 2019 and $578,090 in 2018 (2,675,007 ) (203,353 ) Total other comprehensive income/(loss) (2,606,056 ) (1,241,802 ) Comprehensive income/(loss) $ 10,660,086 $ 13,264,135 Year ended December 28 December 29 2019 2018 Net sales $ 251,742,619 $ 234,275,463 Cost of products sold (189,890,070 ) (175,550,418 ) Gross margin 61,852,549 58,725,045 Product development expenses (6,024,567 ) (6,950,969 ) Selling and administrative expenses (35,719,188 ) (33,914,735 ) Restructuring costs (2,650,940 ) — Operating profit 17,457,854 17,859,341 Interest expense (1,857,961 ) (1,202,272 ) Other income 606,078 933,260 Income before income taxes 16,205,971 17,590,329 Income taxes 2,939,829 3,084,392 Net income $ 13,266,142 $ 14,505,937 Earnings per Share: Basic $ 2.13 $ 2.32 Diluted $ 2.12 $ 2.31