CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2003 2002 ASSETS: Current Assets: Cash and cash equivalents $ 298 $ 353 Accounts receivable, net of allowance for doubtful accounts of $103 and  $151 in 2003 and 2002, respectively 6,226 6,721 Inventories 11,314 10,311 Prepaid expenses 1,894 2,273 Deferred income taxes  760 1,018 20,492 20,676 Property, Plant and Equipment 45,767 42,661 Less accumulated depreciation and amortization 21,578 18,211 24,189 24,450 Other Assets and Deferred Charges: Patents, net of accumulated amortization of $7,151 and $6,847 in 2003 and 2002, respectively  2,099 2,403 Goodwill 9,730 9,730 Other 3,540 3,548 15,369 15,681 $ 60,050 $ 60,807 LIABILITIES AND STOCKHOLDERS’ EQUITY: Current Liabilities: Accounts payable and accrued liabilities $ 6,038 $ 5,030 Accrued income and other taxes 651 859 6,689 5,889 Line of Credit 4,287 10,337 Other Liabilities and Deferred Credits: Deferred income taxes  3,496 2,115 Other 974 775 4,470 2,890 Commitments and Contingencies  — — Stockholders’ Equity: Common stock, par value $ .10 per share, authorized 10,000 shares, issued 3,420 shares  342 342 Additional paid-in capital 9,673 8,222 Retained earnings  68,900 64,249 Treasury shares, 1,720 shares in 2003 and 1,714 shares in 2002, at cost  (34,311) (31,122) 44,604 41,691 $ 60,050 $ 60,807 9 The accompanying notes are an integral part of these statements.