0000002098 2013-01-01 2013-12-31 0000002098 2015-02-25 0000002098 2013-12-31 0000002098 2012-12-31 0000002098 ACU:UnitedStatesMember 2014-01-01 2014-12-31 0000002098 ACU:CanadaMember 2014-01-01 2014-12-31 0000002098 us-gaap:EuropeMember 2014-01-01 2014-12-31 0000002098 ACU:UnitedStatesMember 2013-01-01 2013-12-31 0000002098 ACU:CanadaMember 2013-01-01 2013-12-31 0000002098 us-gaap:EuropeMember 2013-01-01 2013-12-31 0000002098 ACU:UnitedStatesMember 2014-12-31 0000002098 ACU:UnitedStatesMember 2013-12-31 0000002098 ACU:CanadaMember 2014-12-31 0000002098 ACU:CanadaMember 2013-12-31 0000002098 us-gaap:EuropeMember 2014-12-31 0000002098 us-gaap:EuropeMember 2013-12-31 0000002098 2013-04-25 0000002098 2014-06-30 0000002098 ACU:ExercisePriceRangeAMember 2014-12-31 0000002098 ACU:ExercisePriceRangeBMember 2014-12-31 0000002098 ACU:ExercisePriceRangeCMember 2014-12-31 0000002098 ACU:ExercisePriceRangeDMember 2014-12-31 0000002098 ACU:ExercisePriceRangeAMember 2014-01-01 2014-12-31 0000002098 ACU:ExercisePriceRangeBMember 2014-01-01 2014-12-31 0000002098 ACU:ExercisePriceRangeCMember 2014-01-01 2014-12-31 0000002098 ACU:ExercisePriceRangeDMember 2014-01-01 2014-12-31 0000002098 us-gaap:StockOptionMember 2014-01-01 2014-12-31 0000002098 us-gaap:StockOptionMember 2014-12-31 0000002098 ACU:StockOptionAMember 2014-01-01 2014-12-31 0000002098 ACU:StockOptionAMember 2014-12-31 0000002098 us-gaap:EquitySecuritiesMember 2014-01-01 2014-12-31 0000002098 us-gaap:FixedIncomeFundsMember 2014-01-01 2014-12-31 0000002098 us-gaap:EquitySecuritiesMember 2014-12-31 0000002098 us-gaap:EquitySecuritiesMember 2013-12-31 0000002098 us-gaap:FixedIncomeFundsMember 2014-12-31 0000002098 us-gaap:FixedIncomeFundsMember 2013-12-31 0000002098 ACU:OtherSecuritiesInvestmentsMember 2014-12-31 0000002098 ACU:OtherSecuritiesInvestmentsMember 2013-12-31 0000002098 us-gaap:FairValueInputsLevel1Member 2014-12-31 0000002098 us-gaap:FairValueInputsLevel2Member 2014-12-31 0000002098 us-gaap:MoneyMarketFundsMember 2014-12-31 0000002098 ACU:EquitySecuritiesAMember 2014-12-31 0000002098 us-gaap:EquityFundsMember 2014-12-31 0000002098 ACU:FixedIncomeFundsAMember 2014-12-31 0000002098 us-gaap:CashAndCashEquivalentsMember 2014-01-01 2014-12-31 0000002098 ACU:ReportableSegmentsCMember 2014-01-01 2014-12-31 0000002098 ACU:ReportableSegmentsCMember 2013-01-01 2013-12-31 0000002098 us-gaap:CommonStockMember 2013-12-31 0000002098 ACU:SeriesOfIndividuallyImmaterialBusinessAcquisitionsAMember 2013-12-31 0000002098 ACU:SeriesOfIndividuallyImmaterialBusinessAcquisitionsAMember 2014-12-31 0000002098 us-gaap:MinimumMember 2014-01-01 2014-12-31 0000002098 us-gaap:MaximumMember 2014-01-01 2014-12-31 0000002098 us-gaap:AccountsReceivableMember 2014-01-01 2014-12-31 0000002098 us-gaap:SalesRevenueGoodsNetMember 2014-01-01 2014-12-31 0000002098 us-gaap:SalesRevenueGoodsNetMember 2013-01-01 2013-12-31 0000002098 us-gaap:CustomerConcentrationRiskMember 2014-01-01 2014-12-31 0000002098 us-gaap:CustomerConcentrationRiskMember 2013-01-01 2013-12-31 0000002098 ACU:CustomerConcentrationRiskAMember 2014-01-01 2014-12-31 0000002098 ACU:CustomerConcentrationRiskAMember 2013-01-01 2013-12-31 0000002098 us-gaap:AccumulatedTranslationAdjustmentMember 2014-01-01 2014-12-31 0000002098 us-gaap:AccumulatedTranslationAdjustmentMember 2014-12-31 0000002098 us-gaap:AccumulatedTranslationAdjustmentMember 2013-12-31 0000002098 us-gaap:AccumulatedTranslationAdjustmentMember 2013-01-01 2013-12-31 0000002098 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2014-01-01 2014-12-31 0000002098 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2014-12-31 0000002098 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2013-12-31 0000002098 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2013-01-01 2013-12-31 0000002098 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2014-12-31 0000002098 us-gaap:FairValueInputsLevel1Member ACU:EquitySecuritiesAMember 2014-12-31 0000002098 us-gaap:FairValueInputsLevel1Member ACU:EquitySecuritiesAMember 2013-12-31 0000002098 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2013-12-31 0000002098 us-gaap:FairValueInputsLevel2Member 2013-12-31 0000002098 us-gaap:EquityFundsMember 2013-12-31 0000002098 us-gaap:FairValueInputsLevel2Member us-gaap:EquityFundsMember 2014-12-31 0000002098 us-gaap:FairValueInputsLevel2Member us-gaap:EquityFundsMember 2013-12-31 0000002098 us-gaap:FairValueInputsLevel1Member 2013-12-31 0000002098 2014-01-01 2014-12-31 0000002098 us-gaap:MoneyMarketFundsMember 2013-12-31 0000002098 ACU:EquitySecuritiesAMember 2013-12-31 0000002098 us-gaap:FairValueInputsLevel2Member ACU:FixedIncomeFundsAMember 2014-12-31 0000002098 us-gaap:FairValueInputsLevel2Member ACU:FixedIncomeFundsAMember 2013-12-31 0000002098 ACU:FixedIncomeFundsAMember 2013-12-31 0000002098 us-gaap:AccumulatedTranslationAdjustmentMember 2012-12-31 0000002098 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2012-12-31 0000002098 2014-12-31 0000002098 us-gaap:CommonStockMember 2014-01-01 2014-12-31 0000002098 us-gaap:CommonStockMember 2013-01-01 2013-12-31 0000002098 us-gaap:CommonStockMember 2014-12-31 0000002098 us-gaap:CommonStockMember 2012-12-31 0000002098 us-gaap:TreasuryStockMember 2013-12-31 0000002098 us-gaap:TreasuryStockMember 2014-12-31 0000002098 us-gaap:TreasuryStockMember 2012-12-31 0000002098 us-gaap:AdditionalPaidInCapitalMember 2014-01-01 2014-12-31 0000002098 us-gaap:AdditionalPaidInCapitalMember 2013-01-01 2013-12-31 0000002098 us-gaap:AdditionalPaidInCapitalMember 2013-12-31 0000002098 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0000002098 us-gaap:AdditionalPaidInCapitalMember 2012-12-31 0000002098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-01-01 2014-12-31 0000002098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2013-01-01 2013-12-31 0000002098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2013-12-31 0000002098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-12-31 0000002098 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2012-12-31 0000002098 us-gaap:RetainedEarningsMember 2014-01-01 2014-12-31 0000002098 us-gaap:RetainedEarningsMember 2013-01-01 2013-12-31 0000002098 us-gaap:RetainedEarningsMember 2013-12-31 0000002098 us-gaap:RetainedEarningsMember 2014-12-31 0000002098 us-gaap:RetainedEarningsMember 2012-12-31 0000002098 2015-01-01 2015-12-31 0000002098 2012-04-05 0000002098 2013-01-01 2013-03-31 0000002098 2013-04-01 2013-06-30 0000002098 2013-07-01 2013-09-30 0000002098 2013-10-01 2013-12-31 0000002098 ACU:SeriesOfIndividuallyImmaterialBusinessAcquisitionsBMember 2014-12-31 0000002098 ACU:ReportableSegmentsDMember 2014-01-01 2014-12-31 0000002098 2014-01-01 2014-03-31 0000002098 2014-04-01 2014-06-30 0000002098 2014-07-01 2014-09-30 0000002098 2014-10-01 2014-12-31 0000002098 ACU:SignificantAcquisitionsAndDisposalsTransactionAMember 2014-04-01 2014-04-07 0000002098 ACU:SignificantAcquisitionsAndDisposalsTransactionAMember 2014-04-07 0000002098 ACU:SignificantAcquisitionsAndDisposalsTransactionAMember 2014-01-01 2014-12-31 0000002098 ACU:SignificantAcquisitionsAndDisposalsTransactionBMember 2014-01-01 2014-12-31 0000002098 ACU:SignificantAcquisitionsAndDisposalsTransactionAMember 2014-12-31 0000002098 ACU:SignificantAcquisitionsAndDisposalsTransactionAMember 2013-12-31 0000002098 ACU:SignificantAcquisitionsAndDisposalsTransactionBMember 2014-12-31 0000002098 ACU:SignificantAcquisitionsAndDisposalsTransactionBMember 2013-12-31 0000002098 ACU:SignificantAcquisitionsAndDisposalsTransactionBMember 2008-12-31 0000002098 ACU:SignificantAcquisitionsAndDisposalsTransactionBMember 2008-12-01 2008-12-31 0000002098 ACU:SeriesOfIndividuallyImmaterialBusinessAcquisitionsBMember 2014-06-30 0000002098 ACU:SeriesOfIndividuallyImmaterialBusinessAcquisitionsBMember 2014-06-01 2014-06-30 0000002098 ACU:SeriesOfIndividuallyImmaterialBusinessAcquisitionsBMember 2014-01-01 2014-12-31 0000002098 ACU:SeriesOfIndividuallyImmaterialBusinessAcquisitionsBMember 2013-01-01 2013-12-31 0000002098 ACU:SeriesOfIndividuallyImmaterialBusinessAcquisitionsBMember 2014-06-01 2014-12-31 0000002098 2013-04-01 2013-04-30 0000002098 ACU:TotalInternationalMember 2014-01-01 2014-12-31 0000002098 ACU:TotalInternationalMember 2013-01-01 2013-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure ACU:Y ACME UNITED CORP 0000002098 10-K 2014-12-31 false --12-31 No No Yes Smaller Reporting Company FY 2014 3298605 11643764 9749864 2285660 15629275 19477128 1163044 1820744 56985606 57511406 596785 435876 5854255 5126057 8904982 10066843 9419761 8698235 139506 123879 68078979 70525000 57068000 4363000 5329000 4419000 5682000 79308086 4788717 7773021 5087233 7590159 9875950 15363180 22911829 24146841 33073734 39880030 11407180 11632805 6466388 7941330 30099449 33784270 68078979 79308086 15356022 15628776 5936261 6930541 4071897 12554611 285955 370009 12283251 12283251 2.50 2.50 8000000 8000000 4563174 4653424 1362072 1362072 28218883 33671198 934238 1183871 270644 516187 490060 561856 -785952 1729980 -2056469 4391815 -1751664 1879889 -740246 2101035 2472561 -139985 4591929 2042173 102140 118470 -2967181 -15193423 -7172 -123375 -333099 268052 6475466 4649020 -1408000 1235012 529179 1138711 728392 1064050 -1607214 1309673 1893900 -9358104 1279751 1700089 1379890 89576777 91298000 8841000 7083000 73608000 8092000 7877000 107222306 17651000 28412000 22135000 21379000 19152000 33396000 30008000 24666000 10400000 57752733 69036695 11224000 18330000 14195000 14004000 12275000 21675000 19393000 15694000 31824044 38185611 25944948 30791150 5879096 6760000 625000 9000 5082000 557000 240000 7394461 502407 490110 152073 16624 -350334 -473486 1490986 2013720 4002905 4789005 4789005 4002905 309000 2211000 959000 524000 368000 2543000 1189000 689000 500000 -34871 -118250 -385205 -591736 5493891 6802725 1.26 1.48 .10 .70 .30 .16 .12 .79 .37 .21 1.22 1.36 .10 .68 .29 .15 .11 .72 .34 .19 3167764 3239753 3283461 3525504 .31 .34 .07 .08 .08 .08 .08 .08 .09 .09 4105277 3826428 -138993 -858118 39044 265876 260000 0 6000 39000 57000 40000 33000 850000 2500000 2000000 <p style="margin: 0pt">In December 2008, the Company sold property it owned in Bridgeport, Connecticut to B&#38;E Juices, Inc. for $2.5 million.&#160;&#160;The property consists of approximately four acres of land and 48,000 sq. feet of warehouse space.&#160;&#160;The property was the site of the original Acme United scissor factory which opened in 1887 and was closed in 1996.</p> 300000 1800000 64649 69806 40000 25000 9000 69439 93292 9154 9155 185535 126787 .17 .16 490060 561856 3.19 3.27 40000000 30000000 710924 709099 705156 684146 633903 270644 516187 3092971 4128082 183034 219842 2058159 3346368 5373208 7960168 899928 1063043 118092 171003 539162 572660 1557182 1806706 -59240 184616 -6596 22398 -360 -66196 207014 2306909 3877541 3186982 2925184 5493891 6802725 1867923 2203901 73587 131505 -515729 -471469 3455 138090 450705 469247 450705 469247 110700 2205244 138090 178908 166625 43575 28049 885185 734993 3932298 1676662 1276349 1069325 220500 214500 27475 2500 75650 90250 90250 75650 1236063 1118688 1357813 771208 880743 38975 14975 21500 36475 13.38 16.68 12.17 14.22 6.89 12.62 11.61 12.35 11.64 11.53 6.81 10.26 13.63 15.34 10.25 13.62 15.33 17.03 500188 302875 309750 245000 1357813 9.44 11.70 14.38 16.56 430243 211625 188375 50500 880743 9.37 11.97 14.72 16.14 P5Y P5Y .007 .0153 .0145 .0177 .00317 .00245 .00328 .00282 2.10% - 2.70% 2.0% <p style="text-align: left; text-indent: 0pt; margin: 0; font: 10pt Times New Roman, Times, Serif">Options granted under the Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left">Under the terms of the Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan. Options outstanding under the Company&#146;s 2002 Employee Stock Option Plan have the same vesting schedule as the 2012 Employee plan.</p> <p style="margin: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted equals the fair market value of the Common Stock on the date the option is granted, and expires ten (10) years from the date of grant.</font></p> 180000 5000 P3Y 479750 183000 115698 285750 88125 117347 227891 128318 602985 665000 3244487 4399364 1484782 1660687 1 .68 .70 .29 .29 .03 .01 1 .06 .06 10000 10000 149000 199900 1703602 1325402 267809 1416726 67909 199900 953140 463586 67909 199900 149000 8322 1546280 1054416 953140 1054416 157322 8322 149000 463586 491864 491864 1684535 .0378 .0323 392684 333511 1886636 2225693 1904377 288429 124326 482455 190118 -183034 -219842 .0299 .0378 1258731 1368025 21020 11865 238000 224000 208000 192000 176000 657000 -270011 225412 .50 139421 163688 .68 .29 .03 3481593 1207415 46515889 P3Y P30Y -141171 -116118 61750 11693 508686 608905 13884269 3177348 P6Y P6Y P5Y P8Y 102372 -962577 -962577 102372 330640 256676 945709 812649 3201102 3291352 3125452 529179 1138711 225625 189125 913086 340054 94010 207024 1820671 1421677 505225 489351 1 2 2 26004042 28712961 186507 522377 2028333 4435860 557070 825087 2054316 2111978 632458 663698 1050000 1050000 1164877 1681065 .165 15853159 893509 894685 4592000 2011000 12000 19000 4500000 47000 45000 2042000 1205000 1618000 7000 75000 1116000 9000 80000 1700000 -684521 -786893 -751765 106353 -895332 -790873 245346 -1032238 -1647098 241365 -104459 241365 -104459 -138993 -858118 -138993 -858118 35005245 30866303 11407180 39428056 11632805 11218055 -12283251 -12283251 -12283251 6466388 7941330 5636274 -684521 -1647098 -786893 30099449 33784270 27082118 490060 561856 561856 490060 -985574 -1104184 -1104184 -985574 190118 51022 -256446 115000 1040024 10363091 7454633 377725 6000 <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. Operations</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The operations of Acme United Corporation (the &#147;Company&#148;) consist of three reportable segments. The operations of the Company are structured and evaluated based on geographic location. The three reportable segments operate in the United States (including Asian operations), Canada and Europe. Principal products across all segments are scissors, shears, knives, rulers, pencil sharpeners, first aid kits, and related products which are sold primarily to wholesale, contract and retail stationery distributors, office supply super stores, mass market retailers, industrial distributors, school supply distributors, drug store retailers, sporting goods stores, hardware chains and wholesale florists.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. Accounting Policies</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most sensitive and significant accounting estimates relate to customer rebates, valuation allowances for deferred income tax assets, obsolete and slow-moving inventories, potentially uncollectible accounts receivable, pension liability and accruals for income taxes. Actual results could differ from those estimates.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Principles of Consolidation - The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned by the Company. All significant intercompany accounts and transactions are eliminated in consolidation.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Translation of Foreign Currency - For foreign operations whose functional currencies are not U.S. dollars, assets and liabilities are translated at rates in effect at the end of the year; revenues and expenses are translated at average rates in effect during the year. Resulting translation adjustments are made directly to accumulated other comprehensive loss. Foreign currency transaction gains and losses are recognized in operating results. Foreign currency transaction losses, which are included in other expense, net, were $117,347 in 2014 and $88,125 in 2013.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Cash Equivalents - Investments with an original maturity of three months or less, as well as time deposits and certificates of deposit that are readily redeemable at the date of purchase, are considered cash equivalents.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Accounts Receivable - Accounts receivable are shown less an allowance for doubtful accounts of $128,318 at December 31, 2014 and $227,891 at December 31, 2013.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Inventories - Inventories are stated at the lower of cost, determined by the first-in, first-out method, or market.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Property, Plant and Equipment and Depreciation &#150; Property, plant and equipment is recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, which range from 3 to 30 years.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Intangible Assets&#150; Intangible assets with finite useful lives are recorded at cost upon acquisition, and amortized over the term of the related contract or useful life, as applicable. Intangible assets held by the Company with finite useful lives include patents and trademarks. Patents and trademarks are amortized over their estimated useful lives. The weighted average amortization period for intangible assets at December 31, 2014 was 14 years. The Company periodically reviews the values recorded for intangible assets to assess recoverability from future operations whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. At December 31, 2014 and 2013, the Company assessed the recoverability of its long-lived assets and believed that there were no events or circumstances present that would that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16pt">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Deferred Income Taxes - Deferred income taxes are provided for the differences between the financial statement and tax bases of assets and liabilities, and on operating loss carryovers, using tax rates in effect in years in which the differences are expected to reverse.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Recognition &#150; The Company recognizes revenue from the sales of its products when ownership transfers to the customers, which occurs either at the time of shipment or upon delivery based upon contractual terms with the customer. The Company recognizes customer program costs, including rebates, cooperative advertising, slotting fees and other sales related discounts, as a reduction to sales.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Research and Development &#150; Research and development costs ($665,000 in 2014 and $602,985 in 2013) are expensed as incurred.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Shipping Costs &#150; The costs of shipping product to our customers ($4,399,364 in 2014 and $3,244,487 in 2013) are included in selling, general and administrative expenses.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Advertising Costs &#150; The Company expenses the production costs of advertising the first time that the related advertising takes place. Advertising costs ($1,660,687 in 2014 and $1,484,782 in 2013) are included in selling, general and administrative expenses.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Subsequent Events - The Company has evaluated events and transactions subsequent to December 31, 2014 through the date the consolidated financial statements were included in this Form&#160;10-K and filed with the SEC.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Concentration &#150; The Company performs ongoing credit evaluations of its customers and generally does not require collateral for the extension of credit. Allowances for credit losses are provided and have been within management's expectations. At December 31, 2013, with respect to concentration risk related to accounts receivable, the Company had one customer that accounted for greater than 10% of total net receivables. In 2014 and 2013, the Company had two customers that individually exceeded 10% of consolidated net sales. Net sales to these customers amounted to approximately 14% and 12% in 2014 and approximately 16% and 15% in 2013.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recently Issued Accounting Standards</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In February 2013, the Financial Accounting Standards Board (&#147;FASB&#148;) issued an accounting standards update on the reporting of amounts reclassified out of accumulated other comprehensive income, to improve the transparency of reporting. These reclassifications present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income &#150; but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The Company adopted this standard for reporting periods beginning after December 15, 2012. The adoption of this accounting standard has not had an impact on our consolidated financial statements.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (&#147;ASU&#148;) 2014-09 &#147;Revenue from Contracts with Customers&#148; (Topic 606) (&#147;ASU 2014-09&#148;). ASU 2014-090 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Company intends to adopt and implement ASU 2014-09 during the first quarter of fiscal 2017. Management is evaluating the provisions of this statement and evaluating what impact the adoption of ASU 20104-09 may have on the Company&#146;s financial position or results of operations.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.&#160;&#160;Inventories</b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="7" style="font-weight: bold; text-align: center"><font style="font-size: 9pt">December 31,</font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">Inventories consisted of:</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Finished goods</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">28,712,961</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">26,004,042</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Work in process</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">522,377</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">186,507</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Materials and supplies</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">4,435,860</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">2,028,333</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">33,671,198</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">28,218,883</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated net of valuation allowances for slow moving and obsolete inventory of $825,087 as of December 31, 2014 and $557,070 as of December 31, 2013.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>4.&#160;&#160;Intangible Assets and Goodwill</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="7" style="font-weight: bold; text-align: center"><font style="font-size: 9pt">December 31,</font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">Intangible assets consisted of:</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="text-align: right"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">First Aid Only Tradename, Customer List</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">8,910,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">&#151;&#160;&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">Patents</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">2,111,978</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">2,054,316</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">Trademarks</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">663,698</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">632,458</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Pac-Kit Tradename, Customer List</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,500,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,500,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">C-Thru, Customer List</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,050,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,050,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Goodwill</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,375,000</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">&#151;&#160;&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">15,610,676</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,236,774</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Accumulated amortization</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,681,065</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,164,877</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">13,929,611</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">4,071,897</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-weight: normal">&#160;</font></p> <p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-weight: normal">Amortization expense for patents and trademarks for the years ended December 31, 2014, and 2013 were $516,187 and $270,644, respectively. The estimated aggregate amortization expense for each of the next five succeeding years, calculated on a similar basis, is as follows: 2015 - $710,924; 2016 - $709,099; 2017 - $705,156; 2018 - $684,146; and 2019 - $633,903. </font></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">5.&#160;&#160;Other Accrued Liabilities</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Other current and long-term accrued liabilities consisted of:</p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">December 31,</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Customer rebates</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">4,128,082</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">3,092,971</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Remediation liability</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">265,876</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">39,044</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Pension liability</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">219,842</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">183,034</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Other</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,346,368</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">2,058,159</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">7,960,168</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">5,373,208</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6. Pension and Profit Sharing</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.8pt"><b>&#160;</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">United States employees, hired prior to July 1, 1993, are covered by a funded, defined benefit pension plan. The benefits of this pension plan are based on years of service and the average compensation of the highest three consecutive years during the last ten years of employment. In December 1995, the Company's Board of Directors approved an amendment to the United States pension plan that terminated all future benefit accruals as of February 1, 1996, without terminating the pension plan.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&#146;s funding policy with respect to its qualified plan is to contribute at least the minimum amount required by applicable laws and regulations. In 2014, the Company contributed $190,118 to the plan and expects to contribute approximately $200,000 during 2015.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">The plan asset weighted average allocation at December 31, 2014 and December 31, 2013, by asset category, were as follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; width: 62%"><font style="font-size: 9pt">Asset Category</font></td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"><font style="font-size: 9pt">2014</font></td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">Equity Securities</font></td> <td style="text-align: center"><font style="font-size: 9pt">68%</font></td> <td style="text-align: center"><font style="font-size: 9pt">70%</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">Fixed Income Securities</font></td> <td style="text-align: center"><font style="font-size: 9pt">29%</font></td> <td style="text-align: center"><font style="font-size: 9pt">29%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">Other Securities / Investments</font></td> <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">3%</font></td> <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">1%</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 2pt double; border-top-color: Black; border-top-width: 0.5pt"><font style="font-size: 9pt">Total</font></td> <td style="border-bottom: Black 2pt double; text-align: center"><font style="font-size: 9pt">100%</font></td> <td style="border-bottom: Black 2pt double; text-align: center"><font style="font-size: 9pt">100%</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company&#146;s investment policy for the pension plan is to minimize risk by balancing investments between equity securities and fixed income securities, utilizing a weighted average approach of 68% equity securities, 29% fixed income securities, and 3% cash investments. Plan funds are invested in long-term obligations with a history of moderate to low risk.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As of December 31, 2014 and 2013, equity securities in the pension plan included 10,000 shares of the Company's Common Stock, having a market value of $199,900 and $149,000, respectively.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The pension plan asset information included below is presented at fair value. ASC 820 establishes a framework for measuring fair value and requires disclosures about assets and liabilities measured at fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">Level 1 &#150; Inputs to the valuation methodology based on unadjusted quoted market prices in active markets that are accessible at the measurement date.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">Level 2 &#150; Inputs to the valuation methodology that include quoted market prices that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">Level 3 &#150; Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td></tr></table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following tables present the pension plan assets by level within the fair value hierarchy as of December 31, 2014 and 2013:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">2014</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">Level 1</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">Level 2</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">Level 3</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Money Market Fund</font></td><td style="width: 3%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">67,909</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">67,909</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Acme United Common Stock</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">199,900</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">199,900</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Equity Common and Collected Funds</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">953,140</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">953,140</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">Fixed Income Common and Collected Funds</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">463,586</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">463,586</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">267,809</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,416,726</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,684,535</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid">2013</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Money Market Fund</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,322</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">&#151;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">&#151;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,322</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Acme United Common Stock</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">149,000</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">149,000</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equity Common and Collected Funds</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,054,416</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,054,416</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Fixed Income Common and Collected Funds</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">491,864</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">491,864</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">Total</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">157,322</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&#160;</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">1,546,280</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&#160;</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&#160;</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">1,703,602</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red">&#160;</p> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"></p> <p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;Other disclosures related to the pension plan follow:</p> <p style="margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font-size: 9pt">Assumptions used to determine benefit obligation:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">&#160;&#160;Discount rate</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">3.23</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">%</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">3.78</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Changes in benefit obligation:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Benefit obligation at beginning of year</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">(1,886,636</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">(2,225,693</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Interest cost</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(69,806</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(64,649</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Service cost</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(25,000</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(40,000</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Actuarial gain (loss)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(256,446</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">51,022</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Benefits and plan expenses paid</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">333,511</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">392,684</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Benefit obligation at end of year</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(1,904,377</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(1,886,636</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Changes in plan assets:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Fair value of plan assets at beginning of year</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,703,602</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,325,402</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Actual return on plan assets</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">124,326</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">288,429</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Employer contribution</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">190,118</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">482,455</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Benefits and plan expenses paid</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(333,511</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(392,684</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Fair value of plan assets at end of year</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,684,535</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,703,602</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Funded status</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">(219,842</font></td><td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">(183,034</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> </table> <p style="margin: 0">&#160;</p> <p style="margin: 0">&#160;</p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font-size: 9pt">Assumptions used to determine net periodic benefit cost:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">&#160;&#160;Discount rate</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">3.78</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">%</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">2.99</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;&#160;Expected return on plan assets</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">6.00</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">%</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">6.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Components of net benefit expense:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Interest cost</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">69,806</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">64,649</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Service cost</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">25,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">40,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Expected return on plan assets</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(93,292</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(69,439</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Amortization of prior service costs</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">9,155</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">9,154</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Amortization of actuarial loss</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">116,118</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">141,171</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Net periodic benefit cost</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">126,787</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">185,535</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="margin: 0"></p> <p style="margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company employs a building block approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely-accepted capital market principle that assets with higher volatility generate higher returns over the long run. &#160; Our expected 6% long-term rate of return on plan assets is determined based on long-term historical performance of plan assets, current asset allocation and projected long-term rates of return.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16pt">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table discloses the change recorded in other comprehensive income related to benefit costs:</p> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><font style="color: Black">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Balance at beginning of the year</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,279,751</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,700,089</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Change in net loss</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">225,412</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(270,011</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Amortization of actuarial loss</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(116,118</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(141,173</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">Amortization of prior service cost</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(9,155</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(9,154</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;Change recognized in other comprehensive income</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">100,139</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(420,338</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 9pt">Total recognized in other comprehensive income</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,379,890</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,279,751</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"></p> <p style="margin: 0">&#160;</p> <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Amounts recognized in Accumulated Other Comprehensive Income: &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</p> <p style="margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 60%"><font style="font-size: 9pt">Net actuarial loss</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font-size: 9pt">$</font></td><td style="text-align: right; width: 14%"><font style="font-size: 9pt">1,368,025</font></td><td style="text-align: left; width: 1%"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font-size: 9pt">$</font></td><td style="text-align: right; width: 14%"><font style="font-size: 9pt">1,258,731</font></td><td style="text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Prior service cost</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">11,865</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">21,020</font></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Total</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,379,890</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,279,751</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In 2015, net periodic benefit cost will include approximately $115,000 of net actuarial loss and $9,000 of prior service cost.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following benefits are expected to be paid:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 80%; text-align: left; vertical-align: bottom"><font style="font-size: 9pt">2015</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">238,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">2016</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">224,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">2017</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">208,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">2018</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">192,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">2019</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">176,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">Years 2020 - 2024</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">657,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company also has a The Company also has a qualified, profit sharing plan covering substantially all of its United States employees. Annual Company contributions to this profit sharing plan are determined by the Company&#146;s Compensation Committee. For the years ended December 31, 2014 and 2013, the Company contributed 50% of employee&#146;s contributions, up to the first 6% contributed by each employee. Total contribution expense under this profit sharing plan was $163,688 in 2014 and $139,421 in 2013.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">7.&#160;&#160;Income Taxes</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The amounts of income tax expense (benefit) reflected in operations is as follows:</p> <p style="margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">Current:</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 58%; text-align: left; vertical-align: top; padding-left: 10pt"><font style="font-size: 9pt">Federal</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,063,043</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">899,928</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: top"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;State</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">171,003</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">118,092</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: top; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;Foreign</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">572,660</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">539,162</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,806,706</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,557,182</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">Deferred:</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom; padding-left: 10pt"><font style="font-size: 9pt">Federal</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">184,616</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(59,240</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;State</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">22,398</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(6,596</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;Foreign</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">&#151;&#160;&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(360</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">207,014</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(66,196</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">2,013,720</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,490,986</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The current state tax provision was comprised of taxes on income, the minimum capital tax and other franchise taxes related to the jurisdictions in which the Company's facilities are located.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of United States and foreign income before income taxes follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">United States</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">3,877,541</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">2,306,909</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Foreign</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">2,925,184</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,186,982</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">6,802,725</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">5,493,891</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As discussed in Note 10 below, for segment reporting, Direct Import sales are included in the United States segment. However, the revenues are earned by our Hong Kong subsidiary and related income taxes are paid in Hong Kong whose rate approximates 16.5%. As such, income of the Asian subsidiary is included in the foreign income before taxes.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts&#160;&#160;reported in operations.</p> <p style="margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px"></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Federal income taxes at 34% statutory rate</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">2,203,901</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,867,923</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">State and local taxes, net of federal income tax effect</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">131,505</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">73,587</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Permanent items</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">11,693</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">61,750</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Foreign tax rate difference</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(471,469</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(515,729</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Change in deferred income tax valuation allowance</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">138,090</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,455</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9px; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;Provision for income taxes</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">2,013,720</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,490,986</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red">&#160;</p> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summarizes deferred income tax assets and liabilities:</p> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">Deferred income tax liabilities:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Plant, property and equipment</font></td><td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">469,247</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">450,705</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">469,247</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">450,705</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Deferred income tax assets:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Asset valuations</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">608,905</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">508,686</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Contribution carryforward</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">110,700</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Operating loss carryforwards and credits</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">138,090</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">2,205,244</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Pension</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">166,625</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">178,908</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Foreign tax credit</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">28,049</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">43,575</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Other</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">734,993</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">885,185</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,676,662</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,932,298</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Net deferred income tax asset before valuation allowance</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,207,415</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">3,481,593</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Valuation allowance</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(138,090</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(2,205,244</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Net deferred income tax asset</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,069,325</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,276,349</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2014, the Company evaluated its tax positions for years which remain subject to examination by major tax jurisdictions, in accordance with the requirements of ASC 740 and as a result concluded no adjustment was necessary. The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Company&#146;s evaluation of uncertain tax positions was performed for the tax years ended December 31, 2011 and forward, the tax years which remain subject to examination by major tax jurisdictions as of December 31, 2014.<br /> <br /></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with the Company&#146;s accounting policies, any interest and penalties related to uncertain tax positions are recognized as a component of income tax expense.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">The Company provides deferred income taxes on foreign subsidiary earnings, which are not considered permanently reinvested. Earnings permanently reinvested would become taxable upon the sale or liquidation of a foreign subsidiary or upon the remittance of dividends. During 2014, the Company repatriated a total of $11.8 million of foreign earnings, consisting of $10.5 million from its Hong Kong subsidiary and $1.3 million from its Canadian subsidiary. U.S. income taxes on those repatriated earnings have been partially offset by foreign tax credits. The Company plans to continue to repatriate future earnings of its Canadian subsidiary and will provide for U.S. income taxes accordingly. Foreign subsidiary earnings of $3,177,348 and $13,884,269 are considered permanently reinvested as of December 31, 2014 and 2013, respectively, and no deferred income taxes have been provided on these foreign earnings.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Due to the uncertain nature of the realization of the Company's deferred income tax assets based on past performance of its German subsidiary and carry forward expiration dates, the Company has recorded a valuation allowance for the amount of deferred income tax assets which are not expected to be realized. This valuation allowance, all of which is related to deferred tax assets resulting from net operating losses of the Company&#146;s German subsidiary, is subject to periodic review, and if the allowance is reduced, the tax benefit will be recorded in future operations as a reduction of the Company's tax expense.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; color: #FF6600">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>8. Debt</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p> <p style="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-weight: normal">Long term debt consists of borrowings under the Company&#146;s revolving loan agreement with HSBC Bank, N.A. As of December 31, 2014</font>, <font style="font-weight: normal">$24,146,841 was outstanding and $15,853,159 was available for borrowing under the Company&#146;s revolving loan agreement. </font></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 25, 2013, the Company amended its loan agreement with HSBC Bank, N.A. dated April 5, 2012. The amendment increased the borrowing limit to $40 million from $30 million. The interest rate remains the same at LIBOR plus 1.75% (rate was 2% at December 31, 2014). All principal amounts outstanding under the agreement are required to be repaid in a single amount on April 5, 2017, the date the agreement expires; interest is payable monthly. During the fourth quarter of 2013, the Company and HSBC agreed to make certain technical amendments to a covenant of the amended loan agreement to accommodate the purchase of the Rocky Mount facility. Funds borrowed under the agreement may be used for working capital, general operating expenses, share repurchases, acquisitions and certain other purposes. Under the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net worth ratio, and a fixed charge coverage ratio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9. Commitments and Contingencies</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>&#160;</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company leases certain office, manufacturing and warehouse facilities and various equipment under non-cancelable operating leases. Total rent expense was $894,685 and $893,509 in 2014 and 2013, respectively. Minimum annual rental commitments under non-cancelable leases with remaining terms of one year or more as of December 31, 2014 are as follows: 2015 - $1,122,523; 2016 - $757,120; 2017 - $685,726; 2018 - $690,597; 2019 &#150; $668,100 and thereafter - $1,009,960.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">There are no pending material legal proceedings to which the Company is a party or, to the actual knowledge of the Company, contemplated by any governmental authority.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10. Segment Information</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company reports financial information based on the organizational structure used by management for making operating and investment decisions and for assessing performance. The Company&#146;s reportable business segments include (1) United States; (2) Canada and (3) Europe. The financial results for the Company&#146;s Asian operations have been aggregated with the results of its United States operations to form one reportable segment called the &#147;United States segment&#148;. Sales in the United States segment include both domestic sales as well as direct import sales. Each reportable segment derives its revenue from the sales of cutting devices, measuring instruments and first aid products for school, office, home, hardware, sporting goods and industrial use.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Domestic sales orders are filled from the Company&#146;s distribution centers in North Carolina, Connecticut and Washington. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Company&#146;s inventory are generally for less than container-sized lots.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Direct Import Sales are products sold by the Company&#146;s Asian subsidiary, directly to major U.S. retailers who take ownership of the products in Asia. These sales are completed by delivering product to the customers&#146; common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct Import Sales represented approximately 16% and 17% of the Company&#146;s total net sales in 2014 and 2013, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Chief Operating Decision Maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment revenues are defined as total revenues, including both external customer revenue and inter-segment revenue. Segment operating earnings are defined as segment revenues, less cost of goods sold and operating expenses. Identifiable assets by segment are those assets used in the respective reportable segment&#146;s operations. Inter-segment amounts are eliminated to arrive at consolidated financial results.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 9pt">Financial data by segment:</font></p> <p style="margin: 0"><font style="font-size: 9pt">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"><font style="font-size: 9pt"><u>2014</u></font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">(000's omitted)</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">United States</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">Canada</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">Europe</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">Consolidated</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 38%; text-align: left"><font style="font-size: 9pt">Net sales</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">91,298</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">8,841</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">7,083</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">107,222</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Operating income</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">6,760</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">625</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">9</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">7,394</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">Assets</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">70,525</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">4,363</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">4,419</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">79,308</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Additions to property, plant and equipment</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">2,011</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">12</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">19</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">2,042</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Depreciation and amortization</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,618</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">7</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">75</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,700</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font-size: 9pt"><b><u>2013</u></b></font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; text-align: right"></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Net sales</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">73,608</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">8,092</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">7,877</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">89,577</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Operating income</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,082</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">557</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">240</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,879</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">Assets</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">57,068</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,329</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,682</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">68,079</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Additions to property, plant and equipment</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">4,500</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">47</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">45</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">4,592</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Depreciation and amortization</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,116</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">9</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">80</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,205</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i></i></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a reconciliation of segment operating income to consolidated income before taxes:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Total operating income</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">7,394</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">5,879</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Interest expense, net</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">473</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">350</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">Other expense, net</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">118</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">35</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">Consolidated income before taxes</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">6,803</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">5,494</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 9pt">Net Income</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">4,789</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">4,003</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The table below presents revenue by geographic area. Revenues are attributed to countries based on location of the customer.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">Revenues</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 10pt"><font style="font-size: 9pt">United States</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">90,366</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">72,676</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><font style="font-size: 9pt">International:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;Canada</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">8,841</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">8,092</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;Europe</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">7,083</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">7,877</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;Other</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">932</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">932</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><font style="font-size: 9pt">Total International</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">16,856</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">16,901</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 9pt">Total Revenues</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">107,222</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">89,577</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>11. Stock Option Plans</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has two plans under which it grants stock options: the 2005 Non-Salaried Director Stock Option Plan and the 2012 Employee Stock Option Plan; and two plans under which the Company no longer grants options but under which certain options remain outstanding: the 1996 Non-Salaried Director Stock Option Plan and the 2002 Employee stock Option Plan.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Employee Plan, which became effective April 23, 2012, provides for the issuance of incentive and nonqualified stock options at an exercise price equal to the fair market value of the Common Stock on the date the option is granted. The terms of the options granted are subject to the provisions of the Employee Plan. Options granted under the Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. As of December 31, 2014, the number of shares available for grant under the Employee Plan was 14,975. Under the terms of the Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan. Options outstanding under the Company&#146;s 2002 Employee Stock Option Plan have the same vesting schedule as the 2012 Employee plan.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Director Plan, as amended, provides for the issuance of stock options for up to 180,000 shares of the Company's common stock to non-salaried directors. Under the Director Plan, Directors elected on April 25, 2005 and at subsequent Annual Meetings who have not received any prior grant under this or previous plans receive an initial grant of an option to purchase 5,000 shares of Common Stock (the &#147;Initial Option&#148;). Each year, each elected Director not receiving an Initial Option will receive a 5,000 share option (the &#147;Annual Option&#148;). The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted equals the fair market value of the Common Stock on the date the option is granted, and expires ten (10) years from the date of grant. As of December 31, 2014, the number of shares available for grant under the Director Plan was 21,500.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">A summary of changes in options issued under the Company&#146;s stock option plans follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Options outstanding at the beginning of the year</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,236,063</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,118,688</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Options granted</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">214,500</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">220,500</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Options forfeited</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(2,500</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(27,475</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Options exercised</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(90,250</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(75,650</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Options outstanding at the end of the year</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,357,813</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,236,063</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Options exercisable at the end of the year</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">880,743</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">771,208</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Common stock available for future grants at the end of the year</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">36,475</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">38,975</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Weighted average exercise price per share:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px"><font style="font-size: 9pt">&#160;Granted</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">16.68</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">13.38</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;&#160;&#160;&#160;Forfeited</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">14.22</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">12.17</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px"><font style="font-size: 9pt">&#160;Exercised</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">12.62</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">6.89</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9px"><font style="font-size: 9pt">&#160;Outstanding</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">12.35</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">11.61</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px"><font style="font-size: 9pt">&#160;Exercisable</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">11.53</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">11.64</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A summary of options outstanding at December 31, 2014 is as follows:</p> <p style="margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Options Outstanding</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Options Exercisable</b></font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Range of Exercise Prices</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Number Outstanding</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted-<br /> Average Remaining Contractual Life (Years)</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted-<br /> Average Exercise Price</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Number Exercisable</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted-<br /> Average Exercise Price</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 20%; text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">$6.81 to $10.25</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">500,188</font></td><td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">6</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9.44</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">430,243</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9.37</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">$10.26 to $13.62</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">302,875</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">6</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11.70</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">211,625</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11.97</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">$13.63 to $15.33</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">309,750</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">5</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14.38</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">188,375</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14.72</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">$15.34 to $17.03</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">245,000</font></td><td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">8</font></td><td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">16.56</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">50,500</font></td><td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">16.14</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,357,813</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">880,743</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">The weighted average remaining contractual life of all outstanding stock options is 6 years.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16pt">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock Based Compensation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. The Company uses the Black-Scholes option pricing model to determine the fair value of employee and non-employee director stock options. The determination of the fair value of stock-based payment awards on the date of grant, using an option-pricing model, is affected by the Company&#146;s stock price as well as assumptions regarding a number of complex and subjective variables. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (&#147;expected term&#148;), the estimated volatility of the Company&#146;s Common Stock price over the expected term (&#147;volatility&#148;) and the number of options that will not fully vest in accordance with applicable vesting requirements (&#147;forfeitures&#148;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company estimates the expected term of options granted by evaluating various factors, including the vesting period, historical employee information, as well as current and historical stock prices and market conditions. The Company estimates the volatility of its common stock by calculating historical volatility based on the closing stock price on the last day of each of the 60 months leading up to the month the option was granted. The risk-free interest rate that the Company uses in the option valuation model is the interest rate on U.S. Treasury zero-coupon bond issues with remaining terms similar to the expected term of the options granted. Historical information was the basis for calculating the dividend yield. The Company is required to estimate forfeitures at the time of grant and to revise those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company used a mix of historical data and future assumptions to estimate pre-vesting option forfeitures and to record stock-based compensation expense only for those awards that are expected to vest. All stock-based payment awards are amortized over the requisite service periods of the awards, which are generally the vesting periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The assumptions used to value option grants for the twelve months ended December 31, 2014 and December 31, 2013 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td nowrap="nowrap" style="vertical-align: bottom; width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-top: Black 1pt solid"><font style="font-size: 9pt"><b>2014</b></font></td> <td style="vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-size: 9pt"><b>2013</b></font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 9pt">Expected life in years</font></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">5</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">5</font></td></tr> <tr style="background-color: White"> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 9pt">Interest rate</font></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">1.53 &#150; 1.77%</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">0.70 &#150; 1.45%</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 9pt">Volatility</font></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">.245-.282</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">.317-.328</font></td></tr> <tr style="background-color: White"> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 9pt">Dividend yield</font></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">2.0%</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">2.10% - 2.70%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 9pt">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total stock-based compensation recognized in the Company&#146;s consolidated statements of operations for the years ended December 31, 2014 and 2013 was $561,856 and $490,060, respectively. At December 31, 2014, there was approximately $1,040,024 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock-based payments granted to the Company&#146;s employees. As of December 31, 2014, the remaining unamortized expense is expected to be recognized over a weighted average period of 3 years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The weighted average fair value at the date of grant for options granted during 2014 and 2013 was $3.27 and $3.19 per option, respectively. The aggregate intrinsic value of outstanding options was $10,363,091 at December 31, 2014. The aggregate intrinsic value of exercisable options was $7,454,633 at December 31, 2014<b>. </b>The aggregate intrinsic value of options exercised during 2014 was $377,725.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12. Earnings Per Share</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The calculation of earnings per share follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">Numerator:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;&#160;&#160;Net income</font></td><td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">4,789,005</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">4,002,905</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">Denominator:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">&#160;&#160;&#160;Denominator for basic earnings per share:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;&#160;Weighted average shares outstanding</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">3,239,753</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">3,167,764</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;&#160;&#160;Effect of dilutive employee stock options</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">285,750</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">115,698</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;&#160;&#160;Denominator for dilutive earnings per share</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,525,504</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,283,461</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">&#160;&#160;&#160;Basic earnings per share</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">1.48</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">1.26</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;&#160;&#160;Dilutive earnings per share</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">1.36</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">1.22</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For 2014 and 2013, respectively, 183,000 and 479,750 stock options were excluded from diluted earnings per share calculations because they would have been anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">13.&#160;&#160;&#160;&#160;Accumulated Other Comprehensive (loss) income</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The components of accumulated other comprehensive (loss) income follow:</p> <p style="margin: 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Foreign currency translation adjustment</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Net prior service credit and actuarial losses</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 50%; text-align: left">Balances, December 31, 2012</td><td style="width: 2%">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">245,346</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">(1,032,238</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">(786,893</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in net prior service credit</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&#160;&#160;&#160;and actuarial losses, net of tax</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">241,365</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">241,365</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Translation adjustment</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(138,993</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(138,993</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Balances, December 31, 2013</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">106,353</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(790,873</td><td style="text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(684,521</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in net prior service credit</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&#160;&#160;&#160;and actuarial losses, net of tax</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(104,459</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(104,459</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Translation adjustment</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(858,118</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(858,118</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Balances, December 31, 2014</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(751,765</td><td style="border-bottom: Black 2pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(895,332</td><td style="border-bottom: Black 2pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(1,647,098</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>14. Financial Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The carrying value of the Company&#146;s bank debt is a reasonable estimate of fair value because of the nature of its payment terms.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>15. Quarterly Data (unaudited)</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="21">Quarters (000's omitted, except per share data)</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">2014</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fourth</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left; padding-bottom: 1pt">Net sales</td><td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">19,152</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">33,396</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">30,008</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">24,666</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">107,222</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cost of goods sold</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,275</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">21,675</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">19,393</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">15,694</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">69,037</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net income</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">368</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,543</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,189</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">689</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,789</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Basic earnings per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.79</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.37</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.21</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1.48</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Diluted earnings per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.72</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.34</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1.36</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividends per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.08</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.08</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.09</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.09</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.34</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">2013</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font-size: 9pt">First</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font-size: 9pt">Second</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font-size: 9pt">Third</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font-size: 9pt">Fourth</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font-size: 9pt">Total</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net sales</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">17,651</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">28,412</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">22,135</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">21,379</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">89,577</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cost of goods sold</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">11,224</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,330</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">14,195</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">14,004</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">57,753</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net income</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">309</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,211</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">959</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">524</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,003</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Basic earnings per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.10</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.70</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.30</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.16</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1.26</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Diluted earnings per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.10</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.68</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.29</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.15</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1.22</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividends per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.07</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.08</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.08</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.08</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.31</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Earnings per share were computed independently for each of the quarters presented. Therefore, the sum of the four quarterly earnings per share amounts may not necessarily equal the earnings per share for the year.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>16. Sale of Property</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">In December 2008, the Company sold property it owned in Bridgeport, Connecticut to B&#38;E Juices, Inc. for $2.5 million, of which $2.0 million was secured by a mortgage on the property. The property consists of approximately four acres of land and 48,000 sq. feet of warehouse space. The property was the site of the Company&#146;s original scissor factory which opened in 1887 and was closed in 1996.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of the sale agreement, and as required by the Connecticut Transfer Act, the Company is required to remediate any environmental contamination on the property. During 2008, the Company hired an independent environmental consulting firm to conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm, the Company recorded an undiscounted liability of approximately $1.8 million related to the remediation of the property. This accrual included the costs of required investigation, remedial activities, and post-remediation operating and maintenance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Remediation work on the project began in the third quarter of 2009 and was completed during the third quarter of 2012. In addition to the completed remediation work, the Company, with the assistance of its independent environmental consulting firm, must continue to monitor contaminant levels on the property to ensure they comply with applicable governmental standards. The Company is in the process of winding down its monitoring activities at the site and is waiting for final approval from the Connecticut Department of Environmental Protection. At December 31, 2014, the Company had approximately $6,000 remaining in its accrual related to the environmental remediation, all of which was classified as a current liability at that date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On April 7, 2014, the Company sold its Fremont, NC distribution facility for $850,000 in cash. The facility originally served as a manufacturing site for the Company&#146;s scissors and rulers. The Company hired an independent environmental consulting firm to conduct environmental studies in order to identify the extent of the environmental contamination on the property and to develop a remediation plan. As a result of those studies and the estimates prepared by the independent environmental consulting firm, and in conjunction with the sale of the property, the Company recorded a liability of $300,000 in the second quarter of 2014, related to the remediation of the property. The accrual includes the total estimated costs of remedial activities and post-remediation operating and maintenance costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Remediation work on the Fremont project began in the third quarter of 2014 and is expected to be completed in the first half of 2015. In addition to the remediation work, the Company, with the assistance of its independent environmental consulting firm, must continue to monitor contaminant levels on the property to ensure they comply with set governmental standards. The Company expects that the monitoring period will last a period of five years after the completion of the remediation and be complete by the end of 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The gain on the sale of the Fremont property is calculated as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(in thousands)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 69%; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Sales Price</font></td><td style="width: 2%"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 12%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">850</font></td><td style="width: 1%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"><i>Less:</i></font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Transaction costs</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">75</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Land</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">140</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment (gross book value)</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif">1,715</font></p></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment - accum. Depreciation</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">1,580</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment (net book value)</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">135</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">Environmental Remediation Liability</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">300</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"><b>Gain on Sale</b></font></td><td style="font-weight: bold"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"><b>$</b></font></td><td style="font-weight: bold; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif"><b>200</b></font></td><td style="font-weight: bold; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The change in the accrual for environmental remediation for the twelve months ended December 31, 2014 follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">Balance at <br /> December 31, 2013</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">Estimated Costs</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">Payments</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">Balance at <br /> December 31, 2014</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%; text-align: center"><font style="font-size: 9pt; color: #000000">Fremont, NC</font></td><td style="width: 3%"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="width: 15%; text-align: right"><font style="font-size: 9pt; color: #000000">&#151;&#160;&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="width: 3%"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="width: 15%; text-align: right"><font style="font-size: 9pt; color: #000000">300</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="width: 3%; color: #FF0000"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="width: 2%; color: #FF0000; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="width: 15%; color: #FF0000; text-align: right"><font style="font-size: 9pt; color: #000000">(40</font></td><td style="width: 1%; color: #FF0000; text-align: left"><font style="font-size: 9pt; color: #000000">)</font></td><td style="width: 3%"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="width: 15%; text-align: right"><font style="font-size: 9pt; color: #000000">260</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">Bridgeport, CT</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt; color: #000000">39</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt; color: #000000">&#151;&#160;&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="color: #FF0000; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 1pt solid; color: #FF0000; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 1pt solid; color: #FF0000; text-align: right"><font style="font-size: 9pt; color: #000000">(33</font></td><td style="padding-bottom: 1pt; color: #FF0000; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt; color: #000000">6</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">Total</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt; color: #000000">39</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt; color: #000000">300</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="color: #FF0000; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 2pt double; color: #FF0000; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 2pt double; color: #FF0000; text-align: right"><font style="font-size: 9pt; color: #000000">(57</font></td><td style="padding-bottom: 2.5pt; color: #FF0000; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">)</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt; color: #000000">266</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>17. Business Combinations</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 2, 2014, the Company purchased certain assets of First Aid Only, Inc. (&#147;First Aid Only&#148;), a supplier of Smart Compliance&#174; first aid kits, refills, and safety products that meet regulatory requirements for a broad range of industries. The Company purchased inventory, accounts receivable, equipment, patents, trademarks and other intellectual property for approximately $13.8 million using funds borrowed under its revolving credit facility with HSBC. The Company recorded approximately $1.7 million for inventory, $2.5 million for accounts receivables and $0.6 million for equipment and other assets, as well as approximately $10.3 million for intangible assets which consist of trade names, customer relationship, covenant not-to-compete and goodwill. In addition, the Company assumed approximately $1.2 million in accounts payables and accrued expenses. During the twelve months ended December 31, 2014, the Company incurred a total of approximately $100,000, of integration and transaction costs associated with the acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font: 9pt Times New Roman, Times, Serif">Assets:</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 79%; text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts Receivable</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">2,544</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Inventory</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,704</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Equipment</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">463</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Prepaid expenses</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">110</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Customer Relationships</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,430</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Trade Name</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">3,410</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Covenant Not-to-Compete</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">70</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Goodwill</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,340</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Total assets</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">15,071</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="margin: 0"><font style="font-size: 9pt">&#160;</font></p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 79%"><font style="font: 9pt Times New Roman, Times, Serif">Liabilities</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; width: 14%"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; width: 1%"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts Payable</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,019</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 11pt; padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif">Accrued Expense</font></td><td style="padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">252</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Total liabilities</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,271</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Net sales from the date of acquisition through December 31, 2014 attributable to First Aid Only were approximately $10.4 million. Net income from the date of acquisition through December 31, 2014 attributable to First Aid Only was $500,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Pro forma results of operations (unaudited and in thousands) of the Company for the years ended December 31, 2014 and 2013 as if the First Aid Only acquisition occurred on January 1 of that year are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><font style="font: 9pt Times New Roman, Times, Serif"><b>Year ended<br /> December 31, 2014</b></font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><font style="font: 9pt Times New Roman, Times, Serif"><b>Year Ended<br /> December 31, 2013</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Net Sales</font></td><td style="width: 1%; font-size: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; font-size: 11pt; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">114,300</font></td><td style="width: 1%; font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 5%; font-size: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; font-size: 11pt; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">107,200</font></td><td style="width: 1%; font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Net Income</font></td><td style="font-size: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="font-size: 11pt; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">4,900</font></td><td style="font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="font-size: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="font-size: 11pt; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">4,500</font></td><td style="font-size: 11pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most sensitive and significant accounting estimates relate to customer rebates, valuation allowances for deferred income tax assets, obsolete and slow-moving inventories, potentially uncollectible accounts receivable, pension liability and accruals for income taxes. Actual results could differ from those estimates.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Principles of Consolidation - The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned by the Company. All significant intercompany accounts and transactions are eliminated in consolidation.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Translation of Foreign Currency - For foreign operations whose functional currencies are not U.S. dollars, assets and liabilities are translated at rates in effect at the end of the year; revenues and expenses are translated at average rates in effect during the year. Resulting translation adjustments are made directly to accumulated other comprehensive loss. Foreign currency transaction gains and losses are recognized in operating results. Foreign currency transaction losses, which are included in other expense, net, were $117,347 in 2014 and $88,125 in 2013.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Cash Equivalents - Investments with an original maturity of three months or less, as well as time deposits and certificates of deposit that are readily redeemable at the date of purchase, are considered cash equivalents.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Accounts Receivable - Accounts receivable are shown less an allowance for doubtful accounts of $128,318 at December 31, 2014 and $227,891 at December 31, 2013.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Inventories - Inventories are stated at the lower of cost, determined by the first-in, first-out method, or market.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Property, Plant and Equipment and Depreciation &#150; Property, plant and equipment is recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, which range from 3 to 30 years.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Intangible Assets&#150; Intangible assets with finite useful lives are recorded at cost upon acquisition, and amortized over the term of the related contract or useful life, as applicable. Intangible assets held by the Company with finite useful lives include patents and trademarks. Patents and trademarks are amortized over their estimated useful lives. The weighted average amortization period for intangible assets at December 31, 2014 was 14 years. The Company periodically reviews the values recorded for intangible assets to assess recoverability from future operations whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. At December 31, 2014 and 2013, the Company assessed the recoverability of its long-lived assets and believed that there were no events or circumstances present that would that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16pt">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Deferred Income Taxes - Deferred income taxes are provided for the differences between the financial statement and tax bases of assets and liabilities, and on operating loss carryovers, using tax rates in effect in years in which the differences are expected to reverse.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Recognition &#150; The Company recognizes revenue from the sales of its products when ownership transfers to the customers, which occurs either at the time of shipment or upon delivery based upon contractual terms with the customer. The Company recognizes customer program costs, including rebates, cooperative advertising, slotting fees and other sales related discounts, as a reduction to sales.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Research and Development &#150; Research and development costs ($665,000 in 2014 and $602,985 in 2013) are expensed as incurred.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Shipping Costs &#150; The costs of shipping product to our customers ($4,399,364 in 2014 and $3,244,487 in 2013) are included in selling, general and administrative expenses.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16pt">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Advertising Costs &#150; The Company expenses the production costs of advertising the first time that the related advertising takes place. Advertising costs ($1,660,687 in 2014 and $1,484,782 in 2013) are included in selling, general and administrative expenses.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Subsequent Events - The Company has evaluated events and transactions subsequent to December 31, 2014 through the date the consolidated financial statements were included in this Form&#160;10-K and filed with the SEC.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">Concentration &#150; The Company performs ongoing credit evaluations of its customers and generally does not require collateral for the extension of credit. Allowances for credit losses are provided and have been within management's expectations. At December 31, 2013, with respect to concentration risk related to accounts receivable, the Company had one customer that accounted for greater than 10% of total net receivables. In 2014 and 2013, the Company had two customers that individually exceeded 10% of consolidated net sales. Net sales to these customers amounted to approximately 14% and 12% in 2014 and approximately 16% and 15% in 2013.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recently Issued Accounting Standards</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In February 2013, the Financial Accounting Standards Board (&#147;FASB&#148;) issued an accounting standards update on the reporting of amounts reclassified out of accumulated other comprehensive income, to improve the transparency of reporting. These reclassifications present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income &#150; but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The Company adopted this standard for reporting periods beginning after December 15, 2012. The adoption of this accounting standard has not had an impact on our consolidated financial statements.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (&#147;ASU&#148;) 2014-09 &#147;Revenue from Contracts with Customers&#148; (Topic 606) (&#147;ASU 2014-09&#148;). ASU 2014-090 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Company intends to adopt and implement ASU 2014-09 during the first quarter of fiscal 2017. Management is evaluating the provisions of this statement and evaluating what impact the adoption of ASU 20104-09 may have on the Company&#146;s financial position or results of operations.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="7" style="font-weight: bold; text-align: center"><font style="font-size: 9pt">December 31,</font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">Inventories consisted of:</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Finished goods</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">28,712,961</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">26,004,042</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Work in process</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">522,377</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">186,507</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Materials and supplies</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">4,435,860</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">2,028,333</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">33,671,198</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">28,218,883</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold"><font style="font-size: 9pt">&#160;</font></td> <td colspan="7" style="font-weight: bold; text-align: center"><font style="font-size: 9pt">December 31,</font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">Intangible assets consisted of:</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="text-align: right"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">First Aid Only Tradename, Customer List</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">8,910,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">&#151;&#160;&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">Patents</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">2,111,978</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">2,054,316</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">Trademarks</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">663,698</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">632,458</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Pac-Kit Tradename, Customer List</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,500,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,500,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">C-Thru, Customer List</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,050,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,050,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Goodwill</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,375,000</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">&#151;&#160;&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">15,610,676</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,236,774</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Accumulated amortization</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,681,065</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,164,877</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">13,929,611</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">4,071,897</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-weight: normal">&#160;</font></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Other current and long-term accrued liabilities consisted of:</p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">December 31,</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Customer rebates</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">4,128,082</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">3,092,971</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Remediation liability</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">265,876</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">39,044</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Pension liability</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">219,842</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">183,034</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Other</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,346,368</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">2,058,159</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">7,960,168</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">5,373,208</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; width: 62%"><font style="font-size: 9pt">Asset Category</font></td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"><font style="font-size: 9pt">2014</font></td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">Equity Securities</font></td> <td style="text-align: center"><font style="font-size: 9pt">68%</font></td> <td style="text-align: center"><font style="font-size: 9pt">70%</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">Fixed Income Securities</font></td> <td style="text-align: center"><font style="font-size: 9pt">29%</font></td> <td style="text-align: center"><font style="font-size: 9pt">29%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">Other Securities / Investments</font></td> <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">3%</font></td> <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">1%</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 2pt double; border-top-color: Black; border-top-width: 0.5pt"><font style="font-size: 9pt">Total</font></td> <td style="border-bottom: Black 2pt double; text-align: center"><font style="font-size: 9pt">100%</font></td> <td style="border-bottom: Black 2pt double; text-align: center"><font style="font-size: 9pt">100%</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">2014</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">Level 1</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">Level 2</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">Level 3</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Money Market Fund</font></td><td style="width: 3%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">67,909</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">67,909</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Acme United Common Stock</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">199,900</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">199,900</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Equity Common and Collected Funds</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">953,140</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">953,140</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">Fixed Income Common and Collected Funds</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">463,586</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">463,586</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">267,809</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,416,726</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,684,535</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid">2013</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Money Market Fund</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,322</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">&#151;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">&#151;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,322</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Acme United Common Stock</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">149,000</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">149,000</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equity Common and Collected Funds</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,054,416</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,054,416</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Fixed Income Common and Collected Funds</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">491,864</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">491,864</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">Total</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">157,322</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&#160;</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">1,546,280</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&#160;</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">&#151;&#160;&#160;</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">&#160;</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">1,703,602</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red">&#160;</p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font-size: 9pt">Assumptions used to determine benefit obligation:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">&#160;&#160;Discount rate</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">3.23</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">%</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">3.78</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Changes in benefit obligation:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Benefit obligation at beginning of year</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">(1,886,636</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">(2,225,693</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Interest cost</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(69,806</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(64,649</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Service cost</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(25,000</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(40,000</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Actuarial gain (loss)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(256,446</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">51,022</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Benefits and plan expenses paid</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">333,511</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">392,684</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Benefit obligation at end of year</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(1,904,377</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(1,886,636</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Changes in plan assets:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Fair value of plan assets at beginning of year</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,703,602</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,325,402</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Actual return on plan assets</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">124,326</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">288,429</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Employer contribution</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">190,118</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">482,455</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Benefits and plan expenses paid</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(333,511</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(392,684</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Fair value of plan assets at end of year</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,684,535</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,703,602</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Funded status</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">(219,842</font></td><td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">(183,034</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> </table> <p style="margin: 0">&#160;</p> <p style="margin: 0"></p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font-size: 9pt">Assumptions used to determine net periodic benefit cost:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">&#160;&#160;Discount rate</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">3.78</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">%</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">2.99</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;&#160;Expected return on plan assets</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">6.00</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">%</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">6.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Components of net benefit expense:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Interest cost</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">69,806</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">64,649</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Service cost</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">25,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">40,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Expected return on plan assets</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(93,292</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(69,439</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Amortization of prior service costs</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">9,155</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">9,154</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Amortization of actuarial loss</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">116,118</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">141,171</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Net periodic benefit cost</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">126,787</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">185,535</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="margin: 0"></p> <p style="margin: 0">&#160;</p> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><font style="color: Black"></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Balance at beginning of the year</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,279,751</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,700,089</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Change in net loss</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">225,412</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(270,011</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Amortization of actuarial loss</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(116,118</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(141,173</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">Amortization of prior service cost</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(9,155</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(9,154</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;Change recognized in other comprehensive income</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">100,139</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(420,338</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 9pt">Total recognized in other comprehensive income</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,379,890</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,279,751</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red">&#160;</p> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 60%"><font style="font-size: 9pt">Net actuarial loss</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font-size: 9pt">$</font></td><td style="text-align: right; width: 14%"><font style="font-size: 9pt">1,368,025</font></td><td style="text-align: left; width: 1%"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font-size: 9pt">$</font></td><td style="text-align: right; width: 14%"><font style="font-size: 9pt">1,258,731</font></td><td style="text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Prior service cost</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">11,865</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">21,020</font></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Total</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,379,890</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,279,751</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 80%; text-align: left; vertical-align: bottom"><font style="font-size: 9pt">2015</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">238,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">2016</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">224,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">2017</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">208,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">2018</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">192,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">2019</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">176,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">Years 2020 - 2024</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">657,000</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">Current:</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 58%; text-align: left; vertical-align: top; padding-left: 10pt"><font style="font-size: 9pt">Federal</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,063,043</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">899,928</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: top"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;State</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">171,003</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">118,092</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: top; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;Foreign</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">572,660</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">539,162</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,806,706</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,557,182</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">Deferred:</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom; padding-left: 10pt"><font style="font-size: 9pt">Federal</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">184,616</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(59,240</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;State</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">22,398</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(6,596</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;Foreign</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">&#151;&#160;&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(360</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">207,014</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(66,196</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">2,013,720</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,490,986</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">United States</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">3,877,541</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">2,306,909</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Foreign</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">2,925,184</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,186,982</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">6,802,725</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">5,493,891</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px"></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Federal income taxes at 34% statutory rate</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">2,203,901</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,867,923</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">State and local taxes, net of federal income tax effect</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">131,505</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">73,587</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Permanent items</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">11,693</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">61,750</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Foreign tax rate difference</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(471,469</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(515,729</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Change in deferred income tax valuation allowance</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">138,090</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,455</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 9px; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;Provision for income taxes</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">2,013,720</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,490,986</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">Deferred income tax liabilities:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Plant, property and equipment</font></td><td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">469,247</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">450,705</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">469,247</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">450,705</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Deferred income tax assets:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Asset valuations</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">608,905</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">508,686</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Contribution carryforward</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">110,700</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Operating loss carryforwards and credits</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">138,090</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">2,205,244</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Pension</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">166,625</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">178,908</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Foreign tax credit</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">28,049</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">43,575</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Other</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">734,993</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">885,185</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,676,662</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,932,298</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Net deferred income tax asset before valuation allowance</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,207,415</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">3,481,593</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Valuation allowance</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(138,090</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(2,205,244</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Net deferred income tax asset</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,069,325</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,276,349</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<b>&#160;</b></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 9pt">Financial data by segment:</font></p> <p style="margin: 0"><font style="font-size: 9pt">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"><font style="font-size: 9pt"><u>2014</u></font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">(000's omitted)</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">United States</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">Canada</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">Europe</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">Consolidated</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 38%; text-align: left"><font style="font-size: 9pt">Net sales</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">91,298</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">8,841</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">7,083</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 3%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">107,222</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Operating income</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">6,760</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">625</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">9</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">7,394</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">Assets</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">70,525</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">4,363</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">4,419</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">79,308</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Additions to property, plant and equipment</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">2,011</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">12</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">19</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">2,042</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Depreciation and amortization</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,618</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">7</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">75</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,700</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font-size: 9pt"><b><u>2013</u></b></font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; text-align: right"></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Net sales</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">73,608</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">8,092</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">7,877</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">89,577</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Operating income</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,082</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">557</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">240</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,879</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">Assets</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">57,068</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,329</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,682</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">68,079</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Additions to property, plant and equipment</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">4,500</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">47</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">45</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">4,592</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Depreciation and amortization</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,116</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">9</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">80</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">1,205</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Total operating income</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">7,394</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">5,879</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Interest expense, net</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">473</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">350</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">Other expense, net</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">118</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">35</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">Consolidated income before taxes</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">6,803</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">5,494</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 9pt">Net Income</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">4,789</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">4,003</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">Revenues</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 10pt"><font style="font-size: 9pt">United States</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">90,366</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">72,676</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><font style="font-size: 9pt">International:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;Canada</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">8,841</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">8,092</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;Europe</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">7,083</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">7,877</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt"><font style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;Other</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">932</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">932</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><font style="font-size: 9pt">Total International</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">16,856</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">16,901</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 9pt">Total Revenues</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">107,222</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 9pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 9pt">89,577</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><font style="font-size: 9pt">Options outstanding at the beginning of the year</font></td><td style="width: 1%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,236,063</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="width: 14%; text-align: right"><font style="font-size: 9pt">1,118,688</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Options granted</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">214,500</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">220,500</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">Options forfeited</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(2,500</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">(27,475</font></td><td style="text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Options exercised</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(90,250</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">(75,650</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Options outstanding at the end of the year</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,357,813</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">1,236,063</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Options exercisable at the end of the year</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">880,743</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">771,208</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">Common stock available for future grants at the end of the year</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">36,475</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt">38,975</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 9pt">Weighted average exercise price per share:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px"><font style="font-size: 9pt">&#160;Granted</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">16.68</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">13.38</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;&#160;&#160;&#160;Forfeited</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">14.22</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">12.17</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px"><font style="font-size: 9pt">&#160;Exercised</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">12.62</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">6.89</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9px"><font style="font-size: 9pt">&#160;Outstanding</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">12.35</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">11.61</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px"><font style="font-size: 9pt">&#160;Exercisable</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">11.53</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">11.64</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Options Outstanding</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Options Exercisable</b></font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Range of Exercise Prices</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Number Outstanding</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted-<br /> Average Remaining Contractual Life (Years)</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted-<br /> Average Exercise Price</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Number Exercisable</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted-<br /> Average Exercise Price</b></font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 20%; text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">$6.81 to $10.25</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 3%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">500,188</font></td><td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">6</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9.44</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">430,243</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 2%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9.37</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">$10.26 to $13.62</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">302,875</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">6</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11.70</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">211,625</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11.97</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">$13.63 to $15.33</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">309,750</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: center; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">5</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14.38</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">188,375</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">14.72</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif">$15.34 to $17.03</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">245,000</font></td><td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">8</font></td><td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">16.56</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">50,500</font></td><td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif">16.14</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,357,813</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">880,743</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td nowrap="nowrap" style="vertical-align: bottom; width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-top: Black 1pt solid"><font style="font-size: 9pt"><b>2014</b></font></td> <td style="vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-size: 9pt"><b>2013</b></font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 9pt">Expected life in years</font></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">5</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">5</font></td></tr> <tr style="background-color: White"> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 9pt">Interest rate</font></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">1.53 &#150; 1.77%</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">0.70 &#150; 1.45%</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 9pt">Volatility</font></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">.245-.282</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">.317-.328</font></td></tr> <tr style="background-color: White"> <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 9pt">Dividend yield</font></td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">&#160;</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">2.0%</font></td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 9pt">2.10% - 2.70%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 9pt">&#160;</font></p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Foreign currency translation adjustment</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Net prior service credit and actuarial losses</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 50%; text-align: left">Balances, December 31, 2012</td><td style="width: 2%">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">245,346</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">(1,032,238</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">(786,893</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in net prior service credit</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&#160;&#160;&#160;and actuarial losses, net of tax</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">241,365</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">241,365</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Translation adjustment</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(138,993</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(138,993</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Balances, December 31, 2013</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">106,353</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(790,873</td><td style="text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(684,521</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in net prior service credit</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td> <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&#160;&#160;&#160;and actuarial losses, net of tax</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(104,459</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(104,459</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Translation adjustment</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(858,118</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(858,118</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Balances, December 31, 2014</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(751,765</td><td style="border-bottom: Black 2pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(895,332</td><td style="border-bottom: Black 2pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#160;</td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(1,647,098</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="21">Quarters (000's omitted, except per share data)</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td><td>&#160;</td> <td colspan="3">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">2014</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fourth</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left; padding-bottom: 1pt">Net sales</td><td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">19,152</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">33,396</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">30,008</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">24,666</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1pt">&#160;</td> <td style="width: 2%; text-align: left">$</td><td style="width: 9%; text-align: right">107,222</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cost of goods sold</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">12,275</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">21,675</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">19,393</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">15,694</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">69,037</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net income</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">368</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,543</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,189</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">689</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,789</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Basic earnings per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.79</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.37</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.21</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1.48</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Diluted earnings per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.72</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.34</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1.36</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividends per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.08</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.08</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.09</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.09</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.34</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">2013</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font-size: 9pt">First</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font-size: 9pt">Second</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font-size: 9pt">Third</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font-size: 9pt">Fourth</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><font style="font-size: 9pt">Total</font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net sales</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">17,651</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">28,412</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">22,135</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">21,379</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">89,577</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Cost of goods sold</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">11,224</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">18,330</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">14,195</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">14,004</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">57,753</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net income</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">309</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,211</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">959</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">524</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,003</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Basic earnings per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.10</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.70</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.30</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.16</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1.26</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Diluted earnings per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.10</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.68</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.29</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.15</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1.22</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividends per share</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.07</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.08</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.08</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.08</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">0.31</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">Balance at <br /> December 31, 2013</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">Estimated Costs</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">Payments</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">Balance at <br /> December 31, 2014</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 16%; text-align: center"><font style="font-size: 9pt; color: #000000">Fremont, NC</font></td><td style="width: 3%"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="width: 15%; text-align: right"><font style="font-size: 9pt; color: #000000">&#151;&#160;&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="width: 3%"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="width: 15%; text-align: right"><font style="font-size: 9pt; color: #000000">300</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="width: 3%; color: #FF0000"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="width: 2%; color: #FF0000; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="width: 15%; color: #FF0000; text-align: right"><font style="font-size: 9pt; color: #000000">(40</font></td><td style="width: 1%; color: #FF0000; text-align: left"><font style="font-size: 9pt; color: #000000">)</font></td><td style="width: 3%"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="width: 15%; text-align: right"><font style="font-size: 9pt; color: #000000">260</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">Bridgeport, CT</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt; color: #000000">39</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt; color: #000000">&#151;&#160;&#160;</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="color: #FF0000; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 1pt solid; color: #FF0000; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 1pt solid; color: #FF0000; text-align: right"><font style="font-size: 9pt; color: #000000">(33</font></td><td style="padding-bottom: 1pt; color: #FF0000; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">)</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt; color: #000000">6</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">Total</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt; color: #000000">39</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt; color: #000000">300</font></td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td><td style="color: #FF0000; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 2pt double; color: #FF0000; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 2pt double; color: #FF0000; text-align: right"><font style="font-size: 9pt; color: #000000">(57</font></td><td style="padding-bottom: 2.5pt; color: #FF0000; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">)</font></td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt; color: #000000">&#160;</font></td> <td style="border-bottom: Black 2pt double; text-align: left"><font style="font-size: 9pt; color: #000000">$</font></td><td style="border-bottom: Black 2pt double; text-align: right"><font style="font-size: 9pt; color: #000000">266</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 9pt; color: #000000">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font: 9pt Times New Roman, Times, Serif">Assets:</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 79%; text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts Receivable</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">2,544</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Inventory</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,704</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Equipment</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">463</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Prepaid expenses</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">110</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Customer Relationships</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">5,430</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Trade Name</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">3,410</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Covenant Not-to-Compete</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">70</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 9pt">Goodwill</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">1,340</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Total assets</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">15,071</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="margin: 0"><font style="font-size: 9pt">&#160;</font></p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 79%"><font style="font: 9pt Times New Roman, Times, Serif">Liabilities</font></td><td style="width: 4%"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 2%"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; width: 14%"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left; width: 1%"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Accounts Payable</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,019</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 11pt; padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif">Accrued Expense</font></td><td style="padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">252</font></td><td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">Total liabilities</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">1,271</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></p> 5000 1375000 1340000 13805884 200000 200000 773104 1726888 1500000 1500000 8910000 1300000 11800000 10500000 1122523 757120 685726 690597 668100 1009960 P6Y 850000 75000 140000 1715000 1580000 135000 P5Y 300000 300000 13800000 600000 1704000 2544000 10300000 1200000 463000 110000 5430000 3410000 70000 15071000 1019000 252000 1271000 100000 <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2014</font></td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">2013</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt">Numerator:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td colspan="3"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;&#160;&#160;Net income</font></td><td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">4,789,005</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="width: 5%; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">4,002,905</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">Denominator:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font-size: 9pt">&#160;&#160;&#160;Denominator for basic earnings per share:</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;&#160;&#160;&#160;&#160;&#160;Weighted average shares outstanding</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">3,239,753</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 9pt">3,167,764</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;&#160;&#160;Effect of dilutive employee stock options</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">285,750</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">115,698</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;&#160;&#160;Denominator for dilutive earnings per share</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,525,504</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">3,283,461</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt">&#160;&#160;&#160;Basic earnings per share</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">1.48</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">1.26</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><font style="font-size: 9pt">&#160;&#160;&#160;Dilutive earnings per share</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">1.36</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td><td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font-size: 9pt">$</font></td><td style="text-align: right"><font style="font-size: 9pt">1.22</font></td><td style="text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> 0.14 0.16 0.12 0.15 -420338 100139 -9154 -9155 -141173 -116118 200000 0.06 2205244 138090 24146841 .0175 241365 -104459 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(in thousands)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 69%; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Sales Price</font></td><td style="width: 2%"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 12%"><font style="font-size: 9pt">&#160;</font></td> <td style="width: 2%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">850</font></td><td style="width: 1%; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: italic; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"><i>Less:</i></font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Transaction costs</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">75</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Land</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">140</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment (gross book value)</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 9pt Times New Roman, Times, Serif">1,715</font></p></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment - accum. Depreciation</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">1,580</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Building and Equipment (net book value)</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">135</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">Environmental Remediation Liability</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid"><font style="font-size: 9pt">&#160;</font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">300</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif"><b>Gain on Sale</b></font></td><td style="font-weight: bold"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td><font style="font-size: 9pt">&#160;</font></td> <td style="font-weight: bold; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif"><b>$</b></font></td><td style="font-weight: bold; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif"><b>200</b></font></td><td style="font-weight: bold; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><font style="font: 9pt Times New Roman, Times, Serif"><b>Year ended<br /> December 31, 2014</b></font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 9pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><font style="font: 9pt Times New Roman, Times, Serif"><b>Year Ended<br /> December 31, 2013</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Net Sales</font></td><td style="width: 1%; font-size: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; font-size: 11pt; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">114,300</font></td><td style="width: 1%; font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="width: 5%; font-size: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%; font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; font-size: 11pt; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">107,200</font></td><td style="width: 1%; font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 9pt Times New Roman, Times, Serif">Net Income</font></td><td style="font-size: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="font-size: 11pt; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">4,900</font></td><td style="font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="font-size: 11pt"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 11pt; text-align: left"><font style="font: 9pt Times New Roman, Times, Serif">&#160;</font></td><td style="font-size: 11pt; text-align: right"><font style="font: 9pt Times New Roman, Times, Serif">4,500</font></td><td style="font-size: 11pt; text-align: left"><font style="font-size: 9pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p> P14Y Interest rate of LIBOR plus 1.75% 2017-04-05 Under the amended loan agreement, the Company continues to be required to maintain specific amounts of tangible net worth, a debt/net worth ratio, and a fixed charge coverage ratio. 89576777 90366000 8841000 7083000 72676000 8092000 7877000 932000 932000 107222306 16856000 16901000 114300000 107200000 4900000 4500000 4071897 13929611 5236774 15610676