Financial Performance - Net sales for 2024 decreased to 57.84million,down7.261.23 million in 2023[198]. - Consolidated net income for the year ended December 31, 2024, was 3,929,000,downfrom4,189,000 in 2023, a decrease of about 6.2%[273]. - The company reported an income tax expense of 1,091,000fortheyearendedDecember31,2024[192].−Theprovisionforincometaxesfor2024was1,091,000, a decrease from 1,236,000in2023,reflectingan11.83.87 million, down from 4.24millionin2023,impactedbyforeigncurrencytranslationlosses[199].AssetsandLiabilities−Totalassetsincreasedto73,742,000 as of December 31, 2024, compared to 68,763,000in2023,reflectingagrowthofapproximately4.311,508,000 in 2024, compared to 7,195,000in2023,markinganincreaseofapproximately6018,636,000 in 2024 from 20,378,000in2023,adeclineofabout8.53,692,000 in 2024, down from 5,503,000in2023,representingadecreaseofapproximately33503,000 in 2024 from 442,000in2023,ariseofabout13.88,520,000 in 2024 from 5,587,000in2023,withmachineryandequipmentincreasingto16,732,000[240]. - Long-lived assets, net of accumulated depreciation and amortization, increased to 8,520,000asofDecember31,2024,from5,587,000 in 2023, representing an increase of approximately 52.1%[274]. Inventory and Receivables - Inventories increased to 22,733,000in2024,upfrom20,131,000 in 2023, indicating a rise of about 13%[196]. - Total inventory increased to 22,733,000in2024from20,131,000 in 2023, with raw materials at 10,948,000andfinishedgoodsat8,851,000[239]. - Accounts receivable decreased to 4.89millionin2024from6.55 million in 2023, reflecting improved collection efforts[214]. - The Company’s accounts receivable from Customer A accounted for 36% of total accounts receivable as of December 31, 2024, up from 34% in 2023[280]. Operating Expenses - Operating expenses increased to 19.48millionin2024,comparedto18.70 million in 2023, primarily due to higher selling, general, and administrative expenses[198]. - Stock-based compensation expense for 2024 was 59,000,upfrom25,000 in 2023, with 29,675 restricted stock equity awards granted in 2024[225]. - Operating lease expenses increased from approximately 1,285,000in2023to1,650,000 in 2024, marking a 28.5% increase[263]. Segment Performance - The Building Supply segment generated net sales of 35,965,000in2024,downfrom40,396,000 in 2023, reflecting a decrease of about 10.7%[273]. - The Disposable Protective Apparel segment reported net sales of 57,840,000in2024,comparedto61,232,000 in 2023, indicating a decline of approximately 5.5%[273]. - The Company’s total segment income for the Building Supply segment was 5,746,000in2024,slightlyupfrom5,703,000 in 2023, an increase of about 0.8%[273]. - The Company’s total segment income for the Disposable Protective Apparel segment was 4,481,000in2024,comparedto4,385,000 in 2023, an increase of approximately 2.2%[273]. Shareholder Actions - The Company repurchased and retired 831,000 shares of common stock for 4,452,000in2024,comparedto951,010sharesfor4,002,000 in 2023, indicating a 12% increase in repurchase value[251]. - The Company accrued a cash bonus of 264,000fortheyearendedDecember31,2024,comparedto286,000 for 2023, reflecting a decrease of approximately 7.7%[269]. Other Financial Information - The company holds a noncontrolling equity investment in a foreign entity valued at 5,814,000asofDecember31,2024,upfrom5,247,000 in 2023[196]. - The foreign currency translation losses reduced the balance of equity in unconsolidated affiliates by 1,499,000and1,437,000 as of December 31, 2024, and 2023, respectively[231]. - The accumulated other comprehensive loss on equity in unconsolidated affiliate was 1,499,000asofDecember31,2024,comparedto1,437,000 in 2023, indicating a 4.3% increase[260]. - The Company has written off a $490,000 deposit related to a lawsuit for equipment that was never delivered, pending any recovery[266]. - The company plans to continue focusing on its building supply and disposable protective apparel segments to drive future growth[203].
