L.B. Foster Company (FSTR) logged fourth-quarter 2023 loss of 4 cents per share, narrower than the year-ago quarter's loss of $4.09 per share. The figure was wider than the Zacks Consensus Estimate of a loss of 3 cents.The company recorded revenues of $134.9 million for the quarter, down around 2% year over year. It surpassed the Zacks Consensus Estimate of $127.7 million. Net sales rose 7.7% organically and fell 9.4% due to divestitures.New orders were $105.5 million in the reported quarter, down around 23 ...

Full year 2023 net sales of $543.7 million up 9.3% over prior year (up 11.7% organically) and $3.7 million above the upper end of guidance range; gross margins expanded 270 basis points to 20.7%.Fourth quarter net sales of $134.9 million down 1.7% from prior year quarter (up 7.7% organically1); gross margins expanded 200 basis points to 21.5%.Full year 2023 net cash flow from operations of $37.4 million was favorable $48.0 million over 2022, with free cash flow1 totaling $33.0 million and $2.3 million in st ...

Financial Performance - Full year 2023 net sales reached $543.7 million, a 9.3% increase over the prior year, with organic growth of 11.7%[5] - Fourth quarter net sales were $134.9 million, down 1.7% year over year, but up 7.7% organically[5] - Full year 2023 adjusted EBITDA was $31.8 million, an increase of $7.6 million over the prior year, exceeding guidance by $0.8 million[5] - Fourth quarter adjusted EBITDA was $6.1 million, a decrease of $1.4 million year over year, primarily due to higher selling and administrative expenses[5] - Gross profit for the full year 2023 was $112.8 million, an increase of $23.2 million or 25.9%, with gross profit margin expanding by 270 basis points to 20.7%[15] - Gross profit for Q4 2023 was $29.043 million, representing a gross margin of 21.5%, compared to $26.774 million in Q4 2022[28] - Adjusted EBITDA for Q4 2023 was $6,099 million, down from $7,478 million in Q4 2022, reflecting a margin of 4.5% compared to 5.5% in the prior year[37] - The adjusted EBITDA for the year ended December 31, 2023, was $31,775 million, up from $24,179 million in 2022, indicating improved operational efficiency[37] Orders and Backlog - New orders in the fourth quarter totaled $105.5 million, a decrease of 23.4% year over year, with a backlog of $213.8 million[5] - New orders for the full year totaled $529.0 million, a decrease of 4.2% from the prior year, while backlog decreased by $58.5 million or 21.5%[15] - New orders in the Rail segment decreased by $13.5 million, or 18.3%, with a backlog of $84.4 million, down $20.8 million or 19.8% from the prior year[11] - New orders in the Infrastructure segment decreased by $18.8 million, or 29.3%, with a backlog of $129.4 million, down $37.6 million or 22.5% from the prior year[12] - New orders for Q4 2023 totaled 105,509, a decrease of 23.4% compared to 137,827 in Q4 2022, with organic new orders down by 15.6%[38] Segment Performance - The Infrastructure Solutions segment achieved organic sales growth of 23.1% with gross profit margin expanding to 24.0%[6] - Net sales for the fourth quarter of 2023 in the Rail segment were $69.3 million, a decrease of $8.4 million or 10.9% compared to the prior year, primarily due to the divestiture of the prestressed concrete railroad tie business[11] - In the Infrastructure segment, net sales for Q4 2023 were $65.6 million, an increase of $6.1 million or 10.3% over the prior year, driven by Precast Concrete Products and Steel Products[14] - Gross profit for the Infrastructure segment in Q4 2023 was $15.7 million, an increase of $6.9 million or 77.8%, with gross profit margin rising by 910 basis points to 24.0%[14] - Infrastructure sales increased by 10.3% in Q4 2023, reaching $65,583 million, while rail sales decreased by 10.9% to $69,294 million[38] Debt and Cash Flow - Net debt decreased by $36.3 million in 2023, finishing at $52.7 million, with gross leverage improving from 2.8x to 1.7x[5] - Cash flow from operations for the fourth quarter was $22.1 million, a $13.8 million increase over the prior year quarter[9] - Total debt decreased to $55,273 million as of December 31, 2023, down from $91,879 million in the previous year[37] - The company reported a net debt of $52,713 million as of December 31, 2023, compared to $88,997 million in 2022[37] Loss and Earnings - Operating profit for the year ended December 31, 2023, was $10.138 million, a significant recovery from an operating loss of $7.206 million in 2022[28] - Net loss attributable to L.B. Foster Company for Q4 2023 was $430,000, compared to a net loss of $43.931 million in Q4 2022[28] - The company reported a basic loss per share of $0.04 for Q4 2023, an improvement from a loss of $4.09 per share in Q4 2022[28] - Net loss for Q4 2023 was $(470) million, a significant improvement from a loss of $(43,962) million in Q4 2022[37] Strategic Actions - The company completed four acquisitions and three divestitures in 2023 as part of its strategic transformation plan[8] - The company made adjustments to exclude expenses related to the exit of the bridge grid deck product line and restructuring costs for the year ended December 31, 2023[32] - The company views net debt as an important metric, with total debt less cash and cash equivalents indicating its operational and financial health[33]

Financial Performance - Net sales for the three months ended September 30, 2023, were $145,345, an increase of $15,330 or 11.8% compared to the prior year quarter[80] - Gross profit for the same period was $28,224, up $5,127 or 22.2%, with a gross profit margin of 19.4%, an increase of 160 basis points[88] - Operating profit for the quarter was $2,685, compared to an operating loss of $1,120 in the prior year, reflecting a margin improvement of 270 basis points[80] - Net income attributable to the Company was $515, or $0.05 per diluted share, a favorable change of $2,592 or $0.25 per diluted share from the prior year[92] - For the nine months ended September 30, 2023, net sales increased by $48,543, or 13.5%, to $408,867 compared to the prior year period[106] - Gross profit for the nine months ended September 30, 2023 was $83,767, an increase of $20,930, or 33.3%, with gross profit margin expanding by 310 basis points to 20.5%[108] - Net income attributable to the Company for the nine months ended September 30, 2023 was $1,894, or $0.17 per diluted share, an increase of $3,527 from the prior year[112] Segment Performance - The Rail, Technologies, and Services segment net sales increased by $9,516, or 12.3%, to $86,866 for Q3 2023 compared to Q3 2022[94] - Gross profit for the Rail, Technologies, and Services segment rose by $3,853, or 28.8%, with gross profit margin expanding by 250 basis points to 19.8%[96] - The Precast Concrete Products segment net sales increased by $9,786, or 33.9%, to $38,642 for Q3 2023, driven by organic growth and the VanHooseCo acquisition[98] - Gross profit for the Precast Concrete Products segment increased by $3,619, or 64.1%, with gross profit margin expanding by 440 basis points to 24.0%[100] - The Steel Products and Measurement segment net sales decreased by $3,972, or 16.7%, to $19,837 for Q3 2023, primarily due to the divestiture of Chemtec[102] - The Steel Products and Measurement segment gross profit decreased by $2,345, or 57.6%, with gross profit margin declining by 840 basis points to 8.7%[104] - Rail, Technologies, and Services segment net sales increased by $20,009, or 9.0%, to $242,866 for the nine months ended September 30, 2023, compared to $222,857 in the prior year[114] - Gross profit for the Rail, Technologies, and Services segment rose by $9,796, or 23.6%, with gross profit margin expanding to 21.1% from 18.7%[115] - Precast Concrete Products segment net sales increased by $29,318, or 43.4%, to $96,795, driven by a 27.2% contribution from the VanHooseCo acquisition[118] - Precast Concrete Products segment gross profit increased by $11,024, with gross profit margin expanding by 620 basis points to 23.2%[119] - Steel Products and Measurement segment net sales decreased by $784, or 1.1%, to $69,206, primarily due to a reduction from the Chemtec divestiture[121] Expenses and Costs - Selling and administrative expenses increased by $1,542 or 6.8%, primarily due to higher personnel costs and a bad debt provision charge[89] - The Company incurred $1,069 in exit costs related to the discontinuation of the Bridge Products grid deck product line, with additional expected costs of $520 through 2024[81] Strategic Focus and Transformation - The Company continues to focus on strategic transformation towards technology-driven infrastructure solutions, reducing commoditized offerings[93] - The Company continues to focus on strategic transformation, including divestitures and exits from commoditized offerings to enhance core growth platforms[113] - Recent acquisitions include Skratch Enterprises Ltd. for $7,402 and VanHooseCo Precast, LLC for $52,146, enhancing the Company's technology and precast concrete capabilities[82][84] Tax and Accounting - The effective income tax rate for the quarter was (37.1)%, significantly differing from the federal statutory rate of 21% due to changes in valuation allowances[91] - The Company’s critical accounting estimates are based on management's judgments regarding future uncertainties, which may lead to actual results differing from estimates[138] Debt and Liquidity - As of September 30, 2023, total debt decreased to $71,689 from $91,879 as of December 31, 2022[124] - Net cash provided by operating activities was $15,310 for the nine months ended September 30, 2023, compared to cash used of $18,836 in the prior year[127] - The Company had $2,969 in cash and cash equivalents as of September 30, 2023, with approximately $2,243 held in non-domestic bank accounts[132] - The Company authorized a stock repurchase program of up to $15,000, with $878 spent on repurchasing 63,343 shares during the nine months ended September 30, 2023[130] - The Company believes its liquidity is sufficient to operate prudently and service its outstanding debt, supported by cash and cash equivalents, cash generated from operations, and credit facility capacity[134] Backlog Information - Backlog for the Rail, Technologies, and Services segment as of September 30, 2023 was $93,632, a decrease of $15,232, or 14.0%, compared to the prior year[116] - The total backlog as of September 30, 2023, was $243,219, a decrease from $272,251 as of December 31, 2022, representing a decline of approximately 10.7%[136] - The backlog for Rail, Technologies, and Services was $93,632 as of September 30, 2023, down from $105,241 as of December 31, 2022, indicating a decrease of about 11.5%[136] - The backlog for Precast Concrete Products was $80,391 as of September 30, 2023, slightly down from $80,501 as of December 31, 2022[136] - The backlog for Steel Products and Measurement decreased to $69,196 as of September 30, 2023, from $86,509 as of December 31, 2022, a decline of approximately 20%[136] - The Company’s backlog should not be considered a reliable indicator of future revenue or financial performance due to the potential for order cancellations[136] Credit and Interest Rate Management - The Company amended its Credit Agreement on August 12, 2022, to facilitate the acquisition of VanHooseCo and modified certain financial covenants[134] - The Company entered into SOFR-based interest rate swaps with notional values totaling $20,000 to mitigate the impact of interest rate changes on variable-rate debt[135]

Financial Performance - Net sales for Q2 2023 were $148 million, up 126% year-over-year (YoY) [10] - Organic growth was 133% [10] - Gross margin expanded by 410 basis points to 218% [10] - Adjusted EBITDA for Q2 2023 was $106 million, up 729% YoY [10] - Net income was $35 million, up 768% YoY, despite a $1 million loss on the Ties divestiture [10] - For the six months ended June 30, 2023, sales were $2635 million, a 144% increase YoY [104] Orders and Backlog - New orders for Q2 2023 were $1837 million, up 299% YoY [10] - The book-to-bill ratio for Q2 2023 was 124:100 [10] - Backlog was $2901 million, up 156% YoY, despite a $55 million decline from the sale of the Ties business [10, 11] Guidance - The company reaffirmed its full-year 2023 net sales guidance of $520 million to $550 million [5, 10] - The company updated its adjusted EBITDA guidance to $28 million to $32 million, previously $27 million to $31 million [5, 10]

Financial Data and Key Metrics Changes - Q2 sales reached $148 million, up 12.6% year-over-year, with organic growth at 13.3% [21][32][46] - Adjusted EBITDA was $10.6 million, representing 7.2% of sales, up nearly 73% from last year, marking the highest level since Q2 2020 [26][48] - Gross margins improved by 410 basis points to 21.8% due to higher sales volumes and improved pricing [21][46] Business Line Data and Key Metrics Changes - Rail segment revenues increased by 12% year-over-year to $91.6 million, with 17% organic growth [51] - Precast Concrete segment revenue rose by 43.4% year-over-year, with organic growth of 12.8% [52] - Steel Products and Measurement segment revenues decreased by 13.6% due to the Chemtec divestiture [53] Market Data and Key Metrics Changes - Order rates totaled nearly $184 million for the quarter, with a book-to-bill ratio of 1.24:1, indicating strong demand [45][72] - Rail orders and backlog increased year-over-year, with new orders up 24.8% and backlog up over 6% [40] - The backlog in the Precast Concrete business increased by 28% year-over-year, attributed to the VanHooseCo acquisition [73] Company Strategy and Development Direction - The company is focusing on organic growth programs, particularly in Precast Concrete and Rail Technologies, as primary drivers for profitability [10][60] - Capital allocation priorities include deleveraging while investing in organic growth opportunities, with capital spending expected to be around 1.5% to 2% of sales [60][61] - The company aims to enhance shareholder value through strategic acquisitions and potential stock repurchase programs [61] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing infrastructure investment super cycle, which is expected to provide strong tailwinds for growth [79] - The company anticipates improvements in free cash flow and further reduction of leverage in the second half of the year [29][58] - Management highlighted the importance of government infrastructure funding as a significant driver for future orders [64] Other Important Information - The company completed 7 strategic portfolio transactions, including 3 acquisitions and 4 divestitures, in a challenging operating environment [20] - Net debt increased by $8.2 million to fund working capital needs, resulting in a gross leverage ratio of 2.5x [27][56] - The divestiture of the CXT Concrete Ties business provided $2.4 million in proceeds, which were used to pay down debt [26] Q&A Session Summary Question: Can you comment on backlog and the potential for price realization? - Management reported a backlog of $290 million, with a good balance between Rail and Precast segments, and noted strong bidding activity [92][93] Question: Can you expand on the rebound in pipeline projects? - Management indicated a much better year ahead compared to pre-COVID levels, with a focus on midstream markets [84] Question: What is driving the rebound in the Coatings section? - Management expressed surprise at the rebound in the Coatings business, anticipating continued growth based on bidding activity [115]

Financial Performance - Net sales for the three months ended June 30, 2023, were $148,034, an increase of 12.6% compared to $131,515 in the prior year quarter[73]. - Gross profit for the same period was $32,252, representing a 38.5% increase from $23,293 in the prior year quarter, with gross profit margins expanding to 21.8%[73][81]. - Operating profit increased by 156.0% to $6,349 from $2,480 in the prior year quarter[73]. - Net income attributable to L.B. Foster Company for the three months ended June 30, 2023, was $3,531, or $0.32 per diluted share, up 75.7% from $2,010, or $0.18 per diluted share, in the prior year quarter[73][85]. - For the six months ended June 30, 2023, net sales reached $263,522, a 14.4% increase compared to the prior year, driven by acquisitions and organic growth[99]. - Gross profit for the same period was $55,543, reflecting a 39.8% increase, with gross profit margins expanding by 380 basis points to 21.1%[100]. Segment Performance - The Rail, Technologies, and Services segment reported net sales of $91,616 for the three months ended June 30, 2023, a 12.0% increase from $81,797 in the prior year quarter[87]. - The Rail, Technologies, and Services segment saw a 24.8% increase in new orders, totaling $23,048, driven by government infrastructure investments[90]. - Precast Concrete Products segment net sales increased by $10,254, or 43.4%, with the VanHooseCo acquisition contributing $7,230, or 30.6% of the increase[92]. - The Steel Products and Measurement segment experienced a 13.6% decline in net sales, down $3,554, primarily due to the divestiture of the Chemtec business[95]. - The Steel Products and Measurement segment's backlog increased by $18,635, or 39.4%, compared to the prior year quarter[116]. Expenses and Taxation - Selling and administrative expenses rose by 26.5% to $24,528, primarily due to increased personnel costs[82]. - Selling and administrative expenses increased by 25.2% to $45,951, influenced by acquisitions and higher personnel costs[101]. - The effective income tax rate for the three months ended June 30, 2023, was 13.9%, down from 29.4% in the prior year quarter[84]. Strategic Initiatives - The Company continues to focus on its strategic transformation into a technology-focused infrastructure solutions provider, enhancing core growth platforms[86]. - The Company is focusing on strategic transformation, reducing commoditized offerings to enhance core growth platforms in Rail Technologies and Precast Concrete[106]. Cash Flow and Capital Management - As of June 30, 2023, the Company had $3,880 in cash and cash equivalents, with total debt of $89,505[126][127]. - Net cash used in operating activities for the six months ended June 30, 2023 was $3,333, a significant improvement from $13,382 in the prior year[120]. - Capital expenditures for the six months ended June 30, 2023 were $1,495, down from $3,048 in the prior year, while divestitures generated a cash inflow of $7,706[121]. - The Company authorized a stock repurchase program of up to $15,000, with 51,241 shares valued at $662 repurchased during the six months ended June 30, 2023[123][124]. - The Company believes its liquidity, supported by cash, operations, and credit facilities, is sufficient to meet its operational needs[128]. Backlog and Orders - Total backlog as of June 30, 2023 was $290,076, an increase from $272,251 as of December 31, 2022[130]. - New orders and backlog for the Precast Concrete Products segment increased by 76.0% and 28.2%, respectively, compared to the prior year quarter[113].

Financial Data and Key Metrics Changes - First quarter sales were $115.5 million, up $16.7 million or 16.9% year-over-year, with organic growth at 11.5% [36][47] - Adjusted EBITDA improved $2.8 million year-over-year to $4.5 million, with the EBITDA margin more than doubling to 3.9% [83] - Gross margins expanded 360 basis points to 20.2%, the highest Q1 result since 2019 [29][60] Segment Performance Changes - Rail segment revenues were up slightly year-over-year at $64.4 million, with 5.8% organic growth [2] - Precast Concrete segment revenue increased $9.3 million or 61.8% year-over-year [62] - Steel Products & Measurement segment revenues increased by 33.6%, driven largely by coatings and measurement [85] Market Data and Key Metrics Changes - Consolidated book-to-bill ratio was strong at 1.21:1, with all segments increasing their order books [30] - Orders in backlog were down 19.3% and 7.6% respectively, primarily due to the track components divestiture [62] - Precast backlog increased by 21% over last year, attributed to the VanHooseCo acquisition [66] Company Strategy and Development Direction - The company is focusing on organic growth and core competencies, especially following the divestiture of Chemtech [7][48] - There is a heightened focus on rail safety in the U.S., representing an opportunity for improving demand for Rail Technologies [67] - The company plans to cautiously evaluate opportunities to return cash to shareholders through a $15 million stock repurchase program [54] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about key end markets due to government-funded infrastructure programs [38] - The company expects strong revenue growth and improved gross margins to continue through 2023 [84] - Management highlighted that pricing dollars are currently exceeding inflationary dollars, indicating effective pricing strategies [31] Other Important Information - The company reduced net debt by $11.5 million to $77.5 million at quarter end, with $6.2 million in free cash flow [37] - The Chemtech divestiture provided $5.3 million in proceeds, which were used to further deleverage [48] - The company received approximately $3 million in federal income tax refunds, aiding in cash flow [86] Q&A Session Summary Question: Is the strong gross margin in the precast segment sustainable? - Management indicated that the 20.2% margin is a clear signal of being on the right path and emphasized a focus on organic growth [7] Question: Are there plans for more divestitures? - Management stated they will evaluate businesses if growth does not meet expectations but will focus on digesting recent acquisitions for now [10] Question: What is the target gross leverage ratio for the rest of the year? - Management expects to see the gross leverage ratio return closer to 2 by the end of the year, following strong cash generation [100]

Financial Performance - Net sales for the three months ended March 31, 2023, were $115,488, an increase of $16,694 or 16.9% compared to the prior year quarter[68]. - Gross profit for the same period was $23,291, up $6,844 or 41.6%, with gross profit margins expanding by 360 basis points to 20.2%[75]. - Selling and administrative expenses increased by $4,125 or 23.8%, representing 18.5% of net sales compared to 17.5% in the prior year quarter[76]. - The net loss attributable to L.B. Foster Company for the three months ended March 31, 2023, was $2,152, or $0.20 per diluted share, a decline of 37.4% from the prior year[79]. Segment Performance - The Rail, Technologies, and Services segment reported net sales of $64,384, a 1.1% increase from the prior year, with a gross profit margin of 22.2%[81]. - The Precast Concrete Products segment's net sales increased by $9,278, or 61.8%, to $24,288, with gross profit rising by $3,076, or 125.8%, to $5,521[84]. - The Steel Products and Measurement segment's net sales increased by $6,742, or 33.6%, to $26,816, with gross profit rising by $2,012, or 136.5%, to $3,486[87]. - The Rail, Technologies, and Services segment experienced a decrease in new orders of $17,664, or 19.3%, compared to the prior year period, with a backlog of $113,593, down $9,325, or 7.6%[83]. - The Steel Products and Measurement segment had an increase in new orders and backlog of $4,697, or 18.9%, and $9,220, or 18.7%, respectively[89]. - The VanHooseCo acquisition contributed $8,299, or 55.3%, of the increase in sales for the Precast Concrete Products segment, while organic sales increased by $979, or 6.5%[84]. Strategic Actions - The company executed strategic acquisitions, including Skratch for $7,402 and VanHooseCo for $52,146, enhancing its portfolio in technology and precast concrete products[70][71]. - The divestiture of the Track Components business generated cash proceeds of $7,795, while the sale of Chemtec resulted in a loss of $2,033 recorded in "Other expense (income) - net"[72][73]. - Organic growth contributed 11.5% to sales, while acquisitions added 9.3%, offset by a 3.9% decline from divestitures[74]. - The company plans to focus on organic growth initiatives and debt reduction following the sale of Chemtec, which will support its strategic transformation[80]. Financial Position - As of March 31, 2023, the Company had total debt of $80,096, down from $91,879 as of December 31, 2022, reflecting a decrease of $12,047[90]. - The Company reported net cash provided by operating activities of $6,932 for the three months ended March 31, 2023, compared to cash used in operating activities of $7,636 in the prior year[93]. - Capital expenditures for the three months ended March 31, 2023, were $699, down from $1,764 in the prior year, primarily for general plant and operational improvements[94]. - The Company had $2,639 in cash and cash equivalents as of March 31, 2023, with approximately $2,136 held in non-domestic bank accounts[99]. - The total backlog as of March 31, 2023, was $259,881, a decrease from $272,251 as of December 31, 2022[103]. Accounting and Estimates - The Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States[105]. - Management's estimates regarding future uncertainties may lead to actual results differing from these estimates[105]. - A summary of critical accounting policies and estimates is included in the Annual Report on Form 10-K for the year ended December 31, 2022[105].

Financial Performance - Total net sales for the year ended December 31, 2022, were $497.5 million, a decrease of 3.8% from $513.6 million in 2021[206]. - Gross profit for 2022 was $89.6 million, representing a gross margin of 18.0%, compared to $86.3 million and a margin of 16.8% in 2021[206]. - The company recorded a net loss of $45.7 million for 2022, compared to a net income of $3.5 million in 2021, resulting in a basic loss per share of $4.25[206]. - Total comprehensive loss from continuing operations attributable to L.B. Foster Company was $47,899 thousand in 2022, a significant decline from a comprehensive income of $4,977 thousand in 2021[208]. - Cash used in continuing operating activities amounted to $10,576 thousand in 2022, compared to $810 thousand in 2021, indicating a deterioration in cash flow[213]. - The company reported a net loss attributable to L.B. Foster Company of $(44,564) for the year ended December 31, 2022, compared to a net income of $2,223 in 2021[266]. Segment Performance - In 2022, the Rail, Technologies, and Services segment accounted for 60% of total net sales, up from 58% in 2021[14]. - The Precast Concrete Products segment increased its contribution to 21% of total net sales in 2022, compared to 14% in 2021[14]. - The Steel Products and Measurement segment's share of total net sales decreased to 19% in 2022 from 28% in 2021[14]. - Segment operating profit for the Steel Products and Measurement segment was $(10,824) in 2022, compared to $(2,402) in 2021, indicating a decline in profitability[255]. Acquisitions and Divestitures - The Company acquired Skratch Enterprises Ltd. in June 2022, enhancing its capabilities in intelligent digital signage solutions[21]. - In August 2022, the Company acquired VanHooseCo Precast, expanding its market reach to commercial and residential developers in Tennessee[22]. - The Company completed the sale of its Track Components division in August 2022, focusing on strategic growth initiatives[19]. - The Company divested its Track Components business on August 1, 2022, resulting in a pre-tax loss of $467 million[250]. - The acquisition of VanHooseCo for $52,146 on August 12, 2022, contributed net sales of $17,788 and operating profit of $1,555 from August 12, 2022, to December 31, 2022[260][264]. Assets and Liabilities - Total current assets rose to $205.7 million in 2022, up from $179.5 million in 2021, driven by an increase in accounts receivable[203]. - Total liabilities increased significantly to $227.7 million in 2022 from $164.0 million in 2021, primarily due to a rise in long-term debt[203]. - The total long-term debt as of December 31, 2022, was $91,879 million, significantly up from $31,251 million in 2021, reflecting a 194.5% increase[295]. - The total stockholders' equity decreased to $137.6 million in 2022 from $183.6 million in 2021, reflecting the net loss and changes in retained earnings[203]. Cash Flow and Expenditures - The company reported capital expenditures on property, plant, and equipment of $7,633 thousand in 2022, up from $4,620 thousand in 2021[213]. - The company recognized total segment expenditures for long-lived assets of $4,318 in 2022, compared to $3,600 in 2021, showing increased capital investment[256]. - The company reported a depreciation expense of $8,635 million for the year ended December 31, 2022, compared to $8,051 million in 2021, representing a 7.2% increase[287]. Employee and Workforce - The Company had a total of 1,131 employees as of December 31, 2022, with 867 located in the U.S., 43 in Canada, 215 in Europe, and 6 in other locations[49]. - The Company has implemented initiatives to advance diversity and inclusion, including changes to recruitment and employee training[40]. - The Company has a workforce that includes approximately 44 union-represented hourly production workers[49]. Environmental, Health, and Safety (EHS) - The Company aims to create a culture of environmental, health, safety, and sustainability excellence, striving to exceed EHS regulations[42]. - The Company emphasizes continual improvement in its EHSS performance, particularly in pollution prevention and reducing environmental impact[42]. - The Company has 10 locations/businesses throughout North America and Europe that are compliant with ISO 14001:2015 and ISO 45001:2018 standards[42]. Tax and Deferred Assets - The total income tax expense for 2022 was $36,681,000, with an effective tax rate of (407.7)% due to significant deferred tax adjustments[311]. - Deferred tax assets totaled $51,016,000 as of December 31, 2022, with a valuation allowance of $40,601,000, indicating a significant portion is not expected to be realized[312]. - The company has a federal Net Operating Loss (NOL) carryforward of $96,034,000, which may be carried forward indefinitely but is limited to 80% of taxable income annually[314]. Stock and Compensation - The Company has not granted any stock options under the Omnibus Plan or Equity and Incentive Plan in 2022 and 2021, resulting in no stock-based compensation expense for those years[324]. - The total compensation expense related to non-employee directors' restricted stock awards was approximately $697,000 in 2022, up from $650,000 in 2021[327]. - The Company granted 125,582 restricted stock awards in 2022, with 86,613 shares vesting during the same period[330].