Core Viewpoint - Lifetime Brands (LCUT) reported a quarterly loss of $0.25 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.14, indicating a significant earnings surprise of -78.57% [1][2] Financial Performance - The company posted revenues of $140.09 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 3.07% and down from $142.24 million a year ago [2] - Over the last four quarters, Lifetime Brands has surpassed consensus EPS estimates only once [2] - The company's shares have declined approximately 44.3% since the beginning of the year, compared to a -4.3% decline in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.14 on revenues of $139.54 million, and for the current fiscal year, it is $0.30 on revenues of $677.27 million [7] - The estimate revisions trend for Lifetime Brands is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Consumer Products - Discretionary industry, to which Lifetime Brands belongs, is currently ranked in the bottom 24% of over 250 Zacks industries, indicating potential challenges ahead [8]

[First Quarter 2025 Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) This report details Lifetime Brands' financial performance for the first quarter of 2025, including management commentary, financial highlights, and reconciliations [Management Commentary](index=1&type=section&id=Management%20Commentary) Q1 2025 sales declined slightly with lower gross margin, prompting expense controls and a strategic shift of manufacturing out of China - First quarter sales were slightly down, with a notable decrease in gross margin attributed to customer and product mix[2](index=2&type=chunk) - Sales declines in the mass channel were offset by gains in e-commerce, the dollar channel, and the club channel[2](index=2&type=chunk) - The company is tightening controls on variable expenses, with the impact expected in the second half of the year[2](index=2&type=chunk) - To mitigate risks and diversify, the company plans to move the majority of its manufacturing out of China by the end of 2025 to countries including Malaysia, Indonesia, Vietnam, Cambodia, India, and Mexico[3](index=3&type=chunk) [First Quarter Financial Highlights](index=1&type=section&id=First%20Quarter%20Financial%20Highlights) Q1 2025 net sales decreased to $140.1 million, with a net loss of $4.2 million, improved by a legal settlement, while TTM Adjusted EBITDA reached $51.0 million Q1 2025 vs Q1 2024 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net Sales** | $140.1 million | $142.2 million | | **Gross Margin** | $50.6 million (36.1%) | $57.5 million (40.5%) | | **Income from Operations** | $1.1 million | $1.8 million | | **Net Loss** | $(4.2) million | $(6.3) million | | **Diluted Loss Per Share** | $(0.19) | $(0.29) | - Selling, general and administrative (SG&A) expenses decreased **20.3%** to **$31.5 million**, primarily due to a net legal settlement gain of **$6.4 million**[5](index=5&type=chunk) - Adjusted EBITDA for the trailing twelve months ended March 31, 2025, was **$51.0 million**[8](index=8&type=chunk) - Total liquidity as of March 31, 2025, was **$89.6 million**, comprising cash, ABL availability, and available funding under the Receivables Purchase Agreement[8](index=8&type=chunk) [2025 Outlook](index=2&type=section&id=Full%20Year%202025%20Guidance%20%26%20Investor%20Day) The company withdrew its 2025 financial guidance due to macroeconomic shifts, while Project Concord remains on track and Investor Day is postponed - The Company has decided not to provide financial guidance for the Full Year 2025 due to the shifting macro environment[10](index=10&type=chunk) - Project Concord, aimed at improving the financial results of the International segment, remains on track[10](index=10&type=chunk) - The company has decided to pause its planned Investor Day[11](index=11&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents the condensed consolidated statements of operations, balance sheets, and cash flows for the period [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2025 net sales decreased to $140.1 million with lower gross margin, resulting in a net loss of $4.2 million, an improvement from prior year Condensed Consolidated Statements of Operations (in thousands) | | Three Months Ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | **Net sales** | $140,085 | $142,242 | | Cost of sales | 89,448 | 84,695 | | **Gross margin** | **50,637** | **57,547** | | Distribution expenses | 18,070 | 16,181 | | Selling, general and administrative expenses | 31,468 | 39,536 | | **Income from operations** | **1,099** | **1,830** | | Interest expense | (4,915) | (5,614) | | Mark to market loss on interest rate derivatives | (527) | (174) | | **Loss before income taxes and equity in losses** | **(4,343)** | **(3,958)** | | Income tax benefit (provision) | 142 | (210) | | Equity in losses, net of taxes | — | (2,092) | | **NET LOSS** | **$(4,201)** | **$(6,260)** | | **BASIC/DILUTED LOSS PER COMMON SHARE** | **$(0.19)** | **$(0.29)** | [Condensed Consolidated Balance Sheets](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets and liabilities decreased, with total stockholders' equity slightly lower Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :---: | :---: | | **TOTAL CURRENT ASSETS** | **$340,605** | **$373,568** | | **TOTAL ASSETS** | **$594,593** | **$634,310** | | **TOTAL CURRENT LIABILITIES** | **$124,183** | **$151,743** | | Revolving Credit Facility | 39,328 | 42,693 | | Term Loan | 129,707 | 130,949 | | **TOTAL LIABILITIES** | **$368,917** | **$404,387** | | **TOTAL STOCKHOLDERS' EQUITY** | **$225,676** | **$229,923** | | **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | **$594,593** | **$634,310** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2025 saw improved cash from operating activities at $16.7 million, leading to a $7.4 million increase in cash and cash equivalents Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | **Net loss** | $(4,201) | $(6,260) | | **NET CASH PROVIDED BY OPERATING ACTIVITIES** | **$16,711** | **$10,513** | | **NET CASH USED IN INVESTING ACTIVITIES** | **$(1,573)** | **$(600)** | | **NET CASH USED IN FINANCING ACTIVITIES** | **$(7,767)** | **$(21,399)** | | **INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS** | **$7,446** | **$(11,550)** | | **CASH AND CASH EQUIVALENTS AT END OF PERIOD** | **$10,375** | **$4,639** | [Reconciliation of GAAP to Non-GAAP Measures](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Operating%20Results) This section reconciles reported GAAP financial measures to non-GAAP adjusted figures for a clearer operational view [Adjusted EBITDA Reconciliation](index=8&type=section&id=Adjusted%20EBITDA%20Reconciliation) Trailing twelve months Adjusted EBITDA reached $51.0 million, derived by adjusting net loss for various non-cash and non-recurring items Adjusted EBITDA for the twelve months ended March 31, 2025 (in thousands) | | Twelve Months Ended March 31, 2025 | | :--- | :---: | | Net loss as reported | $(13,106) | | Loss on equity securities | 14,152 | | Income tax provision | 2,979 | | Interest expense | 21,509 | | Depreciation and amortization | 23,073 | | Mark to market loss on interest rate derivatives | 819 | | Stock compensation expense | 4,175 | | Legal settlement gain, net | (4,578) | | Acquisition related expenses | 994 | | Warehouse redesign expenses | 946 | | **Adjusted EBITDA** | **$50,963** | [Adjusted Net Loss and Adjusted Diluted Loss per Share Reconciliation](index=9&type=section&id=Adjusted%20Net%20Loss%20and%20Adjusted%20Diluted%20Loss%20per%20Share%20Reconciliation) Q1 2025 adjusted net loss was $5.3 million, or ($0.25) per share, compared to $3.2 million, or ($0.15) per share, in Q1 2024 Adjusted Net Loss Reconciliation (in thousands) | | Three Months Ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | Net loss as reported | $(4,201) | $(6,260) | | Adjustments: | | | | Acquisition intangible amortization expense | 4,365 | 3,778 | | Legal settlement gain, net | (6,400) | — | | Mark to market loss on interest rate derivatives | 527 | 174 | | Other adjustments | — | 113 | | Income tax effect on adjustments | 395 | (998) | | **Adjusted net loss** | **$(5,314)** | **$(3,193)** | | **Adjusted diluted loss per common share** | **$(0.25)** | **$(0.15)** | [Adjusted (Loss) Income from Operations Reconciliation](index=9&type=section&id=Adjusted%20%28Loss%29%20Income%20from%20Operations%20Reconciliation) Q1 2025 adjusted loss from operations was $0.9 million, a decline from $5.7 million adjusted income in Q1 2024 Adjusted (Loss) Income from Operations Reconciliation (in thousands) | | Three Months Ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | Income from operations | $1,099 | $1,830 | | Adjustments: | | | | Acquisition intangible amortization expense | 4,365 | 3,778 | | Legal settlement gain, net | (6,400) | — | | Acquisition related expenses | — | 95 | | Warehouse redesign expenses | — | 18 | | **Adjusted (loss) income from operations** | **$(936)** | **$5,721** | [Constant Currency Net Sales Reconciliation](index=10&type=section&id=Constant%20Currency%20Net%20Sales%20Reconciliation) Q1 2025 total net sales decreased by 1.4% on a constant currency basis, with U.S. and International segments showing declines Constant Currency Net Sales Year-Over-Year Change (Q1 2025) | Segment | As Reported Change | Constant Currency Change | | :--- | :---: | :---: | | U.S. | (1.5)% | (1.5)% | | International | (1.6)% | (0.2)% | | **Total net sales** | **(1.5)%** | **(1.4)%** |

Core Insights - Lifetime Brands, Inc. reported consolidated net sales of $140.1 million for the first quarter of 2025, a decrease of $2.1 million or 1.5% compared to $142.2 million in the same period of 2024 [5][19] - The company experienced a gross margin of $50.6 million, or 36.1%, down from $57.5 million, or 40.5%, in the prior year [6][19] - Adjusted EBITDA for the trailing twelve months ended March 31, 2025, was $51.0 million [8] Financial Performance - The decrease in sales was attributed to a decline in the mass channel, which was affected by slower retail sales and overstocking at key retailers [3][4] - Selling, general and administrative expenses decreased by $8.0 million, or 20.3%, to $31.5 million, which included a net legal settlement gain of $6.4 million [6][19] - The net loss for the quarter was $(4.2) million, or $(0.19) per diluted share, an improvement from a net loss of $(6.3) million, or $(0.29) per diluted share, in the same period last year [7][19] Strategic Initiatives - The company is moving the majority of its manufacturing out of China to countries like Malaysia, Indonesia, Vietnam, Cambodia, India, and Mexico by the end of 2025 to mitigate risks associated with geopolitical factors and tariffs [4][10] - Project Concord, a comprehensive plan aimed at improving financial results in the International segment, is on track [10] Market Conditions - The current economic environment is characterized by uncertainty, which is expected to continue impacting the consumer products industry [4] - The company has tightened controls on variable expenses in response to a slowdown in consumer demand [3][4] Liquidity and Guidance - As of March 31, 2025, the company had liquidity of $89.6 million, consisting of $10.4 million in cash and cash equivalents and $63.2 million available under the ABL Agreement [9] - The company has opted not to provide financial guidance for the full year 2025 due to the shifting macro environment [10]

Core Viewpoint - Lifetime Brands, Inc. is set to release its first quarter 2025 financial results on May 8, 2025, before market open, followed by a conference call to discuss the results at 11:00 a.m. Eastern Time [1]. Company Overview - Lifetime Brands, Inc. is a leading global designer, developer, and marketer of a wide range of branded consumer products used in the home, including kitchenware, tableware, and home solutions [4]. - The company markets products under well-known brands such as Farberware, KitchenAid, Mikasa, and S'well, among others, and also provides exclusive private label products to major retailers worldwide [4]. Conference Call Details - Investors and analysts can access the live conference call by dialing 1-877-451-6152 (USA) or 1-201-389-0879 (International) [2]. - A live webcast of the conference call will be available through the investor relations website [2]. - For those unable to attend the live broadcast, an audio replay will be accessible on the investor relations website or via telephone replay [3].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 0-19254 LIFETIME BRANDS, INC. (Exact name of registrant as specified in its cha ...

Financial Data and Key Metrics Changes - The company reported a 6% increase in net sales for Q4 2024, reaching $215 million compared to $203 million in the same period last year [7][39] - Gross margin expanded by 130 basis points to 37.7% from 36.4% year-over-year [41] - Net income for Q4 2024 was $8.9 million or $0.41 per diluted share, up from $2.7 million or $0.13 per diluted share in Q4 2023 [38] Business Line Data and Key Metrics Changes - US segment sales increased by 5.8% to $196 million, driven by strong online sales and seasonal demand [39] - International segment sales rose by 7.2% to $19.2 million, supported by e-commerce growth and new regional brand launches [40][16] - E-commerce sales accounted for 24% of total sales in Q4, with US e-commerce sales growing by 10% year-over-year [10][11] Market Data and Key Metrics Changes - The company experienced a decline in the mass channel, particularly affecting KitchenAid products, which impacted overall performance [51] - The international business showed positive momentum in Europe and Asia Pacific, although UK markets remained soft [19][20] Company Strategy and Development Direction - The company is focusing on organic growth through the Dolly Parton program, which is expected to generate $4 million in incremental sales in Q1 2025 [13][15] - Project Concorde was launched to accelerate international business profitability and streamline operations [33][34] - The company is actively pursuing M&A opportunities in new product adjacencies and food services, with a focus on maintaining financial discipline [23][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a cautious consumer environment due to macroeconomic factors and inflation but expressed confidence in the resilience of the business model [12] - The company expects to achieve breakeven in the international segment by 2026, with significant improvements anticipated in 2025 [58][60] - Management highlighted the importance of adapting to tariff changes and reducing dependency on China-sourced products [30][64] Other Important Information - The company announced a strategic relocation of its East Coast distribution center to Maryland, which is expected to enhance operational efficiency [25][28] - The effective tax rate for the full year 2024 was reported at 75.5%, influenced by foreign losses and local income taxes [44] Q&A Session Summary Question: Can you provide more detail about the mass channel softness? - Management noted a loss of market share in the KitchenAid side, which affected performance, but they expect to rebound [51] Question: What is the update on your exposure to China regarding tariffs? - The company is working to reduce its production dependency on China, aiming to move the majority of production out by the end of 2025 [55][64] Question: What is the expected operating loss for the international segment? - The EBITDA loss for the international segment was just under $10 million, with a goal to reach breakeven by 2026 [59][58] Question: Can you quantify your tariff exposure? - The company is looking to reduce its production in China from 75% to below 50% by the end of the year [64] Question: What brands performed well last year? - Brands like Makasa and Farberware saw growth, while Taylor and False Graph experienced declines, with plans to revitalize the lagging brands [72][74]

Financial Data and Key Metrics Changes - The company reported a 6% increase in net sales for Q4 2024, reaching $215 million compared to $203 million in the same period last year [4][28] - Gross margin expanded by 130 basis points to 37.7% from 36.4% year-over-year [4][30] - Net income for Q4 2024 was $8.9 million or $0.41 per diluted share, up from $2.7 million or $0.13 per diluted share in Q4 2023 [27] Business Line Data and Key Metrics Changes - U.S. segment sales increased by 5.8% to $196 million, driven by online sales growth [28] - E-commerce sales represented 24% of total sales in Q4, with a 10% year-over-year increase in U.S. e-commerce sales [5][8] - International segment sales rose by 7.2% to $19.2 million, with significant growth in e-commerce and UK nationals [29] Market Data and Key Metrics Changes - The company experienced a decline in the mass channel, particularly affecting KitchenAid sales, which impacted overall performance [37] - The international business showed a positive trend with a gross margin increase to 38.5% from 27.2%, driven by customer and product mix improvements [30][11] Company Strategy and Development Direction - The company is focusing on organic growth through the Dolly Parton program, which is expected to generate $4 million in sales in Q1 2025 [10] - Project Concorde was launched to streamline international operations and achieve profitability by 2026 [22][24] - The company is actively pursuing M&A opportunities in new product adjacencies and food services, with a focus on maintaining financial discipline [16] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious consumer sentiment due to macroeconomic uncertainties and inflation, but remains confident in the resilience of the business model [9][25] - The company expects to mitigate tariff impacts through price increases and shifting production out of China [20][21] - Management anticipates a return to growth in 2025, driven by the foodservice business and the Dolly Parton program [50] Other Important Information - The company is relocating its East Coast distribution center to Maryland, which is expected to enhance operational efficiency and reduce costs [17][18] - The effective tax rate for 2024 was reported at 75.5%, influenced by foreign losses and state taxes [33] Q&A Session Summary Question: Can you provide more detail about the mass channel softness? - Management indicated that the mass channel experienced a loss in market share for KitchenAid, which affected overall performance, but they expect to rebound [37] Question: What is the current exposure to China regarding tariffs? - The company is looking to reduce its production in China significantly by the end of 2025, with the majority still produced there currently [39][40] Question: What is the expected operating loss for the international segment? - The EBITDA loss for the international segment was just under $10 million, with expectations to reach breakeven by 2026 [42][43] Question: Can you quantify tariff exposure? - Management stated that 75% of production is currently in China, and they aim to reduce that significantly, focusing on high-volume products [48][49] Question: What brands performed well last year? - Brands like Farberware and Macasa saw growth, while Taylor and FalseCraft faced challenges, with plans to revitalize Taylor's offerings [55][56]

Financial Data and Key Metrics Changes - The company reported a 6% increase in net sales for Q4 2024, reaching $215 million compared to $203 million in the same period last year [6][30] - Gross margin expanded by 130 basis points to 37.7% from 36.4% year-over-year [6][32] - Net income for Q4 2024 was $8.9 million or $0.41 per diluted share, up from $2.7 million or $0.13 per diluted share in Q4 2023 [29] Business Line Data and Key Metrics Changes - U.S. segment sales increased by 5.8% to $196 million, driven by online sales strategy and market share gains [30] - E-commerce sales grew by 9% to $51.5 million in Q4, contributing to 24% of total sales for the quarter [9][30] - International segment sales rose by 7.2% to $19.2 million, with significant growth in e-commerce and UK nationals [31] Market Data and Key Metrics Changes - The company experienced a decline in the mass channel, particularly affecting the KitchenAid brand, which impacted overall performance [39] - E-commerce sales in the U.S. reported a second consecutive quarter of double-digit growth, increasing by 10% year-over-year [9] Company Strategy and Development Direction - The company is focusing on organic growth through the Dolly Parton program, expecting to double sales from $7 million in 2024 [11][12] - Project Concorde was launched to streamline international operations and improve profitability, with a target to reach breakeven by 2026 [25][26] - The company is relocating its East Coast distribution center to Maryland to enhance operational efficiency and reduce costs [19][20] Management Comments on Operating Environment and Future Outlook - Management noted a cautious consumer sentiment due to macroeconomic uncertainties and inflation, but remains optimistic about the resilience of the business model [10][27] - The company anticipates continued growth in the foodservice business and international segment, despite potential economic headwinds [54] Other Important Information - The company generated free cash flow of $16.3 million for the full year 2024, net of planned inventory increases to mitigate tariff risks [36] - The effective tax rate for 2024 was reported at 75.5%, influenced by foreign losses and state taxes [35] Q&A Session Summary Question: Can you provide more detail about the mass channel softness? - Management indicated that the mass channel experienced a loss of share in the KitchenAid brand, which negatively impacted performance [39] Question: What is the current exposure to China regarding tariffs? - The majority of production is still in China, but the company aims to reduce this significantly by the end of 2025 [42][53] Question: What is the expected operating loss for the international segment? - The EBITDA loss for the international segment was just under $10 million, with a goal to reach breakeven by 2026 [46] Question: Can you quantify tariff exposure? - The company is looking to reduce its reliance on China, with plans to move over 50% of production outside of China by the end of 2025 [52] Question: What brands performed well last year? - Brands like Farberware and Macasa saw growth, while Taylor and FalseCraft faced declines, with plans to revitalize the latter [60][61]

Lifetime Brands (LCUT) came out with quarterly earnings of $0.55 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 22.22%. A quarter ago, it was expected that this kitchen products company would post earnings of $0.38 per share when it actually produced earnings of $0.21, delivering a surprise of -44.74%.Over the last four quar ...

Financial Performance - Fourth quarter sales reached $215.2 million, a 6% increase compared to $203.1 million in the same period of 2023[5] - Net income for Q4 2024 was $8.9 million, or $0.41 per diluted share, compared to $2.7 million, or $0.13 per diluted share, in Q4 2023[7] - Full year consolidated net sales for 2024 were $683.0 million, a decrease of 0.5% from $686.7 million in 2023[9] - Net sales for Q4 2024 were $215,207 thousand, an increase of 5.2% compared to $203,143 thousand in Q4 2023[25] - Net income for the year ended December 31, 2024, was a loss of $15,165 thousand, compared to a loss of $8,412 thousand in 2023, indicating a deterioration in profitability[25] - Adjusted net income for the year ended December 31, 2024, was $12,643,000, compared to $11,010,000 in 2023, indicating a year-over-year increase[36] - U.S. net sales for the year ended December 31, 2024, were $627,202,000, down by $5,877,000 from 2023[40] Operational Metrics - Trailing twelve-month Adjusted EBITDA was $55.4 million, up from $53.9 million in the prior quarter[5] - Adjusted EBITDA for the year ended December 31, 2024, was $55,371 thousand, reflecting a strong operational performance despite the net loss[32] - Adjusted EBITDA for the year ended December 31, 2023, was $57,308,000, with a quarterly increase to $21,469,000 in Q4 2023[33] - Gross margin for Q4 2024 expanded to 37.7%, compared to 36.4% in Q4 2023[6] - Gross margin improved to $81,189 thousand in Q4 2024, up from $73,855 thousand in Q4 2023, reflecting a gross margin percentage increase from 36.4% to 37.7%[25] Cash Flow and Assets - Cash and cash equivalents at the end of 2024 were $2,929 thousand, down from $16,189 thousand at the end of 2023, representing a decrease of 81.9%[30] - The company reported a net cash provided by operating activities of $18,569 thousand for the year, down from $56,431 thousand in 2023, a decrease of 67.0%[30] - Total assets decreased to $634,310 thousand in 2024 from $667,142 thousand in 2023, a decline of approximately 4.9%[27] - Total stockholders' equity slightly decreased to $229,923 thousand in 2024 from $230,879 thousand in 2023, a marginal decline of 0.4%[27] Future Outlook and Initiatives - The company launched Project Concord in January 2025 to enhance its International business and streamline operations[4] - Full Year 2025 guidance will be provided in mid-May 2025, alongside the First Quarter 2025 results[16] - The relocation of the east coast distribution facility is expected to incur one-time exit costs up to $7 million[12] - The Hagerstown Facility will require approximately $10 million in capital expenditures and is expected to be operational by Q2 2026[13] Shareholder Returns - The Board declared a quarterly dividend of $0.0425 per share, payable on May 15, 2025[15] Other Expenses - The company incurred $1,325,000 in acquisition-related expenses for the year ended December 31, 2023[33] - Warehouse redesign expenses for the year ended December 31, 2023, totaled $578,000, related to the U.S. segment[33] - The company reported a total interest expense of $21,728,000 for the year ended December 31, 2023[33]