Revenue Growth - Revenue for the three-month period ended September 30, 2024 increased by approximately 848,000,or7.33,858,000, or 12.3%, compared to the same period in 2023[100] - The company reported a revenue growth of 7% despite challenges in the commercial aerospace market, which is experiencing significant volatility[130] Gross Profit and Margins - Gross profit decreased approximately 231,000,or9.22,027,000, or 40.2%, for the nine-month period ended September 30, 2024, resulting in a gross margin of 20.1%[103] Operating Expenses - SG&A expenses for the three-month period ended September 30, 2024 decreased by 240,000,or10.81,269,000, or 16.6%, compared to the same period in 2023[106] Operating Income and Loss - Operating loss for the three-month period ended September 30, 2024 was approximately (281,000),adeclineofapproximately(561,000) compared to operating income of 280,000duringthesameperiodin2023[109]−Operatingincomeforthenine−monthperiodendedSeptember30,2024improvedbyapproximately2,726,000 compared to the operating loss of (2,624,000)duringthesameperiodin2023[110]IncomeTaxes−Lossbeforeincometaxesforthethree−monthperiodendedSeptember30,2024was(453,000), a decrease of approximately (635,000),or(348.9)182,000 during the same period in 2023[115] - For the nine-month period ended September 30, 2024, the loss before income taxes was (251,000),anincreaseofapproximately2,612,000, or 91.2%, compared to a loss of (2,863,000)inthesameperiodin2023[116]−Theeffectivetaxratewas0.011,000 for the nine-month period ended September 30, 2024, representing an increase of 4,919,000comparedtocashusedof(4,908,000) during the same period in 2023[124] - The company's working capital increased to approximately 21,845,000asofSeptember30,2024,comparedto20,795,000 as of September 30, 2023, primarily due to higher inventory levels[125] - Cash used for investing activities was approximately (933,000)forthenine−monthperiodendedSeptember30,2024,comparedto(606,000) during the same period in 2023[126] - Cash provided by financing activities was 1,045,000forthenine−monthperiodendedSeptember30,2024,primarilydrivenbyadvancesfromthelineofcredit[127]DiscontinuedOperations−Lossfromcontinuingoperationsforthenine−monthperiodendedSeptember30,2024,improvedbyapproximately3,675,000, resulting in a loss of (251,000)comparedto(3,926,000) in the same period in 2023[120] - Loss from discontinued operations for the nine-month period ended September 30, 2024, improved by approximately 7,254,000,resultinginalossof(72,000) compared to $(7,326,000) in the same period in 2023[122] Strategic Focus - The company is focused on managing costs and enhancing operating cash flow to achieve profitability and shareholder value[131]
