Chicago Rivet & Machine (CVR) - 2024 Q3 - Quarterly Report

Financial Performance - Net sales for Q3 2024 were $6,969,921, a decrease of$ 976,251 or 12.3% compared to Q3 2023[39] - The net loss for Q3 2024 was ( $1,446,621), or ($ 1.50) per share, compared to a net loss of ( $964,042), or ($ 1.00) per share, in Q3 2023[39] - For the first nine months of 2024, net sales totaled $22,882,579, a decrease of$ 1,844,249 or 7.5% compared to the same period in 2023[40] Segment Performance - Fastener segment revenues declined by $1,050,125 or 15.1% to$ 5,927,316 in Q3 2024, with automotive sales down 31.0%[41] - Assembly equipment segment revenues increased by $73,874 or 7.6% to$ 1,042,605 in Q3 2024, contributing to a gross margin improvement of $508,177 or 250.4%[43] - Fastener segment operating profit improved to$ 195,190 in the first nine months of 2024, compared to an operating loss of ( $353,158) in the same period of 2023[42] - The automotive fastener segment volume has significantly declined in 2024, impacting overall operating profit improvement[50] Expenses and Income - Selling and administrative expenses rose by$ 245,382 or 19.3% to $1,518,557 in Q3 2024, representing 21.8% of net sales[45] - Other income in Q3 2024 was$ 28,146, up from $16,980 in Q3 2023, primarily due to increased interest income[48] Working Capital - Working capital decreased to$ 12,838,707 as of September 30, 2024, down from $13,976,864 at the beginning of the year[49]