Financial Performance - Net sales in Q4 2024 increased 4.5% to $66.7 million from $63.8 million in Q4 2023[6] - Full year 2024 net sales rose 5% to $272.8 million compared to $258.9 million in 2023[6] - Net sales for the year ended December 28, 2024, increased to $272.75 million, up from $258.86 million in 2023, representing a growth of approximately 5.3%[26] - Gross margin improved to $67.27 million in 2024, compared to $61.77 million in 2023, reflecting an increase of about 8.1%[26] - Operating profit rose to $20.15 million in 2024, up from $17.03 million in 2023, marking an increase of approximately 18.5%[26] - Net income for FY 2024 increased 12% to $13.2 million, or $2.13 per diluted share, compared to $11.8 million, or $1.88 per diluted share in 2023[10] - Net income from continuing operations increased to $13.22 million in 2024, compared to $11.78 million in 2023, which is a growth of about 12.2%[26] - Basic earnings per share from continuing operations improved to $2.13 in 2024, compared to $1.89 in 2023, reflecting an increase of approximately 12.7%[27] Expenses and Costs - Gross margin for Q4 2024 was 23.0%, down from 26.8% in Q4 2023, primarily due to higher material costs[7] - Selling and administrative expenses in Q4 2024 increased 11.0% to 16.8% of net sales compared to 15.8% in Q4 2023[8] - Adjusted EBITDA for FY 2024 was $27.1 million, compared to $25.4 million in FY 2023[11] - Adjusted EBITDA from continuing operations for Q4 2024 was $5,725,000, a decrease of 17.4% compared to $6,934,000 in Q4 2023[34] - Total adjusted EBITDA for the twelve months ended December 28, 2024, was $27,052,000, representing an increase of 6.3% from $25,445,000 in the previous year[34] - Interest expense for the twelve months ended December 28, 2024, totaled $2,721,000, a decrease of 3.0% from $2,805,000 in the previous year[34] - The provision for income taxes for Q4 2024 was $466,000, a decrease of 42.5% compared to $812,000 in Q4 2023[34] - Depreciation and amortization for the twelve months ended December 28, 2024, was $5,888,000, an increase of 9.7% from $5,367,000 in the previous year[34] Cash Flow and Assets - Cash and cash equivalents at the end of the year rose to $14.84 million in 2024, up from $8.30 million in 2023, indicating an increase of about 78.5%[32] - Net cash provided by operating activities was $19.39 million in 2024, down from $25.54 million in 2023, a decrease of approximately 24%[32] - Total assets decreased to $235.31 million in 2024 from $252.04 million in 2023, a decline of about 6.6%[30] - Current liabilities increased to $44.79 million in 2024, compared to $42.73 million in 2023, representing a rise of approximately 4.8%[31] Shareholder Actions - The company repurchased 39,337 shares of common stock during Q4 2024 under its share repurchase program[12] Strategic Initiatives - The company aims to enhance operational efficiency and market share through a focused commercial strategy and new leadership[4] Backlog and Discontinued Operations - Backlog as of December 28, 2024, was $89.2 million, up from $77.1 million as of December 30, 2023[9] - Net loss from discontinued operations for the twelve months ended December 28, 2024, was $(21,745,000), compared to a loss of $(3,195,000) in the previous year[34] - Adjusted EBITDA from discontinued operations for the twelve months ended December 30, 2023, was $(758,000), a significant decrease from $157,000 in the previous year[35] - The company reported a net income (loss) of $(8,529,000) for the twelve months ended December 30, 2023, compared to a net income of $8,585,000 in the previous year[35]
The Eastern pany(EML) - 2024 Q4 - Annual Results