Financial Performance - Net sales for Q1 2025 decreased by 2% to $63.3 million from $64.6 million in Q1 2024[6] - Adjusted EBITDA from continuing operations for Q1 2025 was $4.6 million, down from $4.8 million in Q1 2024[11] - Net income from continuing operations for Q1 2025 was $1.9 million, or $0.31 per diluted share, compared to $2.1 million, or $0.34 per diluted share in Q1 2024[10] - Net income for the three months ended March 29, 2025, was $1,943,689, a slight decrease from $1,947,572 in the same period of 2024[34] - Earnings per share from continuing operations were $0.31 (basic and diluted), down from $0.34 in the prior year[34] - Adjusted EBITDA from continuing operations for the three months ended March 29, 2025, was $4,616,000, compared to $4,787,000 in the prior year[38] Cost and Margin Analysis - Gross margin as a percentage of net sales decreased to 22.4% in Q1 2025 from 23.9% in Q1 2024 due to higher raw material costs[8] - Selling, general and administrative expenses decreased by $0.8 million, or 8%, in Q1 2025 compared to Q1 2024[9] - The company aims to protect margins and increase market share despite challenging macroeconomic conditions[4] Asset and Liability Management - Total current assets decreased to $109,624,495 from $115,622,751 year-over-year, primarily due to a reduction in cash and cash equivalents[31] - Total liabilities decreased to $111,330,034 from $114,617,348, reflecting a reduction in current liabilities[32] - Cash and cash equivalents at the end of the period were $9,079,444, down from $14,843,530 at the beginning of the period[34] - The company reported a net cash used in operating activities of $(1,848,184) for the three months ended March 29, 2025[34] - Total shareholders' equity increased slightly to $120,999,644 from $120,691,399 year-over-year[32] Strategic Initiatives - The company completed a 200,000-share repurchase program and authorized a new 400,000-share buyback program[7] - The sale of Big 3 Mold's ISBM business unit was completed on April 30, 2025[7] - The company is actively seeking acquisition targets that fit its size and strategic criteria[5] - The company is revamping Big 3 Precision's geographic footprint to improve production and cost efficiency[3] - The company incurred acquisition-related expenses of $21,039 during the quarter[34] Dividend Information - Cash dividends per share remained stable at $0.11 for both periods[34]
The Eastern pany(EML) - 2025 Q1 - Quarterly Results