Chicago Rivet & Machine (CVR) - 2022 Q4 - Annual Report

Financial Performance - Fastener segment revenues for Q4 2022 were $6,272,480, a decline of $715,567 or 10.2% compared to Q4 2021[20] - Full year 2022 fastener segment revenues were $30,291,547, an increase of $460,159 or 1.5% from 2021[20] - Fastener segment revenues for Q4 2022 were $6,272,480, a decline of 10.2% from $6,988,047 in Q4 2021, attributed to a general slowdown in demand and staffing shortages[20] - For the full year 2022, fastener segment revenues increased by 1.5% to $30,291,547, with automotive sales up 5.0% to $18,454,238, while non-automotive sales declined by 3.4%[20] - The gross loss for Q4 2022 was $555,641, compared to a gross profit of $1,072,310 in the same quarter of the previous year[20] Sales Performance - Sales to automotive customers increased to $4,185,600 in Q4 2022 from $4,163,004 in Q4 2021, while sales to non-automotive customers decreased by $738,163 or 26.1%[20] - Sales to automotive customers increased slightly to $4,185,600 in Q4 2022 from $4,163,004 in Q4 2021, while sales to non-automotive customers decreased by 26.1% to $2,086,880[20] Expenses and Income - Selling and administrative expenses were $4,992,521 in 2022, a decrease of $113,656 or 2.2% compared to 2021[21] - Selling and administrative expenses decreased by 2.2% to $4,992,521 in 2022, representing 14.8% of net sales compared to 15.0% in 2021[21] - Other income increased to $91,433 in 2022 from $55,557 in 2021, primarily due to higher interest rates[22] - Other income rose to $91,433 in 2022 from $55,557 in 2021, primarily due to increased interest income[22] Working Capital - Working capital at December 31, 2022 was $20,073,089, an increase of $2,651,504 from the beginning of the year[25] - Working capital at December 31, 2022, was $20,073,089, an increase of $2,651,504 from the beginning of the year, mainly due to the sale of the Naperville property[25] Operational Challenges - The company faced challenges in maintaining an optimal workforce due to a tight labor market, impacting operational efficiency[27] - The company faced challenges in maintaining an optimal workforce due to a tight labor market, impacting operational efficiency and costs[27] - The company is committed to strategic reviews and investments to address operational challenges and improve efficiency[27] - The company is committed to strategic reviews and investments to address operational challenges and improve sales by emphasizing value over price[27] Market Activity - The average daily trading volume for the company's common stock was less than 3,000 shares in 2022, indicating potential liquidity issues[18]