Chief Financial Officer Nicholas Vlahos noted fiscal 2025 was a 53-week year, with the fourth quarter spanning 14 weeks versus 13 weeks in the prior-year period.For the full year, Schroeder said revenue was $249 million , down 9% year-over-year, while adjusted EBITDA was $19.4 million , representing a 7.8% margin, compared with $26.3 million and a 9.6% margin in the prior year. He characterized the result as roughly a 7% margin on reduced operating scale.Chief Executive Officer Ryan Schroeder said fiscal 20 ...

Financial Data and Key Metrics Changes - For the full year 2025, revenue was $249 million, down 9% year-over-year from $272.8 million in 2024. Adjusted EBITDA was $19.4 million, representing a 7.8% margin compared to $26.3 million or 9.6% margin last year [5][11] - In Q4 2025, revenue increased 4% sequentially from Q3, rising from $55.3 million to $57.5 million. Adjusted EBITDA improved by $1.1 million sequentially, reflecting a 50% margin on the incremental revenue from Q3 [6] - Net income from continuing operations for Q4 2025 was $1.2 million or $0.19 per diluted share, compared to $1.6 million or $0.26 per diluted share for the same period in 2024. For the full year 2025, net income decreased 57% to $6 million or $0.98 per diluted share [17] Business Line Data and Key Metrics Changes - Net sales in Q4 2025 decreased 13.7% to $57.5 million from $66.7 million in Q4 2024, primarily due to lower shipments of returnable transport packaging products and truck mirror assemblies [11] - For the full year 2025, net sales decreased 9% to $249 million from $272.8 million in 2024, also due to lower shipments of returnable transport packaging products and truck mirror assemblies [11] Market Data and Key Metrics Changes - The backlog as of January 3, 2026, was $81.1 million, a decrease of 10% or $8 million from $89.1 million as of December 28, 2024, driven by lower orders for returnable transport packaging products [12] - The Asia business grew 25% year-over-year following the deployment of dedicated sales resources in the region, indicating potential for incremental profitable growth [8] Company Strategy and Development Direction - The company made structural changes to its cost base, portfolio, and operating model, resulting in approximately $4 million in annual savings from restructuring and footprint optimization initiatives [7] - The company divested the underperforming Centralia Mold division to concentrate on high conviction core businesses and neutralized approximately $10 million of tariff exposure through pricing actions and supply chain cost reductions [7] - M&A remains a key component of the long-term value creation strategy, with a growing pipeline of potential transactions [19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about entering a more constructive demand environment, with leading indicators such as order flow and OEM production signals showing improvement [19] - The company emphasized the importance of maintaining discipline in its outlook and execution to deliver long-term value for shareholders [24] Other Important Information - The company welcomed Chan Galvato to its board in 2025 and announced that Charlie Henry and Mike Marty will not stand for re-election, aiming to improve agility and decision-making effectiveness [20] - The company refinanced its credit facility, entering into a new $100 million 5-year revolving credit facility with Citizens Bank, enhancing financial flexibility [18] Q&A Session Summary - No questions were raised during the Q&A session, indicating a lack of immediate inquiries from analysts or investors [22][25]

Financial Data and Key Metrics Changes - For the full year 2025, revenue was $249 million, down 9% year-over-year from $272.8 million in 2024 [5][12] - Adjusted EBITDA was $19.4 million, representing a 7.8% margin compared to $26.3 million or 9.6% margin last year [5] - In Q4 2025, revenue increased 4% sequentially from Q3, rising from $55.3 million to $57.5 million [6] - Net income from continuing operations for Q4 2025 was $1.2 million or $0.19 per diluted share, compared to $1.6 million or $0.26 per diluted share for the same period in 2024 [18] Business Line Data and Key Metrics Changes - Net sales in Q4 2025 decreased 13.7% to $57.5 million from $66.7 million in Q4 2024, primarily due to lower shipments of returnable transport packaging products and truck mirror assemblies [12] - For the full year 2025, net sales decreased 9% to $249 million from $272.8 million in 2024, also due to lower shipments of returnable transport packaging products and truck mirror assemblies [12] Market Data and Key Metrics Changes - The backlog as of January 3, 2026, was $81.1 million, a decrease of 10% or $8 million from $89.1 million as of December 28, 2024, driven by lower orders for returnable transport packaging products [13] - The Asia business grew 25% year-over-year following the deployment of dedicated sales resources in the region [9] Company Strategy and Development Direction - The company made structural changes to its cost base, portfolio, and operating model, resulting in approximately $4 million in annual savings from restructuring and footprint optimization initiatives [7] - The company divested the underperforming Centralia Mold division to concentrate on high conviction core businesses [8] - The company is focused on M&A as a long-term value creation strategy, actively evaluating opportunities that meet strategic and financial criteria [20] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 was a year defined by challenging end markets, particularly in heavy truck and automotive, but saw early signs of stabilization in November and December [5] - The company is cautiously optimistic about entering a more constructive demand environment, with leading indicators pointing in a more favorable direction [20] Other Important Information - The company returned $2.7 million to shareholders through dividends and repurchased approximately 153,000 shares, or about $3.7 million of common stock [19] - The company enhanced financial flexibility by refinancing its credit facility into a new $100 million, 5-year revolving credit facility with Citizens Bank [18] Q&A Session Summary - No questions were posed during the Q&A session, indicating a lack of immediate inquiries from analysts or investors [23][26]

Financial Data and Key Metrics Changes - Revenues for the first quarter of 2025 were $63.3 million, a slight decrease from $64.6 million in Q1 2024, representing a 2% decline [5][10] - EBITDA for the quarter was $4.8 million, with earnings per share at $0.31, close to expectations [5] - Gross margin as a percentage of net sales decreased to 22.4% from 23.9% in the prior year, primarily due to higher raw material costs [11] - Net income from continuing operations was $1.9 million or $0.31 per diluted share, down from $2.1 million or $0.34 per diluted share in the previous year [12] - Adjusted net income from continuing operations was $2 million or $0.32 per diluted share, compared to $2.1 million or $0.34 per diluted share for the prior year [12] - Senior net leverage ratio increased to 1.45 from 1.23 at the end of 2024 [13] Business Line Data and Key Metrics Changes - The decline in net sales was primarily due to decreased sales of truck mirror assemblies and truck accessories, offset by increased sales of returnable transport packaging products [10] - The backlog decreased by 9% to $85.9 million compared to $94 million in the previous year, driven by decreased orders in several product categories [10] Market Data and Key Metrics Changes - The medium and heavy-duty truck markets have experienced significant impacts, with a noted softness in build rates expected to continue [19] - The returnable packaging market, particularly in the automotive segment, has been quiet, with a potential for pent-up demand as production shifts back to the U.S. [29][32] Company Strategy and Development Direction - The company plans to enhance strategic growth plans, eliminate bureaucracy, and optimize cash flow in 2025 [8] - Key initiatives include a focus on new product development and a nimble supply chain to adapt to market changes [18][21] - The company is also prioritizing mergers and acquisitions, with a disciplined approach to potential deals [41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the marketplace but expressed optimism about the company's positioning and future growth opportunities [5][39] - The company is actively managing tariff impacts and has been able to neutralize some of the effects thus far [40] - There is a belief that the company is currently in a trough and expects a recovery as customers begin to move forward with their programs [30] Other Important Information - The company completed a share buyback program of 200,000 shares and has authorized an additional program for 400,000 shares [6][13] - Leadership transitions have been completed, with a new board member joining who has significant industry experience [7] Q&A Session Summary Question: Outlook for returnable packaging business - Management noted a quiet market in returnable packaging, particularly in automotive, but believes they are well-positioned to capitalize on any future demand as production shifts back to the U.S. [29][30] Question: Gross margin expectations - Management indicated that while gross margins are currently lower, they expect to improve margins through better sales mix and cost management [33][34]