| Schedule of Consolidated Financial Statements |
Corrected Consolidated Statement of Earnings for the Year Ended December 31, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
Year Ended |
|
|
|
December 31, 2024 |
|
|
|
|
|
December 31, 2024 |
|
|
|
Previously Reported |
|
|
Corrections |
|
|
As Corrected |
|
Net sales |
|
$ |
515,771 |
|
|
$ |
(1,015 |
) |
|
$ |
514,756 |
|
Cost of goods sold |
|
|
326,621 |
|
|
|
580 |
|
|
|
327,201 |
|
Gross margin |
|
|
189,150 |
|
|
|
(1,595 |
) |
|
|
187,555 |
|
Operating earnings |
|
|
72,780 |
|
|
|
(1,595 |
) |
|
|
71,185 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Other income (expense), net |
|
|
(1,603 |
) |
|
|
(1,047 |
) |
|
|
(2,650 |
) |
Total other expense, net |
|
|
(1,557 |
) |
|
|
(1,047 |
) |
|
|
(2,604 |
) |
Earnings before income taxes |
|
|
71,223 |
|
|
|
(2,642 |
) |
|
|
68,581 |
|
Net earnings |
|
$ |
58,114 |
|
|
$ |
(2,642 |
) |
|
$ |
55,472 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.91 |
|
|
|
|
|
$ |
1.82 |
|
Diluted |
|
$ |
1.89 |
|
|
|
|
|
$ |
1.81 |
|
Basic weighted – average common shares outstanding: |
|
|
30,408 |
|
|
|
|
|
|
30,408 |
|
Effect of dilutive securities |
|
|
309 |
|
|
|
|
|
|
309 |
|
Diluted weighted – average common shares outstanding: |
|
|
30,717 |
|
|
|
|
|
|
30,717 |
|
Corrected Consolidated Balance Sheet as of December 31, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
|
December 31, 2024 |
|
|
|
Previously Reported |
|
|
Corrections |
|
|
As Corrected |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
Inventories, net |
|
$ |
53,578 |
|
|
$ |
(1,266 |
) |
|
$ |
52,312 |
|
Other current assets |
|
|
18,716 |
|
|
|
(837 |
) |
|
|
17,879 |
|
Total current assets |
|
|
244,277 |
|
|
|
(2,103 |
) |
|
|
242,174 |
|
Other Assets |
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
199,886 |
|
|
|
1,418 |
|
|
|
201,304 |
|
Total other assets |
|
|
404,539 |
|
|
|
1,418 |
|
|
|
405,957 |
|
Total Assets |
|
$ |
766,112 |
|
|
$ |
(685 |
) |
|
$ |
765,427 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
34,451 |
|
|
|
910 |
|
|
|
35,361 |
|
Total current liabilities |
|
|
97,553 |
|
|
|
910 |
|
|
|
98,463 |
|
Long-term debt |
|
|
91,253 |
|
|
|
1,047 |
|
|
|
92,300 |
|
Total Liabilities |
|
|
235,262 |
|
|
|
1,957 |
|
|
|
237,219 |
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Retained earnings |
|
|
655,493 |
|
|
|
(2,642 |
) |
|
|
652,851 |
|
Total shareholders’ equity before treasury stock |
|
|
1,017,868 |
|
|
|
(2,642 |
) |
|
|
1,015,226 |
|
Total shareholders’ equity |
|
|
530,850 |
|
|
|
(2,642 |
) |
|
|
528,208 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
766,112 |
|
|
$ |
(685 |
) |
|
$ |
765,427 |
|
Corrected Consolidated Statement of Cash Flows for the Year Ended December 31, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
Year Ended |
|
|
|
December 31, 2024 |
|
|
|
|
|
December 31, 2024 |
|
|
|
Previously Reported |
|
|
Corrections |
|
|
As Corrected |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
58,114 |
|
|
$ |
(2,642 |
) |
|
$ |
55,472 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
Inventories |
|
|
11,893 |
|
|
|
580 |
|
|
|
12,473 |
|
Other assets |
|
|
900 |
|
|
|
837 |
|
|
|
1,737 |
|
Accrued expenses and other liabilities |
|
|
(5,255 |
) |
|
|
178 |
|
|
|
(5,077 |
) |
Net cash provided by operating activities |
|
|
99,289 |
|
|
|
(1,047 |
) |
|
|
98,242 |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Payments of long-term debt |
|
|
(891,847 |
) |
|
|
1,047 |
|
|
|
(890,800 |
) |
Net cash (used in) provided by financing activities |
|
$ |
(27,935 |
) |
|
$ |
1,047 |
|
|
$ |
(26,888 |
) |
Corrected Consolidated Statement of Earnings for the Three and Nine Months Ended September 30, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
|
Nine Months Ended |
|
|
|
September 30, 2024 |
|
|
|
|
|
September 30, 2024 |
|
|
September 30, 2024 |
|
|
|
|
|
September 30, 2024 |
|
|
|
Previously Reported |
|
|
Corrections |
|
|
As Corrected |
|
|
Previously Reported |
|
|
Corrections |
|
|
As Corrected |
|
Net sales |
|
$ |
132,424 |
|
|
$ |
(40 |
) |
|
$ |
132,385 |
|
|
$ |
388,336 |
|
|
$ |
(40 |
) |
|
$ |
388,296 |
|
Cost of goods sold |
|
|
82,636 |
|
|
|
559 |
|
|
|
83,195 |
|
|
|
247,086 |
|
|
|
559 |
|
|
|
247,645 |
|
Gross margin |
|
|
49,788 |
|
|
|
(599 |
) |
|
|
49,189 |
|
|
|
141,250 |
|
|
|
(599 |
) |
|
|
140,651 |
|
Operating earnings |
|
|
21,475 |
|
|
|
(599 |
) |
|
|
20,876 |
|
|
|
53,775 |
|
|
|
(599 |
) |
|
|
53,176 |
|
Earnings before income taxes |
|
|
22,447 |
|
|
|
(599 |
) |
|
|
21,848 |
|
|
|
53,872 |
|
|
|
(599 |
) |
|
|
53,273 |
|
Net earnings |
|
$ |
18,683 |
|
|
$ |
(599 |
) |
|
$ |
18,084 |
|
|
$ |
44,508 |
|
|
$ |
(599 |
) |
|
$ |
43,909 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.62 |
|
|
|
|
|
$ |
0.60 |
|
|
$ |
1.46 |
|
|
|
|
|
$ |
1.44 |
|
Diluted |
|
$ |
0.61 |
|
|
|
|
|
$ |
0.59 |
|
|
$ |
1.45 |
|
|
|
|
|
$ |
1.43 |
|
Basic weighted – average common shares outstanding: |
|
|
30,300 |
|
|
|
|
|
|
30,300 |
|
|
|
30,517 |
|
|
|
|
|
|
30,517 |
|
Effect of dilutive securities |
|
|
236 |
|
|
|
|
|
|
236 |
|
|
|
230 |
|
|
|
|
|
|
230 |
|
Diluted weighted – average common shares outstanding: |
|
|
30,536 |
|
|
|
|
|
|
30,536 |
|
|
|
30,747 |
|
|
|
|
|
|
30,747 |
|
Corrected Consolidated Balance Sheet as of September 30, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
|
|
|
|
September 30, 2024 |
|
|
|
Previously Reported |
|
|
Corrections |
|
|
As Corrected |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
Inventories, net |
|
$ |
57,288 |
|
|
$ |
(1,246 |
) |
|
$ |
56,042 |
|
Total current assets |
|
|
255,561 |
|
|
|
(1,246 |
) |
|
|
254,315 |
|
Other Assets |
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
194,821 |
|
|
|
1,418 |
|
|
|
196,239 |
|
Total other assets |
|
|
416,677 |
|
|
|
1,418 |
|
|
|
418,095 |
|
Total Assets |
|
$ |
789,392 |
|
|
$ |
172 |
|
|
$ |
789,564 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
37,249 |
|
|
|
771 |
|
|
|
38,020 |
|
Total current liabilities |
|
|
103,799 |
|
|
|
771 |
|
|
|
104,570 |
|
Total Liabilities |
|
|
258,586 |
|
|
|
771 |
|
|
|
259,357 |
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Retained earnings |
|
|
643,088 |
|
|
|
(599 |
) |
|
|
642,489 |
|
Total shareholders’ equity before treasury stock |
|
|
1,009,937 |
|
|
|
(599 |
) |
|
|
1,009,338 |
|
Total shareholders’ equity |
|
|
530,806 |
|
|
|
(599 |
) |
|
|
530,207 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
789,392 |
|
|
$ |
172 |
|
|
$ |
789,564 |
|
Corrected Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
Nine Months Ended |
|
|
|
September 30, 2024 |
|
|
|
|
|
September 30, 2024 |
|
|
|
Previously Reported |
|
|
Corrections |
|
|
As Corrected |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
44,508 |
|
|
$ |
(599 |
) |
|
$ |
43,909 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
Inventories |
|
|
11,346 |
|
|
|
559 |
|
|
|
11,905 |
|
Accrued expenses and other liabilities |
|
|
(2,645 |
) |
|
|
40 |
|
|
|
(2,605 |
) |
Net cash provided by operating activities |
|
$ |
73,335 |
|
|
$ |
- |
|
|
$ |
73,335 |
|
|