v3.25.4
SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
DIVIDEND DECLARATION
On January 29, 2026, the Board declared the cash dividend of $0.08 per share to be paid on March 20, 2026, to all holders of record of Common Stock at the close of business on March 6, 2026. Total dividend payment of $4.7 million is expected to be paid from available cash on hand.
SHARE REPURCHASE PROGRAM
On March 10, 2026, the Company’s Board of Directors authorized an additional $2.0 million to purchase the Company’s common stock under its existing share repurchase program. This authorization increases the total amount approved for repurchases under the plan to $6.0 million. Under the stock repurchase program, we may repurchase shares through open market purchases, privately negotiated transactions, block purchases, or otherwise in accordance with applicable federal securities laws. The stock repurchase program has no expiration date and may be modified, suspended, or discontinued at any time at the Company’s discretion.
SENIOR SECURED REVOLVING CREDIT FACILITY
On March 12, 2026, the Company entered into a Credit Agreement with Citibank, N.A., providing for a $10.0 million Senior Secured Revolving Credit Facility (the "Credit Facility"). The Credit Facility has a three-year term maturing on March 11, 2029, and is secured by a first-priority lien on substantially all assets of the Company and its domestic subsidiaries. Borrowings under the Credit Facility bear interest at a rate per annum equal to, at the Company's option, either (i) a floating base rate plus 3.00% or (ii) Adjusted Term SOFR plus 3.00%. The Company is required to pay an unused fee of 0.35% per annum on on the average daily unused portion of the facility.
The Credit Facility includes a $2.0 million sublimit for the issuance of letters of credit and an accordion feature allowing the Company to request increases in the revolving commitment an aggregate principal amount of $20.0 million, subject to lender consent. The Credit Facility contains customary financial covenants, including a Consolidated Leverage Ratio not to exceed 3.00:1.00 and a Consolidated Interest Coverage Ratio of not less than 3.00:1.00. Additionally, the agreement restricts the payment of cash dividends or the repurchase of equity interests unless the Company maintains liquidity (defined as unrestricted cash plus facility availability) of at least $10.0 million, after giving effect to such payment. As of the date of this filing, there are no outstanding borrowings under the Credit Facility.