As disclosed in our 2025 Form 10-K/A for the year ended December 31, 2025, we restated our audited consolidated financial statements for the year ended December 31, 2025, and our unaudited quarterly financial information for each quarter in the year ended December 31, 2025 (the “Affected Periods”), among other periods, and corrected certain other immaterial items that were previously identified and concluded as immaterial, individually and in the aggregate, to its financial statements during the Affected Periods as further described below.

While preparing the first quarter of 2026 consolidated financial statements, management identified an error in our historical consolidated financial statements for the Affected Periods relating to the timing of stock-based compensation expense recognition (the “Error”). In particular, the Company did not apply the proper accounting for changes made in April 2024 to the retirement provision in the Company’s performance stock unit and restricted stock unit award agreements and did not record stock-based compensation expense in the correct periods for retirement eligible employees. As a result of the changes to the stock unit award agreements in April 2024, the stock-based compensation expense for any employee eligible for retirement on or before the grant date should have been accelerated and fully recognized on the grant date. Further, the stock-based compensation expense related to employees expected to become retirement eligible during the vesting period should have been accelerated and recognized from the grant date through the retirement eligible date instead of being recognized over the typical vesting period applicable to other employees. The correction for the Error impacted (i) selling, general and administrative expenses, (ii) accrued and other liabilities, (iii) other long-term liabilities, and (iv) additional paid-in capital.

Additionally, the Company corrected certain immaterial items that were previously corrected out of period and that were previously identified and concluded as immaterial, individually and in the aggregate, to its consolidated financial statements during the Affected Periods. These items primarily related to (i) revenue and cost of sales being recognized in the wrong period, which also impacted accounts receivable, contract assets, inventory, and other current assets (ii) employee compensation and benefits costs being recorded in the wrong period which also impacted accrued and other liabilities and other long-term liabilities, and (iii) incorrect netting of contract liabilities against contract assets. In addition, the tax effects of these adjustments impacted other current assets and deferred income taxes.

This Quarterly Report on Form 10-Q (“Form 10-Q”) for the quarter ended April 4, 2026 includes the impact of the restatement on the comparative unaudited quarterly financial information for the quarter ended March 29, 2025. In addition, our future Form 10-Qs for subsequent quarterly periods during 2026 will reflect the impact of the restatement in the 2025 comparative prior quarter and year-to-date periods. Certain reclassifications have been made to prior period amounts to conform to the current year’s presentation.

The account balances labeled “As Previous Reported” in the following tables for the quarter ended March 29, 2025 represent the previously reported unaudited balances in our Form 10-Q for the quarter ended March 29, 2025. The effects of the prior period errors on our unaudited condensed consolidated financial statements are as follows (dollars in thousands, except per share data):


	March 29, 2025
Unaudited Condensed Consolidated Balance Sheet:	As Previously Reported		Adjustments (B)			As Restated
Assets
Current Assets
Cash and cash equivalents	$	30,732	$	—		$	30,732
Accounts receivable, net of allowance for credit losses of $2,122 at March 29, 2025	119,154		(1,307)			117,847
Contract assets	210,897		(434)			210,463
Inventories	197,414		595			198,009
Production cost of contracts	6,699		—			6,699

Other current assets	13,641		714			14,355

Total Current Assets	578,537		(432)			578,105
Property and Equipment, Net of Accumulated Depreciation of $197,524 at March 29, 2025	109,075		—			109,075
Operating Lease Right-of-Use Assets	26,423		—			26,423
Goodwill	244,600		—			244,600
Intangibles, Net	145,403		—			145,403
Deferred Income Taxes	4,245		167		(A)	4,412
Other Assets	20,332		—			20,332
Total Assets	$	1,128,615	$	(265)		$	1,128,350
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable	$	80,290	$	—		$	80,290
Contract liabilities	37,496		—			37,496
Accrued and other liabilities	34,365		(1,677)		(A)	32,688
Operating lease liabilities	8,721		—			8,721
Current portion of long-term debt	12,500		—			12,500

Total Current Liabilities	173,372		(1,677)			171,695
Long-Term Debt, Less Current Portion	229,920		—			229,920
Non-Current Operating Lease Liabilities	19,103		—			19,103

Other Long-Term Liabilities	13,213		2,352		(A)	15,565
Total Liabilities	435,608		675			436,283
Commitments and Contingencies
Shareholders’ Equity
Common Stock - $0.01 par value; 35,000,000 shares authorized; 14,868,305 shares issued and outstanding at March 29, 2025	149		—			149

Additional Paid-In Capital	219,842		17,987		(A)	237,829
Retained Earnings	463,986		(18,927)			445,059
Accumulated Other Comprehensive Income	9,030					9,030
Total Shareholders’ Equity	693,007		(940)			692,067
Total Liabilities and Shareholders’ Equity	$	1,128,615	$	(265)		$	1,128,350


	Three Months Ended March 29, 2025
Unaudited Condensed Consolidated Statement of Income:	As Previously Reported		Adjustments (B)			As Restated
Net Revenues	$	194,114	$	(1,633)		$	192,481
Cost of Sales	142,517		(487)			142,030
Gross Profit	51,597		(1,146)			50,451
Selling, General and Administrative Expenses	34,594		10,456		(A)	45,050
Restructuring Charges	426		—			426
Operating Income	16,577		(11,602)			4,975
Interest Expense	(3,263)		—			(3,263)



Income Before Taxes	13,314		(11,602)			1,712
Income Tax Expense	2,803		(2,493)		(A)	310
Net Income	$	10,511	$	(9,109)		$	1,402
Earnings Per Share
Basic earnings per share	$	0.71				$	0.09
Diluted earnings per share	$	0.69				$	0.09
Weighted-Average Number of Common Shares Outstanding
Basic	14,856					14,856
Diluted	15,177					15,177


	Three Months Ended March 29, 2025
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss):	As Previously Reported		Adjustments		As Restated
Net Income	$	10,511	$	(9,109)	$	1,402
Other Comprehensive (Loss) Income, Net of Tax:
Amortization of actuarial losses and prior service costs, net of tax of $6 for the three months ended March 29, 2025.	20		—		20

Change in net unrealized losses on cash flow hedges, net of tax benefit of $715 for the three months ended March 29, 2025.	(2,374)		—		(2,374)
Other Comprehensive Loss, Net of Tax	(2,354)		—		(2,354)
Comprehensive Income (Loss)	$	8,157	$	(9,109)	$	(952)


	Three Months Ended March 29, 2025
Unaudited Condensed Consolidated Statement of Cash Flows:	As Previously Reported		Adjustments (B)			As Restated
Cash Flows from Operating Activities
Net Income	$	10,511	$	(9,109)	(A)	$	1,402
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
Depreciation and amortization	8,584		—			8,584
Non-cash operating lease cost	2,194		—			2,194



Stock-based compensation expense	5,347		10,387		(A)	15,734
Deferred income taxes	(1,296)		—			(1,296)

Recovery of credit losses	(54)		—			(54)



Other	307		—			307
Changes in Assets and Liabilities:
Accounts receivable	(9,384)		1,308			(8,076)
Contract assets	(10,313)		325			(9,988)
Inventories	(533)		(486)			(1,019)
Production cost of contracts	(16)		—			(16)
Other assets	3,622		(709)			2,913
Accounts payable	4,929		—			4,929
Contract liabilities	3,051		—			3,051
Operating lease liabilities	(1,918)		—			(1,918)
Accrued and other liabilities	(14,260)		(1,716)		(A)	(15,976)
Net Cash Provided by Operating Activities	771		—			771
Cash Flows from Investing Activities
Purchases of property and equipment	(4,815)		—			(4,815)





Net Cash Used in Investing Activities	(4,815)		—			(4,815)
Cash Flows from Financing Activities


Borrowings from senior secured revolving credit facility	15,000		—			15,000
Repayments of senior secured revolving credit facility	(15,000)		—			(15,000)


Repayments of other debt	(96)		—			(96)






Net cash paid upon issuance of common stock under stock plans	(2,267)		—			(2,267)
Net Cash Used in Financing Activities	(2,363)		—			(2,363)
Net Decrease in Cash and Cash Equivalents	(6,407)		—			(6,407)
Cash and Cash Equivalents at Beginning of Period	37,139		—			37,139
Cash and Cash Equivalents at End of Period	$	30,732	$	—		$	30,732

Note A: The correction for the Error impacted (i) selling, general and administrative expenses which impacted net income by $10.4 million, (ii) accrued and other liabilities by less than $0.1 million, and (iii) other long-term liabilities (which is included in accrued and other liabilities above) by less than $0.1 million. See description of the Error in the paragraphs above.