ASCENT INDUSTRIES CO.
For the period ended Mar 31, 2026. Filed May 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
ACNT$13.74+1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0000095953-25-000124
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0000095953-26-000076
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 75 previous paragraphs and 67 current paragraphs.
41 unchanged; 21 reworded; 4 added; 13 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Following the February 20, 2026, Supreme Court ruling regarding the imposition of tariffs under the International Emergency Economic Powers Act (IEEPA), U.S. Customs and Border Protection is developing refund procedures for tariffs previously paid under IEEPA. Concurrently, the Administration imposed a temporary 10% general tariff under Section 122 of the Trade Act of 1974 subject to several exemptions, including the import into the United States of certain aerospace products. These developments did not have a material impact on our financial position, results of operations and cash flows during the first quarter of 2026.
Current report
For the first quarter of 2026, consolidated gross profit decreased 8.4% to $2.8 million, or 14.5% of sales, compared to $3.1 million, or 17.2% of sales in the first quarter of 2025. The decrease for the first quarter was primarily attributable to the timing of manufacturing variances and cost recovery in relation to sales.
Current report
Interest income was $0.3 million for the first quarter of 2026 compared to interest expense of $0.1 million for the first quarter of 2025. The change was driven by a higher interest-bearing cash balance in the current year compared to the prior year. The Company had no debt outstanding under its credit facilities in either period.
Current report
The Facility contains covenants requiring the maintenance of a minimum consolidated fixed charge coverage ratio if excess availability falls below the greater of (i) $4.5 million and (ii) 15% of the revolving credit facility. As of March 31, 2026, the Company was in compliance with all financial debt covenants.
Removed paragraphs (13)
Previous report
During the third quarter, the Company's first as a pure-play specialty chemicals company, we delivered continued earnings improvements with our strongest earnings performance since 2022. Gross profit nearly doubled year-over-year with margins continuing to expand reflecting disciplined sourcing, focused product line management and operational rigor even in a demand environment that remains muted across many end markets. The discussion and analysis of our results of operations refers to continuing operations unless noted.
Previous report
Divestiture of American Stainless Tubing
Previous report
On June 23, 2025, the Company and its wholly-owned subsidiary American Stainless Tubing, Inc. ("ASTI"), entered into an Asset Purchase Agreement (the “Purchase Agreement”) pursuant to which they sold substantially all of the assets related to ASTI to First Tube, LLC., a Texas limited liability company and wholly-owned subsidiary of Triple-S Steel Holdings, Inc (the “Purchaser”). On June 30, 2025, the Company and Purchaser completed the transaction contemplated by the Purchase Agreement. The consideration for the transaction was approximately $16 million of cash proceeds, of which $0.8 million was placed in an escrow account to be received in 12 months from the closing date. The escrow amount is presented within "Advances and other receivables" on the condensed consolidated balance sheets. The sale resulted in a preliminary, pretax gain on sale of $4.6 million, subject to certain measurement period closing adjustments. ASTI's results of operations are classified under discontinued operations for all periods presented. Prior to the divestiture, ASTI was reported under the Company's former Tubular Products segment.
Previous report
Divestiture of Bristol Metals
Previous report
On March 12, 2025, the Company and its wholly-owned subsidiaries Synalloy Metals, Inc. ("Synalloy Metals") and Bristol Metals, LLC. ("BRISMET"), entered into an Asset Purchase Agreement (the “Purchase Agreement”) pursuant to which they sold substantially all of the assets related to BRISMET to Bristol Pipe and Tube, Inc., a Delaware corporation and wholly-owned subsidiary of Ta Chen International, Inc. (the “Purchaser”). Ascent and Purchaser also entered into a Transition Services Agreement (the “TSA”) dated March 12, 2025, pursuant to which Ascent has agreed to provide certain transition services to Purchaser immediately after the closing for certain agreed upon transition periods. On April 4, 2025, the Company and Purchaser completed the transaction contemplated by the Purchase Agreement. The consideration for the transaction was approximately $45 million of cash proceeds, of which $4.5 million was placed in an escrow account to be received in 18 months from the closing date. The escrow amount is presented within "Advances and other receivables" on the condensed consolidated balance sheets. During the three months ended September 30, 2025, the Company and Purchaser completed the measurement period closing adjustments under the terms of the Purchase Agreement resulting in a pretax gain on sale of $2.5 million. As result of the sale, BRISMET results of operations are classified under discontinued operations for all periods presented. Prior to the divestiture, BRISMET was reported under the Company's former Tubular Products segment.
Previous report
Consolidated net sales for the nine months ended September 30, 2025 were$56.2 million, a decrease of$6.5 million, or 10.3%, compared to net sales for the nine months ended September 30, 2024. The decrease in net sales was primarily driven by a 23.1% decrease in pounds shipped partially offset by a 15.4% increase in average selling prices.
Previous report
For the third quarter of 2025, consolidated gross profit increased 94.2% to $5.8 million, or 29.7% of sales, compared to $3.0 million, or 14.4% of sales in the third quarter of 2024. For the nine months ended September 30, 2025, consolidated gross profit increased 91.1% to $13.8 million, or 24.5% of sales, compared to $7.2 million, or 11.5% of sales in the nine months ended September 30, 2024. The increase for the third quarter was primarily attributable to continued sourcing improvements resulting in lower raw material costs as well as reductions in other production related costs. The increase for the nine months ended September 30, 2025 was primarily attributable to aforementioned price gains, continued sourcing improvements resulting in lower raw material costs, reductions in production related costs and a reclass of $1.2 million from cost of good sold to SG&A to better reflect the nature of the ongoing Munhall and Palmer facility expenses.
Previous report
Consolidated selling, general, and administrative expense (SG&A) for the nine months ended September 30, 2025 was $17.6 million, or 31.3% of sales, compared to $15.5 million, or 24.8% of sales in the nine months ended September 30, 2024. The increase in SG&A expense for the nine months ended September 30, 2025 was primarily driven by increases in salaries, wages and benefits, stock compensation, incentive bonus, taxes and licenses and utilities expenses, partially offset by decreases in professional fees and bad debt expense. The increase in SG&A is attributable to the aforementioned reclass of $1.2 million from cost of good sold to SG&A, and other labor related increases, partially offset by decrease in professional fees and bad debt expense.
Previous report
Gross profit for the third quarter of 2025 increased to $5.8 million, or 29.7% of sales, compared to $3.1 million, or 15.0% of sales in the third quarter of 2024. Gross profit for the nine months ended September 30, 2025 increased to $13.8 million, or
Previous report
24.5% of sales, compared to $7.6 million, or 12.1% of sales in the nine months ended September 30, 2024. The increases for the third quarter and nine months were primarily attributable to higher selling prices and continued sourcing improvements resulting in lower raw material cost.
Previous report
Unallocated corporate and other expenses for the nine months ended September 30, 2025 increased $0.6 million, or 8.0%, to $8.3 million, or 14.8% of sales, compared to $7.7 million, or 12.3% of sales, in the prior year. The nine months of 2025 increase in dollars was primarily driven by increases in salaries, wages and benefits, incentive bonus, tax and licenses and insurance expenses, partially offset by decreases in professional fees and corporate allocation expense related to the divestiture of BRISMET and ASTI and professional fees.
Previous report
Interest income was $0.5 million and $0.4 million for the third quarter and nine months of 2025 compared to interest expense of $0.1 million and $0.3 million for the third quarter and nine months of 2024 due to escrow interest from ASTI and BRIMET divestiture. The Company had no debt outstanding in either period.
Previous report
On April 4, 2025, Ascent entered into a Limited Consent, Fourth Amendment to Credit Agreement to Loan Documents with BMO Bank N.A. under Ascent’s credit facility (the “Fourth Credit Facility Amendment”) which released the lien on the assets of BRISMET and removed BRISMET as a loan party and reduced the maximum revolving loan commitment under the credit facility from $60 million to $30 million.
Reworded paragraphs (21)
Previous wording
This discussion and analysis summarizes the significant factors affecting our consolidated operating results, liquidity, and capital resources during the three and nine months ended September 30, 2025 and 2024, respectively. We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our financial statements. This discussion and analysis should be read in conjunction with the consolidated financial statements and notes to the consolidated financial statements that are included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the Annual Report), as well as the condensed consolidated financial statements (unaudited) and notes to the condensed consolidated financial statements (unaudited) contained in this report. Unless otherwise specified, all comparisons made are to the corresponding period of 2024. This discussion and analysis is presented in five sections:
Current wording
This discussion and analysis summarizes the significant factors affecting our consolidated operating results, liquidity, and capital resources during the three and three months ended March 31, 2026 and 2025, respectively. We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our financial statements. This discussion and analysis should be read in conjunction with the consolidated financial statements and notes to the consolidated financial statements that are included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the Annual Report), as well as the condensed consolidated financial statements (unaudited) and notes to the condensed consolidated financial statements (unaudited) contained in this report. Unless otherwise specified, all comparisons made are to the corresponding period of 2025. This discussion and analysis is presented in five sections:
Previous wording
We continue to monitor macroeconomic trends and uncertainties such as key material inflation, the effects of recently implemented tariffs, and the potential imposition of modified or additional tariffs, which may have adverse effects on net sales and profitability. As a result of the recent tariffs announced by the U.S. presidential administration and potential tariff modifications or the imposition of tariffs or export controls by other countries, we have worked with our suppliers to mitigate supply chain challenges, cost volatility, and consumer and economic uncertainty due to rapid changes in global trade policies. Much of our raw material used in production is domestically sourced and while we do not expect these factors to result in a material negative effect on our net sales or profitability for the remainder of fiscal year 2025, we are continuing to evaluate these factors and their potential effects as well as our ability to potentially offset all or a portion of cost increases through pricing actions and additional cost savings efforts. Economic pressures on customers and consumers, including the challenges of high inflation and the effects of increased tariffs, may negatively affect our net sales and profitability in the future.
Current wording
We continue to monitor macroeconomic trends and uncertainties such as key material inflation, the effects of recently implemented tariffs, and the potential imposition of modified or additional tariffs, which may have adverse effects on net sales and profitability. As a result of the tariffs announced by the U.S. presidential administration and continued tariff modifications or the imposition of tariffs or export controls by other countries, we have worked with our suppliers to mitigate supply chain challenges, cost volatility, and consumer and economic uncertainty due to rapid changes in global trade policies. Much of our raw material used in production is domestically sourced and we are continuing to evaluate these factors and their potential effects as well as our ability to potentially offset all or a portion of cost increases through pricing actions and additional cost savings efforts. Economic pressures on customers and consumers, including the challenges of inflation and the effects of increased tariffs, may negatively affect our net sales and profitability in the future. In addition, geopolitical conflicts, including the continuation or escalation of events like the U.S.-Israel-Iran conflict may also disrupt business operations of suppliers and/or customers, causing supply chain constraints or delays, increased pricing or delayed spending by our customers. The full impact of such events are not known at this time, but they could have a material adverse impact on our business, financial condition, results of operations, and stock price.
Previous wording
Consolidated net sales for the third quarter of 2025 were $19.7 million, a decrease of$1.2 million, or 5.7%, compared to net sales for the third quarter of 2024. The decrease in net sales was primarily driven by a 12.4% decrease in pounds shipped partially offset by a 6.3% increase in average selling prices.
Current wording
Consolidated net sales for the first quarter of 2026 were $19.4 million, an increase of$1.6 million, or 8.9%, compared to net sales for the first quarter of 2025. The increase in net sales was primarily driven by a 7.6% increase in pounds shipped and a 5.2% increase in average selling prices.
Previous wording
Consolidated selling, general, and administrative expense (SG&A) for the third quarter of 2025 increased $1.2 million to $6.3 million, or 31.7% of sales, compared to $5.0 million, or 24.1% of sales in the third quarter of 2024. The increase in SG&A expense for the third quarter of 2025 was primarily driven by increases in salaries, wages and benefits, stock compensation, incentive bonus, taxes and licenses, utilities and insurance expense, partially offset by decreases in professional fees.
Current wording
Consolidated selling, general, and administrative expense (SG&A) for the first quarter of 2026 increased $0.3 million to $5.1 million, or 26.4% of sales, compared to $4.9 million, or 27.3% of sales in the first quarter of 2025. The increase in SG&A expense for the first quarter of 2026 was primarily driven by increases in salaries, wages and benefits, rent expense and stock compensation expense partially offset by decreases in incentive bonus.
Previous wording
Consolidated operating loss in the third quarter of 2025 totaled $0.8 million compared to operating loss of $2.0 million in the third quarter of 2024. Consolidated operating loss in the nine months ended September 30, 2025 totaled $5.5 million compared to operating loss of $8.3 million in the nine months ended September 30, 2024. The operating loss decrease in the third quarter of 2025 and nine months ended September 30, 2025 was primarily driven by aforementioned increase in gross profit offset by increases in SG&A expense.
Current wording
Consolidated operating loss in the first quarter of 2026 totaled $2.4 million compared to an operating loss of $2.0 million in the first quarter of 2025. The operating loss increase in the first quarter of 2026 was primarily driven by aforementioned decrease in gross profit and increase in SG&A expense.
Previous wording
SG&A expense for the third quarter of 2025 was $3.7 million, or 18.8% of sales, compared to $2.7 million, or 13.2% of sales in the third quarter of 2024. SG&A expense for the nine months ended September 30, 2025 was $9.3 million, or 16.5% of sales, compared to $8.2 million, or 13.1% of sales in the nine months ended September 30, 2024. The increase in dollars for the third quarter and nine months ended September 30, 2025 were driven by increases in corporate expense allocation, offset by decreases in salaries, wages and benefits, incentive bonus, professional fees and bad debt expense.
Current wording
SG&A expense for the first quarter of 2026 was $4.9 million, or 25.1% of sales, compared to $2.9 million, or 16.3% of sales in the first quarter of 2025. The increase in dollars for the first quarter of 2026 was primarily driven by increases in corporate expense allocation, salaries, wages and benefits and miscellaneous expense partially offset by decreases in incentive bonus.
Previous wording
Operating income increased to $2.1 million for the third quarter of 2025 compared to operating income of $0.4 million for the third quarter of 2024. Operating income increased to $4.4 million for the nine months ended September 30, 2025 compared to operating loss of $0.6 million for the nine months ended September 30, 2024. The current year increases in operating income was primarily driven by the aforementioned increases in gross profit offset by increase in SG&A expense.
Current wording
Operating loss increased to $2.1 million for the first quarter of 2026 compared to operating income of $0.8 million for the first quarter of 2025. The current year increase in operating loss was primarily driven by the aforementioned decreases in gross profit and increase in SG&A expense.
Previous wording
Unallocated corporate and other expenses for the third quarter of 2025 increased $0.1 million, or 6.0%, to $2.6 million, or 13.0% of sales, compared to $2.4 million, or 11.6% of sales, in the prior year. The third quarter of 2025 increase in dollars was primarily driven by increases in salaries, wages and benefits, professional fees, taxes and licenses and insurance expenses, partially offset by decreases in corporate allocation expense related to the divestiture of BRISMET and ASTI.
Current wording
Unallocated corporate and other expenses for the first quarter of 2026 decreased $2.6 million, or 91.4%, to $0.2 million, or 1.2% of sales, compared to $2.8 million, or 15.7% of sales, in the prior year. The first quarter of 2026 decrease in dollars was primarily driven by increases corporate allocation as well as decreases in incentive bonus, professional fees, taxes and licenses partially offset by increases in salaries, wages and benefits.
Previous wording
The effective tax rate for continuing operations was 0.7% and (92.3)% for the three and nine months ended September 30, 2025, respectively. The three and nine months ended September 30, 2025 effective tax rate was lower than the U.S. statutory rate of 21.0% primarily due to the valuation allowance over federal and U.S. state deferred tax assets.
Current wording
The effective tax rate for continuing operations was (6.1)% and (8.4)% for the three months ended March 31, 2026 and 2025, respectively. The three months ended March 31, 2026 effective tax rate was lower than the U.S. statutory rate of 21.0% primarily due to changes in the valuation allowance over federal and U.S. state deferred tax assets.The three months ended March 31, 2025 effective tax rate was lower than the U.S. statutory rate of 21.0% primarily due to the valuation allowance over federal and U.S state deferred tax assets.
Previous wording
We define "EBITDA" as earnings before interest, income taxes, depreciation and amortization. We define "Adjusted EBITDA" as EBITDA further adjusted for the impact of non-cash and other items we do not consider in our evaluation of ongoing performance. These items include: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, shelf registration costs, loss on extinguishment of debt, retention costs and restructuring and severance costs from net income. We caution investors that amounts presented in accordance with our definitions of EBITDA and Adjusted EBITDA may not be comparable to similar measures disclosed by other companies because not all companies calculate EBITDA and Adjusted EBITDA in the same manner. We present EBITDA and Adjusted EBITDA because we consider them to be important supplemental measures of our performance and investors' understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations.
Current wording
We define "EBITDA" as earnings before interest, income taxes, depreciation and amortization. We define "Adjusted EBITDA" as EBITDA further adjusted for the impact of non-cash and other items we do not consider in our evaluation of ongoing performance. These items include: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, shelf registration costs, loss on extinguishment of debt, retention costs and restructuring and severance costs from net income. We caution investors that amounts presented in accordance with our definitions of EBITDA and Adjusted EBITDA may not be comparable to similar measures disclosed by other companies because not all companies calculate EBITDA and Adjusted EBITDA in the same manner. We present
Previous wording
Funds generated by operating activities supplemented by our available cash and cash equivalents and our credit facilities are our most significant sources of liquidity. As of September 30, 2025, we held $58.0 million of cash and cash equivalents, as well as $13.7 million of remaining available capacity on our revolving line of credit. We believe our sources of liquidity will be sufficient to fund operations and anticipated capital expenditures as well as repay our debt obligations as they become due over the next 12 months and beyond.
Current wording
Funds generated by operating activities supplemented by our available cash and cash equivalents and our credit facilities are our most significant sources of liquidity. As of March 31, 2026, we held $47.8 million of cash and cash equivalents, as well as $14.2 million of remaining available capacity on our revolving line of credit. We believe our sources of liquidity will be sufficient to fund operations and anticipated capital expenditures as well as repay our debt obligations as they become due over the next 12 months and beyond.
Previous wording
The increase in cash used in operating activities for the nine months ended September 30, 2025, compared to cash provided by operating activities in the nine months ended September 30, 2024, was primarily driven by changes in working capital and increases in advances partially offset by decreases in net loss year over year. Changes in working capital can vary significantly depending on factors such as the timing of inventory production and purchases, customer payments of accounts receivable and payments to vendors in the regular course of business. Inventory decreased operating cash flows for the first nine months of 2025 by $1.5 million compared to an increase of $3.7 million for the first nine months of 2024, while accounts payable decreased operating cash flows by $1.5 million for the first nine months of 2025, compared to decrease of $2.6 million in the first nine months of 2024. The changes in inventory and accounts payable is primarily driven by higher inventory purchases to match inventory levels with expected sales growth, higher inventory turns year-over-year and decreases in days payables outstanding. Accounts receivable and advances decreased operating cash flows by $5.2 million in the first nine months of 2025 compared to a $0.2 million decrease in the first nine months of 2024. The decrease in cash generated by accounts receivable and advances is primarily driven by the $5.3 million of escrow receivables from the BRISMET and ASTI divestitures partially offset by a slight decrease in days sales outstanding compared to the first nine months of 2024.
Current wording
The increase in cash used in operating activities for the three months ended March 31, 2026, compared to cash used in operating activities in the three months ended March 31, 2025, was primarily driven by changes in working capital. Changes in working capital can vary significantly depending on factors such as the timing of inventory production and purchases, customer payments of accounts receivable and payments to vendors in the regular course of business. Accounts payable decreased operating cash flows by $1.2 million for the first three months of 2026, compared to increase of $0.2 million in the first three months of 2025. The change in accounts payable is primarily due to a decrease in days payables outstanding. Accounts receivable and advances decreased operating cash flows by $2.5 million in the first three months of 2026 compared to a $1.1 million decrease in the first three months of 2025. The decrease in cash generated by accounts receivable and advances is primarily driven by an increase in net sales in the current period partially offset by a decrease in days sales outstanding compared to the first three months of 2025. Inventory increased operating cash flows for the first three months of 2026 by $1.3 million compared to a decrease of $1.1 million for the first three months of 2025. The change in inventory is primarily driven by lower inventory purchases in the first three months of 2026 compared to the first three months of 2025 coupled with similar days inventory outstanding year over year.
Previous wording
Net cash used in investing activities primarily consists of transactions related to capital expenditures. The increase in cash used in investing activities for the nine months ended September 30, 2025 compared to the cash used in investing activities for the nine months ended September 30, 2024 was primarily due to increases in capital expenditures in the current year compared to the prior year.
Current wording
Net cash used in investing activities primarily consists of transactions related to capital expenditures. The increase in cash used in investing activities for the three months ended March 31, 2026 compared to the cash used in investing activities for the three months ended March 31, 2025 was primarily due to increases in capital expenditures in the current year compared to the prior year.
Previous wording
Net cash used in financing activities primarily consists of transactions related to our credit facilities and share repurchases. The increase in cash used in financing activities for the nine months ended September 30, 2025 compared to cash used in financing activities for the nine months ended September 30, 2024 was primarily due to increased repurchases of common stock. The Company had no debt outstanding as of September 30, 2025 and December 31, 2024.
Current wording
Net cash used in financing activities primarily consists of transactions related to our credit facilities and share repurchases. The increase in cash used in financing activities for the three months ended March 31, 2026 compared to cash used in financing activities for the three months ended March 31, 2025 was primarily due to increased repurchases of common stock. The Company had no debt outstanding under its credit facilities as of March 31, 2026 and December 31, 2025.
Previous wording
The Company has a note payable in the amount of $1.1 million with an annual interest rate of 3.68% maturing April 1, 2026, associated with the financing of the Company's insurance premium in 2025. As of September 30, 2025, the outstanding balance was $0.8 million.
Current wording
The Company has a note payable in the amount of $1.1 million with an annual interest rate of 3.68% maturing April 1, 2026, associated with the financing of the Company's insurance premium in 2025. As of March 31, 2026, the outstanding balance was $0.1 million.
Previous wording
On June 30, 2025, Ascent entered into a Limited Consent, Fifth Amendment to Credit Agreement to Loan Documents with BMO Bank N.A. under Ascent’s credit facility (the “Fifth Credit Facility Amendment”) which released the lien on the assets of ASTI and removed ASTI as a loan party. The maximum revolving loan commitment under the credit facility remains $30 million with an interest rate between 1.85% and 2.35%, depending on average availability under the credit facility and the Company's consolidated fixed charge coverage ratio. The term of the credit facility remains through December 31, 2027.
Current wording
On December 10, 2025, Ascent Industries Co. (“Ascent”) entered into a Limited Waiver, Consent and Sixth Amendment to Credit Agreement and Omnibus Amendment to Loan Documents with BMO Bank N.A. and the other lenders under Ascent’s credit facility (the “Sixth Credit Facility Amendment”). The maximum revolving loan commitment under the credit facility remains $30 million with an interest rate between 1.85% and 2.35%, depending on average availability under the credit facility and the Company's consolidated fixed charge coverage ratio. The term of the credit facility remains through December 31, 2027.
Previous wording
The Company had no debt outstanding under its credit facilities as of September 30, 2025 and December 31, 2024. See Note 8 for additional information on the Company's debt.
Current wording
As of March 31, 2026, the Company had no principal payments outstanding on long-term debt. See Note 8 in the unaudited notes to the consolidated financial statements for additional information on the Company's line of credit.
Previous wording
We have a share repurchase program, authorized by the Company's Board of Directors, that is executed through purchases made from time to time at prevailing market prices, through open market or privately negotiated transactions, depending on market conditions. Shares repurchased are returned to status of authorized, but unissued shares of common stock or held in treasury. As of September 30, 2025, the Company has 274,970 shares of its share repurchase authorization remaining.
Current wording
We have a share repurchase program, authorized by the Company's Board of Directors, that is executed through purchases made from time to time at prevailing market prices, through open market or privately negotiated transactions, depending on market conditions. Shares repurchased are returned to status of authorized, but unissued shares of common stock or held in treasury. As of March 31, 2026, the Company has 1,702,809 shares of its share repurchase authorization remaining.
Previous wording
Shares repurchased for the three and nine months ended September 30, 2025 and 2024 were as follows:
Current wording
Shares repurchased for the three months ended March 31, 2026 and 2025 were as follows:
Previous wording
•Operating and Finance Leases - The Company enters into various lease agreements for the real estate and manufacturing equipment used in the normal course of business. Operating and finance lease obligations were $20.7 million, with $1.3 million payable within 12 months. See Note 9 for further detail of our lease obligations and the timing of expected future payments.
Current wording
•Operating and Finance Leases - The Company enters into various lease agreements for the real estate and manufacturing equipment used in the normal course of business. Operating and finance lease obligations were $13.1 million, with $1.1 million payable within 12 months. See Note 9 for further detail of our lease obligations and the timing of expected future payments.
Previous wording
The Company has no off-balance sheet arrangements that are reasonably likely to have a material current or future effect on the Company's financial position, revenues, results of operations, liquidity, or capital expenditures. We expect capital spending to be as much as $1.6 million for the remainder of fiscal 2025.
Current wording
The Company has no off-balance sheet arrangements that are reasonably likely to have a material current or future effect on the Company's financial position, revenues, results of operations, liquidity, or capital expenditures. We expect capital spending to be as much as $5.1 million for the remainder of fiscal 2026.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
EBITDA and Adjusted EBITDA because we consider them to be important supplemental measures of our performance and investors' understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations.