Karat Packaging Inc
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
KRT$37.79+3.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Net sales | $405,651 | $422,957 |
| Cost of goods sold | 252,608 | 290,871 |
| Gross profit | 153,043 | 132,086 |
| Operating expenses: | ||
| Selling expenses | 41,490 | 35,844 |
| General and administrative expenses (including $2,749 and $2,775 associated with variable interest entity for the years ended December 31, 2023 and 2022, respectively) | 66,952 | 66,259 |
| Impairment expense and loss (gain), net, on disposal of machinery | 2,525 | (32) |
| Total operating expenses | 110,967 | 102,071 |
| Operating income | 42,076 | 30,015 |
| Other income (expenses) | ||
| Rental income (including $981 and $949 associated with variable interest entity for the years ended December 31, 2023 and 2022, respectively) | 1,090 | 949 |
| Other expense, net | (45) | (228) |
| Gain on foreign currency transactions | 103 | 1,568 |
| Interest income (including $606 and $2,171 associated with variable interest entity for the years ended December 31, 2023 and 2022, respectively) | 1,803 | 2,226 |
| Interest expense (including $2,019 and $1,821 associated with variable interest entity for the years ended December 31, 2023 and 2022, respectively) | (2,043) | (2,017) |
| Total other income, net | 908 | 2,498 |
| Income before provision for income taxes | 42,984 | 32,513 |
| Provision for income taxes | 9,804 | 6,676 |
| Net income | 33,180 | 25,837 |
| Net income attributable to noncontrolling interest | 710 | 2,189 |
| Net income attributable to Karat Packaging Inc. | $32,470 | $23,648 |
| Basic and diluted earnings per share: | ||
| Basic | $1.63 | $1.19 |
| Diluted | $1.63 | $1.19 |
| Weighted average common shares outstanding, basic | 19,904,698 | 19,824,911 |
| Weighted average common shares outstanding, diluted | 19,977,712 | 19,925,905 |
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