Graham Corporation’s Gross Margin Expands 660 Basis Points on Sales of $43.8 Million in Third Quarter of Fiscal 2024
-
Third Quarter Sales Grew 10% to
$43.8 Million Driven by Defense Projects and Aftermarket Sales in Support of Refining and Petrochemical Markets -
Gross Margin Expanded
660 Basis Points to 22.2% on Favorable Mix, Better Pricing and Improved Execution -
Achieved Net Income of
$0.2 Million ; Adjusted Net Income1 and Adjusted EBITDA1 Improved to$2.4 Million and$3.9 Million , Respectively -
Received a Record
$123.3 Million in Orders, Primarily Related to Follow-on Orders forU.S. Navy Programs, Which Drove Backlog to Increase to$399.2 Million , of Which 84% Was Defense -
Generated
$7.6 Million of Cash From Operations and Reduced Debt Balance $7.9Million During the Third Quarter - Expanded Turbomachinery Capabilities and Technology Solutions With P3 Technologies Acquisition
- Increased Full Year Revenue and Adjusted EBITDA1 Guidance to Reflect Acquisition, Strong Core Growth, and Profitability Initiatives
“Third quarter results were strong and we believe further demonstrated the continued execution of our strategy that is centered on driving quality top-line growth with margin accretive projects in order to improve our future earnings power,” commented
“Equally noteworthy was the acquisition of P3, a strategic bolt on business that is already enhancing our turbomachinery solutions and Graham’s margin profile. Importantly, our strong cash generation during the quarter enabled us to pay off nearly all the debt utilized in acquiring P3.”
__________________________
1 Adjusted Net Income, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. See attached tables and other information on pages 10 and 11 for important disclosures regarding Graham’s use of these non-GAAP measures.
Third Quarter Fiscal 2024 Performance Review |
|||||||||||
(All comparisons are with the same prior-year period unless noted otherwise.) |
|||||||||||
($ in millions except per share data) | Q3 FY24 | Q3 FY23 | $ Change | % Change | |||||||
Net sales |
$ |
43.8 |
$ |
39.9 |
$ |
3.9 |
10% |
||||
Gross profit |
$ |
9.7 |
$ |
6.2 |
$ |
3.5 |
56% |
||||
Gross margin |
|
22.2% |
|
15.6% |
+660 bps |
||||||
Operating income |
$ |
0.9 |
$ |
0.7 |
$ |
0.2 |
36% |
||||
Operating margin |
|
2.1% |
|
1.7% |
+40 bps |
||||||
Net income |
$ |
0.2 |
$ |
0.4 |
$ |
(0.2) |
-55% |
||||
Net income per diluted share |
$ |
0.02 |
$ |
0.03 |
$ |
(0.01) |
-33% |
||||
Adjusted net income* |
$ |
2.4 |
$ |
0.9 |
$ |
1.6 |
183% |
||||
Adjusted net income per diluted share* |
$ |
0.22 |
$ |
0.08 |
$ |
0.14 |
176% |
||||
Adjusted EBITDA* |
$ |
3.9 |
$ |
2.2 |
$ |
1.6 |
72% |
||||
Adjusted EBITDA margin* |
|
8.8% |
|
5.6% |
+320 bps |
||||||
*Graham believes that adjusted net income, adjusted net income per diluted share, adjusted EBITDA (defined as consolidated net income before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses (income), and other unusual/nonrecurring expenses), and adjusted EBITDA margin (adjusted EBITDA as a percentage of net sales), which are non-GAAP measures, help in the understanding of its operating performance. Moreover, Graham’s credit facility also contains ratios based on adjusted EBITDA as defined in the lending agreement. Graham also believes that adjusted net income and adjusted net income per diluted share, which excludes intangible amortization, other costs related to the acquisition, and other unusual/nonrecurring (income) expenses, provides a better representation of the cash earnings of the Company. See the attached tables and other information on pages 10 and 11 for important disclosures regarding Graham’s use of adjusted EBITDA, adjusted EBITDA margin, adjusted net income, and adjusted net income per diluted share, as well as the reconciliation of net income to adjusted EBITDA, adjusted net income, and adjusted net income per diluted share. |
Net sales of
Gross margin expanded 660 basis points to 22.2%, which reflected higher volume and related improved absorption, higher margin commercial aftermarket sales, P3 margin accretive sales, improved execution and better pricing on defense contracts.
Selling, general and administrative expense (“SG&A”), excluding amortization, was
Third quarter results reflected approximately
Cash Management and Balance Sheet
Cash provided by operating activities was
Capital expenditures of
The Company acquired P3 on
During the third quarter of fiscal 2024, the Company refinanced its debt with a new, five-year
Orders and Backlog
(See
supplemental data
filed with the
($ in millions) |
|||||||||||||||||||||||||||
Q1 23 | Q2 23 | Q3 23 | Q4 23 | FY23 | Q1 24 | Q2 24 | Q3 24 | YTD FY24 | |||||||||||||||||||
Orders |
$ |
40.3 |
$ |
91.5 |
$ |
20.0 |
$ |
50.9 |
$ |
202.7 |
$ |
67.9 |
$ |
36.5 |
$ |
123.3 |
$ |
227.7 |
|||||||||
Backlog |
$ |
260.7 |
$ |
313.3 |
$ |
293.7 |
$ |
301.7 |
$ |
301.7 |
$ |
322.0 |
$ |
313.3 |
$ |
399.2 |
$ |
399.2 |
Orders for the three-month period ended
Backlog reached a record
Fiscal 2024 Outlook Increased
The Company increased guidance for fiscal 2024 as follows:
(as of |
Updated Fiscal 2024 Guidance |
Previous Guidance |
|
|
|
Gross Margin: |
Approx. 20% of sales |
18% to 19% of sales |
SG&A expense(1) |
16% to 17% of sales |
15% to 16% of sales |
Adjusted EBITDA(2) |
|
|
Effective Tax Rate |
22% to 23% |
22% to 23% |
CapEx |
|
|
(1) |
Includes approximately |
|
(2) |
Excludes approximately |
Webcast and Conference Call
GHM’s management will host a conference call and live webcast today at
A question-and-answer session will follow the formal presentation. GHM’s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored from the events section of GHM’s investor relations website.
A telephonic replay will be available from
About
GHM is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. The Graham Manufacturing and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “outlook,” “anticipates,” “believes,” “could,” “guidance,” “should,” ”may”, “will,” “plan” and other similar words. All statements addressing operating performance, events, or developments that
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law,
Forward-Looking Non-GAAP Measures
Forward-looking adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s fiscal 2024 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end, and year-end adjustments. Any variation between the Company’s actual results and preliminary financial estimates set forth above may be material.
Key Performance Indicators
In addition to the foregoing non-GAAP measures, management uses the following key performance metrics to analyze and measure the Company’s financial performance and results of operations: orders, and backlog. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is defined as the total dollar value of net orders received for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as it often times is a leading indicator of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.
Given that each of orders and backlog are operational measures and that the Company's methodology for calculating orders and backlog does not meet the definition of a non-GAAP measure, as that term is defined by the
FINANCIAL TABLES FOLLOW.
|
||||||||||||||||||||||
Consolidated Statements of Operations - Unaudited |
||||||||||||||||||||||
(Amounts in thousands, except per share data) |
||||||||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
||||||||||||
Net sales |
$ |
43,818 |
|
$ |
39,873 |
|
10 |
% |
$ |
136,463 |
|
$ |
114,091 |
|
20 |
% |
||||||
Cost of products sold |
|
34,095 |
|
|
33,646 |
|
1 |
% |
|
108,572 |
|
|
95,840 |
|
13 |
% |
||||||
Gross profit |
|
9,723 |
|
|
6,227 |
|
56 |
% |
|
27,891 |
|
|
18,251 |
|
53 |
% |
||||||
Gross margin |
|
22.2 |
% |
|
15.6 |
% |
|
20.4 |
% |
|
16.0 |
% |
||||||||||
Other expenses and income: | ||||||||||||||||||||||
Selling, general and administrative |
|
8,429 |
|
|
5,284 |
|
60 |
% |
|
21,563 |
|
|
15,828 |
|
36 |
% |
||||||
Selling, general and administrative – amortization |
|
383 |
|
|
274 |
|
40 |
% |
|
930 |
|
|
821 |
|
13 |
% |
||||||
Operating profit |
|
911 |
|
|
669 |
|
36 |
% |
|
5,398 |
|
|
1,602 |
|
237 |
% |
||||||
Operating margin |
|
2.1 |
% |
|
1.7 |
% |
|
4.0 |
% |
|
1.4 |
% |
||||||||||
Loss on extinguishment of debt |
|
726 |
|
|
- |
|
NA |
|
726 |
|
|
- |
|
NA | ||||||||
Other (income) expense, net |
|
93 |
|
|
(63 |
) |
NA |
|
280 |
|
|
(188 |
) |
NA | ||||||||
Interest expense, net |
|
37 |
|
|
294 |
|
(87 |
%) |
|
277 |
|
|
697 |
|
(60 |
%) |
||||||
Income before provision (benefit) for income taxes |
|
55 |
|
|
438 |
|
(87 |
%) |
|
4,115 |
|
|
1,093 |
|
276 |
% |
||||||
(Benefit) provision for income taxes |
|
(110 |
) |
|
70 |
|
NA |
|
899 |
|
|
245 |
|
267 |
% |
|||||||
Net income |
$ |
165 |
|
$ |
368 |
|
(55 |
%) |
$ |
3,216 |
|
$ |
848 |
|
279 |
% |
||||||
Per share data: | ||||||||||||||||||||||
Basic: | ||||||||||||||||||||||
Net income |
$ |
0.02 |
|
$ |
0.03 |
|
(33 |
%) |
$ |
0.30 |
|
$ |
0.08 |
|
275 |
% |
||||||
Diluted: | ||||||||||||||||||||||
Net income |
$ |
0.02 |
|
$ |
0.03 |
|
(33 |
%) |
$ |
0.30 |
|
$ |
0.08 |
|
275 |
% |
||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||
Basic |
|
10,775 |
|
|
10,611 |
|
|
10,709 |
|
|
10,613 |
|
||||||||||
Diluted |
|
10,920 |
|
|
10,660 |
|
|
10,792 |
|
|
10,632 |
|
||||||||||
N/A: Not Applicable |
|
||||||||
Consolidated Balance Sheets – Unaudited |
||||||||
(Amounts in thousands, except per share data) |
||||||||
|
|
|
||||||
2023 |
|
2023 |
||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents |
$ |
15,163 |
|
$ |
18,257 |
|
||
Trade accounts receivable, net of allowances ( |
|
35,666 |
|
|
24,000 |
|
||
Unbilled revenue |
|
28,671 |
|
|
39,684 |
|
||
Inventories |
|
31,078 |
|
|
26,293 |
|
||
Prepaid expenses and other current assets |
|
4,011 |
|
|
1,534 |
|
||
Income taxes receivable |
|
745 |
|
|
302 |
|
||
Total current assets |
|
115,334 |
|
|
110,070 |
|
||
Property, plant and equipment, net |
|
29,027 |
|
|
25,523 |
|
||
Prepaid pension asset |
|
6,322 |
|
|
6,107 |
|
||
Operating lease assets |
|
7,626 |
|
|
8,237 |
|
||
|
|
25,087 |
|
|
23,523 |
|
||
Customer relationships, net |
|
14,584 |
|
|
10,718 |
|
||
Technology and technical know-how, net |
|
11,254 |
|
|
9,174 |
|
||
Other intangible assets, net |
|
7,378 |
|
|
7,610 |
|
||
Deferred income tax asset |
|
1,734 |
|
|
2,798 |
|
||
Other assets |
|
368 |
|
|
158 |
|
||
Total assets |
$ |
218,714 |
|
$ |
203,918 |
|
||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Short-term debt obligations |
$ |
3,000 |
|
$ |
- |
|
||
Current portion of long-term debt |
|
- |
|
|
2,000 |
|
||
Current portion of finance lease obligations |
|
19 |
|
|
29 |
|
||
Accounts payable |
|
16,365 |
|
|
20,222 |
|
||
Accrued compensation |
|
14,726 |
|
|
10,401 |
|
||
Accrued expenses and other current liabilities |
|
5,255 |
|
|
6,434 |
|
||
Customer deposits |
|
63,005 |
|
|
46,042 |
|
||
Operating lease liabilities |
|
1,221 |
|
|
1,022 |
|
||
Income taxes payable |
|
- |
|
|
16 |
|
||
Total current liabilities |
|
103,591 |
|
|
86,166 |
|
||
Long-term debt |
|
- |
|
|
9,744 |
|
||
Finance lease obligations |
|
72 |
|
|
85 |
|
||
Operating lease liabilities |
|
6,760 |
|
|
7,498 |
|
||
Deferred income tax liability |
|
61 |
|
|
108 |
|
||
Accrued pension and postretirement benefit liabilities |
|
1,341 |
|
|
1,342 |
|
||
Other long-term liabilities |
|
3,133 |
|
|
2,042 |
|
||
Total liabilities |
|
114,958 |
|
|
106,985 |
|
||
Stockholders’ equity: | ||||||||
Preferred stock, |
|
- |
|
|
- |
|
||
Common stock, |
|
1,097 |
|
|
1,075 |
|
||
Capital in excess of par value |
|
31,678 |
|
|
28,061 |
|
||
Retained earnings |
|
80,659 |
|
|
77,443 |
|
||
Accumulated other comprehensive loss |
|
(7,144 |
) |
|
(7,463 |
) |
||
|
|
(2,534 |
) |
|
(2,183 |
) |
||
Total stockholders’ equity |
|
103,756 |
|
|
96,933 |
|
||
Total liabilities and stockholders’ equity |
$ |
218,714 |
|
$ |
203,918 |
|
|
||||||||
Consolidated Statements of Cash Flows – Unaudited |
||||||||
(Amounts in thousands) |
||||||||
Nine Months Ended |
||||||||
|
||||||||
2023 |
|
2022 |
||||||
Operating activities: | ||||||||
Net income |
$ |
3,216 |
|
$ |
848 |
|
||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation |
|
2,375 |
|
|
2,611 |
|
||
Amortization |
|
1,487 |
|
|
1,857 |
|
||
Amortization of actuarial losses |
|
632 |
|
|
504 |
|
||
Amortization of debt issuance costs |
|
131 |
|
|
153 |
|
||
Equity-based compensation expense |
|
1,002 |
|
|
582 |
|
||
Loss on extinguishment of debt |
|
726 |
|
|
- |
|
||
Deferred income taxes |
|
935 |
|
|
232 |
|
||
(Increase) decrease in operating assets, net of acquisitions: | ||||||||
Accounts receivable |
|
(11,335 |
) |
|
(7,755 |
) |
||
Unbilled revenue |
|
11,213 |
|
|
(8,082 |
) |
||
Inventories |
|
(4,357 |
) |
|
(6,801 |
) |
||
Prepaid expenses and other current and non-current assets |
|
(1,526 |
) |
|
(500 |
) |
||
Income taxes receivable |
|
(459 |
) |
|
(137 |
) |
||
Operating lease assets |
|
894 |
|
|
913 |
|
||
Prepaid pension asset |
|
(215 |
) |
|
(488 |
) |
||
Increase (decrease) in operating liabilities, net of acquisitions: | ||||||||
Accounts payable |
|
(3,949 |
) |
|
5,511 |
|
||
Accrued compensation, accrued expenses and other current and non-current liabilities |
|
2,948 |
|
|
2,116 |
|
||
Customer deposits |
|
16,590 |
|
|
18,776 |
|
||
Operating lease liabilities |
|
(825 |
) |
|
(802 |
) |
||
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits |
|
- |
|
|
(592 |
) |
||
Net cash provided by operating activities |
|
19,483 |
|
|
8,946 |
|
||
Investing activities: | ||||||||
Purchase of property, plant and equipment |
|
(5,193 |
) |
|
(2,394 |
) |
||
Proceeds from disposal of property, plant and equipment |
|
38 |
|
|
- |
|
||
Acquisition of |
|
(6,812 |
) |
|
- |
|
||
Net cash used by investing activities |
|
(11,967 |
) |
|
(2,394 |
) |
||
Financing activities: | ||||||||
Borrowings of short-term debt obligations |
|
13,000 |
|
|
5,000 |
|
||
Principal repayments on debt |
|
(22,522 |
) |
|
(8,517 |
) |
||
Payment of debt exit costs |
|
(752 |
) |
|
- |
|
||
Principal repayments on finance lease obligations |
|
(224 |
) |
|
(205 |
) |
||
Issuance of common stock |
|
225 |
|
|
- |
|
||
Payment of debt issuance costs |
|
(241 |
) |
|
(122 |
) |
||
Purchase of treasury stock |
|
(57 |
) |
|
(22 |
) |
||
Net cash used by financing activities |
|
(10,571 |
) |
|
(3,866 |
) |
||
Effect of exchange rate changes on cash |
|
(39 |
) |
|
(212 |
) |
||
Net (decrease) increase in cash and cash equivalents |
|
(3,094 |
) |
|
2,474 |
|
||
Cash and cash equivalents at beginning of period |
|
18,257 |
|
|
14,741 |
|
||
Cash and cash equivalents at end of period |
$ |
15,163 |
|
$ |
17,215 |
|
|
||||||||||||||||
Adjusted EBITDA Reconciliation** |
||||||||||||||||
(Unaudited, $ in thousands) |
||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
Net income |
$ |
165 |
|
$ |
368 |
|
$ |
3,216 |
|
$ |
848 |
|
||||
Acquisition & integration costs |
|
274 |
|
|
274 |
|
|
54 |
|
|||||||
Barber- |
|
1,264 |
|
|
- |
|
|
2,833 |
|
|
- |
|
||||
Debt amendment costs |
|
744 |
|
|
- |
|
|
744 |
|
|
194 |
|
||||
ERP Implementation costs |
|
56 |
|
|
- |
|
|
56 |
|
|
- |
|
||||
Net interest expense |
|
37 |
|
|
294 |
|
|
277 |
|
|
697 |
|
||||
Income taxes |
|
(110 |
) |
|
70 |
|
|
899 |
|
|
245 |
|
||||
Depreciation & amortization |
|
1,422 |
|
|
1,506 |
|
|
3,862 |
|
|
4,468 |
|
||||
Adjusted EBITDA |
$ |
3,852 |
|
$ |
2,238 |
|
$ |
12,161 |
|
$ |
6,506 |
|
||||
Adjusted EBITDA margin % |
|
8.8 |
% |
|
5.6 |
% |
|
8.9 |
% |
|
5.7 |
% |
Adjusted Net Income and |
||||||||||||||||
Adjusted Net Income Per Diluted Share Reconciliation** |
||||||||||||||||
(Unaudited, $ in thousands, except per share amounts) |
||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||
Net income |
$ |
165 |
|
$ |
368 |
|
$ |
3,216 |
|
$ |
848 |
|
||||
Acquisition & integration costs |
|
274 |
|
|
- |
|
|
274 |
|
|
54 |
|
||||
Amortization of intangible assets |
|
596 |
|
|
619 |
|
|
1,487 |
|
|
1,857 |
|
||||
Barber- |
|
1,264 |
|
|
- |
|
|
2,833 |
|
|
- |
|
||||
Debt amendment costs |
|
744 |
|
|
- |
|
|
744 |
|
|
194 |
|
||||
ERP Implementation costs |
|
56 |
|
|
- |
|
|
56 |
|
|
- |
|
||||
Normalized tax rate(1) |
|
(675 |
) |
|
(130 |
) |
|
(1,241 |
) |
|
(442 |
) |
||||
Adjusted net income |
$ |
2,424 |
|
$ |
857 |
|
$ |
7,369 |
|
$ |
2,511 |
|
||||
GAAP net income per diluted share |
$ |
0.02 |
|
$ |
0.03 |
|
$ |
0.30 |
|
$ |
0.08 |
|
||||
Adjusted net income per diluted share |
$ |
0.22 |
|
$ |
0.08 |
|
$ |
0.68 |
|
$ |
0.24 |
|
||||
Diluted weighted average common shares outstanding |
|
10,920 |
|
|
10,660 |
|
|
10,792 |
|
|
10,632 |
|
||||
(1) Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate. |
** Acquisition and Integration Costs are incremental costs that are directly related to the P3 acquisition. These costs may include, among other things, professional, consulting and other fees, system integration costs, and fair value adjustments relating to contingent consideration. In connection with the acquisition of BN, we entered into the BN Performance Bonus agreement to provide employees of BN with a supplemental performance-based award based on the achievement of BN performance objectives for fiscal years ending
Non-GAAP Financial Measures
Adjusted EBITDA is defined as consolidated net income (loss) before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses, and other unusual/nonrecurring expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of sales. Adjusted EBITDA and Adjusted EBITDA margin are not measures determined in accordance with generally accepted accounting principles in
Adjusted net income (loss) and adjusted net income (loss) per diluted share are defined as net income (loss) and diluted earnings (loss) per share as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income (loss) and adjusted net income (loss) per diluted share are not measures determined in accordance with GAAP and may not be comparable with the measures used by other companies. Nevertheless, Graham believes that providing non-GAAP information, such as adjusted net income (loss) and adjusted net income (loss) per diluted share, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current fiscal year's net income (loss) and net income (loss) per diluted share to the historical periods' net income (loss) and net income (loss) per diluted share. Graham also believes that adjusted net income (loss) per diluted share, which adds back intangible amortization expense related to acquisitions, provides a better representation of the cash earnings of the Company.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240205958541/en/
Vice President - Finance and CFO
(585) 343-2216
(716) 843-3908
dpawlowski@keiadvisors.com
Source: