Marine Products Corporation
(NYSE:MPX)

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, sport fishing, and jet boat markets worldwide. It offers Chaparral sterndrive pleasure boats, including SSi Sport, Ski and Fish Boats, SSX Sport Boats, and the Surf Series; Chaparral ou...

Website: http://www.marineproductscorp.com

Full Time Employees: 673

Sector: Consumer Cyclical

Industry: Recreational Vehicles

Consumer Cyclical

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At a glance:

Niche Focus on Recreational Fiberglass Powerboats: Marine Products Corporation designs and manufactures recreational fiberglass powerboats, with a product lineup oriented toward sport and family boating segments.
Results Typically Track Discretionary Consumer Demand: Financial performance is generally sensitive to consumer confidence, interest rates, and household discretionary spending that influence boat purchases.
Dealer Inventory and Channel Health Are Key Indicators: Order patterns and production levels often depend on dealer inventory levels, retail sell-through, and promotional activity across the dealer network.
Input Costs and Pricing Power Drive Margins: Margins can be influenced by raw material and component costs (e.g., resins, fiberglass, engines), freight, and the company’s ability to maintain pricing and mix.
Operational Flexibility Matters Through Cycles: As a cyclical manufacturer, the company’s ability to manage production, labor, and working capital can materially affect profitability and cash generation during demand swings.

Bull Thesis:

Strong Brand Equity and Dealer Network: Marine Products Corporation benefits from well-established brands like Chaparral and Robalo, which command strong recognition and loyalty in the recreational boating market. Their extensive and experienced dealer network provides a significant competitive advantage in sales, service, and market reach.
Resilient Long-Term Demand for Recreational Boating: Despite short-term economic fluctuations, the fundamental appeal of boating as a leisure activity remains strong. The company could benefit from a gradual normalization of demand post-pandemic, with a potential for sustained interest as demographics shift and outdoor activities gain popularity.
Operational Efficiency and Healthy Balance Sheet: MPX has historically demonstrated prudent financial management, maintaining a strong balance sheet with little to no debt. This financial stability, coupled with efficient manufacturing processes, positions the company to better navigate cyclical downturns and emerge stronger.
Attractive Valuation and Dividend Yield: Following a period of market correction due to cyclical concerns, the stock may present an attractive valuation for long-term investors. The company's history of consistent dividends could also appeal to income-focused investors, assuming the dividend remains sustainable through economic cycles.

Bear Thesis:

Impact of High Interest Rates on Discretionary Spending: Elevated interest rates significantly increase the cost of financing large discretionary purchases like boats, directly dampening consumer demand. This can lead to reduced sales volumes and pressure on pricing for Marine Products Corporation.
Risk of Economic Recession and Reduced Consumer Confidence: As a manufacturer of luxury recreational goods, MPX is highly susceptible to economic downturns. A broader economic recession or sustained period of low consumer confidence would severely impact sales, leading to lower revenues and profitability.
Dealer Inventory Overhang and Production Cuts: Dealers may have accumulated excess inventory during the post-pandemic boom. This inventory overhang can lead to reduced new orders from dealers, forcing MPX to cut production, which impacts manufacturing efficiency and overall sales volume until inventory levels normalize.
Input Cost Volatility and Supply Chain Disruptions: Fluctuations in raw material costs (e.g., fiberglass, resin, engines) and potential ongoing supply chain challenges could squeeze profit margins. Even if demand stabilizes, rising input costs without corresponding price increases would negatively impact profitability.

Main Competitors:

Brunswick Corporation ($BC) (Sea Ray, Boston Whaler, Bayliner (various boat brands)), Brunswick is the largest recreational marine company globally, owning numerous boat brands (e.g., Sea Ray, Boston Whaler, Bayliner, Lund) that directly compete with Marine Products Corporation's Chaparral and Robalo brands across various segments like runabouts, cruisers, and fishing boats. They also own Mercury Marine engines, giving them vertical integration advantages.
Malibu Boats, Inc. ($MBUU) (Malibu, Axis, Cobalt, Pursuit (various boat brands)), Malibu Boats competes with Marine Products Corporation through its diverse portfolio. While Malibu and Axis focus on towboats, their Cobalt brand directly competes with Chaparral in the premium runabout segment, and Pursuit competes with Robalo in the offshore fishing boat market.
MasterCraft Boat Holdings, Inc. ($MCFT) (MasterCraft, NauticStar, Crest Pontoons), MasterCraft Boat Holdings competes with Marine Products Corporation through its various brands. NauticStar offers bay boats and offshore fishing boats that compete with Robalo, while MasterCraft's premium towboats compete for discretionary consumer spending in the broader recreational boat market.
Yamaha Motor Corporation, USA ($YAMHF) (Yamaha Boats (jet boats, center console fishing boats)), Yamaha Motor Corporation competes directly in the recreational boat market with its own line of jet boats and center console fishing boats, which directly rival Chaparral's runabouts and Robalo's fishing boats, particularly in the smaller to mid-size segments. As a large diversified company, they also benefit from brand recognition and extensive dealer networks.

Moat:

The recreational boat manufacturing industry is highly competitive and cyclical, driven by consumer discretionary spending. Marine Products Corporation's main competitors range from large, diversified marine conglomerates like Brunswick, which benefit from vertical integration and a vast portfolio of brands, to specialized manufacturers like Malibu and MasterCraft, which excel in specific niches but also compete across broader segments through their acquired brands. MPX's competitive moat primarily stems from its established brand reputation (Chaparral and Robalo) for quality and innovation, a strong dealer network, and efficient manufacturing capabilities. However, it faces ongoing challenges from product differentiation, pricing pressures, and the need for continuous innovation to attract and retain customers in a market with numerous strong players.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-09-30	2001-06-30	2001-03-31

net sales	66,533,000	64,571,000	53,148,000	67,698,000	59,002,000	47,818,000	49,850,000	69,547,000	69,340,000	70,871,000	77,786,000	116,158,000	118,914,000	108,509,000	100,061,000	95,813,000	76,612,000	76,537,000	75,843,000	67,259,000	78,375,000	71,110,000	68,778,000	40,818,000	59,119,000	48,175,000	72,212,000	88,696,000	83,053,000	62,062,000	72,012,000	87,006,000	77,536,000	65,591,000	59,201,000	71,484,000	71,040,000	57,238,000	55,361,000	65,066,000	63,665,000	49,881,000	47,038,000	59,498,000	50,644,000	37,441,000	37,932,000	47,975,000	47,702,000	39,786,000	41,989,000	42,235,000	44,283,000	34,153,000	38,494,000	38,454,000	37,849,000	27,937,000	22,254,000	29,098,000	27,148,000	20,814,000	24,027,000	31,677,000	24,493,000	4,281,000	8,734,000	12,618,000	13,806,000	-152,682,378	31,582,000	55,734,000	65,542,000	52,481,000	67,869,000	64,976,000	55,680,000	64,002,000	71,739,000	69,957,000	56,873,000	65,032,000	77,566,000	72,586,000		50,107,000	31,767,000	41,551,000	47,193,000	38,323,000			36,318,000
yoy	12.76%	35.03%	6.62%	-2.66%	-14.91%	-32.53%	-35.91%	-40.13%	-41.69%	-34.69%	-22.26%	21.23%	55.22%	41.77%	31.93%	42.45%	-2.25%	7.63%	10.27%	64.78%	32.57%	47.61%	-4.76%	-53.98%	-28.82%	-22.38%	0.28%	1.94%	7.12%	-5.38%	21.64%	21.71%	9.14%	14.59%	6.94%	9.86%	11.58%	14.75%	17.69%	9.36%	25.71%	33.23%	24.01%	24.02%	6.17%	-5.89%	-9.66%	13.59%	7.72%	16.49%	9.08%	9.83%	17.00%	22.25%	72.98%	32.15%	39.42%	34.22%	-7.38%	-8.14%	10.84%	386.19%	175.10%	151.05%	77.41%	-102.80%	-72.35%	-77.36%	-78.94%	-390.93%	-53.47%	-14.22%	17.71%	-18.00%	-5.39%	-7.12%	-2.10%	-1.58%	-7.51%	-3.62%		29.79%	144.17%	74.69%		30.75%			29.94%
qoq	3.04%	21.49%	-21.49%	14.74%	23.39%	-4.08%	-28.32%	0.30%	-2.16%	-8.89%	-33.03%	-2.32%	9.59%	8.44%	4.43%	25.06%	0.10%	0.92%	12.76%	-14.18%	10.22%	3.39%	68.50%	-30.96%	22.72%	-33.29%	-18.58%	6.79%	33.82%	-13.82%	-17.23%	12.21%	18.21%	10.79%	-17.18%	0.63%	24.11%	3.39%	-14.92%	2.20%	27.63%	6.04%	-20.94%	17.48%	35.26%	-1.29%	-20.93%	0.57%	19.90%	-5.25%	-0.58%	-4.62%	29.66%	-11.28%	0.10%	1.60%	35.48%	25.54%	-23.52%	7.18%	30.43%	-13.37%	-24.15%	29.33%	472.13%	-50.98%	-30.78%	-8.60%	-109.04%	-583.45%	-43.33%	-14.96%	24.89%	-22.67%	4.45%	16.70%	-13.00%	-10.78%	2.55%	23.01%	-12.55%	-16.16%	6.86%			57.73%	-23.55%	-11.96%	23.15%
cost of goods sold	55,462,000	51,886,000	42,920,000	54,789,000	48,049,000	38,660,000	40,668,000	56,373,000	55,356,000	57,408,000	58,548,000	87,502,000	89,892,000	81,189,000	75,056,000	72,816,000	58,217,000	57,379,000	59,799,000	52,651,000	59,913,000	53,679,000	52,542,000	32,987,000	47,012,000	37,653,000	56,463,000	68,272,000	64,354,000	49,045,000	55,829,000	67,534,000	59,885,000	51,225,000	45,740,000	55,197,000	56,134,000	45,035,000	43,593,000	51,258,000	50,977,000	38,764,000	37,164,000	46,894,000	40,439,000	30,007,000	30,965,000	38,543,000	38,864,000	32,131,000	34,258,000	34,920,000	37,171,000	28,614,000	31,120,000	31,159,000	30,853,000	22,432,000	17,620,000	24,191,000	22,688,000	17,219,000	19,951,000	25,080,000	21,048,000	12,380,000	7,596,000	12,156,000	13,864,000	-123,119,323	26,478,000	44,707,000	52,078,000	41,215,000	52,935,000	51,012,000	43,932,000	49,297,000	55,603,000	53,139,000	43,720,000	47,887,000	57,691,000	53,638,000		38,015,000	24,697,250	31,853,000	36,752,000	30,185,000			27,833,000
gross profit	11,071,000	12,685,000	10,228,000	12,909,000	10,953,000	9,158,000	9,182,000	13,174,000	13,984,000	13,463,000	19,238,000	28,656,000	29,022,000	27,320,000	25,005,000	22,997,000	18,395,000	19,158,000	16,044,000	14,608,000	18,462,000	17,431,000	16,236,000	7,831,000	12,107,000	10,522,000	15,749,000	20,424,000	18,699,000	13,017,000	16,183,000	19,472,000	17,651,000	14,366,000	13,461,000	16,287,000	14,906,000	12,203,000	11,768,000	13,808,000	12,688,000	11,117,000	9,874,000	12,604,000	10,205,000	7,434,000	6,967,000	9,432,000	8,838,000	7,655,000	7,731,000	7,315,000	7,112,000	5,539,000	7,374,000	7,295,000	6,996,000	5,505,000	4,634,000	4,907,000	4,460,000	3,595,000	4,076,000	6,597,000	3,445,000	-8,099,000	1,138,000	462,000		-29,563,055	5,104,000	11,027,000	13,464,000	11,266,000	14,934,000	13,964,000	11,748,000	14,705,000	16,136,000	16,818,000	13,153,000	17,145,000	19,875,000	18,948,000		12,092,000	7,069,750	9,698,000	10,441,000	8,138,000			8,485,000
yoy	1.08%	38.51%	11.39%	-2.01%	-21.67%	-31.98%	-52.27%	-54.03%	-51.82%	-50.72%	-23.06%	24.61%	57.77%	42.60%	55.85%	57.43%	-0.36%	9.91%	-1.18%	86.54%	52.49%	65.66%	3.09%	-61.66%	-35.25%	-19.17%	-2.68%	4.89%	5.94%	-9.39%	20.22%	19.56%	18.42%	17.73%	14.39%	17.95%	17.48%	9.77%	19.18%	9.55%	24.33%	49.54%	41.73%	33.63%	15.47%	-2.89%	-9.88%	28.94%	24.27%	38.20%	4.84%	0.27%	1.66%	0.62%	59.13%	48.67%	56.86%	53.13%	13.69%	-25.62%	29.46%	-144.39%	258.17%	1327.92%		-72.60%	-77.70%	-95.81%		-362.41%	-65.82%	-21.03%	14.61%	-23.39%	-7.45%	-16.97%	-10.68%	-14.23%	-18.81%	-11.24%		41.79%	181.13%	95.38%		48.59%			23.05%
qoq	-12.72%	24.02%	-20.77%	17.86%	19.60%	-0.26%	-30.30%	-5.79%	3.87%	-30.02%	-32.87%	-1.26%	6.23%	9.26%	8.73%	25.02%	-3.98%	19.41%	9.83%	-20.88%	5.91%	7.36%	107.33%	-35.32%	15.06%	-33.19%	-22.89%	9.23%	43.65%	-19.56%	-16.89%	10.32%	22.87%	6.72%	-17.35%	9.26%	22.15%	3.70%	-14.77%	8.83%	14.13%	12.59%	-21.66%	23.51%	37.27%	6.70%	-26.13%	6.72%	15.45%	-0.98%	5.69%	2.85%	28.40%	-24.88%	1.08%	4.27%	27.08%	18.80%	-5.56%	10.02%	24.06%	-11.80%	-38.21%	91.49%	-142.54%	-811.69%	146.32%			-679.21%	-53.71%	-18.10%	19.51%	-24.56%	6.95%	18.86%	-20.11%	-8.87%	-4.06%	27.86%	-23.28%	-13.74%	4.89%			71.04%	-27.10%	-7.12%	28.30%
gross margin %	16.64%	19.65%	19.24%	19.07%	18.56%	19.15%	18.42%	18.94%	20.17%	19.00%	24.73%	24.67%	24.41%	25.18%	24.99%	24.00%	24.01%	25.03%	21.15%	21.72%	23.56%	24.51%	23.61%	19.19%	20.48%	21.84%	21.81%	23.03%	22.51%	20.97%	22.47%	22.38%	22.76%	21.90%	22.74%	22.78%	20.98%	21.32%	21.26%	21.22%	19.93%	22.29%	20.99%	21.18%	20.15%	19.86%	18.37%	19.66%	18.53%	19.24%	18.41%	17.32%	16.06%	16.22%	19.16%	18.97%	18.48%	19.71%	20.82%	16.86%	16.43%	17.27%	16.96%	20.83%	14.07%	-189.18%	13.03%	3.66%	0%	19.36%	16.16%	19.79%	20.54%	21.47%	22.00%	21.49%	21.10%	22.98%	22.49%	24.04%	23.13%	26.36%	25.62%	26.10%	NaN%	24.13%	22.26%	23.34%	22.12%	21.24%	NaN%	NaN%	23.36%
selling, general and administrative expenses	8,824,000	8,946,000	7,363,000	8,098,000	8,340,000	5,567,000	5,642,000	7,424,000	8,742,000	7,718,000	8,789,000	12,173,000	14,533,000	12,472,000	10,326,000	9,883,000	9,240,000	8,497,000	7,701,000	7,245,000	8,437,000	8,348,000	7,886,000	5,757,000	7,253,000	6,344,000	6,039,000	9,045,000	9,831,000	7,001,000	6,996,000	8,321,000	8,618,000	6,896,000	6,792,000	7,565,000	8,008,000	6,969,000	6,307,000	7,096,000	7,043,000	5,697,000	5,420,000	6,181,000	5,951,000	4,897,000	4,391,000	5,307,000	6,070,000	4,899,000	4,935,000	4,833,000	5,640,000	4,364,000	4,601,000	4,535,000	4,943,000	3,446,000	3,140,000	3,688,000	3,856,000	3,181,000	2,899,000	4,065,000	3,848,000	-3,343,000	4,478,000	6,772,000	4,699,000	-18,941,854	4,086,000	6,620,000	8,259,000	6,471,000	7,920,000	8,443,000	7,371,000	8,028,000	8,437,000	8,638,000	7,854,000	7,825,000	9,031,000	8,847,000		5,652,000	3,388,250	4,487,000	4,781,000	4,283,000			4,626,000
merger related costs	4,966,000
operating income	-2,719,000	3,739,000	2,865,000	4,811,000	2,613,000	3,684,000	3,590,000	5,750,000	5,242,000	5,819,000	12,411,000	16,483,000	14,489,000	14,848,000	14,679,000	13,114,000	9,155,000	10,661,000	8,343,000	7,363,000	10,025,000	9,083,000	8,350,000	2,074,000	4,854,000	4,178,000	9,710,000	11,379,000	8,868,000	6,016,000	9,187,000	11,151,000	9,033,000	7,470,000	6,669,000	8,722,000	6,898,000	5,234,000	5,461,000	6,712,000	5,645,000	5,420,000	4,454,000	6,423,000	4,254,000	2,537,000	2,576,000	4,125,000	2,768,000	2,756,000	2,796,000	2,482,000	1,472,000	1,175,000	2,773,000	2,760,000	2,053,000	2,059,000	1,494,000	1,219,000	604,000	414,000	1,177,000	2,532,000	-403,000	-4,756,000	-3,340,000	-6,310,000		-10,621,201	1,018,000	4,407,000	5,205,000	4,795,000	7,014,000	5,521,000	4,377,000	6,677,000	7,699,000	8,180,000	5,299,000	9,320,000	10,844,000	10,101,000		6,440,000	3,681,500	5,211,000	5,660,000	3,855,000
yoy	-204.06%	1.49%	-20.19%	-16.33%	-50.15%	-36.69%	-71.07%	-65.12%	-63.82%	-60.81%	-15.45%	25.69%	58.26%	39.27%	75.94%	78.11%	-8.68%	17.37%	-0.08%	255.01%	106.53%	117.40%	-14.01%	-81.77%	-45.26%	-30.55%	5.69%	2.04%	-1.83%	-19.46%	37.76%	27.85%	30.95%	42.72%	22.12%	29.95%	22.20%	-3.43%	22.61%	4.50%	32.70%	113.64%	72.90%	55.71%	53.68%	-7.95%	-7.87%	66.20%	88.04%	134.55%	0.83%	-10.07%	-28.30%	-42.93%	85.61%	126.42%	239.90%	397.34%	26.93%	-51.86%	-249.88%	-108.70%	-135.24%	-140.13%		-55.22%	-428.09%	-243.18%		-321.51%	-85.49%	-20.18%	18.92%	-28.19%	-8.90%	-32.51%	-17.40%	-28.36%	-29.00%	-19.02%		44.72%	194.55%	93.84%		67.06%
qoq	-172.72%	30.51%	-40.45%	84.12%	-29.07%	2.62%	-37.57%	9.69%	-9.92%	-53.11%	-24.70%	13.76%	-2.42%	1.15%	11.93%	43.24%	-14.13%	27.78%	13.31%	-26.55%	10.37%	8.78%	302.60%	-57.27%	16.18%	-56.97%	-14.67%	28.32%	47.41%	-34.52%	-17.61%	23.45%	20.92%	12.01%	-23.54%	26.44%	31.79%	-4.16%	-18.64%	18.90%	4.15%	21.69%	-30.66%	50.99%	67.68%	-1.51%	-37.55%	49.02%	0.44%	-1.43%	12.65%	68.61%	25.28%	-57.63%	0.47%	34.44%	-0.29%	37.82%	22.56%	101.82%	45.89%	-64.83%	-53.52%	-728.29%	-91.53%	42.40%	-47.07%			-1143.34%	-76.90%	-15.33%	8.55%	-31.64%	27.04%	26.14%	-34.45%	-13.27%	-5.88%	54.37%	-43.14%	-14.05%	7.36%			74.93%	-29.35%	-7.93%	46.82%
operating margin %	-4.09%	5.79%	5.39%	7.11%	4.43%	7.70%	7.20%	8.27%	7.56%	8.21%	15.96%	14.19%	12.18%	13.68%	14.67%	13.69%	11.95%	13.93%	11.00%	10.95%	12.79%	12.77%	12.14%	5.08%	8.21%	8.67%	13.45%	12.83%	10.68%	9.69%	12.76%	12.82%	11.65%	11.39%	11.27%	12.20%	9.71%	9.14%	9.86%	10.32%	8.87%	10.87%	9.47%	10.80%	8.40%	6.78%	6.79%	8.60%	5.80%	6.93%	6.66%	5.88%	3.32%	3.44%	7.20%	7.18%	5.42%	7.37%	6.71%	4.19%	2.22%	1.99%	4.90%	7.99%	-1.65%	-111.10%	-38.24%	-50.01%	0%	6.96%	3.22%	7.91%	7.94%	9.14%	10.33%	8.50%	7.86%	10.43%	10.73%	11.69%	9.32%	14.33%	13.98%	13.92%	NaN%	12.85%	11.59%	12.54%	11.99%	10.06%	NaN%	NaN%	0%
interest income	325,000	376,000	443,000	476,000	442,000	512,000	634,000	879,000	851,000	794,000	860,000	723,000	483,000	286,000	76,000	-7,000	-17,000	-6,000	4,000	10,000	8,000	9,000	10,000	15,000	61,000	88,000	83,000	95,000	57,000	48,000	102,000	85,000	33,000	40,000	81,000	57,000	51,000	-9,000	121,000	151,000	92,000	95,000	103,000	105,000	117,000	162,000	116,000	121,000	122,000	114,000	83,000	178,000	149,000	272,000	196,000	253,000	239,000	256,000	233,000	272,000	236,000	296,000	278,000	290,000	308,000	406,000	420,000	382,000	455,000	-1,812,580	623,000	629,000	563,000	585,000	637,000	726,000	804,000	664,000	588,000	446,000	277,000	350,000	412,000	291,000		113,000	124,000	176,000	165,000	156,000			116,000
income before income taxes	-2,394,000	4,115,000	3,308,000	5,287,000	3,055,000	4,196,000	4,224,000	6,629,000	6,093,000	6,613,000	13,271,000	17,206,000	14,972,000	15,134,000	14,755,000	13,107,000	9,138,000	10,655,000	8,347,000	7,373,000	10,033,000	9,092,000	8,360,000	2,089,000	4,915,000	4,266,000	9,793,000	11,474,000	8,925,000	6,064,000	9,289,000	11,236,000	9,066,000	7,510,000	6,750,000	8,779,000	6,949,000	5,225,000	5,582,000	6,863,000	5,737,000	5,515,000	4,557,000	6,528,000	4,371,000	2,699,000	2,692,000	4,246,000	2,890,000	2,870,000	2,879,000	2,660,000	1,621,000	1,447,000	2,969,000	3,013,000	2,292,000	4,340,000	1,727,000	1,491,000	840,000	710,000	1,455,000		-95,000	-3,287,500	-2,920,000		-4,302,000	-12,433,781	1,641,000	5,036,000	5,768,000	5,380,000	7,651,000	6,247,000	5,181,000	7,341,000	8,287,000	8,626,000	5,576,000	9,670,000	11,256,000	10,392,000		6,553,000	3,805,500	5,387,000	5,825,000	4,011,000			3,975,000
income tax provision	-329,000	1,750,000	658,000	1,125,000	849,000	-71,000	820,000	1,044,000	1,496,000	1,191,000	2,868,000	2,885,000	3,423,000	3,277,000	3,283,000	3,152,000	2,075,000	2,207,000	1,660,000	1,579,000	1,936,000	2,098,000	1,825,000	382,000	707,000	724,000	1,938,000	2,101,000	1,456,000	1,336,000	2,128,000	2,246,000	1,457,000	4,154,000	2,186,000	2,660,000	1,688,000	1,503,000	1,298,000	2,045,000	1,816,000	1,670,000	1,454,000	2,099,000	1,442,000	658,000	810,000	1,233,000	912,000	728,000	877,000	725,000	172,000	383,000	859,000	840,000	660,000	704,000	527,000	262,000	174,000	242,000	455,000	357,000		-1,586,000	-1,312,000	-2,093,000		-3,729,367	957,000	1,140,000	1,636,000	2,151,000	2,376,000	2,330,000	1,494,000	2,779,000	1,998,000	2,850,000	1,391,000	2,405,000	3,300,000	3,575,000		2,359,000	1,446,000	2,047,000	2,214,000	1,524,000			1,510,000
net income	-2,065,000	2,365,000	2,650,000	4,162,000	2,206,000	4,267,000	3,404,000	5,585,000	4,597,000	5,422,000	10,403,000	14,321,000	11,549,000	11,857,000	11,472,000	9,955,000	7,063,000	8,448,000	6,687,000	5,794,000	8,097,000	6,994,000	6,535,000	1,707,000	4,208,000	3,542,000	7,855,000	9,373,000	7,469,000	4,728,000	7,161,000	8,990,000	7,609,000	3,356,000	4,564,000	6,119,000	5,261,000	3,722,000	4,284,000	4,818,000	3,921,000	3,845,000	3,103,000	4,429,000	2,929,000	2,041,000	1,882,000	3,013,000	1,978,000	2,142,000	2,002,000	1,935,000	1,449,000	1,064,000	2,110,000	2,173,000	1,632,000	3,636,000	1,200,000	1,229,000	666,000	468,000	1,000,000	2,465,000	-80,000	-2,764,000	-1,608,000	-3,835,000		-8,704,414	684,000	3,896,000	4,132,000	3,229,000	5,275,000	3,917,000	3,687,000	4,562,000	6,289,000	5,776,000	4,185,000	7,265,000	7,956,000	6,817,000		4,194,000	2,359,500	3,340,000	3,611,000	2,487,000			2,465,000
yoy	-193.61%	-44.57%	-22.15%	-25.48%	-52.01%	-21.30%	-67.28%	-61.00%	-60.20%	-54.27%	-9.32%	43.86%	63.51%	40.35%	71.56%	71.82%	-12.77%	20.79%	2.33%	239.43%	92.42%	97.46%	-16.80%	-81.79%	-43.66%	-25.08%	9.69%	4.26%	-1.84%	40.88%	56.90%	46.92%	44.63%	-9.83%	6.54%	27.00%	34.17%	-3.20%	38.06%	8.78%	33.87%	88.39%	64.88%	47.00%	48.08%	-4.72%	-5.99%	55.71%	36.51%	101.32%	-5.12%	-10.95%	-11.21%	-70.74%	75.83%	76.81%	145.05%	676.92%	20.00%	-50.14%	-932.50%	-116.93%	-162.19%	-164.28%		-68.25%	-335.09%	-198.43%		-369.57%	-87.03%	-0.54%	12.07%	-29.22%	-16.12%	-32.18%	-11.90%	-37.21%	-20.95%	-15.27%		73.22%	237.19%	104.10%		68.64%			46.49%
qoq	-187.32%	-10.75%	-36.33%	88.67%	-48.30%	25.35%	-39.05%	21.49%	-15.22%	-47.88%	-27.36%	24.00%	-2.60%	3.36%	15.24%	40.95%	-16.39%	26.33%	15.41%	-28.44%	15.77%	7.02%	282.84%	-59.43%	18.80%	-54.91%	-16.20%	25.49%	57.97%	-33.98%	-20.34%	18.15%	126.73%	-26.47%	-25.41%	16.31%	41.35%	-13.12%	-11.08%	22.88%	1.98%	23.91%	-29.94%	51.21%	43.51%	8.45%	-37.54%	52.33%	-7.66%	6.99%	3.46%	33.54%	36.18%	-49.57%	-2.90%	33.15%	-55.12%	203.00%	-2.36%	84.53%	42.31%	-53.20%	-59.43%	-3181.25%	-97.11%	71.89%	-58.07%			-1372.58%	-82.44%	-5.71%	27.97%	-38.79%	34.67%	6.24%	-19.18%	-27.46%	8.88%	38.02%	-42.40%	-8.69%	16.71%			77.75%	-29.36%	-7.50%	45.20%
net income margin %	-3.10%	3.66%	4.99%	6.15%	3.74%	8.92%	6.83%	8.03%	6.63%	7.65%	13.37%	12.33%	9.71%	10.93%	11.47%	10.39%	9.22%	11.04%	8.82%	8.61%	10.33%	9.84%	9.50%	4.18%	7.12%	7.35%	10.88%	10.57%	8.99%	7.62%	9.94%	10.33%	9.81%	5.12%	7.71%	8.56%	7.41%	6.50%	7.74%	7.40%	6.16%	7.71%	6.60%	7.44%	5.78%	5.45%	4.96%	6.28%	4.15%	5.38%	4.77%	4.58%	3.27%	3.12%	5.48%	5.65%	4.31%	13.01%	5.39%	4.22%	2.45%	2.25%	4.16%	7.78%	-0.33%	-64.56%	-18.41%	-30.39%	0%	5.70%	2.17%	6.99%	6.30%	6.15%	7.77%	6.03%	6.62%	7.13%	8.77%	8.26%	7.36%	11.17%	10.26%	9.39%	NaN%	8.37%	7.43%	8.04%	7.65%	6.49%	NaN%	NaN%	6.79%
earnings per share
basic	-0.06	0.07	0.07	0.12	0.06	0.13	0.1	0.14	0.13	0.16	0.3	0.42	0.34	0.35	0.34	0.29	0.21	0.24	0.2	0.17	0.24	0.2	0.19	0.05	0.12	0.11	0.23	0.27	0.22	0.14	0.21	0.26	0.22	0.09	0.13	0.18	0.15	0.1	0.11	0.13	0.1	0.11	0.08	0.12	0.08	0.05	0.05	0.08	0.05	0.05	0.05	0.05	0.04	0.03	0.06	0.06	0.04	0.1	0.03	0.03	0.02	0.02	0.03			-0.055	-0.04		-0.07	-0.03	0.02	0.11	0.12	0.09	0.14	0.1	0.09	0.12	0.17	0.15	0.11	0.19	0.21	0.18		0.25
diluted	-0.06	0.07	0.07	0.12	0.06	0.13	0.1	0.14	0.13	0.16	0.3	0.42	0.34	0.35	0.34	0.29	0.21	0.24	0.2	0.17	0.24	0.2	0.19	0.05	0.12	0.11	0.23	0.27	0.22	0.14	0.21	0.26	0.22	0.09	0.13	0.18	0.15	0.1	0.11	0.13	0.1	0.11	0.08	0.12	0.08	0.06	0.05	0.08	0.05	0.05	0.05	0.05	0.04	0.03	0.06	0.06	0.04	0.1	0.03	0.03	0.02	0.02	0.03			-0.055	-0.04		-0.07	-0.03	0.02	0.11	0.11	0.08	0.14	0.1	0.09	0.12	0.16	0.15	0.11	0.18	0.2	0.17		0.23
gain on disposition of assets						-93,000	-50,000			-74,000	-1,962,000
dividends paid per share								0.84	0.14	0.14	0.14	0.14	0.14	0.14	0.12	0.12	0.12	0.12	0.12	0.12	0.1	0.12	0.08	0.08	0.12	0.22	0.12	0.12	0.12	0.2	0.1	0.1	0.1	0.12	0.07	0.07	0.07	0.06	0.06	0.06	0.06	0.08	0.04	0.04	0.04	0.07	0.03	0.03	0.03	0.06	0.03	0.03	0.03	0.57	0.02	0.02	0.02
weighted-average shares outstanding
basic																																											36,889				36,904	36,989			36,827	36,829
diluted																																											36,980				37,190	37,180			37,180	37,023
weighted average shares outstanding
basic																																												37,026
diluted																																												37,120
the accompanying notes are an integral part of these consolidated financial statements.
average shares outstanding
basic																																													37,028				36,958				36,795	9,162	36,648	36,668	36,629	9,090.5	36,404	36,394	36,287	9,043.25	36,190	36,182	36,147	9,014.75	36,084	36,074	35,981	8,943.25	35,824	35,813	35,728	37,028	37,324	37,500	9,340.25	37,361	37,414	37,309	9,573.25	37,756	38,520	38,602		16,929
diluted																																													37,264				37,255				37,003	9,198.25	36,758	36,710	36,819	9,195.25	36,574	36,781	36,857	9,159.5	36,586	36,703	36,147	9,014.75	36,084	36,074	35,981	9,116.25	36,476	36,464	36,504	38,154	38,448	38,819	9,748.75	38,815	38,976	39,091	10,114.75	39,757	40,631	40,930		17,890
the accompanying notes are an integral part of these consolidated statements.
dividends per share																																																																		0.003			0.01	0.049	0.065	0.065	0.065	0.06	0.06	0.06	0.038	0.05	0.05	0.05	0.03	0.04	0.04	0.04
income (loss) before income taxes																																																																2,822,000
earnings (loss) per share
basic																																																																0.07
diluted																																																																0.07
income tax benefit																																																																	-15,000
(loss) income before income taxes																																																																				-5,928,000
(loss) earnings per share
basic																																																																				-0.11
diluted																																																																				-0.11
gross (loss) profit																																																																					-58,000
operating (loss) income																																																																					-4,757,000
income tax (benefit) provision																																																																					-1,816,000
net (loss) income																																																																					-2,486,000
dividends declared per share																																																																																						0.04	0.015	0.02
earnings per share
basic*																																																																																							0.14	0.2
diluted*																																																																																							0.133	0.19
average shares outstanding
basic *																																																																																									0.21	0.15
diluted *																																																																																									0.2	0.14
operating profit																																																																																													3,859,000
gain on settlement of claim
pro forma earnings per share
basic																																																																																													0.14
diluted																																																																																													0.14
pro forma average shares outstanding
basic																																																																																													17,012
diluted																																																																																													17,045

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2003-03-31	2002-09-30	2002-06-30	2002-03-31	2001-03-31

assets
cash and cash equivalents	45,799,000	43,512,000	47,403,000	50,171,000	57,103,000	52,379,000	53,533,000	55,131,000	81,225,000	71,952,000	60,705,000	66,215,000	62,601,000	43,171,000	26,860,000	21,568,000	13,622,000	14,102,000	9,630,000	28,609,000	35,016,000	31,573,000	29,014,000	22,614,000	20,064,000	19,804,000	23,030,000	12,967,000	18,347,000	8,745,000	6,146,000	9,505,000	9,929,000	7,684,000	4,052,000	3,834,000	6,827,000	2,619,000	5,182,000	296,000	8,240,000	7,986,000	9,111,000	9,312,000	9,175,000	4,072,000	2,453,000	8,663,000	5,114,000	5,854,000	4,627,000	6,345,000	1,648,000	6,575,000	3,010,000	6,782,000	956,000	5,453,000	3,450,000	6,047,000	9,535,000	9,053,000	8,961,000	6,351,000	2,573,000	973,000	10,143,000	9,427,000	4,622	5,045,000	8,975,000	8,130,000	6,250,000	15,925,000	56,235,000	54,456,000	51,690,000	44,165,000	44,350,000	37,602,000	35,389,000	41,303,000	49,161,000	46,615,000	20,647,000	16,258,000	17,342,000	10,124,000	2,291,000
accounts receivable	5,201,000	6,865,000	5,063,000	6,053,000	7,793,000	4,176,000	5,445,000	5,726,000	7,749,000	2,475,000	10,743,000	12,354,000	10,920,000	5,340,000	11,492,000	9,344,000	8,564,000	3,262,000	10,229,000	7,941,000	7,727,000	4,706,000	8,517,000	9,568,000	9,170,000	6,607,000	15,164,000	14,752,000	9,894,000	3,872,000	7,404,000	8,522,000	7,812,000	3,051,000	7,438,000	5,207,000	8,516,000	1,087,000	6,040,000	4,817,000	6,215,000	1,256,000	3,961,000	4,582,000	5,406,000	2,369,000	4,370,000	3,000,000	2,021,000	3,972,000	4,389,000	3,138,000	1,794,000	3,196,000	3,166,000	3,312,000	2,209,000	2,090,000	2,930,000	2,811,000	1,178,000	1,203,000	2,445,000	2,048,000	1,265,000	2,722,000	1,411,000	1,213,000	5,575	1,400,000	3,209,000	4,346,000	5,616,000	5,320,000	4,141,000	2,980,000	6,038,000	7,819,000	5,836,000	3,662,000	6,120,000	5,451,000	4,588,000		4,209,000	4,202,000	2,830,000	2,219,000	2,488,000
inventories	55,103,000	54,691,000	61,463,000	51,185,000	52,864,000	49,960,000	52,599,000	53,080,000	55,210,000	61,611,000	69,784,000	61,496,000	66,839,000	73,015,000	82,812,000	78,271,000	78,179,000	73,261,000	76,747,000	57,109,000	45,929,000	42,310,000	42,890,000	43,190,000	45,946,000	41,553,000	45,013,000	50,904,000	47,824,000	46,770,000	49,871,000	44,931,000	44,040,000	38,006,000	41,442,000	41,221,000	38,568,000	42,488,000	37,698,000	34,592,000	31,657,000	32,638,000	32,306,000	30,136,000	30,412,000	28,819,000	25,177,000	26,548,000	28,859,000	27,587,000	29,310,000	26,517,000	28,159,000	28,396,000	29,026,000	25,789,000	24,907,000	23,140,000	21,034,000	21,466,000	21,882,000	22,472,000	25,958,000	23,412,000	19,487,000	16,073,000	12,699,000	19,408,000	22,453	24,707,000	26,443,000	32,412,000	33,037,000	34,080,000	31,366,000	29,556,000	28,922,000	33,677,000	28,596,000	26,856,000	32,431,000	31,741,000	29,189,000	25,869,000	17,774,000	16,856,000	14,903,000	14,526,000	17,120,000
income taxes receivable	2,865,000	2,208,000	2,134,000	154,000	61,000	439,000	217,000	235,000	4,000	361,000	199,000	230,000	174,000	28,000	98,000	77,000	1,705,000	10,000	482,000	303,000	551,000		206,000	154,000	733,000	907,000		122,000	452,000	452,000	71,000	217,000	1,120,000	714,000	995,000	1,279,000	952,000	29,000	520,000		927,000	820,000	713,000		366,000	123,000		416,000	692,000		379,000	966,000	394,000			368,000			17,000	429,000	481,000			6,055,000	6,304,000	5,587,000	4,480,000	4,769,000	2,464	1,635,000	1,178,000	725,000	1,460,000	258,000	1,679,000	834,000	300,000	1,157,000	989,000	2,528,000	634,000	585,000	275,000	1,160,000
prepaid expenses and other current assets	4,200,000	3,302,000	4,344,000	4,509,000	4,791,000	3,040,000	3,696,000	3,440,000	3,768,000	2,847,000	3,671,000	2,360,000	2,204,000	3,088,000	2,538,000	2,164,000	1,917,000	2,474,000	2,494,000	2,455,000	2,161,000	1,947,000	1,883,000	1,642,000	1,442,000	2,056,000	1,541,000	1,389,000	1,127,000	1,795,000	1,527,000	1,493,000	1,312,000	2,096,000	1,466,000	1,629,000	1,134,000	1,823,000	1,734,000	1,791,000	1,349,000	2,119,000	1,826,000	1,864,000	1,184,000	1,706,000	1,610,000	1,193,000	1,839,000	1,567,000	1,508,000	1,052,000	1,607,000	1,552,000	1,362,000	1,199,000	1,460,000	1,323,000	1,338,000	1,205,000	1,451,000	1,187,000	1,196,000	1,145,000	2,783,000	1,198,000	1,317,000	1,218,000	1,681	1,792,000	2,060,000	1,925,000	1,631,000	1,955,000	925,000	1,873,000	1,553,000	1,636,000	1,461,000	1,343,000	1,390,000	1,302,000	1,816,000	876,000	1,266,000	507,000	707,000	937,000	494,000
total current assets	113,168,000	110,578,000	140,712,000	131,136,000	122,612,000	109,994,000	115,490,000	117,612,000	147,956,000	139,246,000	145,215,000	142,768,000	142,965,000	124,998,000	124,738,000	112,395,000	103,987,000	93,109,000	99,582,000	96,417,000	91,384,000		82,510,000	77,168,000	77,355,000		84,748,000	80,134,000	77,644,000		69,622,000	70,664,000	67,490,000		58,722,000	58,016,000	59,105,000		62,690,000	55,839,000	58,392,000		59,296,000	56,594,000	55,031,000		43,028,000	49,421,000		45,687,000	45,424,000	40,771,000		48,105,000	43,810,000	50,326,000		47,631,000	42,923,000	46,555,000		53,679,000	55,228,000	59,453,000		51,409,000	51,094,000	56,005,000		49,964,000	57,347,000	60,552,000	60,119,000	65,062,000	98,481,000		91,787,000	91,787,000	85,992,000		79,419,000	88,910,000	90,884,000
property, plant and equipment	22,357,000	22,650,000	22,869,000																			14,938,000				14,796,000				14,552,000				14,218,000				13,334,000				12,761,000		12,476,000	10,525,000	9,890,000	11,142,000	11,164,000	11,265,000	11,169,000	11,288,000	11,356,000	11,470,000	11,575,000	11,677,000	11,770,000	11,884,000	11,862,000	11,989,000	12,200,000	12,416,000	12,563,000	12,811,000	13,029,000	13,310,000	13,599,000	13,900,000	14,192,000	14,579	14,933,000	15,307,000	15,622,000	16,261,000	16,385,000	16,635,000	16,641,000	17,028,000	17,154,000	17,154,000	17,252,000	17,340,000	17,730,000	17,968,000	18,362,000	16,772,000	14,286,000	14,281,000	14,100,000	9,988,000
goodwill	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000	3,308,000										3,821,000
other intangibles	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465,000	465							465,000
deferred income taxes	4,890,000	5,217,000	7,086,000	10,126,000	9,805,000	9,729,000	9,936,000	9,435,000	8,404,000	8,590,000	7,833,000	7,919,000	6,935,000	6,027,000	5,520,000	5,372,000	3,887,000	4,392,000	4,430,000	4,192,000	3,917,000	4,075,000	4,181,000	3,810,000	3,429,000	3,990,000	4,381,000	3,688,000	3,427,000	3,325,000	3,391,000	3,376,000	3,505,000	3,649,000	5,481,000	5,169,000	4,981,000	5,278,000	4,570,000	3,575,000	3,323,000		2,372,000	2,412,000	2,323,000	2,480,000	1,293,000	1,162,000	1,096,000	1,426,000	1,398,000	1,298,000	1,283,000	1,071,000	1,066,000	1,008,000	1,021,000	874,000	984,000	927,000	920,000	1,138,000	1,192,000	1,136,000	1,008,000	666,000	753,000	913,000	1,116	1,415,000	1,691,000	2,843,000	2,657,000	2,999,000	3,271,000	3,244,000	2,879,000	2,954,000	3,079,000	3,079,000	3,238,000	3,109,000	3,169,000	3,006,000	2,797,000	2,304,000	2,182,000	2,239,000	2,425,000
other long-term assets	5,012,000	5,014,000	5,012,000	5,000,000	5,002,000	5,015,000	5,058,000
total assets	149,200,000	147,232,000	179,452,000	173,245,000	182,883,000	171,247,000	176,316,000	175,726,000	204,038,000	193,802,000	196,733,000	190,277,000	184,177,000	163,715,000	161,677,000	149,603,000	141,671,000	132,841,000	139,792,000	136,257,000	130,165,000	119,422,000	117,471,000	110,880,000	109,825,000	104,764,000	119,031,000	113,854,000	110,794,000	100,880,000	114,120,000	114,933,000	106,793,000	95,900,000	101,092,000	102,487,000	98,095,000	88,527,000	123,573,000	119,588,000	119,571,000	110,677,000	114,613,000	113,860,000	110,757,000	103,823,000	105,869,000	107,755,000	102,553,000	103,989,000	103,234,000	101,871,000	97,315,000	121,819,000	118,380,000	116,651,000	110,837,000	112,144,000	106,897,000	106,867,000	102,809,000	106,557,000	105,888,000	102,715,000	98,249,000	99,902,000	101,255,000	107,807,000	110,293	116,307,000	123,685,000	126,764,000	128,134,000	129,514,000	129,014,000	124,179,000	123,112,000	124,114,000	118,332,000	108,805,000	111,329,000	120,817,000	121,890,000	109,734,000	78,284,000	66,567,000	65,224,000	60,291,000	52,853,000
liabilities and stockholders’ equity
liabilities
accounts payable	14,490,000	6,648,000	13,036,000	7,154,000	18,636,000	5,499,000	8,060,000	7,955,000	13,064,000	6,071,000	12,066,000	8,565,000	12,530,000	8,250,000	14,641,000	11,573,000	12,434,000	6,771,000	14,168,000	12,796,000	10,847,000	6,079,000	9,592,000	8,710,000	9,803,000	3,886,000	9,624,000	9,265,000	12,417,000	4,673,000	12,237,000	14,606,000	12,998,000	5,362,000	8,278,000	10,352,000	10,308,000	5,163,000	9,128,000	6,345,000	10,419,000	3,681,000	9,083,000	9,209,000	8,503,000	3,577,000	4,476,000	8,409,000	5,569,000	7,286,000	8,647,000	7,194,000	4,246,000	7,045,000	5,906,000	6,112,000	2,992,000	7,046,000	3,371,000	4,751,000	1,884,000	5,635,000	5,149,000	4,776,000	1,972,000	3,114,000	1,036,000	1,733,000	1,437	4,676,000	5,931,000	6,967,000	7,946,000	7,706,000	6,887,000	3,455,000	6,408,000	9,600,000	8,366,000	3,461,000	8,549,000	7,988,000	10,038,000	6,224,000	3,965,000	2,213,000	3,948,000	2,066,000	3,106,000
accrued expenses and other liabilities	15,000,000	13,960,000	14,848,000	14,880,000	14,902,000	13,425,000	16,576,000	16,598,000	18,442,000	16,496,000	16,218,000	19,852,000	21,697,000	15,340,000	16,075,000	14,912,000	12,332,000	11,298,000	15,647,000	17,268,000	16,583,000	15,583,000	15,607,000	14,510,000	13,708,000	13,155,000	17,043,000	16,199,000	15,496,000	13,494,000	13,390,000	15,729,000	15,561,000	13,999,000	13,625,000	14,358,000	14,471,000	12,239,000	11,212,000	12,446,000	11,430,000	10,117,000	9,986,000	10,883,000	10,788,000	9,631,000	11,006,000	10,762,000	8,993,000	9,818,000	9,283,000	10,211,000	9,000,000	10,583,000	10,290,000	9,781,000	7,662,000	9,199,000	9,039,000	9,378,000	8,616,000	9,520,000	10,882,000	10,746,000	8,711,000	6,937,000	9,645,000	12,508,000	12,281	10,644,000	15,112,000					13,634,000				11,591,000
total current liabilities	29,490,000	20,608,000	51,432,000	44,286,000	33,538,000	18,924,000	24,636,000	24,553,000	31,506,000	22,567,000	28,284,000	28,417,000	34,227,000	23,590,000	30,716,000	26,485,000	24,766,000	18,069,000	29,815,000	30,064,000	27,430,000		25,199,000	23,220,000	23,511,000		27,113,000	25,464,000	27,913,000		25,627,000	30,335,000	28,559,000		21,903,000	24,710,000	24,779,000		20,340,000	18,791,000	21,849,000		19,069,000	20,092,000	19,291,000		15,482,000	19,171,000		17,104,000	17,930,000	17,405,000		17,628,000	16,196,000	15,893,000		16,245,000	12,410,000	14,129,000		15,155,000	16,031,000	15,522,000		10,051,000	10,681,000	14,241,000		15,320,000	21,043,000	25,745,000	21,296,000	21,733,000	21,909,000		18,838,000	22,480,000	20,736,000		19,311,000	22,642,000	23,189,000
other long-term liabilities	1,654,000	1,659,000	1,764,000	1,728,000	1,680,000	1,653,000	1,683,000	1,679,000	1,724,000	1,649,000	1,622,000	1,649,000	1,549,000	1,304,000	1,062,000	1,052,000	740,000	683,000	674,000	714,000	791,000	717,000	508,000	515,000	523,000	531,000	537,000	544,000	578,000	456,000	453,000	343,000	263,000	203,000	57,000	59,000	62,000	66,000	68,000	70,000	72,000	77,000	77,000	78,000	79,000	82,000	83,000	87,000	88,000	87,000	87,000	86,000	90,000	458,000	459,000	452,000	450,000	429,000	422,000	414,000	423,000	423,000	400,000	392,000	365,000	346,000	450,000	444,000	501	497,000	495,000	488,000	487,000	733,000	728,000	1,019,000	521,000	492,000	1,121,000	1,142,000	1,604,000	1,654,000	1,709,000	1,709,000
total liabilities	31,144,000	22,267,000	53,196,000	46,014,000	56,482,000	42,244,000	47,525,000	46,470,000	52,656,000	42,214,000	46,620,000	46,580,000	51,311,000	39,334,000	45,484,000	41,479,000	40,248,000	34,316,000	45,559,000	45,221,000	41,430,000	34,903,000	36,996,000	34,312,000	32,839,000	27,552,000	36,894,000	34,778,000	36,564,000	25,668,000	33,625,000	37,762,000	35,438,000	26,296,000	28,426,000	31,374,000	30,503,000	23,082,000	25,905,000	24,168,000	27,100,000	20,465,000	25,611,000	26,894,000	26,045,000	20,329,000	22,053,000	25,546,000	21,070,000	23,612,000	24,250,000	23,897,000	19,568,000	24,045,000	22,469,000	22,249,000	17,419,000	22,042,000	18,336,000	20,026,000	16,504,000	20,763,000	21,539,000	21,141,000	16,737,000	16,189,000	16,474,000	19,669,000	19,504	21,150,000	27,135,000	31,700,000	27,205,000	27,721,000	27,578,000	22,778,000	24,146,000	27,457,000	26,363,000	21,117,000	25,254,000	28,390,000	29,067,000	22,362,000	18,599,000	12,360,000	13,491,000	11,635,000	11,624,000
commitments and contingencies
stockholders’ equity
preferred stock, 0.10 par value, 1,000,000 shares authorized, none issued
common stock	3,523,000	3,500,000	3,500,000	3,499,000	3,495,000	3,471,000	3,471,000	3,472,000	3,469,000	3,447,000	3,447,000	3,447,000	3,444,000	3,422,000	3,422,000	3,424,000	3,414,000	3,399,000	3,399,000	3,399,000	3,399,000	3,387,000	3,387,000	3,397,000	3,397,000	3,387,000	3,396,000	3,404,000	3,413,000	3,433,000	3,450,000	3,455,000	3,457,000	3,457,000	3,478,000	3,488,000	3,496,000	3,486,000	3,836,000	3,836,000	3,837,000	3,811,000	3,814,000	3,816,000	3,833,000	3,813,000	3,817,000	3,821,000	3,810,000	3,809,000	3,810,000	3,811,000	3,782,000	3,778,000	3,778,000	3,783,000	3,738,000	3,738,000	3,741,000	3,733,000	3,708,000	3,709,000	3,709,000	3,709,000	3,688,000	3,690,000	3,689,000	3,690,000	3,643	3,643,000	3,643,000	3,644,000	3,739,000	3,767,000	3,801,000	3,791,000	3,790,000	3,805,000	3,804,000	3,770,000	3,781,000	3,879,000	3,920,000	3,894,000	1,710,000	1,714,000	1,717,000	1,711,000	1,701,000
capital in excess of par value																																							5,107,000	4,774,000	4,428,000	3,879,000	3,479,000	3,075,000	3,670,000	3,895,000	3,157,000	3,455,000	3,583,000	3,127,000	2,684,000	2,283,000	2,417,000	1,711,000	1,276,000	1,188,000	1,185,000	979,000	604,000	189,000	371,000												7,224,000	9,233,000	11,847,000	13,453,000	13,059,000	13,467,000	13,163,000	16,364,000	17,522,000	29,725,000	36,722,000	34,239,000	37,615,000	38,387,000	38,932,000	39,156,000	38,549,000
retained earnings	114,533,000	121,465,000	122,756,000	123,732,000	122,906,000	125,532,000	125,320,000	125,784,000	147,913,000	148,141,000	146,678,000	140,262,000	129,531,000	122,954,000	115,280,000	107,232,000	100,563,000	97,702,000	92,739,000	89,556,000	87,269,000	83,079,000	79,679,000	75,781,000	76,218,000	76,573,000	81,273,000	78,220,000	73,382,000	73,954,000	78,958,000	75,646,000	69,852,000	68,127,000	71,281,000	69,742,000	66,241,000	64,141,000	90,546,000	88,569,000	86,043,000	84,423,000	83,628,000	82,050,000	79,152,000	77,755,000	77,643,000	75,776,000	74,943,000	75,083,000	74,221,000	73,428,000	73,120,000	93,604,000	92,248,000	90,830,000	89,953,000	86,317,000	85,117,000	83,888,000	83,222,000	82,776,000	81,398,000	78,612,000	78,690,000	81,021,000	82,218,000	85,564,000	88,535	91,690,000	92,989,000	91,184,000	90,503,000	89,515,000	86,496,000	84,875,000	83,183,000	80,489,000	76,102,000	72,192,000	69,490,000	63,732,000	57,317,000	52,042,000
total stockholders’ equity	118,056,000	124,965,000	126,256,000	127,231,000	126,401,000	129,003,000	128,791,000	129,256,000	151,382,000	151,588,000	150,113,000	143,697,000	132,866,000	124,381,000	116,193,000	108,124,000	101,423,000	98,525,000	94,233,000	91,036,000				76,568,000	76,986,000	77,212,000	82,137,000	79,076,000		75,212,000				69,604,000				65,445,000				90,212,000		86,966,000	84,712,000	83,494,000	83,816,000	82,209,000	81,483,000		78,984,000	77,974,000	77,747,000	97,774,000	95,911,000	94,402,000	93,418,000	90,102,000	88,561,000	86,841,000	86,305,000		84,349,000	81,574,000	81,512,000	83,713,000	84,781,000		90,789							101,401,000				87,688,000				87,372,000	59,685,000			48,656,000
total liabilities and stockholders’ equity	149,200,000	147,232,000	179,452,000	173,245,000	182,883,000	171,247,000	176,316,000	175,726,000	204,038,000	193,802,000	196,733,000	190,277,000	184,177,000	163,715,000	161,677,000	149,603,000	141,671,000	132,841,000	139,792,000	136,257,000				110,880,000	109,825,000	104,764,000	119,031,000	113,854,000		100,880,000				95,900,000				88,527,000				110,677,000		113,860,000	110,757,000	103,823,000	105,869,000	107,755,000	102,553,000		103,234,000	101,871,000	97,315,000	121,819,000	118,380,000	116,651,000	110,837,000	112,144,000	106,897,000	106,867,000	102,809,000		105,888,000	102,715,000	98,249,000	99,902,000	101,255,000		110,293							124,179,000				108,805,000				109,734,000	78,284,000			60,291,000
retirement plan assets			20,305,000	19,064,000	18,110,000	18,489,000	18,117,000	17,365,000	16,782,000	15,379,000
retirement plan liabilities			23,548,000	22,252,000	21,264,000	21,667,000	21,206,000	20,238,000	19,426,000	17,998,000	16,714,000	16,514,000	15,535,000
property, plant and equipment, net of accumulated depreciation				23,210,000	23,581,000	24,247,000	23,942,000	22,733,000	22,657,000	22,456,000	21,356,000	21,019,000	16,231,000	14,965,000	14,327,000	14,232,000	14,100,000	14,370,000	14,313,000	14,582,000	14,727,000		14,741,000	14,754,000	14,925,000		15,009,000	15,244,000	15,155,000		14,800,000	14,090,000	14,110,000		13,742,000	13,518,000	13,293,000		13,229,000
other assets								4,808,000	4,466,000	4,358,000	18,556,000	14,798,000	14,273,000	13,952,000	13,319,000	13,831,000	15,924,000	17,197,000	17,694,000	17,293,000	16,364,000	16,100,000	12,266,000	11,375,000	10,343,000	11,278,000	11,120,000	11,015,000	10,795,000	9,931,000	10,970,000	10,674,000	9,680,000	9,678,000	9,197,000	9,070,000	8,877,000	8,766,000	9,128,000	10,546,000	10,456,000	10,032,000	9,798,000	10,009,000	9,973,000	9,893,000	8,499,000	8,351,000	8,129,000	7,004,000	6,838,000	6,885,000	6,733,000	6,678,000	6,583,000	6,659,000	7,189,000	4,943,000	5,116,000	5,146,000	5,097,000	5,019,000	4,960,000	5,081,000	5,077,000	4,996,000	4,618,000	4,324,000	4,344	6,923,000	7,204,000	7,112,000	6,321,000	6,250,000	5,997,000	5,006,000	5,231,000	4,964,000	6,305,000	4,403,000	4,150,000	4,371,000	3,359,000	2,652,000	928,000	4,298,000	420,000	410,000	391,000
pension plan assets											113,000	113,000	227,000	356,000	938,000	971,000
accumulated other comprehensive loss											-12,000	-12,000	-109,000	-1,995,000	-2,509,000	-2,532,000	-2,554,000	-2,576,000	-1,905,000	-1,919,000	-1,933,000	-1,947,000	-2,591,000	-2,610,000	-2,629,000	-2,748,000	-2,532,000	-2,548,000	-2,565,000	-2,175,000	-1,913,000	-1,930,000	-1,954,000	-1,980,000	-2,093,000	-2,117,000	-2,145,000	-2,182,000	-1,821,000	-1,759,000	-1,837,000	-1,901,000	-1,919,000	-1,975,000	-1,943,000	-1,969,000	-801,000	-843,000	-853,000	-1,642,000	-1,731,000	-1,548,000	-1,572,000	-1,319,000	-1,391,000	-1,399,000	-1,458,000	-932,000	-901,000	-969,000	-996,000	-691,000	-758,000	-747,000	-866,000	-998,000	-1,126,000	-1,116,000					-537,000		-708,000	-718,000	-1,066,000	-1,104,000	-1,100,000	-1,098,000	-923,000	-913,000	-939,000
pension and retirement plans liabilities														14,440,000	13,706,000	13,942,000
pension liabilities																	14,742,000	15,564,000	15,070,000	14,443,000	13,209,000	12,524,000	11,289,000	10,577,000	8,805,000	9,980,000	9,244,000	8,770,000	8,073,000	7,045,000	7,545,000	7,084,000	6,616,000	6,732,000	6,466,000	6,605,000	5,662,000	5,614,000	5,497,000	5,307,000	5,179,000	6,590,000	6,465,000	6,724,000	6,675,000	7,039,000	6,488,000	6,288,000	6,420,000	6,421,000	6,233,000	6,406,000	6,232,000			5,904,000	6,315,000	5,368,000	5,504,000	5,483,000	5,581,000	5,185,000	5,108,000	5,227,000	5,689,000	5,792,000	5,343,000	4,984,000	5,285	5,333,000	5,597,000	5,467,000	5,422,000	5,255,000	4,941,000	4,670,000	4,787,000	4,485,000	4,506,000	4,923,000	4,339,000	4,094,000	3,424,000	2,977,000
																					2,021,000		2,020,000
liabilities and stockholders' equity
total stockholders' equity																					88,735,000	84,519,000	80,475,000						74,230,000		80,495,000	77,171,000	71,355,000		72,666,000	71,113,000	67,592,000		97,668,000	95,420,000	92,471,000		89,002,000							80,377,000												85,794,000						88,138,000		95,157,000	96,550,000	95,064,000	100,929,000	101,793,000	101,436,000		98,966,000	96,657,000	91,969,000		86,075,000	92,427,000	92,823,000			54,207,000	51,733,000		41,229,000
total liabilities and stockholders' equity																					130,165,000	119,422,000	117,471,000						110,794,000		114,120,000	114,933,000	106,793,000		101,092,000	102,487,000	98,095,000		123,573,000	119,588,000	119,571,000		114,613,000							103,989,000												106,557,000						107,807,000		116,307,000	123,685,000	126,764,000	128,134,000	129,514,000	129,014,000		123,112,000	124,114,000	118,332,000		111,329,000	120,817,000	121,890,000			66,567,000	65,224,000		52,853,000
net sales																					78,375,000		68,778,000																																					27,148,000			31,677,000
cost of goods sold																					59,913,000		52,542,000																																					22,688,000			25,080,000
gross profit																					18,462,000		16,236,000																																					4,460,000			6,597,000
selling, general and administrative expenses																					8,437,000		7,886,000																																					3,856,000			4,065,000
operating income																					10,025,000		8,350,000																																					604,000			2,532,000
interest income																					8,000		10,000																																					236,000			290,000
income before income taxes																					10,033,000		8,360,000																																					840,000			2,822,000
income tax provision																					1,936,000		1,825,000
net income																					8,097,000		6,535,000																																					666,000			2,465,000
earnings per share
basic																					240		190																																					20			70
diluted																					240		190																																					20			70
dividends paid per share																					100		80
current assets																						80,536,000				70,927,000				64,600,000				54,187,000				52,155,000				52,644,000				43,222,000			45,260,000				36,035,000				42,955,000				48,273,000				56,748,000				46,710							93,595,000				76,393,000				78,740,000	53,029,000	41,488,000	38,827,000	33,535,000	26,893,000
current liabilities																						21,662,000				17,041,000				18,167,000				19,361,000				17,402,000				13,798,000				13,208,000			14,562,000				13,246,000				10,654,000				10,500,000				10,683,000				13,718							17,089,000				15,052,000				16,751,000	17,757,000	11,923,000	13,168,000	11,327,000	11,280,000
marketable securities																														2,966,000	4,603,000	5,996,000	3,277,000	2,636,000	3,329,000	4,846,000	3,108,000	4,109,000	11,516,000	14,343,000	10,004,000	7,825,000	9,007,000	8,288,000	6,165,000	3,653,000	8,125,000	8,439,000	5,639,000	5,281,000	3,813,000	1,455,000	1,150,000	7,315,000	6,180,000	11,868,000	12,402,000	14,751,000	13,170,000	13,670,000	12,826,000	18,626,000	15,476,000	19,306,000	23,328,000	24,190,000	20,291,000	19,057,000	8,799	13,970,000	13,791,000	10,171,000	9,468,000	4,525,000	864,000	652,000	405,000	379,000	1,681,000	1,323,000	217,000	5,419,000	2,686,000	132,000	6,336,000	1,361,000	863,000	3,490,000	2,075,000
income taxes payable																											446,000
32
33
property, plant and equipment, net accumulated depreciation of 24,262 in 2016 and 25,163 in 2015																																								12,753,000
property, plant and equipment, net accumulated depreciation of 24,948 in 2016 and 25,163 in 2015																																									12,754,000
property, plant and equipment, net accumulated depreciation of 24,841 in 2015 and 24,180 in 2014																																											12,809,000
the accompanying notes are an integral part of these consolidated statements.
3
the accompanying notes are an integral part of these statements.
long-term pension liabilities																																																						5,959,000	5,814,000
the accompanying notes are an integral part of these consolidated financial statements.
income tax benefit																																																												174,000			357,000
average shares outstanding
dividends per share
accumulated other comprehensive income																																																																					-1,389	-176,000	-82,000	236,000												-904,000
accrued expenses																																																																								18,778,000	13,350,000	14,027,000	15,022,000		12,430,000	12,880,000	12,370,000		10,762,000	14,654,000	13,151,000
deferred compensation																																																																																-3,540,000	-3,795,000	-3,996,000	-4,197,000	-1,899,000
goodwill and other intangibles																																																																																3,738,000	3,748,000	3,758,000	3,768,000	3,778,000
deferred taxes																																																																																			745,000
accounts receivables																																																																																				1,082,000
other accrued expenses																																																																																				10,527,000	13,792,000	9,710,000	9,220,000	9,261,000	8,174,000
intangibles																																																																																					3,848,000		3,878,000	3,888,000
deferred taxes and other liabilities																																																																																					842,000
earnings retained																																																																																					20,275,000	14,106,000	11,084,000	7,789,000	979,000
accumulated comprehensive income																																																																																					85,000
receivable from rpc, inc.
rpc, inc. equity investment

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2003-03-31	2002-09-30	2002-06-30	2002-03-31	2001-03-31

operating activities
net income	-2,065,000	2,365,000	2,650,000	4,162,000	2,206,000	4,267,000	3,404,000	5,585,000	4,597,000	5,422,000	10,403,000	14,321,000	11,549,000	11,857,000	11,472,000	9,955,000	7,063,000	8,448,000	6,687,000	5,794,000	8,097,000	6,994,000	6,535,000	1,707,000	4,208,000	3,542,000	7,855,000	9,373,000	7,469,000	4,728,000	7,161,000	8,990,000	7,609,000	3,356,000	4,564,000	6,119,000	5,261,000	3,722,000	4,284,000	4,818,000	3,921,000	3,845,000	3,103,000	4,429,000	2,929,000	2,041,000	1,882,000	3,013,000	1,978,000	2,142,000	2,002,000	1,935,000	1,449,000	1,064,000	2,110,000	2,173,000	1,632,000	3,636,000	1,200,000	1,229,000	666,000	468,000	1,000,000			-2,764,000	-7,922,679			-1,126,000	684,000	3,896,000	4,132,000	3,229,000	5,275,000	3,917,000	3,687,000	4,562,000	6,289,000	5,776,000	4,185,000	7,265,000	7,956,000	6,817,000	4,194,000	3,340,000	3,611,000	2,487,000	2,465,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	785,000	777,000	785,000	787,000	789,000	698,000	704,000	702,000	682,000	666,000	610,000	617,000	523,000	489,000	480,000	464,000	472,000	471,000	448,000	450,000	447,000		436,000	537,000	536,000		529,000	522,000	505,000		481,000	432,000	417,000		389,000	371,000	359,000		351,000	340,000	331,000		315,000	201,000	174,000		177,000	178,000	181,000		174,000	185,000	186,000		190,000	196,000	196,000		216,000	231,000	249,000		260,000	275,000	292,000		1,055,259	-399,259	400,000		408,000	441,000	451,000	487,000	492,000	524,000	514,000	-226,000	933,000	909,000					571,000	479,000	474,000	584,000	524,000
stock-based compensation expense	1,424,000	1,244,000	1,275,000	1,569,000	1,141,000	833,000	1,012,000	1,427,000	956,000	867,000	834,000	1,233,000	777,000	599,000	678,000	820,000	610,000	593,000	572,000	571,000	553,000	445,000	1,500,000	581,000	576,000	497,000	544,000	544,000	538,000	517,000	528,000	528,000	516,000	447,000	874,000	853,000	508,000	482,000	487,000	487,000	1,168,000	512,000	497,000	497,000	487,000	382,000	468,000	460,000	444,000	429,000	429,000	429,000	415,000	360,000	380,000	379,000	376,000	206,000	372,000	372,000	346,000	309,000	378,000	419,000	436,000	431,000	1,213,185	-399,185	400,000		371,000	371,000	374,000	374,000	375,000	373,000	379,000
gain on disposition of assets	4,000					-93,000				-74,000
deferred income tax provision	327,000				-76,000	207,000	-501,000	-1,031,000	186,000											-279,000	154,000			-386,000	528,000	454,000	-699,000	-266,000	-109,000	139,000	-14,000	124,000	129,000			-203,000	276,000	-510,000	-960,000	-289,000	897,000	856,000	33,000	-166,000	586,000				223,000			-234,000	193,000			-207,000	341,000				33,000	464,000	290,000	-526,000	-360,000	-930,000	75,817	-269,817	270,000		316,000	36,000	-580,000	304,000	456,000	56,000		-146,000
decrease in assets:
accounts receivable	1,664,000	-1,802,000	990,000	1,740,000	-3,617,000	1,269,000	281,000	2,023,000	-5,274,000	8,268,000	1,611,000	-1,434,000	-5,580,000	6,152,000	-2,148,000	-780,000	-5,302,000	6,967,000	-2,288,000	-214,000	-3,021,000	3,811,000	1,051,000	-398,000	-2,563,000	8,557,000	-412,000	-4,858,000	-6,022,000	3,532,000	1,118,000	-710,000	-4,761,000	4,387,000	-2,231,000	3,309,000	-7,429,000	4,953,000	-1,223,000	1,398,000	-4,959,000	2,705,000	621,000	824,000	-3,037,000	1,146,000	856,000	-1,371,000	-979,000	1,951,000	417,000	-1,251,000	-1,344,000	1,402,000	-30,000	146,000	-1,103,000	-119,000	840,000	-119,000	-1,633,000	25,000	1,242,000	-397,000	-783,000	1,457,000	2,848,836	-4,357,836	4,362,000		1,809,000	1,137,000	-806,000			-1,161,000	3,058,000	1,781,000	-1,983,000	-2,174,000	2,458,000	-669,000	-863,000	-3,506,000					-742,000
income taxes receivable	-657,000	-74,000	-1,980,000	-93,000	378,000	-222,000	18,000	-231,000	357,000	-162,000	31,000	-56,000	-146,000	70,000	-21,000	1,628,000	-1,695,000	472,000	-179,000	248,000	-551,000	206,000	-52,000	579,000	174,000	-907,000	122,000			-381,000	146,000	903,000	-406,000	281,000	284,000	-327,000	-923,000	491,000	-520,000	927,000	-107,000	149,000	-713,000	366,000	-243,000	209,000	-332,000	416,000	276,000	-692,000	379,000	587,000	-572,000				-368,000	0	17,000	412,000	129,000	-553,000	0	6,055,000	321,000	-655,000	-2,668,437	2,045,437	-2,047,000		-443,000	-441,000	1,178,000	-1,202,000	1,385,000	-474,000	-238,000	857,000	-168,000	1,539,000	-1,894,000	-157,000	-310,000	885,000
inventories	-412,000	6,772,000	-10,278,000	1,679,000	-2,904,000	2,639,000	481,000	2,130,000	6,401,000	8,173,000	-8,288,000	5,343,000	6,176,000	9,797,000	-4,541,000	-92,000	-4,918,000	3,486,000	-19,638,000	-11,179,000	-3,620,000	580,000	300,000	2,756,000	-4,393,000	3,460,000	5,891,000	-3,080,000	-1,054,000	3,101,000	-4,940,000	-891,000	-6,034,000	3,436,000	-221,000	-2,653,000	3,920,000	-4,790,000	-3,106,000	-2,935,000	981,000	-332,000	-2,170,000	276,000	-1,593,000	-4,246,000	604,000	1,371,000	2,311,000	-1,272,000	1,723,000	-2,793,000	1,642,000	237,000	630,000	-3,237,000	-882,000	-1,767,000	-2,106,000	432,000	416,000	590,000	3,486,000	-2,546,000	-3,925,000	-3,414,000	6,370,246	-3,035,246	3,045,000	14,001,000	1,736,000	5,969,000	747,000			-1,810,000	-634,000	4,755,000	-5,081,000	-1,740,000	5,575,000	-690,000	-2,552,000	-3,320,000	2,911,000				-2,056,000
prepaid expenses and other current assets	-898,000	1,042,000	165,000	282,000	-1,751,000	656,000	-256,000	328,000	-921,000	278,000	-214,000	-307,000	1,035,000	-550,000	-374,000	-247,000	557,000	20,000	-39,000	-294,000	-214,000	-64,000	-241,000	-200,000	614,000	-515,000	-152,000	-262,000	668,000	-268,000	-34,000	-181,000	784,000	-630,000	163,000	-495,000	689,000	-89,000	57,000	-442,000	770,000	-293,000	38,000	-680,000	522,000	-62,000	-34,000	-417,000	646,000	-272,000	-59,000	-456,000	555,000	-55,000	-190,000	-163,000	261,000	-138,000	15,000	-133,000	246,000	-264,000	9,000	-51,000	1,638,000	-1,585,000	482,636	-462,636	463,000		268,000	-135,000	234,000			948,000	-320,000	83,000	-175,000	-118,000	47,000	-88,000	514,000	-940,000	357,000	200,000	230,000	403,000	174,000
other long-term assets	2,000	-2,000	1,000	-952,000	392,000	-329,000
increase in liabilities:
accounts payable	7,842,000	-6,373,000	5,883,000	-11,471,000	13,110,000	-2,561,000	105,000	-5,109,000	6,993,000	-5,995,000	3,501,000	-3,965,000	4,280,000	-6,391,000	3,068,000	-861,000	5,663,000	-7,397,000	1,372,000	1,949,000	4,768,000	-3,513,000	882,000	-1,093,000	5,917,000	-5,738,000	359,000	-3,152,000	7,744,000	-7,552,000	-2,381,000	1,608,000	7,636,000	-2,916,000	-2,074,000	44,000	5,145,000	-3,616,000	2,723,000	-4,363,000	6,738,000	-5,402,000	-126,000	706,000	4,926,000	-2,361,000	1,462,000	-3,933,000	2,840,000	-1,717,000	-1,361,000	1,453,000	2,948,000	-2,799,000	1,139,000	-206,000	3,120,000	-1,627,000	1,248,000	-1,380,000	2,867,000	-1,617,000	-1,648,000	373,000	2,804,000	-1,142,000	1,677,401	-296,401	296,000		-1,255,000	-1,036,000	2,346,000	240,000	819,000	3,432,000	-2,953,000	-3,826,000	1,868,000	4,905,000	-2,614,000	561,000	-2,050,000	3,814,000	551,000				196,000
accrued expenses and other liabilities	1,040,000	-888,000	-35,000	-22,000	1,477,000	-2,015,000	-1,158,000	-1,844,000	1,946,000	1,033,000	-4,389,000	-1,871,000	6,357,000	-160,000	590,000	2,580,000	1,032,000		-1,305,000	684,000	999,000		360,000	802,000	553,000		843,000	703,000	1,956,000		-2,339,000	168,000	1,562,000		-733,000	-113,000	2,232,000		-1,209,000	1,155,000	1,283,000		-629,000	-289,000	1,120,000		1,198,000	-1,678,000	1,741,000		220,000	-972,000	1,189,000		230,000	323,000	2,451,000		-204,000	-355,000	745,000		-1,111,000	-296,000	2,035,000		-5,341,364	-229,636	227,000		-4,468,000
other long-term liabilities	-5,000	-105,000	26,000	1,036,000	-376,000	431,000	972,000	767,000	1,503,000	1,311,000	173,000	978,000	1,340,000	766,000	-226,000	-488,000	-777,000	503,000	587,000	1,157,000	747,000	1,432,000	705,000	1,764,000	-1,183,000	730,000	443,000	674,000	1,005,000	-497,000	526,000	564,000	-27,000	677,000	-119,000	963,000	67,000	-338,000	209,000	147,000	-1,395,000	263,000	-241,000	67,000	-348,000	-1,083,000	-1,690,000	1,916,000	-133,000	-51,000	205,000	-155,000	187,000	70,000	159,000	-67,000	-394,000	167,000	-129,000	39,000	-98,000	111,000	109,000	-103,000	-189,000	213,000	685,718	142,282	-142,000		-262,000	137,000	-99,000	-79,000	319,000	-20,000	953,000	331,000	-650,000	-438,000	-202,000	195,000	615,000	447,000
net cash from operating activities	9,051,000	4,722,000	2,577,000	-1,604,000	10,769,000	4,644,000	5,145,000	3,822,000	15,915,000	16,668,000	-607,000	13,839,000	26,946,000	22,220,000	9,971,000	12,638,000	4,519,000	9,078,000	-14,724,000	-2,024,000	8,127,000	7,239,000	10,940,000	5,641,000	6,054,000	5,843,000	15,711,000	319,000	12,044,000	4,590,000	69,000	10,606,000	7,510,000	11,218,000	571,000	7,800,000	10,050,000	2,250,000	2,809,000	1,318,000	9,460,000	3,326,000	671,000	6,579,000	5,468,000	-3,702,000	4,197,000	-380,000	9,331,000	307,000	4,048,000	-1,193,000	6,718,000	-2,032,000	4,419,000	-33,000	5,828,000	-3,292,000	2,146,000	585,000	3,857,000	-1,232,000	3,705,000	6,221,000	2,185,000	-6,398,000	-2,642,640	-4,545,360	4,550,000	-4,005,000	-569,000	6,591,000	12,028,000	3,676,000	2,986,000	6,276,000	4,356,000	9,223,000	1,322,000	9,096,000	6,452,000	2,518,000	3,871,000	6,525,000	9,075,000	-569,000	5,230,000	4,380,000	1,127,000
investing activities
capital expenditures	-496,000	-573,000	-445,000	-427,000	-96,000	-1,022,000	-1,913,000	-778,000	-883,000	-1,769,000	-1,211,000	-5,405,000	-1,789,000	-1,127,000	-575,000	-596,000	-202,000	-528,000	-179,000	-305,000	-236,000	-641,000	-427,000	-366,000	-665,000	-321,000	-294,000	-611,000	-1,108,000	-242,000	-1,191,000	-412,000	-309,000	-883,000	-613,000	-596,000	-318,000	-465,000	-812,000	-339,000	-324,000	-274,000	-648,000	-2,152,000	-804,000	-106,000	-87,000	-156,000	-102,000	-277,000	-55,000	-117,000	-72,000	-81,000	-88,000	-103,000	-82,000	-215,000	-89,000	-20,000	-33,000	-111,000	-12,000	-57,000	-11,000	-9,000	-75,938	12,938	-13,000	618,000	-34,000	-126,000	-129,000	0	0	-518,000	-253,000	-428,000	-556,000	-430,000	-473,000	-156,000	-326,000	-163,000	0	0	0	0	-545,000
free cash flows	8,555,000	4,149,000	2,132,000	-2,031,000	10,673,000	3,622,000	3,232,000	3,044,000	15,032,000	14,899,000	-1,818,000	8,434,000	25,157,000	21,093,000	9,396,000	12,042,000	4,317,000	8,550,000	-14,903,000	-2,329,000	7,891,000	6,598,000	10,513,000	5,275,000	5,389,000	5,522,000	15,417,000	-292,000	10,936,000	4,348,000	-1,122,000	10,194,000	7,201,000	10,335,000	-42,000	7,204,000	9,732,000	1,785,000	1,997,000	979,000	9,136,000	3,052,000	23,000	4,427,000	4,664,000	-3,808,000	4,110,000	-536,000	9,229,000	30,000	3,993,000	-1,310,000	6,646,000	-2,113,000	4,331,000	-136,000	5,746,000	-3,507,000	2,057,000	565,000	3,824,000	-1,343,000	3,693,000	6,164,000	2,174,000	-6,407,000	-2,718,578	-4,532,422	4,537,000	-3,387,000	-603,000	6,465,000	11,899,000	3,676,000	2,986,000	5,758,000	4,103,000	8,795,000	766,000	8,666,000	5,979,000	2,362,000	3,545,000	6,362,000	9,075,000	-569,000	5,230,000	4,380,000	582,000
net cash from investing activities	-496,000	-3,713,000	-445,000	-427,000	-96,000	-910,000	-1,862,000	-778,000	-883,000	-595,000	-82,000	-5,405,000	-1,789,000	-1,127,000	-575,000	-596,000	-202,000	-528,000	-179,000	-305,000	-236,000	-641,000	-393,000	-366,000	-665,000	-321,000	-294,000	-611,000	6,571,000	8,275,000	954,000	-7,304,000	1,135,000	-608,000	3,556,000	-7,314,000	-2,183,000	31,253,000	4,538,000	-6,822,000	-6,394,000	-1,285,000	748,000	-3,802,000	1,850,000	5,274,000	-223,000	-3,922,000	-4,076,000	1,207,000	-1,694,000	646,000	-428,000	18,678,000	-156,000	-2,688,000	977,000	-1,205,000	-143,000	-3,234,000	-6,977,000	1,675,000	-3,613,000	-3,565,000	1,785,000	7,998,000	-583,322	-852,678	854,000	5,935,000	-1,007,000	-3,330,000	-3,853,000			-232,000	387,000	948,000	491,000	-475,000	-1,661,000	5,269,000	-3,149,000	-2,482,000		377,000	2,548,000	1,114,000	-547,000
financing activities
payment of dividends	-4,933,000	-4,900,000	-4,900,000	-4,901,000	-4,894,000	-4,888,000	-4,855,000	-29,138,000	-4,852,000	-4,826,000	-4,821,000	-4,820,000	-4,817,000	-4,782,000	-4,104,000	-4,096,000	-4,095,000	-4,078,000	-4,076,000	-4,077,000	-3,398,000	-4,064,000	-2,716,000	-2,696,000	-4,074,000	-7,464,000	-4,083,000	-4,092,000	-4,117,000	-6,880,000	-3,452,000	-3,455,000	-3,465,000	-4,172,000	-2,440,000	-2,456,000	-2,436,000	-2,302,000	-2,307,000	-2,292,000	-2,301,000	-3,050,000	-1,525,000	-1,531,000	-1,532,000	-2,667,000	-1,144,000	-1,146,000	-1,145,000	-2,282,000	-1,140,000	-1,142,000	-1,141,000	-21,548,000	-754,000	-755,000	-755,000									0	-368,631	368,631	-369,000		-2,368,000	-2,367,000	-2,339,000			-2,296,000	-1,996,000	-1,868,000	-1,903,000	-1,864,000	-1,483,000	-1,508,000	-1,541,000	-1,541,000
cash paid for common stock purchased and retired	-1,335,000	0	0	0	-1,055,000	0	-26,000	0	-907,000	0	0	0	-910,000	0	0	0	-702,000	0	0	-1,000	-1,050,000	25,000	-1,431,000	-29,000	-1,055,000	-1,284,000	-1,271,000	-996,000	-4,896,000	-3,386,000	-930,000	-271,000	-2,935,000	-2,806,000	-1,469,000	-1,023,000	-1,223,000	-33,790,000	-179,000	-106,000	-662,000	-151,000	-113,000	-1,127,000	-868,000	-160,000	0	-776,000	-845,000	0	0	-42,000	-534,000	-252,000	48,000	-305,000	-451,000	0	0	0	-447,000	0	0	-52,000	-192,000	0	-536,463	499,463	-500,000		0	-61,000	-1,558,000			-2,392,000	0	-778,000	-284,000	-275,000	-1,113,000	-12,219,000	-7,250,000	-45,000
net cash from financing activities	-6,268,000	-4,900,000	-4,900,000	-4,901,000	-5,949,000	-4,888,000	-4,881,000	-29,138,000	-5,759,000	-4,826,000	-4,821,000	-4,820,000	-5,727,000	-4,782,000	-4,104,000	-4,096,000	-4,797,000	-4,078,000	-4,076,000	-4,078,000	-4,448,000	-4,039,000	-4,147,000	-2,725,000	-5,129,000	-8,748,000	-5,354,000	-5,088,000	-9,013,000	-10,266,000	-4,382,000	-3,726,000	-6,400,000	-6,978,000	-3,909,000	-3,479,000	-3,659,000	-36,066,000	-2,461,000	-2,440,000	-2,812,000	-3,166,000	-1,620,000	-2,640,000	-2,215,000	-2,796,000	-1,131,000	-1,908,000	-1,706,000	-2,254,000	-1,127,000	-1,171,000	-1,593,000	-21,573,000	-698,000	-1,051,000	-979,000	0	0	52,000	-368,000	39,000	0	-46,000	-192,000	0	-428,559	598,559	-599,000	-2,353,000	-2,354,000	-2,416,000	-3,278,000			-4,265,000	-1,977,000	-2,646,000	-1,998,000	-1,873,000	-2,578,000	-13,701,000	-8,580,000	-1,497,000					614,000
net increase in cash and cash equivalents	2,287,000				4,724,000	-1,154,000	-1,598,000	-26,094,000	9,273,000	11,247,000	-5,510,000	3,614,000	19,430,000	16,311,000	5,292,000	7,946,000	-480,000	4,472,000	-18,979,000	-6,407,000	3,443,000	2,559,000	6,400,000	2,550,000	260,000	-3,226,000	10,063,000	-5,380,000	9,602,000	2,599,000	-3,359,000	-424,000	2,245,000	3,632,000	218,000	-2,993,000	4,208,000	-2,563,000	4,886,000	-7,944,000	254,000	-1,125,000	-201,000	137,000	5,103,000	-1,224,000	2,843,000	-6,210,000	3,549,000	-740,000	1,227,000	-1,718,000	4,697,000	-4,927,000	3,565,000	-3,772,000	5,826,000	-4,497,000	2,003,000	-2,597,000	-3,488,000	482,000	92,000	2,610,000	3,778,000	1,600,000	-3,654,521	-4,799,479	4,805,000		-3,930,000	845,000	4,897,000			1,779,000	2,766,000			6,748,000	2,213,000	-5,914,000	-7,858,000	2,546,000	3,367,000	-1,084,000	7,218,000	5,171,000	1,194,000
cash and cash equivalents at beginning of period	43,512,000	0	0	0	52,379,000	0	0	0	71,952,000	0	0	0	43,171,000	0	0	0	14,102,000	0	0	0	31,573,000		0	0	19,804,000		0	0	8,745,000		0	0	7,684,000		0	0	2,619,000		0	0	7,986,000		0	0	4,072,000		0	0	5,114,000		0	0	1,648,000		0	0	956,000		0	0	9,535,000		0	0	2,573,000		4,617,378	-4,617,378	4,622,000		0	0	3,233,000	0	0	54,456,000		0	0	37,602,000		0	0	46,615,000	17,280,000	0	0	4,953,000	1,097,000
cash and cash equivalents at end of period	45,799,000	-3,891,000	-2,768,000	-6,932,000	57,103,000	-1,154,000	-1,598,000	-26,094,000	81,225,000	11,247,000	-5,510,000	3,614,000	62,601,000	16,311,000	5,292,000	7,946,000	13,622,000	4,472,000	-18,979,000	-6,407,000	35,016,000		6,400,000	2,550,000	20,064,000		10,063,000	-5,380,000	18,347,000		-3,359,000	-424,000	9,929,000		218,000	-2,993,000	6,827,000		4,886,000	-7,944,000	8,240,000		-201,000	137,000	9,175,000		2,843,000	-6,210,000	8,663,000		1,227,000	-1,718,000	6,345,000		3,565,000	-3,772,000	6,782,000		2,003,000	-2,597,000	6,047,000		92,000	2,610,000	6,351,000		962,857	-9,416,857	9,427,000		-3,930,000	845,000	8,130,000	-9,675,000	-40,310,000	56,235,000		7,525,000	-185,000	44,350,000		-5,914,000	-7,858,000	49,161,000	20,647,000	-1,084,000	7,218,000	10,124,000	2,291,000
deferred income tax benefit		1,869,000	3,040,000							-760,000	86,000	-1,319,000	-1,133,000	-652,000	-154,000	-1,491,000	499,000	227,000																													-292,000							-465,000				-60,000	140,000																					-133,000		-123,000	-701,000	-323,000
pension settlement loss										86,000	0	188,000	2,089,000
current retirement plan assets		-410,000
current retirement plan liabilities		307,000
proceeds from benefit plan financing arrangement
distribution from benefit plan financing arrangement
proceeds from sale of assets						112,000				1,174,000																								0	0	0	8,000	9,000	0	31,000	48,000	-1,000	0	0	7,000	1,044,000	0	5,000	34,000	3,000	0
supplemental information:
income tax payments		50,000	20,000			1,104,000	505,000			3,175,000	3,197,000	7,184,000	355,000	4,240,000	4,687,000	700,000	3,395,000		2,074,000	1,645,000	2,534,000		1,510,000				2,184,000	2,080,000	1,446,000		1,888,000	1,153,000	1,556,000		2,030,000	3,074,000	2,362,000		3,101,000	928,000	844,000		2,385,000	1,497,000	875,000		1,536,000	996,000	100,000		398,000	316,000	451,000		961,000
income taxes payable																																									181,000		-250,000	402,000	222,000	-84,000	-102,000	216,000	312,000	-355,000	328,000	57,000	104,000	-78,000	71,000	195,000	-202,000	-70,000	364,000	16,000	17,000	-113,000	-251,000
net decrease in cash and cash equivalents			-2,768,000
current pension assets											0
other non-current assets								-925,000	-1,511,000	-1,181,000	-3,758,000	-398,000	-321,000	-364,000	574,000	1,150,000	1,315,000	-363,000	-383,000	-911,000	-232,000	-3,640,000	-867,000	-1,008,000	1,087,000	-437,000	-58,000	-209,000	-651,000	664,000	-231,000	-994,000	-2,000	-481,000	-127,000	-193,000	-111,000	362,000	1,418,000	-90,000	-424,000	-234,000	211,000	-36,000	-80,000	1,129,000	13,000	-139,000	-213,000	87,000	-166,000	47,000	-152,000	-55,000	-95,000	76,000	530,000	-221,000	173,000	30,000	-49,000	-78,000	-59,000	121,000	-4,000	-81,000	-651,726	-20,274	20,000		281,000	-92,000	149,000			-526,000	-205,000	-267,000	78,000	-209,000	613,000	-641,000	-1,016,000	-707,000			-10,000	15,000
gain on sale of assets
gain on sale of equipment and property																																		0	0	0	-8,000		-15,000	-31,000	-48,000		0	0	-12,000		0	-5,000	-12,000	-3,000	0																				0
(accretion) of discount/ amortization of premium related to marketable securities
other accrued expenses																																																																									4,484,000	-677,000	-995,000	1,388,000	1,204,000	184,000	-124,000	779,000	-1,645,000	-3,892,000	1,504,000	2,623,000	1,713,000	-486,000	665,000	889,000	572,000
sales and maturities of marketable securities
purchases of marketable securities																										0	0	0	-299,000	-1,134,000	-2,725,000	-8,769,000	-3,581,000	-3,712,000	-1,238,000	-13,002,000	-4,262,000	-3,686,000	-6,409,000	-10,891,000	-7,106,000	-6,380,000	-2,469,000	-5,389,000	-2,038,000	-5,786,000	-3,386,000	-5,071,000	-6,867,000	-1,984,000	-4,466,000	-4,934,000	-2,955,000	-7,005,000	-6,387,000	-15,177,000	-5,513,000	-11,333,000	-7,606,000	-6,748,000	-10,419,000	-7,148,000	-7,511,000	-10,203,000	-4,285,000	-1,302,000	-13,547,669	3,820,669	-3,829,000		-21,042,000	-13,613,000	-11,647,000
proceed from sale of assets
depreciation expense
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
accretion of discount related to marketable securities
sales of marketable securities																											0	0	7,530,000		4,085,000	1,039,000	4,675,000		5,407,000	5,214,000	2,389,000		3,018,000	1,963,000	501,000		3,215,000	3,489,000	4,685,000		2,160,000	100,000	2,459,000		2,827,000	5,685,000	2,599,000		6,319,000	12,367,000	5,872,000		4,837,000				600,000	1,265,000	3,151,000		7,077,254	-2,692,254	2,696,000		20,069,000	10,395,000	6,923,000
maturities of marketable securities																											0	0	448,000		785,000	838,000	350,000		0				8,741,000	2,414,000	487,000		650,000				1,090,000	1,200,000	400,000						0	225,000	700,000		2,715,000	2,570,000	3,475,000		3,310,000	5,430,000	2,930,000		5,948,046	-1,994,046	2,000,000		0	0	1,000,000
(accretion) of discount/amortization of premium related to marketable securities																											0	0	-5,000
amortization of premium related to marketable securities																														13,000	48,000	65,000	87,000	109,000	127,000	125,000	64,000	205,000	338,000	335,000	274,000
excess tax benefits for share-based payments																																						-26,000	-25,000	42,000	-151,000	-35,000	-18,000	-18,000	-185,000	-31,000	-13,000	-14,000	-284,000	-28,000	-13,000	-13,000	-82,000	-232,000	-8,000	-9,000	-130,000	0	0	0	-77,000					0	-452,547	257,547	-258,000		-14,000	-12,000	-582,000
loss on sale of equipment and property
investment in joint venture
(increase) decrease in assets:
increase (decrease) in liabilities:
the accompanying notes are an integral part of these consolidated statements.
repayment of capital lease obligation
proceeds received upon exercise of stock options																																																						370,000	0	0	97,000	0	0	52,000	2,000	39,000	0			0	23,988	-11,988	12,000		0	0	37,000	23,000	28,000	52,000	18,000	0	129,000	31,000	18,000	26,000	211,000	89,000	146,000	43,000	224,000	85,000
gain on benefit plan financing arrangement
re-investment in benefit plan financing arrangement
the accompanying notes are an integral part of these consolidated financial statements.
adjustments to reconcile net income to net cash from
(used for) operating activities:
income tax payments (refunds)																																																									898,000
adjustments to reconcile net income to net cash provided by operating activities:
income tax payments (refunds),net
adjustments to reconcile net income to net cash
from operating activities:
proceeds from sale of property and equipment																																																																			14,985				0
provided by operating activities:
net loss																																																																	-80,000
adjustments to reconcile net loss to net cash
gain on sale of property and equipment
net (loss) income																																																																					-2,486,000
statement of income data:
net sales
cost of goods sold
gross profit
selling, general and administrative expenses
operating income
interest income
income before income taxes
income tax provision
earnings per share:
basic
diluted
dividends paid per share
other financial and operating data:
gross profit margin percent
operating margin percent
employees at end of year
factory and administrative space at end of year
balance sheet data at end of year:
cash and cash equivalents
marketable securities — current
marketable securities — non-current
working capital
property, plant and equipment
total assets
total stockholders’ equity
operating activites
excess tax benefit for share-based payments																																																																										-670,000	706,000	-371,000
(purchase) sale of marketable securities
sale (purchase) of marketable securities																																																																												286,000
noncash charges (credits) to earnings:
(gain) loss on sale of equipment and property
procceds from sale of assets																																																																														0
net sales of marketable securities
net sales (purchases) of marketable securities
net increase (derease) in cash and cash equivalents
net purchase of marketable securities																																																																																-45,000									-13,835,000
excess tax benefit for share based payments																																																																																235,000
non-cash charges (credits) to earnings:
depreciation, amortization and other non-cash charges																																																																																				735,000
depreciation and amortization and other non-cash charges																																																																																		757,000
net purchases of marketable securities																																																																																				-2,319,000
operating activities:
decrease in assets
federal income taxes receivable																																																																																						0	0	831,000
federal income taxes payable																																																																																					1,906,000	976,000	-706,000	933,000
investing activities:
net sale of marketable securities																																																																																						825,000	3,167,000	1,411,000
financing activities:
decrease in assets, excluding effect of business acquired:
purchase of business
receipt of cash and marketable securities from rpc, inc.																																																																																									13,833,000
decrease in receivable from rpc, inc.
decrease in receivable from rpc, inc																																																																																									614,000

Marine Products Corporation(NYSE:MPX)

Marine Products Corporation
(NYSE:MPX)