# EDGAR Filing Document

**Accession Number:** 0000095029
**File Stem:** 0001174947-25-001336
**Filing Date:** 2025-11
**Character Count:** 26298
**Document Hash:** a0f25567d4d4470f4fdf7c55d9971498
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001174947-25-001336.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001174947-25-001336

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STURM RUGER & CO INC
- **CENTRAL INDEX KEY:** 0000095029
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 060633559
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10435
- **FILM NUMBER:** 251454972

**BUSINESS ADDRESS:**
- **STREET 1:** 1 LACEY PLACE
- **CITY:** SOUTHPORT
- **STATE:** CT
- **ZIP:** 06490
- **BUSINESS PHONE:** 2032597843

**MAIL ADDRESS:**
- **STREET 1:** 1 LACEY PLACE
- **CITY:** SOUTHPORT
- **STATE:** CT
- **ZIP:** 06490

?xml version='1.0' encoding='ASCII'? RGR 20250731

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported)**

**November 5, 2025**

**STURM, RUGER & COMPANY, INC.**

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
|  **Delaware**<br> (State or Other Jurisdiction of Incorporation) | **001-10435**<br> (Commission File Number) | **06-0633559**<br> (IRS Employer Identification Number) |

---

---

| | |
|:---|:---|
| **One Lacey Place, Southport, Connecticut** | **06890** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(203) 259-7843**

Registrant's telephone number, including area code

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Stock, $1 par value | &nbsp;&nbsp;RGR | &nbsp;&nbsp;New York Stock Exchange |
| &nbsp;&nbsp;Common Stock Purchase Rights | &nbsp;&nbsp;N/A | &nbsp;&nbsp;New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

---

On November 5, 2025, the Company issued a press release to stockholders and other interested parties regarding financial results for the third quarter ended September 27, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

<u>Exhibit No</u>. Description <br>99.1 [Press release of Sturm, Ruger & Company, Inc., dated November 5, 2025, reporting the financial results for the third quarter ended September 27, 2025.](ex99-1.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| STURM, RUGER & COMPANY, INC. | STURM, RUGER & COMPANY, INC. | STURM, RUGER & COMPANY, INC. |
| By: | /S/ Thomas A. Dineen | /S/ Thomas A. Dineen |
|  | Name: | Thomas A. Dineen |
|  | Title: | Principal Financial Officer, |
|  |  | Principal Accounting Officer, |
|  |  | Senior Vice President, Treasurer and |
|  |  | Chief Financial Officer |

---

Dated: November 5, 2025

## Exhibit 99.1

EXHIBIT 99.1

![Ruger-logo_final_lg.jpg](image_001.jpg)

![Corp_Fifer_Ltrhd_2012.jpg](image_002.jpg)

FOR IMMEDIATE RELEASE

STURM, RUGER & COMPANY, INC. REPORTS THIRD QUARTER RESULTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· NET SALES OF $126.8 MILLION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· DILUTED EARNINGS OF $0.10 PER SHARE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CASH GENERATED FROM OPERATIONS OF $12.9 MILLION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· CASH RETURNED TO SHAREHOLDERS OF $12.5 MILLION

DECLARES QUARTERLY DIVIDEND OF $0.04 PER SHARE

SOUTHPORT, CONNECTICUT, November 5, 2025 – Sturm, Ruger & Company, Inc. (NYSE-RGR) announced today that for the third quarter of 2025, net sales were $126.8 million and diluted earnings were $0.10 per share. For the corresponding period in 2024, net sales were $122.3 million and diluted earnings were $0.28 per share.

On a pretax basis, the Company lost $2.1 million in the third quarter of 2025 driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $1.9 million of acquisition and operating costs at the new Hebron, KY facility that was acquired in July,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· increased costs associated with material and technology, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· increased sales promotional expenses.

During the third quarter of 2025, the Company revised its estimated annual effective income tax rate for 2025 and recognized a $3.0 million increase to its income tax benefit for the nine months ended September 27, 2025. This increased third quarter net income by $0.19 per share. Without this increase, the Company's EPS would have been a loss of $0.09 per share.

For the nine months ended September 27, 2025, net sales were $395.0 million and the Company lost $0.48 per share. For the corresponding period in 2024, net sales were $389.9 million and diluted earnings were $1.15 per share.

In the second quarter of 2025, the Company rationalized and price-repositioned several product lines, reduced the number of models offered and implemented an organizational realignment which adversely impacted the results of operations for the nine months ended September 27, 2025. On an adjusted basis, excluding the impact of these non-recurring expenses, diluted earnings for the nine months ended September 27, 2025 were $0.65 per share. On an adjusted basis, excluding the reduction in force expense of $1.5 million incurred in the first quarter of 2024, diluted earnings per share for the nine months ended September 28, 2024 were $1.22.

The Company also announced today that its Board of Directors declared a dividend of $0.04 per share for the third quarter for stockholders of record as of November 17, 2025, payable on November 28, 2025. This dividend is approximately 40% of net income.

"This quarter's results reflect both the realities of a challenging macro environment and the actions we are taking to position Ruger for long-term growth," said Todd Seyfert, President and Chief Executive Officer. "Earlier this year, we took steps to strengthen our foundation, and we are now seeing the early benefits of that work – stronger topline performance, encouraging new product announcements and growing market share. We will continue to focus on improving our profitability by addressing our cost-structure."

Other observations on the third quarter include:

&nbsp;&nbsp;&nbsp;&nbsp;· Sales of new products, including the RXM pistol, Marlin lever-action rifles and American Centerfire Rifle Generation II, represented
$40.6 million or 33.7% of firearm sales in the third quarter of 2025. New product sales include only major new products that were introduced
in the past two years.

&nbsp;&nbsp;&nbsp;&nbsp;· Compared to the third quarter of 2024, the Company's finished goods inventories decreased 15,500 units while distributors'
inventories increased 4,100 units.

&nbsp;&nbsp;&nbsp;&nbsp;· Cash provided by operations during the nine months of 2025 was $38.8 million. On September 27, 2025, Ruger's cash and short-term
investments totaled $80.8 million. The Company's current ratio is 3.5 to 1 and there is no debt.

&nbsp;&nbsp;&nbsp;&nbsp;· In the first nine months of 2025, capital expenditures totaled $27.6 million, including $15.0 million for the Anderson acquisition
in Hebron, KY. The Company expects capital expenditures to total $35 million for the year for continued investments in new product introductions,
expanded capacity for product lines in greatest demand, upgraded manufacturing capabilities and strengthened facility infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company returned $35.6 million to its shareholders in the first nine months of 2025 through the payment of $9.5 million of quarterly
dividends and $26.1 million through the repurchase of 730,665 shares of its common stock at an average cost of $35.60 per share.

Mr. Seyfert concluded, "We achieved meaningful progress in the third quarter to better position Ruger for success in a challenging market. The launch of the Glenfield brand, the expansion of the Ruger American Rifle Generation II product line-up and the broadening of Marlin caliber offerings are just a few examples of how we're building on our most popular product lines. More is still to come, including the expansion of the RXM pistol family, the return of the Ruger Red Label shotgun and the shipment of new modern sporting rifles from our new Hebron, Kentucky facility."

Today, the Company filed its Quarterly Report on Form 10-Q for the third quarter of 2025. The financial statements included in this Quarterly Report on Form 10-Q are attached to this press release.

The Quarterly Report on Form 10-Q for the third quarter of 2025 is available on the SEC website at SEC.gov and the Ruger website at Ruger.com/corporate. Investors are urged to read the complete Quarterly Report on Form 10-Q to ensure that they have adequate information to make informed investment judgments.

Tomorrow, November 6, 2025, Ruger will host a webcast at 9:00 a.m. ET to discuss the third quarter operating results. Interested parties can listen to the webcast via this link or by visiting Ruger.com/corporate. Those who wish to ask questions during the webcast will need to pre-register prior to the meeting.

**About Sturm, Ruger & Co., Inc.**

Sturm, Ruger & Co., Inc. is one of the nation's leading manufacturers of rugged, reliable firearms for the commercial sporting market. With products made in America, Ruger offers consumers almost 800 variations of 40 product lines, across the Ruger, Marlin and Glenfield brands. For over 75 years, Ruger has been a model of corporate and community responsibility. Our motto, "Arms Makers for Responsible Citizens<sup>®</sup>," echoes our commitment to these principles as we work hard to deliver quality and innovative firearms.

**Forward-Looking Statements**

The Company may, from time to time, make forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.

STURM, RUGER & COMPANY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

*(Dollars in thousands)*

---

| | | |
|:---|:---|:---|
| | September 27, 2025 | December 31, 2024 |
| **Assets** |  |  |
| Current Assets |  |  |
| Cash | $16078 | $10028 |
| Short-term investments | 64760 | 95453 |
| Trade receivables, net | 59888 | 67145 |
| Gross inventories | 126467 | 149417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less LIFO reserve | (68165) | (66398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less excess and obsolescence reserve | (3658) | (6533) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net inventories | 54644 | 76486 |
| Prepaid expenses and other current assets | 12937 | 9245 |
| Total Current Assets | 208307 | 258357 |
| Property, plant and equipment | 504256 | 477622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less allowances for depreciation | (421365) | (406373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net property, plant and equipment | 82891 | 71249 |
| Deferred income taxes | 20057 | 16681 |
| Other assets | 31065 | 37747 |
| Total Assets | $342320 | $384034 |

---

STURM, RUGER & COMPANY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Continued)

*(Dollars in thousands, except per share data*)

---

| | | |
|:---|:---|:---|
| | September 27, 2025 | December 31, 2024 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current Liabilities |  |  |
| Trade accounts payable and accrued expenses | $33811 | $35750 |
| Contract liabilities with customers | 986 |  |
| Product liability | 1052 | 431 |
| Employee compensation and benefits | 17320 | 18824 |
| Workers' compensation | 5741 | 5804 |
| Total Current Liabilities | 58910 | 60809 |
| Employee compensation | 2449 | 1835 |
| Product liability accrual | 61 | 61 |
| Lease liabilities | 1269 | 1747 |
| Contingent liabilities |  |  |
| Stockholders' Equity |  |  |
| Common Stock, non-voting, par value $1: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized shares 50,000; none issued |  |  |
| Common Stock, par value $1: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized shares – 40,000,000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 – 24,490,478 issued, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,944,253 outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 – 24,467,983 issued, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,654,523 outstanding | 24490 | 24468 |
| Additional paid-in capital | 54054 | 50536 |
| Retained earnings | 419218 | 436609 |
| Less: Treasury stock – at cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 – 8,546,225 shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 – 7,813,460 shares | (218131) | (192031) |
| Total Stockholders' Equity | 279631 | 319582 |
| Total Liabilities and Stockholders' Equity | $342320 | $384034 |

---

STURM, RUGER & COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

*(Dollars in thousands, except per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September <br> 27, 2025 | September <br> 28, 2024 | September <br> 27, 2025 | September <br> 28, 2024 |
| Net firearms sales | $126130 | $121512 | $392892 | $387349 |
| Net castings sales | 636 | 775 | 2103 | 2519 |
| Total net sales | 126766 | 122287 | 394995 | 389868 |
| Cost of products sold | 107611 | 99615 | 340799 | 308639 |
| Gross profit | 19155 | 22672 | 54196 | 81229 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling | 9098 | 8998 | 28788 | 28188 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 13541 | 9932 | 41136 | 32796 |
| Total operating expenses | 22639 | 18930 | 69924 | 60984 |
| Operating (loss) income | (3484) | 3742 | (15728) | 20245 |
| Other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 629 | 1155 | 2621 | 3839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (17) | (24) | (55) | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 758 | 392 | 1407 | 749 |
| Total other income, net | 1370 | 1523 | 3973 | 4522 |
| (Loss) income before income taxes | (2114) | 5265 | (11755) | 24767 |
| Income taxes | (3696) | 527 | (3879) | 4681 |
| Net (loss) income and comprehensive (loss) income | $1582 | $4738 | $(7876) | $20086 |
| Basic earnings per share | $0.10 | $0.28 | $(0.48) | $1.17 |
| Diluted earnings per share | $0.10 | $0.28 | $(0.48) | $1.15 |
| Weighted average number of common shares outstanding - Basic | 16031340 | 16847866 | 16338644 | 17207632 |
| Weighted average number of common shares outstanding - Diluted | 16368310 | 17137065 | 16338644 | 17455265 |
| Cash dividends per share | $0.16 | $0.19 | $0.58 | $0.58 |

---

STURM, RUGER & COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(*Dollars in thousands)*

---

| | | |
|:---|:---|:---|
| | Nine Months Ended | Nine Months Ended |
|  | September 27,<br> 2025 | September 28,<br> 2024 |
| &nbsp;&nbsp;Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(7876) | $20086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net (loss) income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 16720 | 16941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 3718 | 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess and obsolescence inventory reserve | (336) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory and other asset write-off | 17002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of assets | 185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (3376) | (2942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 7257 | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 8997 | 3735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable and accrued expenses | (1963) | (514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities with customers | 986 | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefits | (921) | (7360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product liability | 621 | (349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses, other assets and other liabilities | (2249) | 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operating activities | 38765 | 35483 |
| &nbsp;&nbsp;Investing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment additions | (12636) | (17196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of Anderson Manufacturing assets | (15010) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term investments | (80683) | (100993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities of short-term investments | 111376 | 115023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used for) investing activities | 3047 | (3166) |
| &nbsp;&nbsp;Financing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remittance of taxes withheld from employees related to share-based compensation | (178) | (624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (26100) | (29355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (9484) | (9990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used for financing activities | (35762) | (39969) |
| &nbsp;&nbsp;Increase (decrease) in cash and cash equivalents | 6050 | (7652) |
| &nbsp;&nbsp;Cash and cash equivalents at beginning of period | 10028 | 15174 |
| &nbsp;&nbsp;Cash and cash equivalents at end of period | $16078 | $7522 |

---

**Non-GAAP Financial Measures**

In an effort to provide investors with additional information regarding its financial results, the Company refers to various United States generally accepted accounting principles ("GAAP") financial measures and two non-GAAP financial measures, EBITDA and EBITDA margin, which management believes provides useful information to investors. These non-GAAP financial measures may not be comparable to similarly titled financial measures being disclosed by other companies. In addition, the Company believes that the non-GAAP financial measures should be considered in addition to, and not in lieu of, GAAP financial measures. The Company believes that EBITDA and EBITDA margin are useful to understanding its operating results and the ongoing performance of its underlying business, as EBITDA provides information on the Company's ability to meet its capital expenditure and working capital requirements, and is also an indicator of profitability. The Company believes that this reporting provides better transparency and comparability to its operating results. The Company uses both GAAP and non-GAAP financial measures to evaluate the Company's financial performance.

EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. The Company calculates this by adding the amount of interest expense, income tax expense, and depreciation and amortization expenses that have been deducted from net income back into net income, and subtracting the amount of interest income that was included in net income from net income to arrive at EBITDA. The Company's EBITDA calculation also excludes any one-time non-cash, non-operating expense. The Company calculates EBITDA margin by dividing EBITDA by total net sales.

Non-GAAP Reconciliation – EBITDA

<u>EBITDA</u>

*(Unaudited, dollars in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 27,<br> 2025 | September 28,<br> 2024 | September 27,<br> 2025 | September 28,<br> 2024 |
| Net income (loss) | $1582 | $4738 | $(7876) | $20086 |
| Inventory rationalization |  |  | 17002 |  |
| Income tax (benefit) expense | (3696) | 527 | (3879) | 4681 |
| Depreciation and amortization expense | 5577 | 5804 | 16720 | 16941 |
| Interest income | (629) | (1155) | (2621) | (3839) |
| Interest expense | 17 | 24 | 55 | 66 |
| EBITDA | $2851 | $9938 | $19401 | $37935 |
| EBITDA margin | 2.2% | 8.1% | 4.9% | 9.7% |
| Net income margin | 1.2% | 3.9% | (2.0%) | 5.2% |

---

Non-GAAP Reconciliation – Adjusted EPS

<u>Adjusted Earnings per Share</u>

Adjusted earnings per share is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs. Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 27,<br> 2025 | September 28,<br> 2024 | September 27,<br> 2025 | September 28,<br> 2024 |
| Diluted earnings per share | $0.10 | $0.28 | $(0.48) | $1.15 |
| Inventory rationalization |  |  | 0.69 |  |
| Product rationalization and SKU reduction |  |  | 0.26 |  |
| Organizational realignment | 0.01 |  | 0.18 | 0.07 |
| Adjusted diluted earnings per share | $0.11 | $0.28 | $0.65 | $1.22 |

---