Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.23.1
Consolidated Statements of Income - USD ($)
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]    
Net sales $ 414,147,000 $ 334,715,000
Cost of sales 357,614,000 273,949,000
Gross profit 56,533,000 60,766,000
Selling, general and administrative expense 34,952,000 30,144,000
Acquisition costs and other 1,200,000 1,001,000
Proxy contest costs and recoveries 0 168,000
Earn-out adjustments (7,000) 1,872,000
Asset impairment 0 233,000
Operating income 20,388,000 27,348,000
Other (income) and expense    
Interest expense 2,742,000 1,486,000
Loss on extinguishment of debt 0 223,000
Change in fair value of interest rate swap 0 (2,000)
Other, net (209,000) 143,000
Income before income taxes 17,855,000 25,498,000
Income tax provision (benefit) (4,211,000) 5,253,000
Net income $ 22,066,000 $ 20,245,000
Net income per common share:    
Basic (in dollars per share) $ 2.16 $ 2.17
Diluted (in dollars per share) $ 2.12 $ 2.14
Weighted average number of common shares outstanding:    
Basic (in shares) 10,230 9,340
Diluted (in shares) 10,410 9,456