Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 2,021 $ 236
Accounts receivable, net 50,126 28,183
Inventories, net    
Raw materials 48,448 35,997
Work-in-process 24,990 20,304
Finished goods 29,811 28,779
Total inventories, net 103,249 85,080
Prepaid expenses and other current assets 3,728 13,384
Assets held for sale 855 0
Total current assets 159,979 126,883
Property, plant and equipment, net 43,720 35,096
Right-of-use assets, operating leases, net 30,811 31,769
Goodwill 12,637 1,355
Intangible assets, net 14,382 11,426
Deferred charges, net 302 455
Other non-current assets 4,171 0
Total assets 266,002 206,984
Liabilities and Shareholders' equity    
Commitments and contingencies – see Note 15
Current liabilities:    
Accounts payable 32,318 19,732
Accounts payable - related parties 2 0
Accrued expenses and other current liabilities 12,407 6,123
Current portion of long-term debt 2,464 875
Current portion of earn-out liability 1,961 3,434
Current portion of operating lease liabilities 1,104 867
Current portion of finance lease liabilities 233 19
Total current liabilities 50,489 31,050
Long-term debt 67,928 60,495
Long-term portion of earn-out liability 0 287
Long-term portion of operating lease liabilities 32,059 32,771
Long-term portion of finance lease liabilities 1,414 37
Deferred income taxes 2,433 1,957
Other long-term liabilities 89 92
Total liabilities 154,412 126,689
Commitments and contingencies – see Note 15
Shareholders' equity:    
Common stock - $1 par value: Authorized 24,000,000 shares; issued 11,085,103 and 10,300,000 shares, respectively 11,085 10,300
Capital in excess of par value 46,058 37,719
Retained earnings 63,080 42,835
Shareholders' equity before treasury stock 120,223 90,854
Less cost of common stock in treasury - 918,471 and 1,123,319 shares, respectively 8,633 10,559
Total shareholders' equity 111,590 80,295
Total liabilities and shareholders' equity $ 266,002 $ 206,984