XML 15 R4.htm IDEA: XBRL DOCUMENT v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF INCOME    
Net sales $ 75,673,000 $ 64,083,000
Cost of goods sold 54,047,000 46,192,000
Gross profit 21,626,000 17,891,000
Operating expenses:    
Selling expense 6,400,000 4,701,000
General and administrative expense (including $0.6 million and $0.1 million associated with variable interest entity for the three-months ended March 31, 2021 and 2020, respectively) 11,455,000 9,102,000
Total operating expenses 17,855,000 13,803,000
Operating income 3,771,000 4,088,000
Other income (expense)    
Rental income (including $0.2 million and $0 associated with variable interest entity for the three-months ended March 31, 2021 and 2020, respectively) 246,000 0
Other income 106,000 26,000
Loss on foreign currency transactions (165,000) (41,000)
Interest income (expense) (including $0.8 million interest income and $2.4 million interest expense associated with variable interest entity for the three-months ended March 31, 2021 and 2020, respectively) 278,000 (3,306,000)
Total other income (expense) 465,000 (3,321,000)
Income before provision for income tax 4,236,000 767,000
Provision for income tax 1,186,000 200,000
Net income 3,050,000 567,000
Net income (loss) attributable to noncontrolling interest 1,270,000 (1,884,000)
Net income attributable to Karat Packaging Inc. $ 1,780,000 $ 2,451,000
Basic and diluted earnings per share:    
Basic $ 0.12 $ 0.16
Diluted $ 0.12 $ 0.16
Weighted average common shares outstanding, basic 15,167,000 15,190,000
Weighted average common shares outstanding, diluted 15,403,000 15,461,000