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Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net sales $ 836,281 $ 813,067 $ 899,547
Cost of sales 565,476 [1] 553,981 616,181
Gross profit 270,805 259,086 283,366
Selling, general and administrative expenses [2],[3] 204,108 [4] 186,876 [4],[5] 199,489
(Gain) loss on disposal of fixed assets 201 (195) (667)
Impairment charges 22,016 [6] 0 0
Other (income) expenses 0 0 603 [7]
Operating income [8] 44,480 72,405 83,941
Interest expense, net 30,937 6,349 5,731
Income before income taxes 13,543 66,056 78,210
Income tax expense 6,342 17,189 17,943
Net income $ 7,201 $ 48,867 $ 60,267
Net income per common share:      
Basic $ 0.19 $ 1.33 $ 1.66
Diluted 0.19 1.32 1.64
Dividends declared per share $ 0.54 $ 0.54 $ 0.54
[1] The Company recognized $4.5 million of non-cash inventory step-up that was amortized to Cost of sales for the year ended December 31, 2024, related to the reporting of inventory at fair value in conjunction with the acquisition of Signature, as described in Note 3.
[2] The Company incurred $4.6 million, $3.1 million and $1.0 million of acquisition related costs associated with the acquisitions of Signature and Mohawk, as described in Note 3, for the years ended December 31, 2024, 2023, and 2022, respectively, of which $4.3 million, $2.7 million and $0.6 million are included in Corporate, for the years ended December 31, 2024, 2023, and 2022, respectively, $0.3 million is included in Material Handling's results, for the year ended December 31, 2024 and $0.4 million is included in Distribution's results, for the years ended December 31, 2023 and 2022. Corporate costs also include $1.3 million of consulting costs to improve the Company's capabilities to screen and execute large acquisitions for the year ended December 31, 2023.
[3] The Company recognized $(0.2) million, $3.2 million and $1.4 million of expense (income) related to the estimated environmental reserve, net of expected insurance recoveries in the years ended December 31, 2024, 2023 and 2022, respectively, as described in Note 9. Environmental charges are not included in segment results and are shown with Corporate.
[4] The Company recognized $1.4 million of executive severance which is included in Corporate's results for the year ended December 31, 2024. In the year ended December 31, 2023 the Company recognized $0.7 million of executive severance, of which $0.4 million was recognized in the Distribution Segment related to severance and benefits and $0.3 million was recognized in Corporate related to charges for the acceleration of stock compensation.
[5] In the year ended December 31, 2023, the Company recognized a $10 million recovery of legal costs within the Material Handling Segment related to a settlement agreement with one of its insurers. $6.7 million of these recovered costs were originally incurred prior to 2023.
[6] The Company recognized $22.0 million of non-cash impairment charges, as described in Note 4, for the year ended December 31, 2024, which are included in Material Handling's results.
[7] In the year ended December 31, 2022, the Company recognized a $0.6 million impairment loss on an investment in a legacy joint venture within the Distribution Segment as described in Note 1.
[8] The Company incurred $7.5 million, $2.5 million and $0.7 million of restructuring costs, included within both Cost of Sales and Selling, general and administrative, associated with the restructuring initiatives described in Note 6, for the years ended December 31, 2024, 2023, and 2022, respectively, of which $3.9 million, $1.5 million and $0.7 million are included in Material Handling, $1.4 million, $0.9 million and $0.0 million are included in Distribution's results and $2.3 million, $0.2 million and $0.0 million are included in Corporate's results, for the years ended December 31, 2024, 2023, and 2022, respectively.