- \n
- \nRecord net sales of $71.3 million, increased 29% compared to the prior year reflecting strength of diversified revenue base<\/p>\n<\/li>\n
- \nGross profit increased 21% to $17.8 million; Gross profit margin was 25.0%<\/p>\n<\/li>\n
- \nNet income per diluted share was $0.33; Adjusted net income per diluted share(1)<\/sup> was $0.49<\/p>\n<\/li>\n
- \nAdjusted EBITDA (1)<\/sup> increased 28% to $8.8 million; Adjusted EBITDA margin(1)<\/sup> was 12.3%<\/p>\n<\/li>\n
- \nOrders (2)<\/sup> were $95.9 million; Book-to-Bill (2)<\/sup> ratio of 1.3x and record backlog (2)<\/sup> of $557.2 million<\/p>\n<\/li>\n
- \nStrengthened balance sheet with $27.0 million in cash and no outstanding debt following $50.0 million stock issuance and repayment of $13.0 million of debt during the quarter<\/p>\n<\/li>\n
- \nReaffirming full year fiscal 2027 guidance<\/p>\n<\/li>\n<\/ul>\n
\n
\n 1<\/sup>Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. See attached tables and other information for important disclosures regarding Graham\u2019s use of these non-GAAP measures.<\/i><\/td>\n<\/tr>\n \n \n 2<\/sup>Orders, backlog and book-to-bill ratio are key performance metrics. See \u201cKey Performance Indicators\u201d below for important disclosures regarding Graham\u2019s use of these metrics.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
First Quarter Fiscal 2027 Performance Review
\n
<\/b>(All comparisons are with the same prior-year period unless noted otherwise.)<\/i><\/p>\n\n
\n \n ($ in thousands except per share data)<\/i><\/p>\n<\/td>\n
\n Q1 FY27<\/b><\/p>\n<\/td>\n
\n \n Q1 FY26<\/b><\/p>\n<\/td>\n
\n \n $ Change<\/b><\/p>\n<\/td>\n
\n \n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet sales<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n71,342<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n55,487<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n15,855<\/p>\n<\/td>\n
\n \n \n29%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross profit<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n17,801<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n14,721<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n3,080<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n21%<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross margin<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 25.0%<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 26.5%<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n -150 bps<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating income<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n4,152<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n4,964<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n(812)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n-16%<\/p>\n<\/td>\n<\/tr>\n
\n \n Operating margin<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 5.8%<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 8.9%<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n -310 bps<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n3,912<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n4,595<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n(683)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n-15%<\/p>\n<\/td>\n<\/tr>\n
\n \n Net income margin<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 5.5%<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 8.3%<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n -280 bps<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income per diluted share<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.33<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.42<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n(0.09)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n-21%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted net income*<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n5,738<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n4,938<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n800<\/p>\n<\/td>\n
\n \n \n16%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted net income per diluted share*<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.49<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.45<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.04<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA*<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n8,750<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n6,838<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,912<\/p>\n<\/td>\n
\n \n \n28%<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA margin*<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 12.3%<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 12.3%<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n – bps<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n *Graham believes that, when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d), adjusted net income, adjusted net income per diluted share, adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, help in the understanding of its operating performance. See attached tables and other information provided at the end of this press release for important disclosures regarding Graham\u2019s use of these non-GAAP measures.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nNet sales for the first quarter of fiscal 2027 were $71.3 million, up $15.9 million, or 29%, compared with the first quarter of fiscal 2026, reflecting the strength of our diversified revenue base, as well as the acquisition of FlackTek, which added $6.6 million to revenue during the quarter. The increase for the quarter was across multiple markets, including an $11.8 million, or 40%, increase in sales to the Defense market, primarily due to the timing of project milestones, as well as new programs and growth in existing programs. Sales to the Space market increased $2.9 million, or 86%, over the prior year first quarter, due to new programs and the ramp up of existing programs, as well as the FlackTek acquisition. Sales to the Energy & Process markets increased $1,098, or 5%, as increases in Aftermarket sales are partially offset by push outs on large capital project activity. Aftermarket sales to the Energy & Process and Defense markets of $9.7 million remained strong, increasing 20% over the first quarter of the prior year.<\/p>\n
\nGross profit for the first quarter of fiscal 2027 was $17.8 million or 25.0% of sales, compared with $14.7 million, or 26.5% of sales, in the prior-year period. The 150-basis point decline in gross profit margin reflects the mix of sales in the first quarter of fiscal 2027, and in particular, a higher level of Defense sales and material receipts, which carry a lower profit margin.<\/p>\n
\nSelling, general and administrative expense (\u201cSG&A\u201d), including intangible amortization, for the first quarter of fiscal 2027 increased $3.2 million or 33%, over the prior year first quarter. Acquisition and integration expenses contributed $0.6 million of the increase compared to the prior year first quarter. Additionally, incremental SG&A from the acquisition of FlackTek accounted for $1.8 million of the increase. The remaining increase primarily reflects investments the Company is making in its people, processes, and technology, which we expect to be approximately $2.5 million of incremental costs for fiscal 2027, partially offset by a reduction in costs related to the Barber-Nichols Performance Bonus, which is no longer in effect in fiscal 2027. During the first quarter of fiscal 2026, the Company recorded $1.1 million related to the Barber-Nichols Performance Bonus, inclusive of applicable payroll taxes and no corresponding expense was recorded in the first quarter of fiscal 2027.<\/p>\n
Cash Management and Balance Sheet<\/b><\/p>\n
\nCash and cash equivalents as of June 30, 2026, were $27.0 million, compared with $6.6 million in the previous quarter. During the quarter, the Company strengthened its balance sheet through a $50.0 million investment from accounts advised by T. Rowe Price, of which $13.0 million of the proceeds were used for debt repayment, with the remaining proceeds expected to fund future organic and inorganic growth opportunities.<\/p>\n
\nNet cash used by operating activities was $12.7 million during the first quarter of fiscal 2027, primarily due to the timing of billing and collection of accounts receivable and unbilled revenue and customer deposits, as well as the payment of fiscal 2026 bonuses, including the Barber-Nichols Performance Bonus, during the quarter.<\/p>\n
\nCapital expenditures, net for the first quarter of fiscal 2027 were $2.6 million, focused on capacity expansion, increasing capabilities, and productivity improvements.<\/p>\n
\nThe Company had no debt outstanding as of June 30, 2026, with $74.5 million available on its revolving credit facility after taking into account outstanding letters of credit.<\/p>\n
Orders, Backlog, and Book-to-Bill Ratio<\/b><\/p>\n
See supplemental data filed with the Securities and Exchange Commission on Form 8-K and provided on the Company\u2019s website for a further breakdown of orders and backlog by market. See \u201cKey Performance Indicators\u201d below for important disclosures regarding Graham\u2019s use of these metrics ($ in millions).<\/i><\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Q1 26<\/b><\/p>\n<\/td>\n
\n Q2 26<\/b><\/p>\n<\/td>\n
\n Q3 26<\/b><\/p>\n<\/td>\n
\n Q4 26<\/b><\/p>\n<\/td>\n
\n FY26<\/b><\/p>\n<\/td>\n
\n Q1 27<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Orders<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n125.9<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n83.2<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n71.7<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n78.7<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n359.4<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n95.9<\/p>\n<\/td>\n<\/tr>\n
\n Backlog<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n482.9<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n500.1<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n515.6<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n532.6<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n532.6<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n557.2<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nOrders for the first quarter of fiscal 2027 were $95.9 million, compared with $125.9 million in the prior year first quarter, which included $86.5 million of follow-on orders to support the U.S. Navy\u2019s Virginia Class Submarine program. Order activity in the quarter continued to reflect strong demand in the Defense market, including approximately $61.8 million of new and follow-on orders to support the U.S. Navy\u2019s Columbia and Virginia Class Submarine programs, as well as to provide mission-critical hardware for the MK48 Mod 7 Heavyweight Torpedo. Space market orders totaled $14.4 million, or 2.3x net Space sales for the quarter. Total Aftermarket orders for the Energy & Process and Defense markets increased 5% to $10.9 million and FlackTek contributed $13.2 million to orders during the quarter or 2.0x net FlackTek sales.<\/p>\n
\nNote that our orders tend to be lumpy given the nature of our business (i.e. large capital projects) and in particular, orders to the Defense industry, which span multiple years and can be significantly larger in size.<\/p>\n
\nBacklog at quarter end was a record $557.2 million, a 15% increase over the prior-year period, driven by strong bookings in the Defense and Space markets, and contributions from the FlackTek acquisition. For the quarter, the Company achieved a book-to-bill ratio of 1.3x, continuing momentum from a book-to-bill ratio of 1.5x in FY 2026. Approximately 35% to 40% of orders currently in backlog are expected to be converted to sales in the next twelve months, another 20% to 25% are expected to convert to sales within one to two years, and the remaining beyond two years. Approximately 84% of our backlog as of June 30, 2026, was to the Defense industry, which provides stability and visibility for future revenue.<\/p>\n
Fiscal 2027 Outlook<\/b><\/p>\n
\n
\n \n (as of August 6, 2026)<\/i><\/p>\n<\/td>\n
\n Fiscal 2027 Guidance<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet Sales<\/p>\n<\/td>\n
\n \n$285 million to $295 million<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross Margin<\/p>\n<\/td>\n
\n \n24.5% to 25.5% of sales<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSG&A expense (including amortization)(1) (2)<\/sup><\/p>\n<\/td>\n
\n \n16.5% to 17.5% of sales<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA(2) (3) (4)<\/sup><\/p>\n<\/td>\n
\n \n$35 million to $40 million<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEffective Tax Rate<\/p>\n<\/td>\n
\n \n18% to 20%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCapital Expenditures<\/p>\n<\/td>\n
\n \n$18.0 million to $22.0 million<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n (1)<\/i><\/p>\n<\/td>\n
\n \n Includes approximately $4.0 million to $5.0 million of equity-based compensation, net acquisition & integration costs, and enterprise resource planning (\u201cERP\u201d) conversion costs included in SG&A expense.<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n (2)<\/i><\/p>\n<\/td>\n
\n \n Includes approximately $2.5 million of incremental costs to invest in people, processes, and technology to enable future growth and accelerate the commercialization of Graham products and technologies.<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n (3)<\/i><\/p>\n<\/td>\n
\n \n Excludes net interest (income) expense, income taxes, depreciation, and amortization from net income, as well as approximately $5.5 million to $6.5 million of equity-based compensation, net acquisition & integration costs, and ERP conversion costs.<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n (4)<\/i><\/p>\n<\/td>\n
\n \n See \u201cForward-Looking Non-GAAP Measures\u201d below for additional information.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nGraham\u2019s Chief Financial Officer, Christopher J. Thome, said, \u201cOur first quarter results reflect the discipline we have applied across the business, and we enter fiscal 2027 with a stronger, more flexible balance sheet and no outstanding debt. This financial flexibility supports our ability to continue investing in both organic and inorganic growth while maintaining the operating discipline that has defined our performance.\u201d<\/p>\n
\nMr. Thome continued, \u201cWith our first quarter results in line with our expectations, we are reaffirming our full year fiscal 2027 guidance. We remain focused on converting our record backlog into profitable growth as we execute throughout the remainder of the year.\u201d<\/p>\n
Webcast and Conference Call<\/b><\/p>\n
\nGHM\u2019s management will host a conference call and live webcast on August 6, 2026, at 11:00 a.m. Eastern Time (\u201cET\u201d) to review its financial results as well as its strategy and outlook. The review will be accompanied by a slide presentation, which will be made available immediately prior to the conference call on GHM\u2019s investor relations website.<\/p>\n
\nA question-and-answer session will follow the formal presentation. GHM\u2019s conference call can be accessed by calling (877) 407-0784, or (201) 689-8560 (International). Alternatively, the webcast can be monitored from the events section of GHM\u2019s investor relations website.<\/p>\n
\nA telephonic replay will be available from 3:00 p.m. ET today through Thursday, August 13, 2026. To listen to the archived call, dial (844) 512-2921 and enter conference ID number 13761669, or access the webcast replay via the Company\u2019s website at ir.grahamcorp.com, where a transcript will also be posted once available.<\/p>\n
About Graham Corporation<\/b><\/p>\n
\n
\n \n Consolidated Statements of Operations – Unaudited<\/b><\/p>\n
($ in thousands, except per share data)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n 2026<\/b><\/p>\n<\/td>\n
\n \n 2025<\/b><\/p>\n<\/td>\n
\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Net sales<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 71,342<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 55,487<\/b><\/p>\n<\/td>\n
\n 29%<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Cost of products sold<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n53,541<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n40,766<\/p>\n<\/td>\n
\n \n31%<\/p>\n<\/td>\n<\/tr>\n
\n Gross profit<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n17,801<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n14,721<\/p>\n<\/td>\n
\n \n21%<\/p>\n<\/td>\n<\/tr>\n
\n Gross margin<\/i><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 25.0%<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 26.5%<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating expenses and income:<\/td>\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n12,554<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9,397<\/p>\n<\/td>\n
\n \n34%<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative \u2013 amortization<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n507<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n436<\/p>\n<\/td>\n
\n \n16%<\/p>\n<\/td>\n<\/tr>\n
\n Other operating expense (income), net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n588<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(76)<\/p>\n<\/td>\n
\n NA<\/i><\/p>\n<\/td>\n<\/tr>\n
\n Operating income<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 4,152<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 4,964<\/b><\/p>\n<\/td>\n
\n (16%)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Operating margin<\/i><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 5.8%<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 8.9%<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other expense, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n89<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n128<\/p>\n<\/td>\n
\n \n(30%)<\/p>\n<\/td>\n<\/tr>\n
\n Interest income, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(120)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(177)<\/p>\n<\/td>\n
\n \n(32%)<\/p>\n<\/td>\n<\/tr>\n
\n Income before provision for income taxes<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,183<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,013<\/p>\n<\/td>\n
\n \n(17%)<\/p>\n<\/td>\n<\/tr>\n
\n Provision for income taxes<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n271<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n418<\/p>\n<\/td>\n
\n \n(35%)<\/p>\n<\/td>\n<\/tr>\n
\n Net income<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 3,912<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 4,595<\/b><\/p>\n<\/td>\n
\n (15%)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Per share data:<\/td>\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Basic:<\/td>\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net income<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n0.34<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.42<\/p>\n<\/td>\n
\n \n(19%)<\/p>\n<\/td>\n<\/tr>\n
\n Diluted:<\/td>\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net income<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n0.33<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.42<\/p>\n<\/td>\n
\n \n(21%)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Weighted average common shares outstanding:<\/td>\n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,597<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10,927<\/p>\n<\/td>\n
<\/tr>\n \n Diluted<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,710<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,033<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n NA: Not Applicable<\/i><\/td>\n \n \n \n <\/tr>\n<\/table>\n \n
\n \n Consolidated Balance Sheets<\/b><\/p>\n
(Amounts in thousands, except per share data)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n June 30,<\/b><\/td>\n \n March 31,<\/b><\/td>\n<\/tr>\n \n \n \n 2026<\/b><\/p>\n<\/td>\n
\n \n 2026<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Assets<\/b><\/td>\n \n \n <\/tr>\n \n Current assets:<\/td>\n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n26,953<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n6,580<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Trade accounts receivable, net of allowances ($287 and $195 at June 30, 2026 and March 31 2026, respectively)<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n49,750<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n33,809<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Unbilled revenue<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n65,884<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n59,868<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Inventories<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n49,436<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n50,758<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid expenses and other current assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,414<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,255<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes receivable<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n941<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,184<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total current assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n198,378<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n156,454<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Property, plant and equipment, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n60,747<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n60,330<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid pension asset<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,669<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,633<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating lease assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,339<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,740<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Goodwill<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n37,326<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n38,078<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Customer relationships, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15,016<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15,372<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Technology and technical know-how, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n22,658<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n23,232<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Tradenames, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,433<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,458<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Deferred income tax asset<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n134<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n131<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,260<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,188<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total assets<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 363,960<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 323,616<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Liabilities and stockholders\u2019 equity<\/b><\/td>\n \n \n <\/tr>\n \n Current liabilities:<\/td>\n \n \n <\/tr>\n \n Current portion of finance lease obligations<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n24<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n23<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accounts payable<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n24,697<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n25,740<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accrued compensation<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,142<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21,547<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accrued expenses and other current liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8,326<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,728<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Customer deposits<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n113,135<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n102,421<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating lease liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,799<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,806<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes payable<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total current liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n161,123<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n156,270<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Long-term debt<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Finance lease obligations<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating lease liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,954<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,343<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Deferred income tax liability<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,098<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n897<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accrued pension and postretirement benefit liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,144<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,145<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other long-term liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,430<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,625<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total liabilities<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 171,764<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 183,301<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Stockholders\u2019 equity:<\/b><\/td>\n \n \n <\/tr>\n \n Preferred stock, $1.00 par value, 500 shares authorized<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Common stock, $0.10 par value, 25,500 shares authorized, 11,901 and 11,247 shares issued and 11,727 and 11,073 shares outstanding at June 30, 2026 and March 31, 2026, respectively<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,190<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,124<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Capital in excess of par value<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n89,409<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n41,699<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Retained earnings<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n110,641<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n106,729<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accumulated other comprehensive loss<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(5,656<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(5,849<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Treasury stock (174 shares at June 30, 2026 and March 31, 2026, respectively)<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,388<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,388<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Total stockholders\u2019 equity<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 192,196<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 140,315<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total liabilities and stockholders\u2019 equity<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 363,960<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 323,616<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Consolidated Statements of Cash Flows<\/b><\/p>\n
(Amounts in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended<\/b><\/td>\n<\/tr>\n \n \n \n June 30,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating activities:<\/b><\/td>\n \n \n \n <\/tr>\n \n Net income<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n3,912<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n4,595<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Adjustments to reconcile net income to net cash used by operating activities:<\/td>\n \n \n \n <\/tr>\n \n Depreciation<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,670<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,024<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Amortization<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,050<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n499<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Amortization of actuarial losses<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n173<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n210<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Equity-based compensation expense<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n645<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n532<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Loss on disposal or sale of property, plant and equipment<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Change in fair value of contingent consideration<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n577<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(76<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Deferred income taxes<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n157<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n262<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n (Increase) decrease in operating assets, net of acquisitions:<\/td>\n \n \n \n <\/tr>\n \n Accounts receivable<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(16,021<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n839<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Unbilled revenue<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(6,021<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(865<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Inventories<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,230<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,642<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes receivable<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n237<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n123<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid expenses and other current and non-current assets<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,936<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(167<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Operating lease assets<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n366<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n331<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid pension asset<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(36<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(35<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Increase (decrease) in operating liabilities, net of acquisitions:<\/td>\n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(592<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,322<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Accrued compensation, accrued expenses and other current and non-current liabilities<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(8,557<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(7,266<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Customer deposits<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10,846<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,265<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Operating lease liabilities<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(360<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(319<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Long-term portion of accrued compensation, accrued pension and postretirement benefit liabilities<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Net cash used by operating activities<\/b><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n (12,650<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (2,259<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Investing activities:<\/b><\/td>\n \n \n \n <\/tr>\n \n Purchase of property, plant and equipment<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,609<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(7,004<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Acquisitions, net of cash acquired<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,567<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net cash used by investing activities<\/b><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n (1,042<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (7,004<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Financing activities:<\/b><\/td>\n \n \n \n <\/tr>\n \n Borrowings of debt obligations<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Principal repayments on debt<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(13,000<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(6,000<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Repayments on finance lease obligations<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(87<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(82<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Issuance of common stock<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n50,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Common stock issuance costs<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(138<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Tax withholdings related to net share settlements of restricted stock units<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,731<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,532<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Net cash provided (used) by financing activities<\/b><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 34,044<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (1,614<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Effect of exchange rate changes on cash<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n53<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net increase (decrease) in cash and cash equivalents<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n20,373<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(10,824<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Cash and cash equivalents at beginning of period<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,580<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21,577<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Cash and cash equivalents at end of period<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n26,953<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n10,753<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Adjusted EBITDA Reconciliation<\/b><\/p>\n
(Unaudited, $ in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net income<\/b><\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 3,912<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 4,595<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAcquisition & integration expense (income), net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,179<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(76<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nERP Implementation costs<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n143<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n23<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet interest income<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(120<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(177<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax expense<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n271<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n418<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEquity-based compensation expense<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n645<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n532<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation & amortization<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,720<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,523<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 8,750<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 6,838<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nNet sales<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n71,342<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n55,487<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nNet income margin<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA margin<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n12.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n12.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Adjusted Net Income and Adjusted Net Income per Diluted Share Reconciliation<\/b><\/p>\n
(Unaudited, $ in thousands, except per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n <\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net income<\/b><\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 3,912<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 4,595<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAcquisition & integration expense (income), net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,179<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(76<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization of intangible assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,050<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n499<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nERP Implementation costs<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n143<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n23<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTax impact of adjustments(1)<\/sup><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(546<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(103<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted net income<\/b><\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 5,738<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 4,938<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGAAP net income per diluted share<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n0.33<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.42<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted net income per diluted share<\/b><\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 0.49<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 0.45<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted weighted average common shares outstanding<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n11,710<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,033<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
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\n \n (1)<\/sup> Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate of 23%.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nAcquisition and integration expense (income), net are incremental costs that are directly related to, and as a result of, acquisition and integration related activity and the subsequent accounting for any contingent earn-out liabilities. These costs (income) may include, among other things, professional, consulting, travel expenses, and other fees, system integration costs, and contingent consideration fair value adjustments. ERP implementation costs primarily relate to consulting costs (training, data conversion, and project management) incurred in connection with the ERP system being implemented throughout our Batavia, New York facility in order to enhance efficiency and productivity and are not expected to recur once the project is completed.<\/p>\n
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View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260805783838\/en\/<\/a><\/span><\/p>\n
For more information, contact:
\n
<\/b>
Christopher J. Thome
\n
Vice President – Finance and CFO
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Phone: (585) 343-2216<\/p>\n - \nAdjusted EBITDA (1)<\/sup> increased 28% to $8.8 million; Adjusted EBITDA margin(1)<\/sup> was 12.3%<\/p>\n<\/li>\n