Strong Sales Growth
Sales from continuing operations grew more than 18% year-over-year, reaching $73.4 million, driven by increased shipments from activities in Italy and China.
Significant Improvement in Profitability
Adjusted net income from continuing operations was $8.5 million compared to a $7 million loss a year ago, with gross profit rising to $28.3 million from $8.2 million last year.
Strategic Initiatives Announced
Divestiture of asbestos-related liabilities and negotiations for the sale of French subsidiaries, expected to unlock significant value and improve financial stability.
Strong Order Backlog
Order backlog reached nearly $300 million, up 5.3% since the beginning of the fiscal year, with 83% deliverable within the next 12 months.
Cash Flow and Financial Position
Significant cash flow from operations of nearly $20 million after 9 months, with a solid cash balance of $35.1 million and reinstated dividend payment.