Strong Fourth Quarter Revenue
Fourth quarter revenue exceeded the prior year by $1.2 million, driven by improvements in foil balloons, commercial films, and balloon-inspired gifts.
Improved Gross Margins
Gross margins improved to 18% in 2023 from 17% in 2022, with a notable 24% gross margin in Q4 2023 compared to 19% in the previous year.
Increase in Net Income and Adjusted EBITDA
Reported a $1.2 million improvement in net income and a $1 million improvement in adjusted EBITDA for the full year 2023. Earnings per share increased from a $0.22 loss to a $0.01 loss.
Automation and Efficiency Gains
Implemented two manufacturing lines with robotic arms, leading to top performance and reduced labor costs. A third line is planned for 2024.
Strategic Acquisition in China
Purchased a manufacturing facility in Hubei, China, to enhance capabilities in compostable material business and strengthen ties with Yunhong family of companies.