What changed in this filing

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Item 1. Financial Statements

2025-12-11 compared with 2025-09-11 · 117 added, 68 removed, 328 unchanged (36% of the section changed)

10 unchanged sentences

95,869 85,109

Prepaid and other assets

Prepaid and other current assets

33,097 23,827

39 unchanged sentences

( 5,100 ) ( 5,100 )

Common stock - 8,374,112 shares

Common stock - 8,394,112 and 8,374,112 shares, respectively

( 19,806 ) ( 19,133 )

9 unchanged sentences

Three Fiscal Months Ended

Six Fiscal Months Ended

$ 288,331 $ 291,202 $ 618,846 $ 620,675

7 unchanged sentences

Other income, net

2,655 1,729 4,892 6,076

Income before income taxes

4 unchanged sentences

Earnings per common share:

$ .50 $ .49 $ 1.09 $ 1.09

$ .49 $ .49 $ 1.09 $ 1.09

Weighted average common shares outstanding:

7 unchanged sentences

Three Fiscal Months Ended

Six Fiscal Months Ended

$ 46,364 $ 45,637 $ 102,124 $ 102,417

Other comprehensive income (loss), net of tax:

Other comprehensive income, net of tax:

Cash flow hedges

8 unchanged sentences

Three Fiscal Months Ended

August 2, 2025

July 27, 2024

Six Fiscal Months Ended

November 1, 2025

October 26, 2024

November 1, 2025

October 26, 2024

Series C Preferred Stock

4 unchanged sentences

Stock options exercised

12 - 4 - 12 - 47 1

End of Period

4 unchanged sentences

Stock options exercised

251 112 251 456

Stock-based compensation expense

112 151 247 311

End of period

8 unchanged sentences

519,874 333,346 519,874 333,346

Accumulated Other Comprehensive (Loss) Income

Accumulated Other Comprehensive Income (Loss)

Beginning of period

9,843 ( 1,142 ) 5,604 4,911

Cash flow hedges, net of tax

6 unchanged sentences

Treasury Stock - Common

Beginning and end of period

Beginning of Period

8,374 ( 19,133 ) 8,374 ( 19,133 ) 8,374 ( 19,133 ) 8,374 ( 19,133 )

Repurchase of common stock

20 ( 673 ) - - 20 ( 673 ) - -

End of period

8,394 ( 19,806 ) 8,374 ( 19,133 ) 8,394 ( 19,806 ) 8,374 ( 19,133 )

Total Shareholders' Equity

5 unchanged sentences

(In thousands)

Three Fiscal Months Ended

Six Fiscal Months Ended

Operating Activities:

2 unchanged sentences

Depreciation and amortization

10,991 10,533

Non-cash operating lease expense

5 unchanged sentences

( 10,760 ) ( 6,445 )

( 8,807 ) ( 6,026 )

Prepaid and other assets

( 3,453 ) ( 332 )

Accounts payable

13 unchanged sentences

Financing Activities:

Proceeds from stock options exercised

Repurchase of common stock

Dividends paid on common stock

- ( 304,148 )

Proceeds from stock options exercised

Net cash used in financing activities

9 unchanged sentences

Income taxes paid

$ 33,089 $ 31,084

Non-Cash Activities:

30 unchanged sentences

Fair Value of Financial Instruments

The carrying values of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the relatively short maturity of the respective instruments.

As of August 2, 2025 and May 3, 2025, cash and cash equivalents included money-market instruments of $ 133.7 million and $ 109.1 million, respectively.

The carrying values of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to the relatively short maturity of the respective instruments.

As of November 1, 2025 and May 3, 2025, cash and cash equivalents included money-market instruments of $ 126.6 million and $ 109.1 million, respectively.

These financial instruments are Level 1 as defined by the fair value hierarchy since they are based on quoted prices in active markets for identical assets and liabilities.

5 unchanged sentences

Trade Receivables, Net

The Company’s estimated allowances for credit losses as of August 2, 2025 and May 3, 2025 were $ 1.3 million and $ 1.2 million, respectively.

The Company’s trade receivable, net balances as of July 27, 2024 and April 27, 2024 were $ 116.0 million and $ 102.8 million, respectively.

The Company’s estimated allowances for credit losses as of both November 1, 2025 and May 3, 2025 were $ 1.2 million.

The Company’s trade receivable, net balances as of October 26, 2024 and April 27, 2024 were $ 99.6 million and $ 102.8 million, respectively.

Inventories are stated at the lower of first -in, first -out cost or net realizable value.

Adjustments, if required, to reduce the cost of inventory to net realizable value are made for estimated excess, obsolete or impaired balances.

Inventories at August 2, 2025 were comprised of finished goods of $ 52.5 million and raw materials of $ 41.4 million.

Adjustments, if required, to reduce the cost of the inventory to net realizable value are made for estimated excess, obsolete or impaired balances.

Inventories at November 1, 2025 were comprised of finished goods of $ 58.3 million and raw materials of $ 37.6 million.

Inventories at May 3, 2025 were comprised of finished goods of $ 44.0 million and raw materials of $ 41.1 million.

1 unchanged sentence

Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying condensed consolidated statements of income.

Such costs were $ 19.8 million and $ 19.5 million for the three fiscal months ended August 2, 2025 and July 27, 2024, respectively.

Such costs were $ 18.3 million for both the three fiscal months ended November 1, 2025 and October 26, 2024.

Shipping and handling costs were $ 38.1 million and $ 38.0 million for the six fiscal months ended November 1, 2025 and October 26, 2024, respectively.

Although our classification is consistent with many beverage companies, our gross margin may not be comparable to companies that include shipping and handling costs in cost of sales.

2 unchanged sentences

Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place.

Marketing costs, which are included in selling, general and administrative expenses, were $ 13.6 million and $ 11.5 million for the three fiscal months ended August 2, 2025 and July 27, 2024, respectively.

Marketing costs, which are included in selling, general and administrative expenses, were $ 11.0 million and $ 11.6 million for the three fiscal months ended November 1, 2025 and October 26, 2024, respectively.

Marketing costs were $ 24.6 million and $ 23.1 million for the six fiscal months ended November 1, 2025 and October 26, 2024, respectively.

Earnings Per Common Share

Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period.

Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options amounting to 79,000 and 98,000 shares in the three fiscal months ended August 2, 2025 and July 27, 2024, respectively.

Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options that amounted to 61,000 and 73,000 shares for the three fiscal months ended November 1, 2025 and October 26, 2024, respectively.

The dilutive effect of stock options amounted to 69,000 and 86,000 shares for the six fiscal months ended November 1, 2025 and October 26, 2024, respectively.

Recently Issued Accounting Pronouncements

2 unchanged sentences

The amendment is effective for annual reporting periods beginning after December 15, 2024.

The Company will adopt ASU 2023 - 09 on a prospective basis for its fiscal year ended May 2, 2026.

The Company will adopt ASU 2023 - 09 on a prospective basis and anticipates the adoption will not have a material effect on its consolidated financial statements for its fiscal year ended May 2, 2026.

In November 2024, the FASB issued ASU 2024 - 03, “Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220 - 40 ):

4 unchanged sentences

In July 2025, the FASB issued ASU 2025 - 05, “Financial Instruments – Credit Losses (Topic 326 ):

Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which requires disclosure of the election of a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as a part of estimating expected credit losses.

The election of the practical expedient is permitted on a prospective basis.

14 unchanged sentences

$ 173,703 $ 175,586

Machinery and equipment included construction-in-progress in the amounts of $ 39.0 million and $ 37.7 million as of August 2, 2025 and May 3, 2025, respectively.

Depreciation expense was $ 5.3 million and $ 5.0 million for the three fiscal months ended August 2, 2025 and July 27, 2024, respectively.

Machinery and equipment included construction-in-progress in the amounts of $ 34.5 million and $ 37.7 million as of November 1, 2025 and May 3, 2025, respectively.

Depreciation expense was $ 5.5 million and $ 5.0 million for the three fiscal months ended November 1, 2025 and October 26, 2024, respectively.

Depreciation expense was $ 10.8 million and $ 10.0 million for the six fiscal months ended November 1, 2025 and October 26, 2024, respectively.

Depreciation expense is recorded in cost of sales and selling, general and administrative expenses.

The Company has entered into various non-cancelable operating lease agreements for certain of its offices, buildings, machinery and equipment expiring at various dates through June 2037.

The Company has entered into various non-cancelable operating lease agreements for certain offices, buildings and machinery and equipment which expire at various dates through June 2037.

The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement.

Lease agreements generally do not contain material residual value guarantees or material restrictive covenants.

Operating lease costs were $ 4.6 million and $ 4.1 million for the three fiscal months ended August 2, 2025 and July 27, 2024, respectively.

As of August 2, 2025, the weighted-average remaining lease term and weighted average discount rate of operating leases was 5.75 years and 4.54 %, respectively.

Operating lease costs were $ 4.6 million and $ 4.1 million for the three fiscal months ended November 1, 2025 and October 26, 2024, respectively.

Operating lease costs were $ 9.2 million and $ 8.3 million for the six fiscal months ended November 1, 2025 and October 26, 2024, respectively.

As of November 1, 2025, the weighted-average remaining lease term and weighted average discount rate of operating leases was 5.62 years and 4.56 %, respectively.

As of May 3, 2025, the weighted-average remaining lease term and weighted average discount rate of operating leases was 5.92 years and 4.52 %, respectively.

Cash payments were $ 4.7 million and $ 4.1 million for operating leases for the three fiscal months ended August 2, 2025 and July 27, 2024, respectively.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of August 2, 2025:

Cash payments were $ 4.6 million and $ 4.3 million for operating leases for the three fiscal months ended November 1, 2025 and October 26, 2024, respectively.

Cash payments were $ 9.2 million and $ 8.4 million for operating leases for the six fiscal months ended November 1, 2025 and October 26, 2024, respectively.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of November 1, 2025:

(In thousands)

5 unchanged sentences

Non-current portion of lease obligations

At August 2, 2025, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $ 100 million (the “Credit Facilities”).

At November 1, 2025, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $ 100 million (the “Credit Facilities”).

The Credit Facilities expire from September 10, 2027 to May 30, 2028 and any borrowings would currently bear interest at 1.15 % above the Secured Overnight Financing Rate (“ SOFR ”).

There were no borrowings outstanding under the Credit Facilities at August 2, 2025 or May 3, 2025.

At August 2, 2025, $ 2.7 million of the Credit Facilities was reserved for standby letters of credit and $ 97.3 million was available for borrowings.

There were no borrowings outstanding under the Credit Facilities at November 1, 2025 or May 3, 2025.

At November 1, 2025, $ 2.7 million of the Credit Facilities was reserved for standby letters of credit and $ 97.3 million was available for borrowings.

A subsidiary of the Company also maintains an unsecured revolving term loan facility with a national bank aggregating $ 50 million (the “Loan Facility”).

There were no borrowings outstanding under the Loan Facility at August 2, 2025 or May 3, 2025.

There were no borrowings outstanding under the Loan Facility at November 1, 2025 or May 3, 2025.

The Loan Facility expires December 31, 2027 and borrowings would bear interest at 1.15 % above the adjusted daily SOFR .

The Credit Facilities and Loan Facility require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the credit agreements) and contain other restrictions, none of which are expected to have a material effect on its operations or financial position.

At August 2, 2025, the subsidiary was in compliance with all loan covenants.

At November 1, 2025, the subsidiary was in compliance with all loan covenants.

DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, we enter into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum containers.

From time to time, the Company enters into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum containers.

Such financial instruments are designated and accounted for as cash flow hedges.

Accordingly, gains or losses attributable to the effective portion of the cash flow hedge are reported in accumulated other comprehensive income (loss) (“AOCI”) and reclassified into cost of sales in the period in which the hedged transaction affects earnings.

The ineffective portion of the change in fair value of our cash flow hedges was immaterial.

The ineffective portion of the change in fair value of our cash flow hedge was immaterial.

The following summarizes the gains (losses) recognized in the Condensed Consolidated Statements of Income and AOCI:

(In thousands)

Three Fiscal Months Ended

August 2, 2025

July 27, 2024

Six Fiscal Months Ended

November 1, 2025

October 26, 2024

November 1, 2025

October 26, 2024

Recognized in AOCI:

Income (loss) before income taxes

Income before income taxes

$ 8,275 $ 10,420 $ 18,927 $ 3,222

income tax provision (benefit)

income tax provision

1,953 2,460 4,467 755

1 unchanged sentence

Reclassified from AOCI to cost of sales:

Gain before income taxes

income tax provision

Gain (loss) before income taxes

6,870 ( 409 ) 11,974 ( 1,141 )

income tax provision (benefit)

1,620 ( 97 ) 2,825 ( 269 )

5,250 ( 312 ) 9,149 ( 872 )

Net change to AOCI

$ 1,072 $ 7,648 $ 5,311 $ 1,595

As of August 2, 2025, the notional amount of our outstanding aluminum swap contracts was $ 39.1 million and, assuming no change in commodity prices, $ 12.0 million of unrealized gain before tax will be reclassified from AOCI and recognized in earnings over the next 12 months.

As of November 1, 2025, the notional amount of our outstanding aluminum swap contracts was $ 17.5 million and, assuming no change in commodity prices, $ 13.4 million of unrealized gain before tax will be reclassified from AOCI and recognized in earnings over the next 12 fiscal months.

The Company’s policy for the maximum length of time for which it hedges exposure to the variability of future cash flows is three years.

The Company is not subject to any legally enforceable master netting arrangements and does not offset fair value amounts recognized for derivative instruments.

As of August 2, 2025, the fair value of the short-term derivative liability was $ 0.1 million, which was included in accrued liabilities , and the fair value of the derivative asset was $ 12.1 million, which was included in prepaid and other assets .

As of May 3, 2025, the fair value of the derivative asset was $ 7.4 million, which was included in prepaid and other assets .

As of November 1, 2025, the fair value of the derivative asset was $ 13.4 million, which was included in prepaid and other current assets.

As of May 3, 2025, the fair value of the derivative asset was $ 7.4 million, which was included in prepaid and other current assets.

The fair value of the derivative liability was $ 1.0 million, which was included in accrued liabilities .

4 unchanged sentences

The management agreement provides that the Company will pay CMA an annual base fee equal to one percent of the consolidated net sales of the Company.

Management fees to CMA were $ 3.3 million for each of the three fiscal months ended August 2, 2025 and July 27, 2024.

At August 2, 2025 and May 3, 2025, accounts payable included amounts due to CMA of $ 2.0 million and $ 2.1 million, respectively.

Management fees to CMA were $ 2.9 million for both the three fiscal months ended November 1, 2025 and October 26, 2024.

Management fees to CMA were $ 6.2 million for both the six fiscal months ended November 1, 2025 and October 26, 2024.

At November 1, 2025 and May 3, 2025, accounts payable included amounts due to CMA of $ 1.8 million and $ 2.1 million, respectively.

SEGMENT INFORMATION

6 unchanged sentences

Depreciation and amortization expense is reported in the consolidated statements of cash flow.

The Board of Directors has authorized the Company to repurchase up to 3.2 million shares of its common stock.

During the fiscal month October 5, 2025 through November 1, 2025, the Company repurchased 20,000 shares of its common stock at an average price per share of $ 33.65 for a total cost of $ 0.7 million.

As of November 1, 2025, 1,333,144 common shares were purchased under the program and 1,866,856 common shares were available for repurchase.

MANAGEMENT ’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

19 unchanged sentences

RESULTS OF OPERATIONS

Three Fiscal Months Ended August 2, 2025 (first quarter of fiscal 2026) compared to Three Fiscal Months Ended July 27, 2024 (first quarter of fiscal 2025)

Net sales for the first quarter of fiscal 2026 increased $1.0 million to $330.5 million compared to $329.5 million for the first quarter of fiscal 2025.

The increase in sales resulted primarily from a 4.4% increase average selling price per case, partially offset by a 3.9% decrease in case volume.

The decrease in case volume impacted both carbonated soft drink brands and Power+ Brands.

Gross profit for the first quarter of fiscal 2026 increased to $125.5 million compared to $122.4 million for the first quarter of fiscal 2025.

The increase in gross profit was primarily due to an increase in average selling price per case, partially offset by an increase in packaging and ingredients costs and the decline in case volume.

The cost of sales per case increased 2.9%.

Gross margin increased to 38.0% compared to 37.2% for the first quarter of fiscal 2025.

Selling, general and administrative expenses for the first quarter of fiscal 2026 increased $1.8 million to $54.7 million from $52.9 million for the first quarter of fiscal 2025.

Three Fiscal Months Ended November 1, 2025 (second quarter of fiscal 2026) compared to Three Fiscal Months Ended October 26, 2024 (second quarter of fiscal 2025)

Net sales for the second quarter of fiscal 2026 decreased 1.0% to $288.3 million from $291.2 million for the second quarter of fiscal 2025.

The decrease in sales resulted primarily from a 6.0% decrease in case volume, partially offset by a 5.3% increase in average selling price per case.

The decrease in case volume impacted both Power + Brands and carbonated soft drink brands.

Gross profit for the second quarter of fiscal 2026 was $109.2 million compared to $109.4 million for the second quarter of fiscal 2025 and gross margin increased to 37.9% from 37.6% The increase in gross margin was primarily due to the increase in average selling price per case, partially offset by increased packaging and ingredient costs and the effects of reduced case volume.

The average cost of sales per case increased 4.7%.

Selling, general and administrative expenses for the second quarter of fiscal 2026 decreased $0.3 million to $51.2 million from $51.5 million for the second quarter of fiscal 2025.

The decrease was primarily due to a decrease in marketing costs.

As a percentage of net sales, selling, general and administrative expenses remained constant at 17.7% for the second quarter of fiscal 2026 and fiscal 2025.

Other income, net includes interest income of $2.8 million for the second quarter of fiscal 2026 and $1.7 million for the second quarter of fiscal 2025.

The increase in interest income is due primarily to increased average invested balances.

The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.6% for the second quarter of fiscal 2026 and 23.4% for the second quarter of fiscal 2025.

The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.

Six Fiscal Months Ended November 1, 2025 (first six months of fiscal 2026) compared to Six Fiscal Months Ended October 26, 2024 (first six months of fiscal 2025)

Net sales for the first six months of fiscal 2026 decreased $1.8 million to $618.8 million from $620.7 million for the first six months of fiscal 2025.

The decrease in sales resulted primarily from a 4.9% decrease in case volume, partially offset by a 4.8% increase in average selling price per case.

The decrease in case volume impacted both Power + Brands and carbonated soft drink brands.

Gross profit for the first six months of fiscal 2026 increased to $234.6 million from $231.8 million for the first six months of fiscal 2025 and gross margin increased to 37.9% from 37.3%.

The increase in gross margin was primarily due to the increase in average selling price per case, partially offset by an increase in packaging and ingredient costs and the effects of reduced case volume.

The average cost of sales per case increased 3.7%

Selling, general and administrative expenses for the first six months of fiscal 2026 increased $1.4 million to $105.8 million from $104.4 million for the first six months of fiscal 2025.

The increase was primarily due to an increase in marketing costs.

As a percentage of net sales, selling, general and administrative expenses increased to 16.5% for the first quarter of fiscal 2026 compared to 16.1% for the first quarter of fiscal 2025.

Other income, net includes interest income of $2.2 million for the first quarter of fiscal 2026 and $4.3 million for the first quarter of fiscal 2025.

As a percentage of net sales, selling, general and administrative expenses increased to 17.1% for the first six months of fiscal 2026 compared to 16.8% for the first six months of fiscal 2025.

Other income, net includes interest income of $5.0 million for the first six months of fiscal 2026 and $6.0 million for the first six months of fiscal 2025.

The decrease in interest income is due primarily to decreased average invested balances.

The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.6% for the first quarter of fiscal 2026 and 23.1% for the first quarter of fiscal 2025.

The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.6% for the first six months of fiscal 2026 and 23.3% for the first six months of fiscal 2025.

The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.

2 unchanged sentences

The Company’s principal sources of liquidity are its existing cash and cash-equivalents, cash generated from operating activities and borrowing capacity.

At August 2, 2025, we maintained the unsecured revolving Credit Facilities and the Loan Facility totaling $150 million, under which no borrowings were outstanding and $2.7 million was reserved for standby letters of credit.

At November 1, 2025, we maintained unsecured revolving Credit Facilities and the Loan Facility totaling $150 million, under which no borrowings were outstanding and $2.7 million was reserved for standby letters of credit.

We believe existing capital resources will be sufficient to meet our liquidity and capital requirements for the next twelve months.

The Company’s cash position increased $56.0 million for the first quarter of fiscal 2026 compared to a decrease of $250.0 million for the first quarter of fiscal 2025 primarily due to the special cash dividend of $304.1 million paid on July 24, 2024.

Net cash provided by operating activities for the first quarter of fiscal 2026 was $59.1 million compared to $57.5 million for the first quarter of fiscal 2025.

For the first quarter of fiscal 2026, cash flow provided by operating activities increased primarily due to a net decrease in working capital, excluding cash, and other items, partially offset by the decrease in net income.

Net cash used in investing activities for the first quarter of fiscal 2026 reflects capital expenditures of $3.1 million, compared to capital expenditures of $3.7 million for the first quarter of fiscal 2025.

The Company’s cash position increased $75.5 million for the first six months of fiscal 2026 compared to a decrease of $214.2 million for the first six months of fiscal 2025 primarily due to the special cash dividend of $304.1 million paid on July 24, 2024.

Net cash provided by operating activities for the first six months of fiscal 2026 was $84.8 million compared to $100.1 million for the first six months of fiscal 2025.

For the first six months of fiscal 2026, cash flow provided by operating activities decreased primarily due to a net increase in working capital, excluding cash.

Net cash used in investing activities for the first six months of fiscal 2026 reflects capital expenditures of $8.9 million, compared to capital expenditures of $10.6 million for the first six months of fiscal 2025.

Certain production capacity and efficiency improvement projects are in progress and we anticipate fiscal 2026 capital expenditures will not exceed fiscal 2025 capital spending.

Net cash used in financing activities for the first six months of fiscal 2026 primarily reflects the repurchase of common shares for $0.7 million.

Financial Position

At August 2, 2025, working capital increased to $329.2 million from $266.4 million at May 3, 2025.

The current ratio was 3.2 to 1 at August 2, 2025 compared to 2.9 to 1 at May 3, 2025.

The increase in working capital and current ratio was due primarily to an increase in cash and cash equivalents of $56.0 million and other net working capital increases of $6.8 million.

Trade receivables increased $2.3 million and days sales outstanding decreased to 29.3 days from 32.5 days.

At November 1, 2025, working capital increased to $376.7 million from $266.4 million at May 3, 2025.

The current ratio was 4.3 to 1 at November 1, 2025 compared to 2.9 to 1 at May 3, 2025.

The increase in working capital and current ratio was due primarily to an increase in cash and cash equivalents of $75.5 million, a decrease in accounts payable and accrued liabilities of $26.7 million, and other net working capital increases of $8.1 million.

Trade receivables decreased $11.0 million and days sales outstanding decreased to 29.4 days from 32.5 days.

Inventories increased $10.8 million and inventory turns decreased to 8.1 times from 8.7 times.

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements