3 unchanged sentences
(In thousands, except share data)
+Added: September 30,
2025 December 31,
28 unchanged sentences
Common stock, par value $ 0.01 , authorized 20,000,000 shares;
−Removed: shares issued at June 30, 2025 and December 31, 2024, 11,115,779 ;
−Removed: shares outstanding at June 30, 2025 and December 31, 2024, 10,430,630 and 10,573,432 , respectively
+Added: shares issued at September 30, 2025 and December 31, 2024, 11,115,779 ;
+Added: shares outstanding at September 30, 2025 and December 31, 2024, 10,247,806 and 10,573,432 , respectively
Paid-in capital 43,500 43,550
Retained earnings 172,708 167,579
−Removed: Treasury stock - at cost, 685,149 and 542,347 common stock shares at June 30, 2025 and December 31, 2024, respectively
+Added: Treasury stock - at cost, 867,973 and 542,347 common stock shares at September 30, 2025 and December 31, 2024, respectively
( 20,803 ) ( 11,208 )
9 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
13 unchanged sentences
Income before income taxes 7,137 6,153 10,672 14,010
−Removed: Income tax expense 3,444 346 2,813 635
+Added: Income tax expense (benefit) 2,812 ( 29,745 ) 5,625 ( 29,110 )
Net income 4,325 35,898 5,047 43,120
13 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
17 unchanged sentences
(In thousands)
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
CASH FLOWS FROM OPERATING ACTIVITIES:
20 unchanged sentences
Other long-term liabilities ( 4,555 ) ( 3,030 )
−Removed: Net cash used in operating activities ( 15,734 ) ( 26,398 )
+Added: Net cash provided by (used in) operating activities 13,447 ( 1,653 )
CASH FLOWS FROM INVESTING ACTIVITIES:
8 unchanged sentences
Deferred payment for Skratch acquisition ( 782 ) —
−Removed: Net cash provided by financing activities 22,468 28,815
+Added: Net cash (used in) provided by financing activities ( 4,628 ) 6,420
Effect of exchange rate changes on cash and cash equivalents 159 ( 239 )
5 unchanged sentences
Income taxes paid $ 1,163 $ 1,596
+Added: Right-of-use assets obtained in exchange for lease liabilities $ 14,988 $ —
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
2 unchanged sentences
(Dollars in thousands)
−Removed: Three Months Ended June 30, 2025
+Added: Three Months Ended September 30, 2025
Stock Paid-in
4 unchanged sentences
Interest Total Stockholders’
−Removed: Balance, March 31, 2025 $ 111 $ 41,823 $ 165,469 $ ( 14,736 ) $ ( 21,879 ) $ 807 $ 171,595
+Added: Balance, June 30, 2025 $ 111 $ 42,325 $ 168,354 $ ( 16,213 ) $ ( 20,135 ) $ 799 $ 175,241
Net income (loss)
8 unchanged sentences
Stock-based compensation — 1,306 — — — — 1,306
−Removed: Balance, June 30, 2025 $ 111 $ 42,325 $ 168,354 $ ( 16,213 ) $ ( 20,135 ) $ 799 $ 175,241
−Removed: Three Months Ended June 30, 2024
+Added: Balance, September 30, 2025 $ 111 $ 43,500 $ 172,708 $ ( 20,803 ) $ ( 20,715 ) $ 793 $ 175,594
+Added: Three Months Ended September 30, 2024
Stock Paid-in
4 unchanged sentences
Interest Total Stockholders’
−Removed: Balance, March 31, 2024 $ 111 $ 41,866 $ 129,069 $ ( 5,829 ) $ ( 20,616 ) $ 676 $ 145,277
+Added: Balance, June 30, 2024 $ 111 $ 42,612 $ 131,916 $ ( 6,405 ) $ ( 21,156 ) $ 574 $ 147,652
Net income (loss) — — 35,905 — — ( 7 ) 35,898
9 unchanged sentences
Stock-based compensation — 788 — — — — 788
−Removed: Investment of noncontrolling interest — 374 — — — — 374
−Removed: Balance, June 30, 2024 $ 111 $ 42,612 $ 131,916 $ ( 6,405 ) $ ( 21,156 ) $ 574 $ 147,652
+Added: Balance, September 30, 2024 $ 111 $ 43,385 $ 167,821 $ ( 8,994 ) $ ( 20,472 ) $ 585 $ 182,436
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
2 unchanged sentences
(Dollars in thousands)
−Removed: Six Months Ended June 30, 2025
+Added: Nine Months Ended September 30, 2025
Stock Paid-in
15 unchanged sentences
Stock-based compensation — 3,417 — — — — 3,417
−Removed: Balance, June 30, 2025 $ 111 $ 42,325 $ 168,354 $ ( 16,213 ) $ ( 20,135 ) $ 799 $ 175,241
−Removed: Six Months Ended June 30, 2024
+Added: Balance, September 30, 2025 $ 111 $ 43,500 $ 172,708 $ ( 20,803 ) $ ( 20,715 ) $ 793 $ 175,594
+Added: Nine Months Ended September 30, 2024
Stock Paid-in
6 unchanged sentences
Net income (loss) — — 43,188 — — ( 68 ) 43,120
−Removed: Other comprehensive (loss) income, net of tax:
+Added: Other comprehensive income, net of tax:
Pension liability adjustment — — — — 75 — 75
8 unchanged sentences
Investment of noncontrolling interest — 374 — — — — 374
−Removed: Balance, June 30, 2024 $ 111 $ 42,612 $ 131,916 $ ( 6,405 ) $ ( 21,156 ) $ 574 $ 147,652
+Added: Balance, September 30, 2024 $ 111 $ 43,385 $ 167,821 $ ( 8,994 ) $ ( 20,472 ) $ 585 $ 182,436
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7 unchanged sentences
In the opinion of management, all estimates and adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
−Removed: Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
+Added: Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in L.B.
7 unchanged sentences
ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.
−Removed: The Company is currently evaluating the impact of ASU 2023-09, but expects this ASU to only impact its disclosures with no impacts to its consolidated financial condition, results of operations, and cash flows.
+Added: The Company does not expect the adoption of ASU 2023-09 to have an impact to its consolidated financial condition, results of operations, and cash flows other than its disclosures.
In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which requires entities to provide more detailed disaggregation of expenses in the income statement, focusing on the nature of the expenses rather than their function.
3 unchanged sentences
The Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
+Added: In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”), which provides targeted improvements related to the accounting for costs incurred in the development of internal-use software.
+Added: The amendment replaces the previous stage-based model with clearer guidance on capitalization thresholds and implementation costs.
+Added: The amendments are effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.
+Added: Early adoption is permitted as of the beginning of an annual reporting period.
+Added: The Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements and related disclosures.
Business Segments
6 unchanged sentences
Rail, Technologies, and Services (“Rail”), and Infrastructure Solutions (“Infrastructure”).
−Removed: The Company’s segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred, (b) whose operating results are regularly reviewed by the CODM, who uses such information to make decisions about resources to be allocated to the segments, and (c) for which discrete financial information is available.
+Added: The Company’s segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred, (b) whose operating results are regularly reviewed by the CODM, who uses such information to make decisions
+Added: about resources to be allocated to the segments, and (c) for which discrete financial information is available.
The CODM uses segment operating income to determine resources to allocate to each segment (including personnel and financial resources) during the annual budgeting process.
1 unchanged sentence
Segment operating income includes reportable segment gross profit and direct expenses such as salaries, benefits, restructuring, research and development, professional and purchased services expenditures, amortization expense, bad debt expense, and other segment expenses.
−Removed: Additionally, segment operating income includes allocated corporate operating expenses associated with central
−Removed: services such as quality, logistics, environmental health and safety, information technology, insurance, and human resources.
+Added: Additionally, segment operating income includes allocated corporate operating expenses associated with central services such as quality, logistics, environmental health and safety, information technology, insurance, and human resources.
Other corporate functional costs that are associated with the operating segments are also allocated to the segments such as finance, marketing, credit and collections, and treasury functions.
8 unchanged sentences
Three Months Ended
+Added: September 30,
Rail, Technologies, and Services
22 unchanged sentences
(1) Purchased services costs generally include contractor services, insurance expenditures, rental expense, and legal services.
−Removed: (2) General administrative costs generally include office supplies, utilities, advertising, bad debt expense, depreciation and restructuring expenditures.
−Removed: Six Months Ended
+Added: (2) General administrative costs generally include office supplies, utilities, advertising, bad debt expense, and restructuring expenditures.
+Added: Nine Months Ended
+Added: September 30,
Rail, Technologies, and Services
23 unchanged sentences
(1) Purchased services costs generally include contractor services, insurance expenditures, rental expense, and legal services.
−Removed: (2) General administrative costs generally include office supplies, utilities, advertising, bad debt expense, depreciation and restructuring expenditures.
−Removed: For the six months ended June 30, 2024, the Company sold a former joint venture facility located in Magnolia, Texas, generating a $ 3,477 gain on sale recorded in “Gain on sale of former joint venture facility” which is included as a component of corporate operating income.
+Added: (2) General administrative costs generally include office supplies, utilities, advertising, bad debt expense, and restructuring expenditures.
+Added: For the nine months ended September 30, 2024, the Company sold a former joint venture facility located in Magnolia, Texas, generating a $ 3,477 gain on sale recorded in “Gain on sale of former joint venture facility” which is included as a component of corporate operating income.
Reconciliations of reportable depreciation and amortization and expenditures for long-lived assets to the Company’s consolidated totals are as follows for the periods presented:
Three Months Ended
+Added: September 30,
Depreciation/Amortization Expenditures for Long-Lived Assets Depreciation/Amortization Expenditures for Long-Lived Assets
5 unchanged sentences
$ 2,968 $ 2,809 $ 3,486 $ 3,067
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
Depreciation/Amortization Expenditures for Long-Lived Assets Depreciation/Amortization Expenditures for Long-Lived Assets
6 unchanged sentences
The following table summarizes the Company's total assets by reportable segment for the following periods:
+Added: September 30,
2025 December 31,
6 unchanged sentences
for $ 7,402 , which was inclusive of deferred payments withheld by the Company of $ 1,228 , to be paid over the next five years or utilized to satisfy post-closing working capital adjustments or indemnity claims under the purchase agreement.
−Removed: During the second quarter of 2025, the Company made a deferred acquisition payment of $ 782 .
−Removed: During the second quarter of 2025, the Company announced the discontinuation of its Automation and Materials Handling product line (“AMH Exit”) which was reported in the Technology Services and Solutions business unit within the Rail segment.
+Added: During the nine months ended September 30, 2025, the Company made a deferred acquisition payment of $ 782 .
+Added: During the nine months ended September 30, 2025, the Company announced the discontinuation of its Automation and Materials Handling product line (“AMH Exit”) which was reported in the Technology Services and Solutions business unit within the Rail segment.
The decision to exit was due to the Company's initiatives to scale back businesses in the United Kingdom.
The Company expects to complete any remaining customer obligations by the end of 2025.
−Removed: This product line had net sales of $ 813 and $ 1,100 for the three months ended June 30, 2025 and 2024, respectively, and $ 1,220 and $ 3,324 for the six months ended June 30, 2025 and 2024, respectively.
−Removed: The Company has incurred a total of $ 1,351 in exit costs associated with the AMH Exit, which included $ 655 in inventory and fixed asset write-downs, $ 507 in personnel expenses, and $ 189 in other exit costs.
+Added: This product line had net sales of $ 530 and $ 907 for the three months ended September 30, 2025 and 2024, respectively, and $ 1,750 and $ 4,230 for the nine months ended September 30, 2025 and 2024, respectively.
+Added: During the nine months ended September 30, 2025, the Company incurred a total of $ 1,351 in exit costs associated with the AMH Exit, which included $ 655 in inventory and fixed asset write-downs, $ 507 in personnel expenses, and $ 189 in other exit costs.
Exit costs of $ 1,085 were recorded in “Cost of goods sold” and $ 266 were recorded in “Selling and administrative expenses” within our Rail segment.
−Removed: The Company does not expect to incur additional material exit costs in the remainder of 2025.
+Added: The Company does not expect to incur additional material AMH Exit costs in the remainder of 2025.
In August 2024, the Company announced an enterprise restructuring program aligned with its strategy to reduce costs and enable investment in its growth platforms.
−Removed: The restructuring action has been completed as of December 31, 2024 and no additional costs are expected to be incurred under this program.
−Removed: As of December 31, 2024, the Company's restructuring liability was $ 687 , which has been paid out as of June 30, 2025.
−Removed: The following table summarizes the restructuring liability balance and utilization for restructuring actions, which are primarily related to severance costs through June 30, 2025:
+Added: The restructuring action was completed as of December 31, 2024 and no additional costs are expected to be incurred under this program.
+Added: As of December 31, 2024, the Company's restructuring liability for this program was $ 687 , all of which has been paid out as of September 30, 2025.
+Added: The following table summarizes the restructuring liability balance and utilization for restructuring actions, which are primarily related to severance costs through September 30, 2025:
Restructuring Liability
1 unchanged sentence
Personnel and other exit costs associated with AMH Exit
−Removed: Balance as of June 30, 2025
+Added: Balance as of September 30, 2025
On August 30, 2023, the Company announced the discontinuation of its Bridge Products grid deck product line (“Bridge Exit”) which was reported in the Steel Products business unit within Infrastructure.
The Bedford, PA based operations supporting the product line expect to complete any remaining customer obligations in 2025.
−Removed: For the three months ended June 30, 2025 and 2024, net sales
−Removed: associated with the product line were $ 498 and $ 1,157 , respectively and for the six months ended June 30, 2025 and 2024 were $ 999 and $ 1,967 , respectively.
+Added: For the three months ended September 30, 2025 and 2024, net sales associated with the product line were $ 94 and $ 921 , respectively, and for the nine months ended September 30, 2025 and 2024 were $ 1,093 and $ 2,888 , respectively.
The Company does not expect to incur additional material exit costs in 2025.
1 unchanged sentence
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
11 unchanged sentences
Net sales by the timing of the transfer of goods and services was as follows for the periods presented:
−Removed: Three Months Ended June 30, 2025
+Added: Three Months Ended September 30, 2025
Rail, Technologies, and Services Infrastructure Solutions Total
2 unchanged sentences
Total net sales $ 77,788 $ 60,498 $ 138,286
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
Rail, Technologies, and Services Infrastructure Solutions Total
2 unchanged sentences
Total net sales $ 79,498 $ 57,968 $ 137,466
−Removed: Six Months Ended June 30, 2025
+Added: Nine Months Ended September 30, 2025
Rail, Technologies, and Services Infrastructure Solutions Total
2 unchanged sentences
Total net sales $ 207,776 $ 171,860 $ 379,636
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Rail, Technologies, and Services Infrastructure Solutions Total
11 unchanged sentences
Changes in estimates are primarily attributed to updated considerations, including economic conditions and historic contract patterns, resulting in changes to anticipated revenue from existing contracts.
−Removed: During the three and six months ended June 30, 2025 and 2024, reductions to net sales stemming from changes in actual and expected values of certain commercial contracts and settlements of such contracts were $ 1,647 and $ 1,477 , respectively.
+Added: During the three months ended September 30, 2025, reductions to net sales stemming from changes in actual and expected values of certain commercial contracts and settlements of such contracts were $ 1,476 ;
+Added: there were no changes in actual or expected values during the three months ended September 30, 2024.
+Added: During the nine months ended September 30, 2025 and 2024, such adjustments to net sales were $ 3,123 and $ 1,477 , respectively.
The Company’s estimates related to these long-term agreements are further described in “Note 3.
2 unchanged sentences
Three Months Ended
−Removed: June 30, Percentage of Total Net Sales
−Removed: Three Months Ended June 30,
+Added: September 30, Percentage of Total Net Sales
+Added: Three Months Ended September 30,
2025 2024 2025 2024
2 unchanged sentences
Total over time sales $ 33,513 $ 41,287 24.3 % 30.0 %
−Removed: Six Months Ended
−Removed: June 30, Percentage of Total Net Sales
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended
+Added: September 30, Percentage of Total Net Sales
+Added: Nine Months Ended September 30,
2025 2024 2025 2024
6 unchanged sentences
Balance as of December 31, 2024 $ 16,720
−Removed: Net additions to contract assets 2,872
+Added: Revenue recognized but not yet billed
+Added: Adjustments to contract assets
Transfers from contract asset balance to accounts receivable ( 8,485 )
−Removed: Balance as of June 30, 2025
+Added: Balance as of September 30, 2025 $ 7,943
The following table sets forth the Company’s contract liabilities:
3 unchanged sentences
Increase in billings in excess of cost, excluding revenue recognized 937
−Removed: Balance as of June 30, 2025
+Added: Balance as of September 30, 2025
The Company has established policies regarding allowance for credit losses associated with contract assets, which includes standalone reserve assessments for its long term, complex contracts as needed as well as detailed regular review and updates to contract margins, progress, and value.
1 unchanged sentence
Management also regularly reviews collection patterns and future expected collections and makes necessary revisions to allowance for credit losses related to contract assets.
−Removed: As of June 30, 2025, the Company had approximately $ 269,929 of remaining performance obligations, which is also referred to as backlog.
−Removed: Approximately 7.9 % of the June 30, 2025 backlog was related to projects that are anticipated to extend beyond June 30, 2026.
+Added: As of September 30, 2025, the Company had approximately $ 247,416 of remaining performance obligations, which is also referred to as backlog.
+Added: Approximately 8.0 % of the September 30, 2025 backlog was related to projects that are anticipated to extend beyond September 30, 2026.
Goodwill and Other Intangible Assets
3 unchanged sentences
Foreign currency translation impact 1,085 — 1,085
−Removed: Balance as of June 30, 2025 $ 21,639 $ 11,676 $ 33,315
+Added: Balance as of September 30, 2025 $ 21,316 $ 11,676 $ 32,992
The Company performs goodwill impairment tests annually during the fourth quarter, and also performs interim goodwill impairment tests if it is determined that it is more likely than not that the fair value of a reporting unit is less than the carrying amount.
1 unchanged sentence
However, these factors can be unpredictable and are subject to change.
−Removed: No interim goodwill impairment test was required as a result of the evaluation of qualitative factors as of June 30, 2025.
+Added: No interim goodwill impairment test was required as a result of the evaluation of qualitative factors as of September 30, 2025.
However, future impairment charges could result if future projections diverge unfavorably from current expectations.
The following table sets forth the components of the Company’s intangible assets for the periods presented:
−Removed: June 30, 2025
+Added: September 30, 2025
Weighted Average
20 unchanged sentences
Accounts Receivable
−Removed: Changes in reserves for uncollectible accounts are recorded as part of “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations, and were an expense of $ 327 and $ 134 for the three months ended June 30, 2025 and 2024, respectively, and an expense of $ 518 and $ 529 for the six months ended June 30, 2025 and 2024, respectively.
−Removed: The changes in reserves for uncollectible accounts are net of recoveries of previous write-offs of $ 337 for the six months ended June 30, 2025.
+Added: Changes in reserves for uncollectible accounts are recorded as part of “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations and are recorded net of recoveries of previous write-offs.
+Added: During the three months ended September 30, 2025 and 2024, the Company recorded a net benefit of $ 74 and $ 0 , respectively, and during the nine months ended September 30, 2025 and 2024 recorded a net expense of $ 444 and $ 529 , respectively.
The Company established the allowance for credit losses by calculating the amount to reserve based on the age of a given trade receivable and considering historical collection patterns, bad debt expense experience, expected future trends of collections, current and expected market conditions, and any other relevant subjective adjustments as needed.
7 unchanged sentences
Recoveries of previous write-offs ( 465 )
−Removed: Balance as of June 30, 2025 $ 1,519
+Added: Balance as of September 30, 2025 $ 1,442
Inventory is valued at average cost or net realizable value, whichever is lower.
The Company’s components of inventory are summarized in the following table for the periods presented:
+Added: September 30,
2025 December 31,
5 unchanged sentences
Long-term debt consisted of the following:
+Added: September 30,
2025 December 31,
17 unchanged sentences
(a) Maximum Gross Leverage Ratio, defined as the Company’s Consolidated Indebtedness divided by the Company’s Consolidated EBITDA, which must not exceed (i) 3.50 to 1.00 for all testing periods other than during an Acquisition Period, and (ii) 4.00 to 1.00 for all testing periods occurring during an Acquisition Period, and (b) Minimum Consolidated Fixed Charge Coverage Ratio, defined as the Company’s Consolidated EBITDA divided by the Company’s Fixed Charges, which must be more than 1.10 to 1.00.
−Removed: As of June 30, 2025, the Company was in compliance with the covenants in the Credit Agreement, as amended, and had outstanding letters of credit of approximately $ 891 .
+Added: As of September 30, 2025, the Company was in compliance with the covenants in the Credit Agreement, as amended, and had outstanding letters of credit of approximately $ 770 .
Earnings Per Common Share
2 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
10 unchanged sentences
Diluted earnings per common share $ 0.40 $ 3.27 $ 0.47 $ 3.91
−Removed: For the three months ended June 30, 2025 and 2024, the Company recorded an income tax expense of $ 3,444 and $ 346 , respectively, on pre-tax income of $ 6,283 and $ 3,163 , respectively, for an effective income tax rate of 54.8 % and 10.9 %, respectively.
−Removed: For the six months ended June 30, 2025 and 2024, the Company recorded an income tax expense of $ 2,813 and $ 635 , respectively, on pre-tax income of $ 3,535 and $ 7,857 , respectively, for an effective income tax rate of 79.6 % and 8.1 %, respectively.
−Removed: The Company's effective income tax rate for the three and six months ended June 30, 2025 differed from the federal statutory rate of 21% primarily due to the impact of pre-tax losses in the United Kingdom, for which no income tax benefit was recognized due to a valuation allowance.
+Added: For the three months ended September 30, 2025 and 2024, the Company recorded an income tax expense of $ 2,812 and an income tax benefit of $ 29,745 , respectively, on pre-tax income of $ 7,137 and $ 6,153 , respectively, for an effective income tax rate of 39.4 % and ( 483.4 %), respectively.
+Added: For the nine months ended September 30, 2025 and 2024, the Company recorded an income tax expense of $ 5,625 and an income tax benefit of $ 29,110 , respectively, on pre-tax income of $ 10,672 and $ 14,010 , respectively, for an effective income tax rate of 52.7 % and ( 207.8 )%, respectively.
+Added: The Company's effective income tax rate for the three and nine months ended September 30, 2025 differed from the federal statutory rate of 21% primarily due to the impact of pre-tax losses in the United Kingdom, for which no income tax benefit was recognized due to a valuation allowance.
+Added: The Company's effective income tax rate for the three and nine months ended September 30, 2024 differed from the federal statutory rate of 21% primarily due to a $ 30,045 income tax benefit resulting from the change in valuation allowance previously recorded against certain U.S.
+Added: federal and state deferred taxes.
Changes in pre-tax income projections, combined with the seasonal nature of our businesses, also impact the effective income tax rate each quarter.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States.
−Removed: OBBBA includes various provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.
−Removed: The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.
−Removed: The Company is currently assessing its impact on our consolidated financial statements.
+Added: The OBBBA includes various tax provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.
+Added: The impacts of the tax provisions included in the OBBBA are reflected in our results for the quarter ended September 30, 2025, and did not have a material impact on the Company's Condensed Consolidated Financial Statements.
+Added: The Company will continue to monitor any developments and guidance related to the OBBBA.
Stock-Based Compensation
−Removed: The Company recorded stock-based compensation expense of $ 1,277 and $ 1,314 for the three months ended June 30, 2025 and 2024, respectively, and $ 2,111 and $ 2,347 for the six months ended June 30, 2025 and 2024, respectively, related to restricted stock awards and performance unit awards.
−Removed: As of June 30, 2025, unrecognized compensation expense for awards that the Company expects to vest approximated $ 7,488 .
+Added: The Company recorded stock-based compensation expense of $ 1,306 and $ 788 for the three months ended September 30, 2025 and 2024, respectively, and $ 3,417 and $ 3,135 for the nine months ended September 30, 2025 and 2024, respectively, related to restricted stock awards and performance unit awards.
+Added: As of September 30, 2025, unrecognized compensation expense for awards that the Company expects to vest approximated $ 6,186 .
The Company will recognize this unrecognized compensation expense over a weighted average 1.7 years through February 20, 2028.
On May 22, 2025, the shareholders approved the new 2025 Equity and Incentive Compensation Plan (the “Equity and Incentive Compensation Plan”).
−Removed: As of June 30, 2025, the Company had stock awards issued pursuant to the Equity and Incentive Compensation Plan and its predecessor, the 2006 Omnibus Incentive Compensation Plan (the “Omnibus Plan”).
−Removed: No stock options are outstanding under the Omnibus Plan or the Equity and Incentive Compensation Plan and, as such, there was no stock-based compensation expense related to stock options recorded for the three months ended June 30, 2025 and 2024.
+Added: As of September 30, 2025, the Company had stock awards issued pursuant to the Equity and Incentive Compensation Plan and its predecessor, the 2006 Omnibus Incentive Compensation Plan (the “Omnibus Plan”).
+Added: No stock options are outstanding under the Omnibus Plan or the Equity and Incentive Compensation Plan and, as such, there was no stock-based compensation expense related to stock options recorded for the three and nine months ended September 30, 2025 and 2024.
Non-Employee Director Restricted Stock Awards and Fully-Vested Stock
Since May 2018, non-employee directors have been awarded shares of the Company’s common stock on each date the non-employee directors were elected at the annual shareholders’ meeting to serve as directors, subject to a one-year vesting requirement.
−Removed: The Deferred Compensation Plan for Non-Employee Directors under the Omnibus Plan and, by amendment, under the Equity and Incentive Compensation Plan, which permits non-employee directors of the Company to defer receipt of earned cash and/or stock
−Removed: compensation for service on the Board into deferred stock units.
+Added: The Deferred Compensation Plan for Non-Employee Directors under the Omnibus Plan and, by amendment, under the Equity and Incentive Compensation Plan, which permits non-employee directors of the Company to defer receipt of earned cash and/or stock compensation for service on the Board into deferred stock units.
Under the terms of the 2025 Equity and Incentive Compensation Plan, a non-employee Board member may elect to receive fully vested stock in lieu of quarterly cash compensation.
12 unchanged sentences
Cancelled and forfeited ( 2,669 ) ( 45,524 ) 13.21
−Removed: Outstanding as of June 30, 2025 208,351 527,389 $ 16.57
+Added: Outstanding as of September 30, 2025 207,516 527,389 $ 16.65
Fair Value Measurements
13 unchanged sentences
As such, the swap agreements are classified as Level 2 within the fair value hierarchy.
−Removed: As of June 30, 2025 and December 31, 2024, the interest rate swaps were recorded in “Other current assets” when the interest rate swaps’ fair market value are in an asset position, and “Other accrued liabilities” when in a liability position within our Condensed Consolidated Balance Sheets.
+Added: As of September 30, 2025 and December 31, 2024, the interest rate swaps were recorded in “Other current assets” when the interest rate swaps’ fair market value are in an asset position, and “Other accrued liabilities” when in a liability position within our Condensed Consolidated Balance Sheets.
Fair Value Measurements at Reporting Date Fair Value Measurements at Reporting Date
+Added: September 30,
2025 Level 1 Level 2 Level 3 December 31,
4 unchanged sentences
The gains and losses related to the interest rate swaps are reclassified from “Accumulated other comprehensive loss” in our Condensed Consolidated Balance Sheets and included in “Interest expense - net” in our Condensed Consolidated Statements of Operations as the interest expense from our debt is recognized.
−Removed: For the three months ended June 30, 2025 and 2024, the Company recognized interest income of $ 56 and $ 340 , respectively, from interest rate swaps.
−Removed: For the six months ended June 30, 2025 and 2024, the Company recognized interest income of $ 274 and $ 677 respectively, from interest rate swaps.
+Added: For the three months ended September 30, 2025 and 2024, the Company recognized interest income of $ 56 and $ 340 , respectively, from interest rate swaps.
+Added: For the nine months ended September 30, 2025 and 2024, the Company recognized interest income of $ 331 and $ 1,017 respectively, from interest rate swaps.
Retirement Plans
16 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
8 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2025 2024 2025 2024
32 unchanged sentences
As more information develops and the allocation process is completed, and given the resolution of factors like those described above, an unfavorable resolution could have a material adverse effect.
−Removed: As of June 30, 2025 and December 31, 2024, the Company maintained reserves of $ 1,614 and $ 1,796 , respectively, for all of its environmental liabilities.
+Added: As of September 30, 2025 and December 31, 2024, the Company maintained reserves of $ 1,590 and $ 1,796 , respectively, for all of its environmental liabilities.
Other Legal Matters
1 unchanged sentence
Legal actions are subject to inherent uncertainties, and future events could change management’s assessment of the probability or estimated amount of potential losses from pending or threatened legal actions.
−Removed: Based on available information, it is the opinion of management that the ultimate resolution of pending or threatened legal actions, both individually and in the aggregate, will not result in losses having a material adverse effect on the Company’s financial position or liquidity as of June 30, 2025.
−Removed: If management believes that, based on available information, it is at least reasonably possible that a material loss (or additional material loss in excess of any accrual) will be incurred in connection with any legal actions, the Company discloses an estimate of the
−Removed: possible loss or range of loss, either individually or in the aggregate, as appropriate, if such an estimate can be made, or discloses that an estimate cannot be made.
−Removed: Based on the Company’s assessment as of June 30, 2025, no such disclosures were considered necessary.
+Added: Based on available information, it is the opinion of management that the ultimate resolution of pending or threatened legal actions, both individually and in the aggregate, will not result in losses having a material adverse effect on the Company’s financial position or liquidity as of September 30, 2025.
+Added: If management believes that, based on available information, it is at least reasonably possible that a material loss (or additional material loss in excess of any accrual) will be incurred in connection with any legal actions, the Company discloses an estimate of the possible loss or range of loss, either individually or in the aggregate, as appropriate, if such an estimate can be made, or discloses that an estimate cannot be made.
+Added: Based on the Company’s assessment as of September 30, 2025, no such disclosures were considered necessary.
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.