12 unchanged sentences
Federal and/or state funding allocated to infrastructure may decrease in the future.
−Removed: Previously, the Company depended on one customer for a significant portion of its revenue.
The loss of any relationship with a large customer, or a significant downturn in the business or financial condition of any such customer, could have adverse consequences on the Company’s future business.
−Removed: No customer accounted for 10% or more of fiscal 2022 or 2021 revenues.
−Removed: If the Company had customers that accounted for a significant portion of its net revenues, then the loss of any of those customers, or a significant reduction in sales to any such customer, could adversely affect the Company’s revenues and, consequently, its business.
+Added: During the year ended September 30, 2023, one customer accounted for 14.8% of net revenue.
+Added: No customer accounted for 10% or more of net revenue for the year ended September 30, 2022.
+Added: The loss of any relationship with a large customer, or a significant reduction in sales to any such customer, could adversely affect the Company’s revenues and, consequently, its business.
If the Company fails to comply with requirements relating to internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act, the business could be harmed and its stock price could decline.
5 unchanged sentences
Although the Company concluded that its internal control over financial reporting was effective as of September 30, 2023, in future fiscal years, the Company may encounter unanticipated delays or problems in assessing its internal control over financial reporting as effective or in completing its assessments by the required dates.
−Removed: In addition, the Company cannot be assured that, if required, its independent registered public accountants will attest that internal control over financial reporting is effective in future fiscal years.
+Added: In addition, the Company cannot be assured that its independent registered public accountants will attest that internal control over financial reporting is effective in future fiscal years.
If the Company cannot assess its internal control over financial reporting as effective, investor confidence and share value may be negatively impacted.
2 unchanged sentences
Control of the equipment transfers over time as the equipment is unique to the specific contract and thus does not create an asset with an alternative use.
−Removed: Revenues and costs are recognized in proportion to actual labor costs incurred, as compared with total
−Removed: estimated labor costs expected to be incurred during the entire contract.
+Added: Revenues and costs are recognized in proportion to actual labor costs incurred, as compared with total estimated labor costs expected to be incurred during the entire contract.
As a result, revisions made to the estimates of revenues and profits are recorded in the period in which the conditions that require such revisions become known and can be estimated.
1 unchanged sentence
The Company may encounter difficulties with acquisitions .
−Removed: As part of its growth strategy, the Company intends to evaluate the acquisition of other companies, assets or product lines that would complement or expand the Company’s existing business or broaden its customer base.
−Removed: Although the Company conducts due diligence reviews of potential acquisition candidates, it may not be able to identify all material liabilities or risks related to potential acquisition candidates.
+Added: As part of its strategy, the Company intends to evaluate the acquisition of other companies, assets or product lines that would complement or expand the Company’s existing business or broaden its customer base.
+Added: Although the Company conducts due diligence reviews of potential acquisition candidates, it may not be able to identify all material liabilities or risks related to potential acquisitions.
There can be no assurance that the Company will be able to locate and acquire any business, retain key personnel and customers of an acquired business or integrate any acquired business successfully.
Additionally, there can be no assurance that financing for any acquisition, if necessary, will be available on acceptable terms, if at all, or that the Company will be able to accomplish its strategic objectives in connection with any acquisition.
−Removed: The Company’s marketable securities are comprised of cash and money funds, equities, corporate bonds, mutual funds, exchange-traded funds, and government securities invested through professional investment management firms and are subject to various risks, such as interest rates, markets, and credit .
−Removed: The Company’s marketable securities are comprised of cash and money funds, equities, corporate bonds, mutual funds, exchange-traded funds, and government securities invested through professional investment management firms and are subject to various risks, such as interest rate risk, market risk, and credit risk.
+Added: The Company’s marketable securities are comprised of cash and money funds, equities, corporate bonds, exchange-traded funds, and government securities invested through professional investment management firms and are subject to various risks, such as interest rates, markets, and credit .
+Added: The Company’s marketable securities are comprised of cash and money funds, equities, corporate bonds, exchange-traded funds, and government securities invested through professional investment management firms and are subject to various risks, such as interest rate risk, market risk, and credit risk.
Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of securities, adverse developments with respect to interest rates, the capital markets or the credit markets could have a material adverse impact on the value of these investment securities and ultimately, the Company’s results of operations.
78 unchanged sentences
Competition could reduce revenue from the Company’s products and services and cause it to lose market share.
−Removed: The Company currently faces strong competition in product performance, price and service.
+Added: The Company currently faces competition in product performance, price and service.
Some of the Company’s competitors have greater financial, product development and marketing resources than the Company.
23 unchanged sentences
General market conditions or market conditions specific to particular industries.
−Removed: The Company’s business, results of operations, financial condition, cash flows, and the stock price of its common stock could be adversely affected by the COVID-19 pandemic.
−Removed: The Company’s business, results of operations financial condition, cash flows, and the stock price of its common stock can be adversely affected by pandemics or other public health emergencies, such as the recent outbreak of COVID-19 and its variants.
−Removed: In March 2020, the World Health Organization (“WHO”) declared COVID-19 as a pandemic.
−Removed: The COVID-19 pandemic has resulted in governments around the world implementing increasingly stringent measures to help control the spread of the virus, including “stay at home” orders, travel restrictions, business curtailments, school closures, and other measures.
−Removed: The outbreak of COVID-19 (including any variants) and any preventive or protective actions taken by governmental authorities may have a material adverse effect on the Company’s operations, supply chain, customers, and transportation networks, including business shutdown or disruptions.
−Removed: The extent to which COVID-19 and its variants may adversely impact the Company’s business depends on future developments, which are highly uncertain and unpredictable, depends upon the severity and duration of the outbreak and the effectiveness of actions taken globally to contain or mitigate its effect.
−Removed: Any resulting financial impact cannot be estimated reasonably at this time, but may materially adversely affect the Company’s business, results of operations, financial condition, and cash flows.
−Removed: Even after the COVID-19 pandemic has subsided, the Company may experience materially adverse impacts to its business due to any resulting economic downturn.
−Removed: Additionally, concerns over the economic impact of COVID-19 and its variants have caused volatility in financial and other capital markets, which has and may continue to adversely impact the Company’s stock price, its ability to access capital markets, and the value of its investment portfolio.
−Removed: To the extent the COVID-19 pandemic adversely affects the Company’s business and financial results it may also have the effect of heightening many of the other risks described in this Annual Report, such as those relating to the Company’s products and financial performance.
Global, market and economic conditions may negatively impact our business, financial condition and share price.
−Removed: Concerns over inflation, geopolitical issues, global financial markets and the COVID-19 pandemic have led to increased economic instability and expectations of slower global economic growth.
+Added: Concerns over inflation, geopolitical issues, global financial markets and global public health crises such as the COVID-19 pandemic have led to increased economic instability and expectations of slower global economic growth.
Our business may be adversely affected by any such economic instability or unpredictability.
Russia’s invasion of Ukraine and related sanctions has led to increased oil and natural gas prices.
+Added: Additionally, the armed conflict involving Hamas and Israel, as well as further escalation of tensions between Israel and various countries in the Middle East and North Africa, may cause increased inflation in energy and logistics costs and could further cause general economic conditions in the U.S.
+Added: or abroad to deteriorate.
Such sanctions and disruptions to the global economy may lead to additional inflation and may disrupt the global supply chain and could have a material adverse effect on our ability to secure supplies.
2 unchanged sentences
The Company may suffer adverse consequences if it is deemed an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
−Removed: Under Section 3(a)(1)(A) of the Investment Company Act, a company is deemed to be an investment company if it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities.
+Added: Under Section 3(a)(1)(C) of the Investment Company Act, a company is deemed to be an investment company if it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities and owns investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S.
+Added: Government securities and cash items) on an unconsolidated basis.
The Company believes that it is not an investment company under Section 3(a)(1)(A) of the Investment Company Act because it does not hold itself out as being engaged primarily in the business of investing, reinvesting, or trading in securities.
Rather, the Company has been a manufacturer of heavy equipment used in the production of asphalt for highway construction and environmental control equipment for over 50 years.
−Removed: The Company’s core products include asphalt plants, combustion systems, and fluid heat transfer systems.
−Removed: The Company is expanding its product offerings through new product introductions and its 2020 acquisition of an asphalt paver product line.
−Removed: Under Section 3(a)(1)(C) of the Investment Company Act, a company is deemed to be an investment company if it is engaged, or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities and owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S.
−Removed: Government securities and cash items) on an unconsolidated basis.
−Removed: As reflected on the Company’s balance sheet at September 30, 2022, the Company owns a significant amount of marketable securities, which include cash, cash equivalents, government and corporate bonds, mutual funds, exchange-traded funds and equities.
+Added: The Company’s core products include asphalt plants, asphalt pavers, combustion systems, and fluid heat transfer systems.
+Added: As reflected on the Company’s balance sheet at September 30, 2023, the Company owns a significant amount of marketable securities, which include cash, cash equivalents, government and corporate bonds, and exchange-traded funds.
Section 3(a)(2) defines the term “investment securities”, as used in Section 3(a)(1)(C) to include all marketable securities except government securities and cash and cash equivalents.
−Removed: The value of the Company’s investment securities exceeded 40% of the value of its total assets (excluding government securities and cash items) at September 30, 2022.
−Removed: Because of the value of its investment securities, the Company may be deemed an investment company.
−Removed: The Company believes that it is not an investment company under Section 3(a)(1)(C) of the Investment Company Act because it does not propose to engage in the business of investing, reinvesting, owning, holding, or trading in securities.
−Removed: In addition, if the Company was deemed an investment company under Section 3(a)(1)(C), it believes that it will qualify for an exemption from the definition of an investment company as it is primarily engaged in a business other than that of investing, reinvesting, owning, holding, or trading in securities.
−Removed: As noted above, the Company is primarily engaged in the manufacturing of heavy equipment.
−Removed: If the SEC or a court challenged the Company’s status as an operating company, it could incur significant legal expenses.
−Removed: If the Company was deemed to be, and was required to register as an investment company, the Company would be forced to comply with the legal requirements of the Investment Company Act that would regulate the manner in which the Company would be permitted to conduct its business activities.
+Added: The value of the Company’s investment securities is significantly below 40% of the value of its total assets (excluding government securities and cash items) at September 30, 2023.
+Added: If the Company was deemed to be, and was required to register as an investment company, the Company would comply with the requirements of the Investment Company Act.
As an investment company, the Company would be (i) subjected to disclosure and accounting guidance geared toward investment, rather than operating, companies;
2 unchanged sentences
The Company faces risks with the acquisition of Blaw-Knox and any future acquisitions.
−Removed: The Company acquired the Blaw-Knox assets on October 1, 2020.
+Added: The Company acquired the Blaw-Knox paver assets on October 1, 2020.
The success of this acquisition depends, in part, on the Company’s ability to successfully grow the business and realize anticipated benefits, including any synergies.
3 unchanged sentences
Acquiring businesses or products that expand and/or complement the Company’s operations has been an element of its business strategy.
−Removed: The Company continues to evaluate potential acquisitions that may expand and/or complement its business.
The Company may not be able to successfully identify attractive acquisition candidates or negotiate favorable terms in the future.
8 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.