7 unchanged sentences
Repurchased shares may be retained in treasury, utilized for acquisitions, or reissued to employees or other purchasers, subject to the restrictions set forth in the Company's Restated Articles of Incorporation.
−Removed: On July 28, 2021, the Company's Board of Directors approved the continuation of the stock repurchase program and increased the authorization for stock repurchases by an additional 2,500,000 shares.
Under the current authorization, 1,294,842 shares remain available for repurchase as of September 30, 2022.
30 unchanged sentences
* Total return assumes dividend reinvestment
−Removed: SELECTED FINANCIAL DATA.
−Removed: Not applicable.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
3 unchanged sentences
The Company manages its businesses under three segments:
−Removed: SGK Brand Solutions, Memorialization and Industrial Technologies.
−Removed: The SGK Brand Solutions segment consists of brand management, pre-media services, printing plates and cylinders, engineered products (including energy solutions), imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.
−Removed: The Memorialization segment consists primarily of bronze and granite memorials and other memorialization products, caskets and cremation and incineration equipment primarily for the cemetery and funeral home industries.
−Removed: The Industrial Technologies segment includes marking and coding equipment and consumables, industrial automation products and order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products.
+Added: Memorialization, Industrial Technologies and SGK Brand Solutions.
Effective in the first quarter of fiscal 2022, the Company transferred its surfaces and engineered products businesses from the SGK Brand Solutions segment to the Industrial Technologies segment.
This business segment change is consistent with internal management structure and reporting changes effective for fiscal 2022.
+Added: Prior periods were revised to reflect retrospective application of this segment realignment.
+Added: The Memorialization segment consists primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries.
+Added: The Industrial Technologies segment includes the design, manufacturing, service and distribution of high-tech custom energy storage solutions, product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products.
+Added: The SGK Brand Solutions segment consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.
The Company's primary measure of segment profitability is adjusted earnings before interest, income taxes, depreciation and amortization ("adjusted EBITDA").
9 unchanged sentences
MANAGEMENT'S DISCUSSION AND ANALYSIS, (continued)
−Removed: The following table sets forth sales and adjusted EBITDA for the Company's SGK Brand Solutions, Memorialization and Industrial Technologies segments for each of the last three fiscal years.
+Added: The following table sets forth sales and adjusted EBITDA for the Company's Memorialization, Industrial Technologies and SGK Brand Solutions segments for each of the last three fiscal years.
Refer to Note 20, "Segment Information" in Item 8 - "Financial Statements and Supplemental Data" for the Company's financial information by segment.
3 unchanged sentences
Sales to external customers:
−Removed: SGK Brand Solutions $ 726,895 $ 693,093 $ 743,869
Memorialization $ 840,124 $ 769,016 $ 656,035
Industrial Technologies 335,523 284,495 228,453
+Added: SGK Brand Solutions 586,756 617,519 613,818
Consolidated Sales $ 1,762,403 $ 1,671,030 $ 1,498,306
Adjusted EBITDA:
−Removed: SGK Brand Solutions $ 99,665 $ 90,644 $ 119,493
Memorialization $ 151,849 $ 165,653 $ 146,285
Industrial Technologies 56,762 34,889 23,055
+Added: SGK Brand Solutions 60,120 91,435 90,342
Corporate and Non-Operating (58,323) (64,227) (56,602)
5 unchanged sentences
Sales for the year ended September 30, 2022 were $1.76 billion, compared to $1.67 billion for the year ended September 30, 2021, representing an increase of $91.4 million.
−Removed: The increase in fiscal 2021 sales reflected higher sales in all of the Company's segments.
−Removed: Changes in foreign currency exchange rates were estimated to have a favorable impact of $30.2 million on fiscal 2021 consolidated sales compared to a year ago.
−Removed: Fiscal 2021 sales continued to be impacted by the global outbreak of COVID-19, which has caused some commercial impacts in certain of the Company's segments and geographic locations.
−Removed: These impacts have included higher sales volumes for memorialization products and services, but have also included temporary business disruptions and customer project delays for certain of the Company's businesses.
−Removed: Additionally, recent increases in the cost of certain raw materials and other inflationary pressures have had an unfavorable impact on the Company's results of operations.
−Removed: While substantially all of the Company's operations have remained open during the COVID-19 pandemic, management expects COVID-19 to continue to impact its sales and results of operations in the short-term as the pandemic subsides (see "Forward Looking Information" below).
−Removed: In the SGK Brand Solutions segment, sales for fiscal 2021 were $726.9 million, compared to $693.1 million in fiscal 2020.
−Removed: The increase primarily resulted from higher sales of purpose-built engineered products (primarily energy storage solutions for the electric vehicle market), increased cylinder (packaging) sales, and higher brand sales in the Europe and Asia-Pacific markets.
−Removed: These increases were partially offset by lower retail-based sales (principally merchandising solutions and private label brand market sales), decreased brand sales in the U.S., and reduced sales of surfaces products in Europe, all of which were unfavorably impacted by COVID-19.
−Removed: Changes in foreign currency exchange rates had a favorable impact of $23.3 million on the segment's sales compared to the prior year.
+Added: The increase in fiscal 2022 sales reflected higher sales in the Memorialization and Industrial Technologies segments, partially offset by lower sales in the SGK Brand Solutions segment.
+Added: On a consolidated basis, changes in foreign currency exchange rates were estimated to have an unfavorable impact of $56.3 million on fiscal 2022 sales compared to the prior year.
Memorialization segment sales for fiscal 2022 were $840.1 million, compared to $769.0 million for fiscal 2021.
−Removed: The increase in sales resulted from a significant increase in unit sales of caskets due to COVID-19.
−Removed: The segment also reported higher sales of bronze and granite memorial products, mausoleums, and cremation equipment.
−Removed: The increase in sales also reflected improved price realization and benefits from a recently completed acquisition of a small cemetery products business.
−Removed: Changes in foreign currency exchange rates had a favorable impact of $4.4 million on the segment's sales compared to the prior year.
+Added: The increase in sales resulted from improved price realization, increased unit sales of bronze and granite memorial products, higher sales of mausoleums and U.S.
+Added: cremation equipment, and benefits from the fiscal 2021 acquisition of a small cemetery products business.
+Added: These increases were partially offset by lower unit sales of caskets compared to the prior year.
+Added: Changes in foreign currency exchange rates had an unfavorable impact of $4.6 million on the segment's sales compared to the prior year.
Industrial Technologies segment sales for fiscal 2022 were $335.5 million, compared to $284.5 million for fiscal 2021.
−Removed: The sales increase primarily reflected higher sales of warehouse automation systems and increased product identification sales.
−Removed: Changes in foreign currency exchange rates had a favorable impact of $2.6 million on the segment's sales compared to the prior year.
+Added: The sales increase primarily reflected higher sales of purpose-built engineered products (primarily energy storage solutions for the electric vehicle market), increased sales of warehouse automation solutions, higher product identification sales, and benefits from the recently completed acquisition of OLBRICH GmbH (“OLBRICH”) and R+S Automotive GmbH (“R+S Automotive”) (see Acquisitions and Divestitures below).
+Added: These increases were partially offset by reduced sales of surfaces products.
+Added: Changes in foreign currency exchange rates had an unfavorable impact of $16.9 million on the segment's sales compared to the prior year.
+Added: In the SGK Brand Solutions segment, sales for fiscal 2022 were $586.8 million, compared to $617.5 million in fiscal 2021, representing a decrease of $30.7 million.
+Added: The decrease primarily resulted from unfavorable changes in foreign currency exchange rates, which had an unfavorable impact of $34.8 million on the segment's sales compared to the prior year.
+Added: The change in sales also reflected higher retail-based sales (principally merchandising solutions), higher brand sales in the Asia-Pacific market, and increased sales volume for cylinder (primarily packaging) products, partially offset by lower brand sales in the U.S.
+Added: The sales decline in Europe primarily resulted from weakened economic conditions.
+Added: Gross profit for the year ended September 30, 2022 was $522.3 million, compared to $541.8 million for fiscal 2021.
+Added: Consolidated gross profit as a percent of sales was 29.6% and 32.4% in fiscal 2022 and fiscal 2021, respectively.
+Added: The decrease in gross profit primarily reflected the impact of higher material (steel, lumber and bronze ingot), labor and transportation costs, particularly in the Memorialization segment, unfavorable changes in sales mix and lower margins on cylinder products within the SGK Brand Solutions segment, and lower margins on U.K.
+Added: based cremation and incineration projects.
+Added: Fiscal 2022 gross profit also included $9.7 million of asset write-downs related to the current war between Russia and Ukraine (see Note 23, "Asset Write-downs" in Item 8 - "Financial Statements and Supplementary Data" for further details).
+Added: These decreases in gross profit were partially offset by the impact of higher sales, benefits from the realization of productivity improvements and other
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.