What changed in this filing

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Item 1A. Risk Factors

2026-10-08 compared with 2025-10-09 · 36 added, 23 removed, 397 unchanged (13% of the section changed)

25 unchanged sentences

We may be unable to adjust spending in a timely manner to compensate for any unexpected revenue shortfall.

Any significant shortfall of net sales in relation to our expectations could negatively affect

our quarterly operating results.

Any significant shortfall of net sales in relation to our expectations could negatively affect our quarterly operating results.

Our operating results may be below the expectations of our investors as a result of a variety of factors, many of which are outside our control.

39 unchanged sentences

Using available cash and incurring indebtedness would result in a corresponding decrease in our liquidity.

Increased borrowings would correspondingly increase the Company's financial leverage and could result in lower credit ratings and increased future borrowing costs.

Increased borrowings

would correspondingly increase the Company's financial leverage and could result in lower credit ratings and increased future borrowing costs.

These risks could also reduce the Company's flexibility to respond to changes in its industry or in general economic conditions.

28 unchanged sentences

To the extent we provide these concessions, our profit margins are reduced.

Further, if we are unable to maintain terms that are

acceptable to our customers, these customers could reduce purchases of our products and increase purchases of products from our competitors, which would harm our sales and profitability.

Further, if we are unable to maintain terms that are acceptable to our customers, these customers could reduce purchases of our products and increase purchases of products from our competitors, which would harm our sales and profitability.

Increases in energy, commodity, transportation, labor and other costs would increase our operating costs, and we may be unable to pass all these increases on to our customers in the form of higher prices and surcharges.

4 unchanged sentences

Such volatility could be intensified by geopolitical tensions, including war and terrorism, as well as other disruptions and market reactions to such events.

In fiscal year 2025 and 2024 we purchased several forward fuel contracts to cover a portion of our fuel needs in Georgia and California and from time to time, we may use additional forward purchase contracts or financial instruments to moderate the volatility of a portion of our energy costs.

We have purchased several forward fuel contracts to cover a portion of our fuel needs in Georgia and California and from time to time, we may use additional forward purchase contracts or financial instruments to moderate the volatility of a portion of our energy costs.

The success or failure of any such transactions depends on a number of factors, including our ability to anticipate and manage volatility in energy prices, the general demand for fuel by the manufacturing sector, seasonality and global weather patterns.

13 unchanged sentences

In addition, as we grow or experience increased customer demand, our existing suppliers and/or service providers may not be able to meet our increasing demand, and we may need to find additional suppliers and/or service providers.

acceptable fees and terms of services with any such suppliers and/or service providers.

We may not be able to secure suppliers and/or service providers who provide materials at, or services to, the specification, quantity and quality levels that we demand (or at all) or be able to negotiate acceptable fees and terms of services with any such suppliers and/or service providers.

Additionally, such disruptions have resulted in challenges in addressing our backlogs and further backlog could develop in the event of continued disruptions.

3 unchanged sentences

We are dependent on the continued operation of our production facilities.

Production facilities are subject to hazards associated with the manufacturing, handling, storage, and transportation of products, including fires, inclement weather and natural disasters, mechanical failure, unscheduled downtime, labor difficulties, transportation interruptions, and environmental risks.

Production facilities are also subject to governmental requirements that may, and during the Covid-19 pandemic did, affect our ability to operate.

31 unchanged sentences

If other parties infringe our intellectual property rights, they may dilute the value of our brands in the marketplace, which could diminish the value that consumers associate with our brands and harm our sales.

Accordingly, we have asserted that products sold by our competitors infringe patents owned or licensed by us and may need to continue to take legal action in the future to protect our patents, trade secrets or know-how or to assert them against claimed infringement by others.

Accordingly, we have asserted that products

sold by our competitors infringe patents owned or licensed by us and may need to continue to take legal action in the future to protect our patents, trade secrets or know-how or to assert them against claimed infringement by others.

Any legal action of that type could be costly and time consuming and no assurances can be made that any lawsuit will be successful.

26 unchanged sentences

Under the “joint and several” liability principle of certain environmental laws, we may be held liable for all remediation costs at a particular site and the amount of that liability could be material.

In addition, future environmental laws and regulations could restrict our ability to expand our facilities or extract our existing reserves or could require us to acquire costly equipment or to incur other significant expenses in connection with our business.

In addition, future environmental laws and regulations could restrict our ability to expand our facilities or extract our existing reserves or could require us to acquire

costly equipment or to incur other significant expenses in connection with our business.

Furthermore, our reputation could be adversely impacted by the failure (or perceived failure) to maintain high environmental, health and safety practices for operations or negative perceptions of these practices in our industry or for our operations or products.

30 unchanged sentences

politics and government, geopolitical concerns may also impact our business;

for instance, international conflicts could increase the cost of raw and packaging materials and commodities (including the prices of oil and natural gas), supply chain and logistics challenges and foreign currency volatility, and it is not possible to predict the broader or longer-term consequences of such conflicts.

for instance, international conflicts could increase the cost of raw and packaging materials and commodities (including the prices of

oil and natural gas), supply chain and logistics challenges and foreign currency volatility, and it is not possible to predict the broader or longer-term consequences of such conflicts.

These developments, as well as the risks outlined above, could have a material adverse effect on the Company’s business, financial condition and results of operations.

21 unchanged sentences

Goodwill, long-lived, and other intangible assets recorded as a result of our acquisitions could become impaired.

We review goodwill and other long-lived assets, including property, plant and equipment and identifiable amortizing intangible assets, for impairment whenever changes in circumstances or events may indicate that the carrying amounts are not

Factors which may cause an impairment of long-lived assets include lower share trading prices and the adverse impact of rising costs and additional expenses to mitigate supply chain disruptions, among other factors.

22 unchanged sentences

Risks Related to Our Common Stock

We cannot guarantee that that our share repurchases will enhance long-term shareholder value.

Our Board has previously authorized a share repurchase programs for our Common Stock and our Class B Stock.

We cannot guarantee that our share repurchases will enhance long-term shareholder value.

Our Board has previously authorized a share repurchase program for our Common Stock and our Class B Stock.

Under these authorizations, the Company has authority to repurchase up to 750,000 shares of our Common Stock and up to 300,000 shares of our Class B Stock.

4 unchanged sentences

The existence of these share repurchase authorizations could cause our stock price to be higher than it would be in the absence of such a program and could potentially reduce the market liquidity for our stock or otherwise affect stock price and/or volatility.

Additionally, our share repurchase

authorizations could diminish our cash reserves, which may impact our ability to otherwise deploy such cash.

Additionally, our share repurchase authorizations could diminish our cash reserves, which may impact our ability to otherwise deploy such cash.

There can be no assurance that these share repurchases will enhance shareholder value.

6 unchanged sentences

Jaffee, our President, CEO and Chairman of the Board) provides them with the ability to control the election of our Board and the outcome of most matters requiring the approval of our stockholders, including the amendment of certain provisions of our Certificate of Incorporation and By-Laws, the approval of any equity-based employee compensation plans and the approval of fundamental corporate transactions, including mergers and substantial asset sales.

Through their concentration of voting power, our principal stockholders may be able to delay, deter or prevent a change in control of our company or other business combinations that might otherwise be beneficial to our other stockholders.

Through their concentration of voting power, our principal stockholders may be

able to delay, deter or prevent a change in control of our company or other business combinations that might otherwise be beneficial to our other stockholders.

It is possible that the interests of our principal stockholders may in some circumstances conflict with our interests and the interests of our other stockholders.

51 unchanged sentences

Because such techniques change frequently or may be designed to remain dormant until a predetermined event and often are not recognized until launched against a target, we may be unable to anticipate these techniques or implement sufficient control measures to defend against these techniques.

a security incident is identified, we may be unable to remediate or otherwise respond to such an incident in a timely manner.

Once a security incident is identified, we may be unable to remediate or otherwise respond to such an incident in a timely manner.

While the Company has implemented a cybersecurity framework of policies, procedures, and tools, and has documented plans for incident response, disaster recovery, and business continuity to prevent or mitigate the effects of these potential disruptions or breaches, security breaches and other disruptions to information technology systems could interfere with our operations.

4 unchanged sentences

We cannot predict the degree of any impact that increased monitoring, assessing, or reporting of cybersecurity matters would have on operations, financial conditions and results.

Additionally, in connection with our global operations, we, from time to time, transmit data across national borders to conduct our business and, consequently, are subject to a variety of laws and regulations regarding privacy, data protection, and data security, including those related to the collection, processing, storage, handling, use, disclosure, transfer, and security of personal data, including the European Union General Data Protection Regulation, Canadian Personal Information Protection and Electronic Documents Act, Quebec Private Sector Act, Personal Information Protection Law in China and similar regulations in states within the United States and in countries around the world.

data security, including those related to the collection, processing, storage, handling, use, disclosure, transfer, and security of personal data, including the European Union General Data Protection Regulation, Canadian Personal Information Protection and Electronic Documents Act, Quebec Private Sector Act, Personal Information Protection Law in China and similar regulations in states within the United States and in countries around the world.

Our efforts to comply with privacy and data protection laws may impose significant costs and challenges that are likely to increase over time.

10 unchanged sentences

We work closely with our key customers, suppliers and vendors to manage and mitigate the impact of any known threats once identified.

The use of artificial intelligence technologies exposes us to risks which could have a material adverse effect on our business, reputation and results of operations.

While we do not currently utilize artificial intelligence ("AI") technologies within our financial reporting or internal control over financial reporting functions, we utilize and intend to expand our use of AI technologies to support our business.

While we believe the use of AI systems can present significant benefits, they also create risks and challenges and may produce inaccurate, biased, or incomplete outputs, which could lead to operational errors or unintentional impacts on business decisions.

External vendors and third-party AI tools may expose us to similar risks, as well as vulnerabilities in underlying technologies or disruptions in service availability.

AI development and use also requires security and proper governance of the data used.

Use of AI tools, including third-party platforms, increases the risk of unauthorized disclosure, loss, or misuse of confidential, personal, or commercially sensitive information.

In addition, there is a risk that employees or contractors could inadvertently input confidential company information or third-party proprietary data into AI systems, including systems not designed for secure handling of such information.

These actions could result in violations of contractual obligations, data protection requirements, or intellectual property rights, and could expose us to legal, regulatory, or reputational harm.

Evolving regulations related to AI use, transparency, safety, and accountability may require additional investment, changes to existing processes, or limitations on the development and application of these technologies.

Rapid advances in AI may also create competitive pressures or require ongoing investment to maintain effectiveness, and failures to manage, govern, or deploy AI responsibly could impair our ability to achieve expected efficiencies or strategic objectives.

While we will seek to develop and use AI responsibly, and will attempt to identify and mitigate ethical, privacy, legal or other issues presented by its use, there can be no assurance that we will be fully successful in doing so, and may be subject to data breaches, allegations of unauthorized access to, or use of, third-party data, information, or intellectual property rights, or other risks, which may lead to financial losses, legal liability, regulatory scrutiny and reputational damage.

Our business could be adversely affected by a widespread threat to public health.

4 unchanged sentences

There can be no assurances that we will not have to close facilities or experience other disruption in the future due to concerns over the health and well-being of our employees, or as a result of government directives.

While historically widespread threats to public health had limited disruption and impact to our third party business partners, suppliers, service providers, and

customers, no assurances can be made that future threats to public health will not have a more significant impact on our operations or results.

While historically widespread threats to public health had limited disruption and impact to our third-party business partners, suppliers, service providers, and customers, no assurances can be made that future threats to public health will not have a more significant impact on our operations or results.

We are subject to various legal and regulatory proceedings, including litigation in the ordinary course of business, which may adversely impact our business, financial condition and results of operations.

23 unchanged sentences

As a result, we may become subject to new or more stringent regulations, legislation or other governmental requirements, customer requirements or industry standards and/or an increased demand to meet voluntary criteria related to such matters.

Increased regulations, customer requirements or industry standards, could subject us to additional costs and restrictions and require us to make certain changes to our manufacturing practices and/or product designs, which could negatively impact our business, results of operations, financial condition and competitive position.

Increased regulations, customer requirements or industry standards, could subject us to additional costs and restrictions and require us to make certain changes to our manufacturing

practices and/or product designs, which could negatively impact our business, results of operations, financial condition and competitive position.

Our business could be adversely affected by labor disputes and an inability to renew collective bargaining agreements at acceptable terms.

17 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-K

Item 1A. Risk Factors