−Removed: Twin Disc, Incorporated (“Twin Disc”, or the “Company”) was incorporated under the laws of the state of Wisconsin in 1918.
−Removed: Twin Disc designs, manufactures and sells marine and heavy duty off-highway power transmission equipment.
−Removed: Products offered include:
+Added: Twin Disc, Incorporated (“Twin Disc”, or the “Company”) was incorporated under the laws of the state of Wisconsin in 1918.
+Added: Twin Disc designs, manufactures and sells marine and heavy duty off‑highway power transmission equipment.
+Added: The Company has manufacturing locations in the United States, Belgium, Italy, Switzerland and the Netherlands.
+Added: In addition to these countries, it has distribution locations in Singapore, China, Australia and Japan. Products offered include:
marine transmissions, azimuth drives, surface drives, propellers and boat management systems as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems.
2 unchanged sentences
The products described above have accounted for more than 90% of revenues in each of the last three fiscal years.
−Removed: On July 2, 2018, the Company completed the acquisition of 100% of the outstanding common stock of Veth Propulsion Holding B.V.
−Removed: (“Veth Propulsion”).
−Removed: Veth Propulsion is a global manufacturer of highly-engineered primary and auxiliary propulsions and propulsion machinery for maritime vessels, including rudder propellers, bow thrusters, and generator sets, and a provider of engine service and repair, based in the Netherlands.
−Removed: These products are complementary to and expand the Company’s product offerings in the marine and propulsion markets.
Most of the Company's products are machined from cast iron, forgings, cast aluminum and bar steel which generally are available from multiple sources and which are believed to be in adequate supply.
4 unchanged sentences
The Company also competes for business with parts manufacturing divisions of some of its major customers.
−Removed: The primary competitive factors for the Company’s products are design, technology, performance, price, service and availability.
−Removed: The Company’s top ten customers accounted for approximately 51% and 49% of the Company's consolidated net sales during the years ended June 30, 2020 and June 30, 2019, respectively.
−Removed: There was one customer, Sewart Supply Company, an authorized distributor of the Company, that accounted for at least 10% of consolidated net sales in fiscal 2020.
+Added: The primary competitive factors for the Company’s products are design, technology, performance, price, service and availability.
+Added: The Company’s top ten customers accounted for approximately 48% and 51% of the Company's consolidated net sales during the years ended June 30, 2021 and June 30, 2020, respectively.
+Added: There were no customers that accounted for 10% of consolidated net sales in fiscal 2021.
Unfilled open orders for the next six months of $70.3 million at June 30, 2021 compares to $66.6 million at June 30, 2020.
−Removed: Since orders are subject to cancellation and rescheduling by the customer, the six-month order backlog is considered more representative of operating conditions than total backlog.
+Added: Since orders are subject to cancellation and rescheduling by the customer, the six‑month order backlog is considered more representative of operating conditions than total backlog.
However, as procurement and manufacturing "lead times" change, the backlog will increase or decrease, and thus it does not necessarily provide a valid indicator of the shipping rate.
1 unchanged sentence
Management recognizes that there are attendant risks that foreign governments may place restrictions on dividend payments and other movements of money, but these risks are considered low due to the relatively low investment within individual countries that have currency movement restrictions.
−Removed: No material portion of the Company’s business is subject to renegotiation of profits or termination of contracts at the election of the U.S.
+Added: No material portion of the Company’s business is subject to renegotiation of profits or termination of contracts at the election of the U.S.
Engineering and development costs include research and development expenses for new product development and major improvements to existing products, and other costs for ongoing efforts to refine existing products.
2 unchanged sentences
Compliance with federal, state and local provisions regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment, is not anticipated to have a material effect on capital expenditures, earnings or the competitive position of the Company.
−Removed: The number of persons employed by the Company at June 30, 2020 was 806.
−Removed: A summary of financial data by segment, geographic area, and classes of products that accounted for more than 10% of consolidated sales revenues for the years ended June 30, 2020 and 2019 appears in Note K, Business Segments and Foreign Operations, to the consolidated financial statements.
−Removed: The Company’s internet website address is www.twindisc.com.
−Removed: The Company makes available free of charge (other than an investor’s own internet access charges) through its website the Company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to those reports, as soon as reasonably practicable after it electronically files such material with, or furnishes such material to, the United States Securities and Exchange Commission.
+Added: The number of persons employed by the Company at June 30, 2021 and June 30, 2020 was 743 and 806, respectively.
+Added: The Company believes that its continued success is a direct result of its talent.
+Added: As such, the Company strives to be an employer of choice in every community in which it operates.
+Added: It does this by fostering a fair, respectful, inclusive and safe work environment and culture shaped with its core values of Customer Focus, Integrity, Accountability, Teamwork, and Innovation.
+Added: A summary of financial data by segment, geographic area, and classes of products that accounted for more than 10% of consolidated sales revenues for the years ended June 30, 2021 and 2020 appears in Note J, Business Segments and Foreign Operations, to the consolidated financial statements.
+Added: The Company’s internet website address is www.twindisc.com.
+Added: The Company makes available free of charge (other than an investor ’
+Added: s own internet access charges) through its website the Company ’
+Added: s Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to those reports, as soon as reasonably practicable after it electronically files such material with, or furnishes such material to, the United States Securities and Exchange Commission.
The SEC maintains an internet site (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers, such as the Company, that file electronically with the SEC.
3 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.