1 unchanged sentence
Twin Disc designs, manufactures and sells marine and heavy duty off‑highway power transmission equipment.
−Removed: The Company has manufacturing locations in the United States, Belgium, Finland, Italy, the Netherlands, and Switzerland.
+Added: The Company has manufacturing locations in the United States, Belgium, Canada, Finland, Italy, the Netherlands, and Switzerland.
In addition to these countries, it has distribution locations in Singapore, China, Australia, New Zealand, and Japan.
Products offered include:
−Removed: 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.
−Removed: The Company sells its products to customers primarily in the pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets.
+Added: 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, controls systems, and braking systems.
+Added: The Company sells its products to customers primarily in the pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government, military and industrial markets.
The Company's worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network.
The products described above have accounted for more than 90% of revenues in each of the last three fiscal years.
+Added: On February 14, 2025, the Company completed the acquisition of 100% of the outstanding common stock of Kobelt Manufacturing Co.
+Added: Based in Surrey, British Columbia, Canada, Kobelt is a manufacturer of controls, propulsion, steering, and braking systems to the marine, oil and gas, and industrial markets.
+Added: The provisional fair value estimates of Kobelt's deferred income taxes, property, plant and equipment, net and intangible assets, net, are pending final review by the Company, and Kobelt is included in the Company's manufacturing segment.
On May 31, 2024, the Company completed the acquisition of 100% of the outstanding common stock of Katsa Oy (“Katsa”).
1 unchanged sentence
Katsa also provides a wide range of after-sales services, including spare part deliveries, reverse engineering, modeling, and gearbox refurbishment.
+Added: Katsa is included in the Company’s manufacturing segment.
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.
6 unchanged sentences
The Company’s top ten customers accounted for approximately 35% and 43% of the Company's consolidated net sales during the years ended June 30, 2025 and June 30, 2024, respectively.
−Removed: No individual customer accounted for 10% of consolidated net sales in fiscal year 2024.
−Removed: Unfilled open orders for the next six months of $133.7 million, including the impact of the acquisition of Katsa, at June 30, 2024 compares to $119.2 million at June 30, 2023.
+Added: No individual customer accounted for 10% of consolidated net sales in fiscal year 2025 and 2024.
+Added: Unfilled open orders for the next six months of $150.5 million, including the impact of the acquisition of Kobelt, at June 30, 2025 compared to $133.7 million, including the impact of the acquisition of Katsa, at June 30, 2024.
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.
4 unchanged sentences
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.
−Removed: Research and development costs charged to operations totaled $2.6 million and $2.5 million in fiscal 2024 and 2023, respectively.
+Added: Research and development costs charged to operations totaled $2.7 million and $2.6.
+Added: million in fiscal 2025 and 2024, respectively.
Total engineering and development costs were $12.2 million and $9.8 million in fiscal 2025 and 2024, respectively.
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, 2024 and June 30, 2023 was 910, including the impact of the acquisition of Katsa, and 739, respectively.
+Added: The number of persons employed by the Company at June 30, 2025 was 980, including the impact of the acquisition of Kobelt, and at June 30, 2024 was 910, including the impact of the acquisition of Katsa, respectively.
The Company believes that its continued success is a direct result of its talent.
9 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.