Record Sales and Gross Margin Improvement
Net sales increased 8.3% to a record $186.2 million. Gross profit increased 49.4% to a record $44.9 million, with a gross margin of 24.1% compared to 17.5% a year earlier.
Significant Cash Flow Generation
Generated approximately $34.4 million of cash from operating activities during the fiscal third quarter, leading to a reduction in net debt by $30.3 million, a 26% decrease.
Share Repurchase Program
Repurchased 268,130 shares for $2.1 million at an average price of $7.82, under the current repurchase authorization program.
Expansion in Brake-Related Products
Continued success and strong demand anticipated for brake-related products, contributing to gross margin improvement.
Strong Performance in Rotating Electrical Category
Rotating electrical, a 50-plus year flagship category, continues to generate solid performance with expectations of further growth.