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Cadre Holdings Inc. (CDRE-2.92%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Cadre's acquisition activities, including the purchase of ICOR Technology Inc. and Alpha Safety Intermediate, LLC, with respective considerations of $40.4 million and $107.1 million. These acquisitions are expected to enhance Cadre's product offerings in explosive ordnance disposal and nuclear safety products.
Cadre reported net sales of $567.6 million for the year, an increase from $482.5 million in 2023. The increase was attributed to higher demand for duty gear and armor products, as well as contributions from recent acquisitions.
Net income for the year was $36.1 million, a decrease from $38.6 million in the previous year. The decrease was primarily due to higher selling, general, and administrative expenses, acquisition-related costs, and increased interest expenses.
The company reported an adjusted EBITDA of $104.8 million, up from $85.8 million in 2023, reflecting improved operating performance and contributions from acquisitions.
The filing also highlighted Cadre's refinancing activities, with the company entering into an Amended and Restated Credit Agreement, which provides a term loan facility of $225 million and a revolving credit facility of up to $175 million.
Cadre's management discussed the company's growth strategy, focusing on expanding its market share through new product development, international expansion, and targeted acquisitions.
The report included a discussion on the company's risk factors, such as reliance on government contracts, competition, and potential impacts from cybersecurity incidents.
Cadre's board of directors approved a quarterly cash dividend policy of $0.095 per share, representing an annualized dividend of $0.38 per share.
The filing also included information on the company's internal controls, with management concluding that the controls were effective as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cadre Holdings Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.