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Chicago Rivet & Machine Co. (CVR-8.88%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations in two segments: fasteners and assembly equipment. The fastener segment includes the manufacture and sale of rivets, cold-formed fasteners, and screw machine products, while the assembly equipment segment focuses on automatic rivet setting machines and related parts.
The principal market for the company's products is the North American automotive industry, with significant sales to major customers like TI Group Automotive Systems, LLC, Martinrea International Inc., and Cooper-Standard Holdings Inc.
The company reported a net loss of $5,615,614 for 2024, compared to a net loss of $4,401,584 in 2023. Net sales for 2024 were $26,986,627, down from $31,507,722 in 2023.
Operating losses were attributed to declines in the automotive fastener segment volumes and elevated input costs. The company also recorded a charge of $1,100,000 related to a customer settlement.
The company has expressed substantial doubt about its ability to continue as a going concern due to recurring operating losses and negative cash flows. Strategic actions are being implemented to address these challenges.
The company's liquidity was impacted by a decrease in working capital to $10,371,215 at the end of 2024 from the beginning of the year. The company entered into a new credit agreement to improve liquidity.
The company announced the closure of its Albia, Iowa manufacturing facility in 2024, consolidating operations into the Tyrone, Pennsylvania facility to improve efficiency.
The company faces risks related to its dependency on the automotive industry, competition, and supply chain disruptions. It also identified a material weakness in its internal controls over financial reporting.
The company's common stock is traded on NYSE American, and the average daily trading volume in 2024 was less than 3,000 shares per day. The company paid dividends totaling $0.33 per share in 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chicago Rivet & Machine Co. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.