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Discontinued Operations

9 Months Ended

Sep. 27, 2025

Discontinued Operations

Discontinued Operations

Note B – Discontinued Operations

In the third quarter of 2024, we determined that the business of Big 3 Precision Mold Services, Inc. (“Big 3 Mold”) met the criteria to be held for sale and that the assets held for sale qualified for discontinued operations. As such, the financial results of the Big 3 Mold business are reflected in our unaudited condensed consolidated statements of operations as discontinued operations for all periods presented. Additionally, current and non-current assets and liabilities of discontinued operations are reflected in the unaudited condensed consolidated balance sheets for both periods presented.

On April 30, 2025, the Company sold the equipment, workforce and customer list of the ISBM division of Big 3 Mold. ISBM, which is located in Centralia, Illinois, is an injection stretch blow mold toolmaker.

Summarized Financial Information of Discontinued Operations

The following table represents (loss) income from discontinued operations, net of tax, for the periods presented:

		Three Months Ended								Nine Months Ended
		September 27, 2025				September 28, 2024				September 27, 2025				September 28, 2024
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net sales		$	-			$	3,360,405			$	1,670,208			$	9,647,649
Cost of products sold			-				(2,804,743	)			(1,653,484	)			(8,402,175	)
Gross margin			-				555,662				16,724				1,245,474

Selling and administrative expenses			-				(1,145,232	)			(388,848	)			(3,483,904	)
(Loss) income from disposal of discontinued operations			-				(23,087,775	)			2,016,696				(23,087,775	)
Operating (loss) income			-				(23,677,345	)			1,644,572				(25,326,205	)

Interest expense			-				(177,420	)			(147,882	)			(512,414	)
(Loss) income from discontinued operations before income taxes			-				(23,854,765	)			1,496,690				(25,838,619	)

Income tax benefit (expense)			-				3,888,522				(315,951	)			4,320,904
(Loss) income from discontinued operations, net of tax		$	-			$	(19,966,243	)		$	1,180,739			$	(21,517,715	)

The following table represents the assets and liabilities of discontinued operations as of the dates presented:

		September 27, 2025				December 28, 2024
		(unaudited)
Cash		$	-			$	833,141
Accounts receivable			-				2,533,357
Inventory			-				784,485
Prepaid expenses			-				789,438
Right of use assets			-				131,407
Total assets of discontinued operations		$	-			$	5,071,828

Current assets of discontinued operations¹		$	-			$	5,071,828
Total assets of discontinued operations		$	-			$	5,071,828

Accounts payable		$	-			$	756,842
Accrued compensation and other accrued expenses			-				1,242,812
Current portion of lease liability			-				128,670
Other long-term liabilities			-				16,249
Total liabilities of discontinued operations		$	-			$	2,144,573

Current liabilities of discontinued operations¹		$	-			$	2,144,573
Total liabilities of discontinued operations		$	-			$	2,144,573

¹ The total assets and liabilities of discontinued operations are presented as current in the December 28, 2024 balance sheet as we sold the discontinued operations and collect proceeds within one year.