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SALES OF CORPORATE HEADQUARTERS & NEW CEO EMPLOYMENT | 9 Months Ended
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Sep. 30, 2025
SALES OF CORPORATE HEADQUARTERS & NEW CEO EMPLOYMENT [Abstract] |
SALES OF CORPORATE HEADQUARTERS & NEW CEO EMPLOYMENT | 8. SALES OF CORPORATE HEADQUARTERS & NEW CEO EMPLOYMENT The Company concluded the sale of our corporate headquarters, and the net proceeds of the sale is recorded on the face of our Condensed consolidated statements of operations and comprehensive income as Gain on disposal of Headquarters. On January 22, 2025, the Company finalized the sale of its corporate headquarters and distribution facilities in Fort Worth, Texas for net proceeds of $24.9 million after deduction of commission and relevant closing fees. The total net book value disposed was $8.7 million, resulting in a gain of $16.2 million as the result of the sale and this is included in ‘Other income’ on the face of our consolidated statements of operations and comprehensive income. The Company has elected to include all one-time move expenses in ‘Other income’ as management deems these are not part of our normal operations.
| Sales and Disposal of Headquarters (in thousands) |
| Net Proceeds |  | $ | 24,897 |
| NBV of Headquarters Assets |  |  | 8,672 |
| Net Gain |  | $ | 16,225 |
During the third quarter of 2025, the Company identified and corrected an immaterial error related to the accounting for the sale of property and land completed earlier in the year. The error resulted from assets associated with the sale that was initially not included in the gain calculation in the amount of approximately $1.4 million pre-tax. As a result, the gain on sale and total assets were overstated in the first and second quarters. The correction did not have a material impact on the Company’s financial statements for the three and six months ended March 31, 2025 and June 30, 2025. Net income and earnings per share for the three months ended March 31, 2025 was overstated by $1.1 million net of tax and $0.11 cents per share basic, and $0.12 cents per share diluted. Net income for six month period ended June 30, 2025 was overstated by $1.1 million net of tax and $0.13 cents per share for basic and diluted. This correction does not affect any metric used in management compensation or any of our Company’s normal operations as this was a one-time unusual transaction this is not a part of the Company operating activities. On January 28, 2025, the Company signed a 10-year lease for new corporate headquarters and distribution facilities in Benbrook, Texas that became effective on July 1, 2025, and the Company has the ability to renew the lease for an additional 10 years at market rate. We also signed a short-term lease through September 1, 2025 for our former facility that was evaluated as a sale leaseback. Due to the short-term nature of the lease, it was not recorded under ASC 842, in accordance with our policy of not recording short-term leases. The Company hired Johan Hedberg as its new Chief Executive Officer as of January 6, 2025. Prior to the hiring of Mr. Hedberg, Janet Carr resigned as Chief Executive Officer, effective January 3, 2025; she remained employed by the Company to assist with transition until March 31, 2025.

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- Definition The entire disclosure for sales of corporate headquarters and new CEO employment. + References No definition available. + Details
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