CVR
Chicago Rivet & Machine Co.13.19
-0.87-6.2%
Dec 16, 3:05:17 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
12.75MP/E (TTM)
-Basic EPS (TTM)
-3.66Dividend Yield
0.01%Recent Filings
10-Q
10-Q
Q2 FY2025 results
Chicago Rivet & Machine posted Q2 net sales of $7.3M, down 9.4% y/y from $8.1M, while YTD sales dipped 8.6% to $14.5M; gross profit fell 31.1% y/y to $1.0M in the quarter but rose 21.9% YTD to $2.6M, squeezed by lower automotive volumes that make up over half of revenue. Operating loss widened to $0.4M from $0.1M income y/y, driven by H&L Tool's 20.5% automotive sales drop, yet YTD operating loss narrowed to $0.3M from $0.8M thanks to cost controls and facility consolidation. The $0.3M gain from selling the Albia site in February boosted YTD net income to $6K, or $0.01 per share on 966,132 diluted shares—consistent with no anti-dilution. Cash drained $1.0M YTD to $1.2M amid $2.0M operating outflows, offset by $0.7M asset sale proceeds and $0.5M debt draw from a $3.0M line at 7% floor; free cash flow not disclosed in the 10-Q. Sales to non-auto markets climbed 23.3% y/y, signaling diversification grit. Yet going concern doubts linger from persistent losses and liquidity crunch.
8-K
Auditor switch amid concerns
Chicago Rivet & Machine Co. dismissed Crowe LLP as its independent auditor on May 27, 2025, after clean opinions marred by a going concern warning tied to declining revenues and liquidity woes. The board swiftly appointed Cherry Bekaert to fill the role for 2025, with no prior consultations or disputes. Material weaknesses in tax and inventory controls linger, though taxes were fixed mid-2024. No clean break here.
8-K
Annual meeting elects directors
Chicago Rivet & Machine Co. held its annual stockholder meeting on May 13, 2025, electing seven directors—Kent H. Cooney, Kurt Moders, James W. Morrissey, Walter W. Morrissey, M.D., Karen G. Ong, Gregory D. Rizzo, and John L. Showel—to serve until 2026, with each receiving over 466,000 votes for amid 26,000 withheld and 321,475 broker non-votes. Stockholders approved executive compensation in an advisory vote (456,273 for versus 28,584 against) and ratified Crowe LLP as the 2025 auditor (799,488 for), while opting for triennial say-on-pay frequency. Board continuity signals steady governance amid routine approvals.
10-Q
Q1 FY2025 results
Chicago Rivet swung to a modest operating profit of $70,174 in Q1 FY2025 ended March 31, 2025, up from a $903,303 loss a year earlier, while net sales dipped 7.7% y/y to $7.2M amid automotive weakness offset by non-auto gains. Gross profit more than doubled to $1.7M, lifting margins through pricing tweaks and Albia consolidation efficiencies, yet selling expenses edged down just 3.7% to $1.6M. Other income surged on a $340K gain from selling the Albia facility in February 2025 for $678K net proceeds, driving net income of $401K or $0.42 per share—EPS reconciles cleanly to 966K diluted shares. Cash drained to $766K with $2.0M operating outflow, but a fresh $3M credit line (no draws at quarter-end, $500K borrowed post-period) bolsters liquidity alongside $10.7M working capital. Non-GAAP metrics not disclosed in the 10-Q. Sales hinge on volatile auto demand.
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