XML 15 R4.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net sales $ 112,771 $ 105,528 $ 320,984 $ 310,069
Cost of goods sold 69,274 66,584 196,478 191,120
Gross profit 43,497 38,944 124,506 118,949
Operating expenses        
Selling expenses 13,746 8,004 38,377 25,500
General and administrative expenses (including $643 and $702 associated with variable interest entity for the three months ended September 30, 2024 and 2023; respectively, $1,888 and $2,020 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) 18,508 19,870 53,170 53,767
Impairment expense and (gain) loss, net, on disposal of machinery (27) (310) 2,498 2,231
Total operating expenses 32,227 27,564 94,045 81,498
Operating income 11,270 11,380 30,461 37,451
Other income (expenses)        
Rental income (including $263 and $235 associated with variable interest entity for the three months ended September 30, 2024 and 2023; respectively, $776 and $721 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) 593 259 1,484 781
Other income (expenses), net 48 32 154 (58)
(Loss) gain on foreign currency transactions (287) 455 152 350
Interest income (including $123 and $80 associated with variable interest entity for the three months ended September 30, 2024 and 2023; respectively, $469 and $278 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) 770 454 1,734 1,040
Interest expense (including $517 and $528 associated with variable interest entity for the three months ended September 30, 2024 and 2023; respectively, $1,553 and $1,499 associated with variable interest entity for the nine months ended September 30, 2024 and 2023, respectively) (535) (536) (1,607) (1,516)
Total other income, net 589 664 1,917 597
Income before provision for income taxes 11,859 12,044 32,378 38,048
Provision for income taxes 2,597 2,904 7,413 9,045
Net income 9,262 9,140 24,965 29,003
Net income attributable to noncontrolling interest 168 75 605 431
Net income attributable to Karat Packaging Inc. $ 9,094 $ 9,065 $ 24,360 $ 28,572
Basic and diluted earnings per share:        
Basic (in dollars per share) $ 0.45 $ 0.46 $ 1.22 $ 1.44
Diluted (in dollars per share) $ 0.45 $ 0.45 $ 1.21 $ 1.43
Weighted average common shares outstanding, basic (in shares) 20,017,774 19,890,646 19,993,964 19,888,244
Weighted average common shares outstanding, diluted (in shares) 20,133,813 19,994,648 20,107,801 19,962,999