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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net sales $ 96,970 $ 50,723 $ 262,555 $ 149,977
Cost of sales 71,447 38,707 195,575 111,938
Gross profit 25,523 12,016 66,980 38,039
Selling, general & administrative expenses 11,822 6,806 33,909 21,343
Acquisition costs 10 154 1,027 154
Change in fair value of contingent consideration 3,346 0 9,348 0
Gain on sale of Molded Fiber business (15,623) (15,623)
Loss (Gain) on sale of property, plant & equipment 3 (21) (6,206) (42)
Operating income 25,965 5,077 44,525 16,584
Interest income (11) 0 (33) (11)
Interest income 11 (0) 33 11
Interest expense 841 16 1,924 0
Other (income) expenses (104) 4 (313) (2)
Income before income tax expense 25,239 5,057 42,947 16,575
Income tax expense 5,699 1,268 9,620 3,908
Net income $ 19,540 $ 3,789 $ 33,327 $ 12,667
Net income per share:        
Basic (in dollars per share) $ 2.58 $ 0.50 $ 4.41 $ 1.68
Diluted (in dollars per share) $ 2.56 $ 0.50 $ 4.37 $ 1.67
Weighted average common shares outstanding:        
Basic (in shares) 7,570 7,531 7,559 7,522
Diluted (in shares) 7,638 7,597 7,629 7,585
Comprehensive Income        
Net income $ 19,540 $ 3,789 $ 33,327 $ 12,667
Other comprehensive income:        
Foreign currency translation adjustment (1,725) 0 (2,860) 0
Other comprehensive loss (1,725) 0 (2,860) 0
Comprehensive income $ 17,815 $ 3,789 $ 30,467 $ 12,667