Cadre Holdings Reports Fourth Quarter and Full Year 2024 Financial Results
Achieved Annual Net Sales of
Generated Record Annual Adjusted EBITDA and Adjusted EBITDA Margin for Second Consecutive Year
Expects Full Year 2025 Net Sales of
-
Net sales of
$176.0 million $567.6 million -
Gross profit margin of
43.9% for the fourth quarter; gross profit margin of41.1% for the year ended December 31, 2024. -
Net income of
$13.0 million $0.32 $36.1 million $0.90 -
Adjusted EBITDA of
$38.5 million $104.8 million -
Adjusted EBITDA margin of
21.9% for the fourth quarter; Adjusted EBITDA margin of18.5% for the year ended December 31, 2024. -
Declared quarterly cash dividend of
$0.09 5$0.03 8.6% per share, over the previous annualized dividend of$0.35
“2024 was another record year, as our teams continued to leverage the Cadre operating model and capitalize on positive demand trends for our best-in-class, mission-critical safety equipment,” said Warren Kanders, CEO and Chairman. “We delivered our full-year guidance of double-digit revenue and adjusted EBITDA growth, driven by high-level execution in Q4, which represented Cadre’s best quarter of financial results as a public company. We achieved significantly higher net sales and adjusted EBITDA, while expanding full year adjusted EBITDA margins 70 basis points year-over-year.”
Mr. Kanders added, “We’ve carried this momentum forward into 2025 and are pleased to have agreed to acquire multiple leading nuclear safety brands, as announced in January. The acquisition of the Engineering Division from Carr’s Group accomplishes multiple key objectives for Cadre, which includes adding scale to our nuclear vertical, growing our international footprint and expanding our nuclear TAM with entry into automation, robotics and nuclear medicine. We continue to evaluate a robust pipeline of additional M&A opportunities consistent with our highly selective key criteria focused on companies with strong margins, leading and defensible market positions, as well as recurring revenues and cash flows.”
Mr. Kanders concluded, “Cadre has established a track record of consistent and stable growth through cycles, and we continue to see a commitment globally to prioritizing public safety and ensuring those who protect and serve us are equipped with the most secure and reliable products. Moving forward, we believe Cadre is ideally positioned to further expand our leadership positions in safety markets, including the nuclear market, and build value for customers and shareholders. While there are a number of uncertainties in the current operating environment, we are confident in Cadre’s long-term outlook and remain focused on taking advantage of both organic and inorganic opportunities ahead.”
Fourth Quarter and Year-End 2024 Operating Results
For the quarter ended December 31, 2024, Cadre generated net sales of
For the year ended December 31, 2024, Cadre generated net sales of
For the quarter ended December 31, 2024, Cadre generated gross profit of
Gross profit margin was
Net income was
Net income was
Cadre generated
Cadre generated
Product segment gross margin was
Distribution segment gross margin was
Liquidity, Cash Flows and Capital Allocation
-
Cash and cash equivalents increased by
$37.2 million $87.7 million $124.9 million -
Total debt increased by
$83.1 million $140.1 million $223.2 million -
Net debt (total debt net of cash and cash equivalents) increased by
$45.8 million $52.4 million $98.3 million -
Capital expenditures totaled
$1.4 million $5.8 million $2.7 million $7.0 million
Expansion of Credit Facilities
On December 23, 2024 Cadre announced the closing of a new credit agreement that provides senior secured credit facilities of up to
Acquisition of Carr’s Engineering Division
On January 15, 2025, Cadre announced it has entered into a definitive agreement to acquire Carr's Engineering Limited (excluding Chirton Engineering) and Carr's Engineering (US), Inc. (together the “Engineering Division”), each a subsidiary of Carr’s Group plc (“Carr’s Group”), for an enterprise value of
Increased Dividend
On January 21, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of
2025 Outlook
For the full year 2025, Cadre expects to generate net sales in the range of
Conference Call
Management will host a conference call on Wednesday, March 12, 2025, at 10:00 a.m. EST to discuss the latest corporate developments and financial results. The dial-in number for callers in the US is (800)-715-9871 and the dial-in number for international callers is 646-307-1963. The access code for all callers is 3272793. A live webcast will also be available on the Company’s website at https://www.cadre-holdings.com/.
A replay of the call will be available through March 26, 2025. To access the replay, please dial 800-770-2030 in the
About Cadre
Headquartered in
Use of Non-GAAP Measures
The Company reports its financial results in accordance with
Forward-Looking Statements
Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this press release, include, but are not limited to, those risks and uncertainties more fully described from time to time in the Company's public reports filed with the Securities and Exchange Commission, including under the section titled “Risk Factors” in the Company's Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company’s Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward- looking statements to reflect events or circumstances after the date of this press release.
CADRE HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) |
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December 31, |
||||||
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|
2024 |
|
|
2023 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
124,933 |
|
|
$ |
87,691 |
|
Accounts receivable, net |
|
|
93,523 |
|
|
|
58,360 |
|
Inventories |
|
|
82,351 |
|
|
|
80,976 |
|
Prepaid expenses |
|
|
19,027 |
|
|
|
11,930 |
|
Other current assets |
|
|
7,737 |
|
|
|
6,886 |
|
Total current assets |
|
|
327,571 |
|
|
|
245,843 |
|
Property and equipment, net |
|
|
45,243 |
|
|
|
44,647 |
|
Operating lease assets |
|
|
15,454 |
|
|
|
6,554 |
|
Deferred tax assets, net |
|
|
4,552 |
|
|
|
4,004 |
|
Intangible assets, net |
|
|
107,544 |
|
|
|
43,472 |
|
Goodwill |
|
|
148,157 |
|
|
|
81,667 |
|
Other assets |
|
|
4,192 |
|
|
|
4,992 |
|
Total assets |
|
$ |
652,713 |
|
|
$ |
431,179 |
|
|
|
|
|
|
|
|
||
Liabilities, Mezzanine Equity and Shareholders' Equity |
|
|
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|
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Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
29,644 |
|
|
$ |
28,418 |
|
Accrued liabilities |
|
|
46,413 |
|
|
|
44,524 |
|
Income tax payable |
|
|
6,693 |
|
|
|
9,944 |
|
Current portion of long-term debt |
|
|
11,375 |
|
|
|
12,320 |
|
Total current liabilities |
|
|
94,125 |
|
|
|
95,206 |
|
Long-term debt |
|
|
211,830 |
|
|
|
127,812 |
|
Long-term operating lease liabilities |
|
|
10,733 |
|
|
|
3,186 |
|
Deferred tax liabilities |
|
|
18,758 |
|
|
|
4,843 |
|
Other liabilities |
|
|
5,752 |
|
|
|
2,970 |
|
Total liabilities |
|
|
341,198 |
|
|
|
234,017 |
|
|
|
|
|
|
|
|
||
Mezzanine equity |
|
|
|
|
|
|
||
Preferred stock ( |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
||
Shareholders' equity |
|
|
|
|
|
|
||
Common stock ( |
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
306,821 |
|
|
|
212,630 |
|
Accumulated other comprehensive (loss) income |
|
|
(1,389 |
) |
|
|
634 |
|
Accumulated earnings (deficit) |
|
|
6,079 |
|
|
|
(16,106 |
) |
Total shareholders’ equity |
|
|
311,515 |
|
|
|
197,162 |
|
Total liabilities, mezzanine equity and shareholders' equity |
|
$ |
652,713 |
|
|
$ |
431,179 |
|
CADRE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except share and per share amounts) |
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Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net sales |
|
$ |
175,984 |
|
|
$ |
124,583 |
|
|
$ |
567,561 |
|
|
$ |
482,532 |
|
Cost of goods sold |
|
|
98,797 |
|
|
|
74,825 |
|
|
|
334,080 |
|
|
|
281,806 |
|
Gross profit |
|
|
77,187 |
|
|
|
49,758 |
|
|
|
233,481 |
|
|
|
200,726 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative |
|
|
45,046 |
|
|
|
34,904 |
|
|
|
158,323 |
|
|
|
140,519 |
|
Restructuring and transaction costs |
|
|
2,386 |
|
|
|
1,060 |
|
|
|
6,007 |
|
|
|
2,192 |
|
Related party expense |
|
|
352 |
|
|
|
1,117 |
|
|
|
2,390 |
|
|
|
1,496 |
|
Total operating expenses |
|
|
47,784 |
|
|
|
37,081 |
|
|
|
166,720 |
|
|
|
144,207 |
|
Operating income |
|
|
29,403 |
|
|
|
12,677 |
|
|
|
66,761 |
|
|
|
56,519 |
|
Other expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(2,191 |
) |
|
|
(804 |
) |
|
|
(7,822 |
) |
|
|
(4,531 |
) |
Other (expense) income, net |
|
|
(4,496 |
) |
|
|
541 |
|
|
|
(4,721 |
) |
|
|
936 |
|
Total other expense, net |
|
|
(6,687 |
) |
|
|
(263 |
) |
|
|
(12,543 |
) |
|
|
(3,595 |
) |
Income before provision for income taxes |
|
|
22,716 |
|
|
|
12,414 |
|
|
|
54,218 |
|
|
|
52,924 |
|
Provision for income taxes |
|
|
(9,733 |
) |
|
|
(2,820 |
) |
|
|
(18,085 |
) |
|
|
(14,283 |
) |
Net income |
|
$ |
12,983 |
|
|
$ |
9,594 |
|
|
$ |
36,133 |
|
|
$ |
38,641 |
|
|
|
|
|
|
|
|
|
|
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|
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Net income per share: |
|
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|
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|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.32 |
|
|
$ |
0.26 |
|
|
$ |
0.90 |
|
|
$ |
1.03 |
|
Diluted |
|
$ |
0.32 |
|
|
$ |
0.25 |
|
|
$ |
0.90 |
|
|
$ |
1.02 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
40,607,988 |
|
|
|
37,586,756 |
|
|
|
39,945,982 |
|
|
|
37,533,818 |
|
Diluted |
|
|
40,977,622 |
|
|
|
38,125,787 |
|
|
|
40,332,042 |
|
|
|
37,920,488 |
|
CADRE HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) |
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|
Year Ended December 31, |
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|||
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
36,133 |
|
|
$ |
38,641 |
|
|
$ |
5,820 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
16,420 |
|
|
|
15,737 |
|
|
|
15,651 |
|
Amortization of original issue discount and debt issue costs |
|
|
1,109 |
|
|
|
479 |
|
|
|
740 |
|
Amortization of inventory step-up |
|
|
3,858 |
|
|
|
— |
|
|
|
4,255 |
|
Deferred income taxes |
|
|
(2,064 |
) |
|
|
(210 |
) |
|
|
(1,087 |
) |
Stock-based compensation |
|
|
8,369 |
|
|
|
9,368 |
|
|
|
31,858 |
|
Remeasurement of contingent consideration |
|
|
1,185 |
|
|
|
— |
|
|
|
— |
|
Provision for losses on accounts receivable |
|
|
764 |
|
|
|
66 |
|
|
|
417 |
|
Unrealized foreign exchange transaction loss (gain) |
|
|
1,880 |
|
|
|
(602 |
) |
|
|
1,517 |
|
Other loss (gain) |
|
|
496 |
|
|
|
(381 |
) |
|
|
(170 |
) |
Changes in operating assets and liabilities, net of impact of acquisitions: |
|
|
|
|
|
|
|
|
|
|||
Accounts receivable |
|
|
(24,902 |
) |
|
|
6,602 |
|
|
|
(11,536 |
) |
Inventories |
|
|
10,019 |
|
|
|
(10,223 |
) |
|
|
1,162 |
|
Prepaid expenses and other assets |
|
|
(5,866 |
) |
|
|
(302 |
) |
|
|
(7,711 |
) |
Accounts payable and other liabilities |
|
|
(15,624 |
) |
|
|
14,034 |
|
|
|
5,493 |
|
Net cash provided by operating activities |
|
|
31,777 |
|
|
|
73,209 |
|
|
|
46,409 |
|
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
|
|||
Purchase of property and equipment |
|
|
(5,668 |
) |
|
|
(6,727 |
) |
|
|
(4,494 |
) |
Proceeds from disposition of property and equipment |
|
|
55 |
|
|
|
207 |
|
|
|
411 |
|
Business acquisitions, net of cash acquired |
|
|
(141,813 |
) |
|
|
— |
|
|
|
(55,543 |
) |
Net cash used in investing activities |
|
|
(147,426 |
) |
|
|
(6,520 |
) |
|
|
(59,626 |
) |
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
|
|||
Proceeds from revolving credit facilities |
|
|
5,500 |
|
|
|
— |
|
|
|
43,000 |
|
Principal payments on revolving credit facilities |
|
|
(5,500 |
) |
|
|
— |
|
|
|
(43,000 |
) |
Proceeds from term loans |
|
|
129,422 |
|
|
|
— |
|
|
|
— |
|
Principal payments on term loans |
|
|
(43,334 |
) |
|
|
(10,000 |
) |
|
|
(10,116 |
) |
Proceeds from insurance premium financing |
|
|
— |
|
|
|
3,949 |
|
|
|
3,989 |
|
Principal payments on insurance premium financing |
|
|
(2,187 |
) |
|
|
(3,973 |
) |
|
|
(4,952 |
) |
Payments for debt issuance costs |
|
|
(3,105 |
) |
|
|
— |
|
|
|
— |
|
Taxes paid in connection with employee stock transactions |
|
|
(5,311 |
) |
|
|
(2,725 |
) |
|
|
(6,300 |
) |
Proceeds from secondary offering, net of underwriter discounts |
|
|
91,776 |
|
|
|
— |
|
|
|
56,329 |
|
Deferred offering costs |
|
|
(683 |
) |
|
|
— |
|
|
|
(2,953 |
) |
Dividends distributed |
|
|
(13,948 |
) |
|
|
(12,006 |
) |
|
|
(11,509 |
) |
Other |
|
|
37 |
|
|
|
33 |
|
|
|
(25 |
) |
Net cash provided by (used in) financing activities |
|
|
152,667 |
|
|
|
(24,722 |
) |
|
|
24,463 |
|
Effect of foreign exchange rates on cash and cash equivalents |
|
|
224 |
|
|
|
438 |
|
|
|
183 |
|
Change in cash and cash equivalents |
|
|
37,242 |
|
|
|
42,405 |
|
|
|
11,429 |
|
Cash and cash equivalents, beginning of period |
|
|
87,691 |
|
|
|
45,286 |
|
|
|
33,857 |
|
Cash and cash equivalents, end of period |
|
$ |
124,933 |
|
|
$ |
87,691 |
|
|
$ |
45,286 |
|
Supplemental Disclosure of Cash Flows Information: |
|
|
|
|
|
|
|
|
|
|||
Cash paid for income taxes, net |
|
$ |
24,207 |
|
|
$ |
8,729 |
|
|
$ |
1,395 |
|
Cash paid for interest |
|
$ |
14,431 |
|
|
$ |
10,090 |
|
|
$ |
6,109 |
|
Supplemental Disclosure of Non-Cash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
|
|||
Accruals and accounts payable for capital expenditures |
|
$ |
176 |
|
|
$ |
234 |
|
|
$ |
172 |
|
Accruals and accounts payable for debt issuance costs |
|
$ |
166 |
|
|
$ |
— |
|
|
$ |
— |
|
CADRE HOLDINGS, INC. SEGMENT INFORMATION (Unaudited) (In thousands) |
|||||||||||||
|
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|
|
|
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|
Three Months Ended December 31, 2024 |
|||||||||||
|
|
|
|
|
|
|
|
Reconciling |
|
|
|
||
|
|
Product |
|
Distribution |
|
Items(1) |
|
Total |
|||||
Net sales |
|
$ |
153,913 |
|
$ |
33,782 |
|
$ |
(11,711 |
) |
|
$ |
175,984 |
Cost of goods sold |
|
|
84,093 |
|
|
26,415 |
|
|
(11,711 |
) |
|
|
98,797 |
Gross profit |
|
$ |
69,820 |
|
$ |
7,367 |
|
$ |
— |
|
|
$ |
77,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2023 |
|||||||||||
|
|
|
|
|
|
|
|
Reconciling |
|
|
|
||
|
|
Product |
|
Distribution |
|
Items(1) |
|
Total |
|||||
Net sales |
|
$ |
105,768 |
|
$ |
27,777 |
|
$ |
(8,962 |
) |
|
$ |
124,583 |
Cost of goods sold |
|
|
62,733 |
|
|
21,135 |
|
|
(9,043 |
) |
|
|
74,825 |
Gross profit |
|
$ |
43,035 |
|
$ |
6,642 |
|
$ |
81 |
|
|
$ |
49,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2024 |
|||||||||||
|
|
|
|
|
|
|
|
Reconciling |
|
|
|
||
|
|
Product |
|
Distribution |
|
Items(1) |
|
Total |
|||||
Net sales |
|
$ |
497,624 |
|
$ |
105,397 |
|
$ |
(35,460 |
) |
|
$ |
567,561 |
Cost of goods sold |
|
|
287,864 |
|
|
81,631 |
|
|
(35,415 |
) |
|
|
334,080 |
Gross profit |
|
$ |
209,760 |
|
$ |
23,766 |
|
$ |
(45 |
) |
|
$ |
233,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2023 |
|||||||||||
|
|
|
|
|
|
|
|
Reconciling |
|
|
|
||
|
|
Product |
|
Distribution |
|
Items(1) |
|
Total |
|||||
Net sales |
|
$ |
410,825 |
|
$ |
102,371 |
|
$ |
(30,664 |
) |
|
$ |
482,532 |
Cost of goods sold |
|
|
233,937 |
|
|
78,335 |
|
|
(30,466 |
) |
|
|
281,806 |
Gross profit |
|
$ |
176,888 |
|
$ |
24,036 |
|
$ |
(198 |
) |
|
$ |
200,726 |
| _______________________ | ||
| (1) | Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments. |
|
CADRE HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (In thousands) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
||||||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
||||||
Net income |
|
$ |
12,983 |
|
$ |
9,594 |
|
|
$ |
36,133 |
|
$ |
38,641 |
|
|
||
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
4,095 |
|
|
3,352 |
|
|
|
16,420 |
|
|
15,737 |
|
|
||
Interest expense |
|
|
2,191 |
|
|
804 |
|
|
|
7,822 |
|
|
4,531 |
|
|
||
Provision for income taxes |
|
|
9,733 |
|
|
2,820 |
|
|
|
18,085 |
|
|
14,283 |
|
|
||
EBITDA |
|
$ |
29,002 |
|
$ |
16,570 |
|
|
$ |
78,460 |
|
$ |
73,192 |
|
|
||
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring and transaction costs(1) |
|
|
2,386 |
|
|
2,060 |
|
|
|
7,757 |
|
|
3,192 |
|
|
||
Other general income(2) |
|
|
— |
|
|
(92 |
) |
|
|
— |
|
|
(92 |
) |
|
||
Other expense (income), net(3) |
|
|
4,496 |
|
|
(541 |
) |
|
|
4,721 |
|
|
(936 |
) |
|
||
Stock-based compensation expense(4) |
|
|
2,114 |
|
|
2,308 |
|
|
|
8,369 |
|
|
9,368 |
|
|
||
Stock-based compensation payroll tax expense(5) |
|
|
— |
|
|
14 |
|
|
|
441 |
|
|
234 |
|
|
||
LTIP bonus(6) |
|
|
— |
|
|
371 |
|
|
|
49 |
|
|
860 |
|
|
||
Amortization of inventory step-up(7) |
|
|
7 |
|
|
— |
|
|
|
3,858 |
|
|
— |
|
|
||
Contingent consideration expense(8) |
|
|
500 |
|
|
— |
|
|
|
1,185 |
|
|
— |
|
|
||
Adjusted EBITDA |
|
$ |
38,505 |
|
$ |
20,690 |
|
|
$ |
104,840 |
|
$ |
85,818 |
|
|
||
Adjusted EBITDA margin(9) |
|
|
21.9 |
% |
|
16.6 |
% |
|
18.5 |
% |
|
17.8 |
% |
||||
_________________________ |
||
(1) |
Reflects the “Restructuring and transaction costs” line item on our consolidated statements of operations, which primarily includes transaction costs composed of legal and consulting fees. In addition, this line item reflects a |
|
(2) |
Reflects gains from long-lived asset sales. |
|
(3) |
Reflects the “Other (expense) income, net” line item on our consolidated statements of operations and comprehensive income and primarily includes transaction gains and losses due to fluctuations in foreign currency exchange rates. |
|
(4) |
Reflects compensation expense related to equity and liability classified stock-based compensation plans. |
|
(5) |
Reflects payroll taxes associated with vested stock-based compensation awards. |
|
(6) |
Reflects the cost of a cash-based long-term incentive plan awarded to employees that vests over three years. |
|
(7) |
Reflects amortization expense related to the step-up inventory adjustment recorded as a result of our recent acquisitions. |
|
(8) |
Reflects contingent consideration expense related to the acquisition of ICOR. |
|
(9) |
Reflects Adjusted EBITDA / Net sales for the relevant periods. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250311633138/en/
Gray Hudkins
Cadre Holdings, Inc.
203-550-7148
gray.hudkins@cadre-holdings.com
Investor Relations:
The IGB Group
Leon Berman / Matt Berkowitz
212-477-8438 / 212-227-7098
Source: Cadre Holdings, Inc.
