Business
Hillman Reports Second Quarter 2023 Results
CINCINNATI, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Hillman Solutions Corp. (Nasdaq: HLMN) (the “Company” or “Hillman”), a leading provider of hardware products and
About this update from Hillman Solutions Corp.
[{"type":"text","content":"CINCINNATI, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Hillman Solutions Corp. (Nasdaq: HLMN) (the “Company” or “Hillman”), a leading provider of hardware products and merchandising solutions, reported financial results for the thirteen and twenty-six weeks ended July 1, 2023. Second Quarter 2023 Highlights (Thirteen weeks ended July 1, 2023) Net sales decreased (3.6)% to $380.0 million compared to $394.1 million in the prior year quarterNet income totaled $4.5 million, or $0.02 per diluted share, compared to $8.8 million, or $0.04 per diluted share, in the prior year quarterAdjusted diluted EPS1 was $0.13 per diluted share compared to $0.14 per diluted share in the prior year quarterAdjusted EBITDA1 totaled $58.0 million compared to $62.3 million in the prior year quarter Second Quarter YTD 2023 Highlights (Twenty-six weeks ended July 1, 2023) Net sales decreased (3.6)% to $729.7 million compared to $757.1 million in the prior year periodNet loss totaled $(4.6) million, or $(0.02) per diluted share, compared to net income of $6.9 million, or $0.04 per diluted share, in the prior year periodAdjusted diluted EPS1 was $0.19 per diluted share compared to $0.24 per diluted share in the prior year periodAdjusted EBITDA1 totaled $98.2 million compared to $106.3 million in the prior year periodNet cash provided by operating activities totaled $115.0 million compared to $14.8 million in the prior year periodFree Cash Flow1 totaled $78.0 million compared to $(14.1) million in the prior year period Balance Sheet and Liquidity at July 1, 2023 Gross debt was $851.5 million, compared to $918.8 million on December 31, 2022; net debt1 outstanding was $813.8 million, compared to $887.7 million on December 31, 2022Liquidity available totaled approximately $320.7 million, consisting of $283.1 million of available borrowing under the revolving credit facility and $37.7 million of cash and equivalentsNet debt1 to trailing twelve month Adjusted EBITDA1 was 4.0x times as compared to 4.2x on December 31, 2022 1) Denotes Non-GAAP metric. For additional information, including our definitions, use of, and reconciliations of these metrics to the most directly comparable financial measures under GAAP, please see the reconciliations toward the end of the press release. Management Commentary “Our strong second quarter results reflect the dedicated efforts of our asso...