Cadre Holdings Reports Second Quarter 2025 Financial Results

Increased Quarterly Net Sales 9% and Gross Profit 10% Year-Over-Year

Continued Strong Demand Trends for Mission Critical Safety Equipment

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Cadre Holdings, Inc. (NYSE: CDRE) (“Cadre” or “Company”), a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets, announced today its consolidated operating results for the three and six months ended June 30, 2025.

  • Net sales of $157.1 million for the second quarter; net sales of $287.2 million for the six months ended June 30, 2025.
  • Gross profit margin of 40.9% for the second quarter; gross profit margin of 41.9% for the six months ended June 30, 2025.
  • Net income of $12.2 million, or $0.30 per diluted share, for the second quarter; net income of $21.5 million, or $0.52 per diluted share, for the six months ended June 30, 2025.
  • Adjusted EBITDA of $27.0 million for the second quarter; Adjusted EBITDA of $47.5 million for the six months ended June 30, 2025.
  • Adjusted EBITDA margin of 17.2% for the second quarter; Adjusted EBITDA margin of 16.5% for the six months ended June 30, 2025.
  • Declared quarterly cash dividend of $0.095 per share in July 2025.

“We delivered strong revenue growth and profitability in the second quarter, despite a fluid macro environment, which underscores the positive demand trends we continue to see for Cadre’s best-in-class safety products across our law enforcement, first responder, military and nuclear categories,” said Warren Kanders, CEO and Chairman. “Revenue and gross profit increased year-over-year by 9% and 10%, respectively. We remain confident that the combination of Cadre’s track record of superior execution, resilience in the face of economic, political, geopolitical and other cycles, as well as our disciplined approach to capital allocation, will continue to drive strong results moving forward.”

Mr. Kanders added, “After completing the acquisition of multiple leading, niche global nuclear brands from Carr’s Group in the second quarter, we are excited about the momentum in our nuclear safety business and opportunities to deepen our exposure to this attractive market segment. Today, the primary drivers of growth are related to significant environmental cleanup needs and expanding national defense programs, with the global upswing in nuclear power creating even greater demand for our suite of safety products and services in the future.”

Mr. Kanders concluded, “As we consider the Company’s 2025 outlook, we have seen the timing of large opportunities shift more than in prior years, but we believe we are well positioned to continue to leverage our strong brands and drive growth over the long term. We expect our team's steadfast commitment to the Company’s life-saving mission, constant innovation, and the principles of the Cadre operating model will drive superior performance. Additionally, with cash on the balance sheet of $137 million and undrawn revolver capacity of $175 million, Cadre is well positioned to capitalize on meaningful organic and inorganic growth opportunities ahead.”

Second Quarter and Six-Month 2025 Operating Results

For the quarter ended June 30, 2025, Cadre generated net sales of $157.1 million, as compared to $144.3 million for the quarter ended June 30, 2024. This increase was primarily a result of recent acquisitions.

For the six months ended June 30, 2025, Cadre generated net sales of $287.2 million, as compared to $282.2 million for the six months ended June 30, 2024, also mainly driven by recent acquisitions, as well as strong demand for nuclear safety and duty gear products, partially offset by large order shipment timing for explosive ordnance disposal (“EOD”) and armor products.

For the quarter ended June 30, 2025, Cadre generated gross profit of $64.2 million, as compared to $58.7 million for the quarter ended June 30, 2024. For the six months ended June 30, 2025, Cadre generated gross profit of $120.4 million, as compared to $116.3 million for the prior year period.

Gross profit margin was 40.9% for the quarter ended June 30, 2025, as compared to 40.6% for the quarter ended June 30, 2024, mainly driven by favorable pricing and product mix, the absence of inventory step-up amortization, and exchange rate favorability. Gross profit margin was 41.9% for the six months ended June 30, 2025, as compared to 41.2% for the prior year period.

Net income was $12.2 million for the quarter ended June 30, 2025, as compared to net income of $12.6 million for the quarter ended June 30, 2024. The decrease resulted primarily as a result of acquisition related costs offset by foreign exchange.

Net income was $21.5 million for the six months ended June 30, 2025, as compared to net income of $19.5 million for the prior year period, also primarily as a result of foreign exchange offset by interest expense.

Cadre generated $27.0 million of Adjusted EBITDA for the quarter ended June 30, 2025, as compared to $28.3 million for the quarter ended June 30, 2024. Adjusted EBITDA margin was 17.2% for the quarter ended June 30, 2025, as compared to 19.6% for the prior year period.

Cadre generated $47.5 million of Adjusted EBITDA for the six months ended June 30, 2025, as compared to $52.8 million for the prior period. Adjusted EBITDA margin was 16.5% for the six months ended June 30, 2024, as compared to 18.7% for the prior year period.

Product segment gross margin was 41.7% and 42.9% for the second quarter and first half of 2025, respectively, compared to 41.1% and 42.0% for the prior year periods.

Distribution segment gross margin was 23.1% and 22.3% for the second quarter and first half of 2025, respectively, compared to 22.9% and 23.2% for the prior year periods.

Liquidity, Cash Flows and Capital Allocation

  • Cash and cash equivalents increased by $12.5 million from $124.9 million as of December 31, 2024 to $137.5 million as of June 30, 2025.
  • Total debt increased by $91.9 million from $223.2 million as of December 31, 2024 to $315.2 million as of June 30, 2025.
  • Net debt (total debt net of cash and cash equivalents) increased by $79.4 million from $98.3 million as of December 31, 2024 to $177.7 million as of June 30, 2025.
  • Capital expenditures totaled $1.3 million for the second quarter and $2.7 million for the six months ended June 30, 2025, compared with $2.1 million for the second quarter and $3.4 million for the six months ended June 30, 2024.

Dividend

On July 22, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.095 per share, or $0.38 per share on an annualized basis. Cadre's dividend payment will be made on August 15, 2025 to shareholders of record as of the close of business on the record date of August 1, 2025. The declaration of any future dividend is subject to the discretion of the Company's Board of Directors.

2025 Outlook

For the full year 2025, Cadre expects to generate net sales in the range of $624 million to $630 million and Adjusted EBITDA in the range of $112 million and $116 million. We expect capital expenditures to be in the range of $7 million to $8 million. These ranges reflect our updated expectations around the timing of orders and do not incorporate impacts from the new tariffs announced July 31st and expected to be effective in August. Cadre has not provided net income guidance due to the inherent difficulty of forecasting certain types of expenses and gains, which affect net income but not Adjusted EBITDA. Therefore, we do not provide a reconciliation of Adjusted EBITDA guidance to net income guidance.

Conference Call

Management will host a conference call on Wednesday, August 6, 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 9511718. 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 August 20, 2025. To access the replay, please dial 800-770-2030 in the U.S. or +1-609-800-9909 if outside the U.S., and then enter the access code 9511718.

About Cadre

Headquartered in Jacksonville, Florida, Cadre is a global leader in the manufacturing and distribution of safety products. Cadre's equipment provides critical protection to allow users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. The Company's core products include body armor, explosive ordnance disposal equipment, duty gear and nuclear safety products. Our highly engineered products are utilized in over 100 countries by federal, state and local law enforcement, fire and rescue professionals, explosive ordnance disposal teams, and emergency medical technicians. Our key brands include Safariland® and Med-Eng®, amongst others.

Use of Non-GAAP Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The press release contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), (ii) adjusted EBITDA, (iii) adjusted EBITDA margin and (iv) last twelve months adjusted EBITDA. The Company believes the presentation of these non-GAAP measures provides useful information for the understanding of its ongoing operations and enables investors to focus on period- over-period operating performance, and thereby enhances the user’s overall understanding of the Company’s current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures within this press release. We do not provide a reconciliation of the non-GAAP guidance measure Adjusted EBITDA for the fiscal year 2025 to net income for the fiscal year 2025, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not Adjusted EBITDA. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

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)

 

 

 

 

 

 

 

 

 

June 30, 2025

 

December 31, 2024

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

137,469

 

$

124,933

 

Accounts receivable, net of allowance for doubtful accounts of $905 and $876, respectively

 

 

108,127

 

 

93,523

 

Inventories

 

 

109,604

 

 

82,351

 

Prepaid expenses

 

 

11,836

 

 

19,027

 

Other current assets

 

 

13,980

 

 

7,737

 

Total current assets

 

 

381,016

 

 

327,571

 

Property and equipment, net of accumulated depreciation and amortization of $58,658 and $54,384, respectively

 

 

81,909

 

 

45,243

 

Operating lease assets

 

 

21,314

 

 

15,454

 

Deferred tax assets, net

 

 

4,917

 

 

4,552

 

Intangible assets, net

 

 

126,411

 

 

107,544

 

Goodwill

 

 

174,462

 

 

148,157

 

Other assets

 

 

4,408

 

 

4,192

 

Total assets

 

$

794,437

 

$

652,713

 

 

 

 

 

 

 

 

Liabilities, Mezzanine Equity and Shareholders' Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

32,004

 

$

29,644

 

Accrued liabilities

 

 

56,531

 

 

46,413

 

Income tax payable

 

 

1,268

 

 

6,693

 

Current portion of long-term debt

 

 

16,265

 

 

11,375

 

Total current liabilities

 

 

106,068

 

 

94,125

 

Long-term debt

 

 

298,885

 

 

211,830

 

Long-term operating lease liabilities

 

 

15,645

 

 

10,733

 

Deferred tax liabilities

 

 

30,306

 

 

18,758

 

Other liabilities

 

 

11,073

 

 

5,752

 

Total liabilities

 

 

461,977

 

 

341,198

 

 

 

 

 

 

 

 

Mezzanine equity

 

 

 

 

 

 

Preferred stock ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024)

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

 

Common stock ($0.0001 par value, 190,000,000 shares authorized, 40,663,844 and 40,607,988 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)

 

 

4

 

 

4

 

Additional paid-in capital

 

 

310,099

 

 

306,821

 

Accumulated other comprehensive income (loss)

 

 

2,540

 

 

(1,389

)

Accumulated earnings

 

 

19,817

 

 

6,079

 

Total shareholders’ equity

 

 

332,460

 

 

311,515

 

Total liabilities, mezzanine equity and shareholders' equity

 

$

794,437

 

$

652,713

 

 

 

CADRE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2025

 

2024

 

2025

 

2024

Net sales

 

$

157,109

 

 

$

144,309

 

 

$

287,215

 

 

$

282,169

 

Cost of goods sold

 

 

92,860

 

 

 

85,659

 

 

 

166,835

 

 

 

165,891

 

Gross profit

 

 

64,249

 

 

 

58,650

 

 

 

120,380

 

 

 

116,278

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

45,129

 

 

 

38,577

 

 

 

86,882

 

 

 

79,296

 

Restructuring and transaction costs

 

 

3,326

 

 

 

19

 

 

 

4,024

 

 

 

3,106

 

Related party expense

 

 

1,109

 

 

 

101

 

 

 

1,237

 

 

 

1,944

 

Total operating expenses

 

 

49,564

 

 

 

38,697

 

 

 

92,143

 

 

 

84,346

 

Operating income

 

 

14,685

 

 

 

19,953

 

 

 

28,237

 

 

 

31,932

 

Other expense

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(3,590

)

 

 

(2,003

)

 

 

(5,821

)

 

 

(3,640

)

Other income (expense), net

 

 

6,114

 

 

 

(336

)

 

 

7,401

 

 

 

(1,780

)

Total other expense, net

 

 

2,524

 

 

 

(2,339

)

 

 

1,580

 

 

 

(5,420

)

Income before provision for income taxes

 

 

17,209

 

 

 

17,614

 

 

 

29,817

 

 

 

26,512

 

Provision for income taxes

 

 

(4,998

)

 

 

(5,047

)

 

 

(8,358

)

 

 

(7,017

)

Net income

 

$

12,211

 

 

$

12,567

 

 

$

21,459

 

 

$

19,495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.30

 

 

$

0.31

 

 

$

0.53

 

 

$

0.50

 

Diluted

 

$

0.30

 

 

$

0.31

 

 

$

0.52

 

 

$

0.49

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

40,661,955

 

 

 

40,606,825

 

 

 

40,640,433

 

 

 

39,276,700

 

Diluted

 

 

40,941,790

 

 

 

40,855,185

 

 

 

40,960,025

 

 

 

39,701,754

 

 

 

 

 

CADRE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

2025

 

2024

Cash Flows From Operating Activities:

 

 

 

 

 

 

Net income

 

$

21,459

 

 

$

19,495

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

8,532

 

 

 

8,562

 

Amortization of original issue discount and debt issue costs

 

 

829

 

 

 

502

 

Amortization of inventory step-up

 

 

356

 

 

 

2,310

 

Deferred income taxes

 

 

266

 

 

 

(1,915

)

Stock-based compensation

 

 

4,393

 

 

 

4,151

 

Remeasurement of contingent consideration

 

 

857

 

 

 

509

 

Provision for losses on accounts receivable

 

 

40

 

 

 

769

 

Unrealized foreign exchange transaction (gain) loss

 

 

(3,492

)

 

 

971

 

Other loss

 

 

152

 

 

 

251

 

Changes in operating assets and liabilities, net of impact of acquisitions:

 

 

 

 

 

 

Accounts receivable

 

 

10,365

 

 

 

(3,387

)

Inventories

 

 

(11,304

)

 

 

2,355

 

Prepaid expenses and other assets

 

 

3,375

 

 

 

705

 

Accounts payable and other liabilities

 

 

(15,849

)

 

 

(21,998

)

Net cash provided by operating activities

 

 

19,979

 

 

 

13,280

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

Purchase of property and equipment

 

 

(2,733

)

 

 

(3,365

)

Proceeds from disposition of property and equipment

 

 

6

 

 

 

49

 

Business acquisitions, net of cash acquired

 

 

(89,590

)

 

 

(141,813

)

Net cash used in investing activities

 

 

(92,317

)

 

 

(145,129

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

Proceeds from revolving credit facilities

 

 

 

 

 

5,500

 

Principal payments on revolving credit facilities

 

 

 

 

 

(5,500

)

Proceeds from term loans

 

 

97,500

 

 

 

80,000

 

Principal payments on term loans

 

 

(5,689

)

 

 

(6,065

)

Principal payments on insurance premium financing

 

 

 

 

 

(2,187

)

Payments for debt issuance costs

 

 

 

 

 

(844

)

Taxes paid in connection with employee stock transactions

 

 

(1,185

)

 

 

(5,311

)

Proceeds from secondary offering, net of underwriter discounts

 

 

 

 

 

91,776

 

Deferred offering costs

 

 

 

 

 

(683

)

Dividends distributed

 

 

(7,721

)

 

 

(6,842

)

Other

 

 

38

 

 

 

37

 

Net cash provided by financing activities

 

 

82,943

 

 

 

149,881

 

Effect of foreign exchange rates on cash and cash equivalents

 

 

1,931

 

 

 

180

 

Change in cash and cash equivalents

 

 

12,536

 

 

 

18,212

 

Cash and cash equivalents, beginning of period

 

 

124,933

 

 

 

87,691

 

Cash and cash equivalents, end of period

 

$

137,469

 

 

$

105,903

 

Supplemental Disclosure of Cash Flows Information:

 

 

 

 

 

 

Cash paid for income taxes, net

 

$

16,937

 

 

$

21,605

 

Cash paid for interest

 

$

8,202

 

 

$

6,458

 

Supplemental Disclosure of Non-Cash Investing and Financing Activities:

 

 

 

 

 

 

Accruals and accounts payable for capital expenditures

 

$

259

 

 

$

58

 

 

CADRE HOLDINGS, INC.
SEGMENT INFORMATION

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2025

 

 

 

 

 

 

 

 

Reconciling

 

 

 

 

 

Product

 

Distribution

 

Items(1)

 

Total

Net sales

 

$

140,135

 

$

25,508

 

$

(8,534

)

 

$

157,109

Cost of goods sold

 

 

81,702

 

 

19,609

 

 

(8,451

)

 

 

92,860

Gross profit

 

$

58,433

 

$

5,899

 

$

(83

)

 

$

64,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

Reconciling

 

 

 

 

 

Product

 

Distribution

 

Items(1)

 

Total

Net sales

 

$

128,433

 

$

25,588

 

$

(9,712

)

 

$

144,309

Cost of goods sold

 

 

75,621

 

 

19,723

 

 

(9,685

)

 

 

85,659

Gross profit

 

$

52,812

 

$

5,865

 

$

(27

)

 

$

58,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

Reconciling

 

 

 

 

 

Product

 

Distribution

 

Items(1)

 

Total

Net sales

 

$

252,870

 

$

53,370

 

$

(19,025

)

 

$

287,215

Cost of goods sold

 

 

144,327

 

 

41,450

 

 

(18,942

)

 

 

166,835

Gross profit

 

$

108,543

 

$

11,920

 

$

(83

)

 

$

120,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

Reconciling

 

 

 

 

 

Product

 

Distribution

 

Items(1)

 

Total

Net sales

 

$

247,218

 

$

53,779

 

$

(18,828

)

 

$

282,169

Cost of goods sold

 

 

143,385

 

 

41,280

 

 

(18,774

)

 

 

165,891

Gross profit

 

$

103,833

 

$

12,499

 

$

(54

)

 

$

116,278

CADRE HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended

 

Three Months Ended

 

Six Months Ended

 

Last Twelve

 

 

December 31,

 

June 30,

 

June 30,

 

Months

 

 

2024

 

2025

 

2024

 

2025

 

2024

 

June 30, 2025

Net income

 

$

36,133

 

$

12,211

 

 

$

12,567

 

 

$

21,459

 

 

$

19,495

 

$

38,097

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

16,420

 

 

4,676

 

 

 

4,620

 

 

 

8,532

 

 

 

8,562

 

 

16,390

 

Interest expense

 

 

7,822

 

 

3,590

 

 

 

2,003

 

 

 

5,821

 

 

 

3,640

 

 

10,003

 

Provision for income taxes

 

 

18,085

 

 

4,998

 

 

 

5,047

 

 

 

8,358

 

 

 

7,017

 

 

19,426

 

EBITDA

 

$

78,460

 

$

25,475

 

 

$

24,237

 

 

$

44,170

 

 

$

38,714

 

$

83,916

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and transaction costs(1)

 

 

7,757

 

 

4,326

 

 

 

19

 

 

 

5,024

 

 

 

4,856

 

 

7,925

 

Other expense (income), net(2)

 

 

4,721

 

 

(6,114

)

 

 

336

 

 

 

(7,401

)

 

 

1,780

 

 

(4,460

)

Stock-based compensation expense(3)

 

 

8,369

 

 

2,425

 

 

 

2,084

 

 

 

4,393

 

 

 

4,151

 

 

8,611

 

Stock-based compensation payroll tax expense(4)

 

 

441

 

 

 

 

 

48

 

 

 

92

 

 

 

441

 

 

92

 

LTIP bonus(5)

 

 

49

 

 

 

 

 

(1

)

 

 

 

 

 

49

 

 

 

Amortization of inventory step-up(6)

 

 

3,858

 

 

356

 

 

 

1,541

 

 

 

356

 

 

 

2,310

 

 

1,904

 

Contingent consideration expense(7)

 

 

1,185

 

 

526

 

 

 

58

 

 

 

857

 

 

 

509

 

 

1,533

 

Adjusted EBITDA

 

$

104,840

 

$

26,994

 

 

$

28,322

 

 

$

47,491

 

 

$

52,810

 

$

99,521

 

Adjusted EBITDA margin(8)

 

 

18.5

%

 

17.2

%

 

19.6

%

 

16.5

%

 

18.7

%

 

 

 

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.