The company’s products experience seasonal demand
The company typically experiences higher net sales in the third and fourth quarters of each year. However, the company’s individual segments experience varied demand. In that regard, its product segment typically increases each quarter, while its production segment generally experiences higher demand toward the end of the year due to the net sales pattern during the holiday season. Moreover, due to increased demand for summer activities and vacations, including cruise, resorts and hospitality markets, the company’s Facility Solutions segment traditionally experiences growth during the third quarter of the year. Nonetheless, despite these expected trends, certain unexpected events can alter them. For example, the COVID-19 (coronavirus) pandemic disrupted the typical seasonal patterns across each of the company’s segments.
Balance SheetIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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