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( a) General Description of Business We are the owner and exclusive publisher of Kane Miller children s books; Learning Wrap-Ups, maker of educational manipulatives; and SmartLab Toys, maker of STEAM-based toys and games. We are also the exclusive United States Multi-Level Marketing ( MLM ) distributor of Usborne Publishing Limited ( Usborne ) children s books.
44.26% operating margin is above average. ROIC at 12.08%.
Revenue declined 33.0% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 47% versus the prior year, cash generation momentum has weakened. ROIC dropped from 16.78% to 12.08%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$23M
▼ -33.0% YoY
Net Income (TTM)
$2M
▲ +144.2% YoY
Op. Margin
44.26%
▼ -0.4pp YoY
ROIC
12.08%
▼ -4.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1M
▼ -47.2% YoY
Op. Cash Flow (TTM)
$2M
▼ -37.6% YoY
Net Debt
$6M
Cash & Equiv.
$1M
5Y CAGR: -35.5%
5Y CAGR: -16.8%
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