Net income at the South African protective equipment maker crashed 92% to $803,159 in 2023 compared to $9,960,453 in the prior year on 38% lower revenues of $47,241,187 down from $76,335,539. A 61% drop in product royalty income further down the income statement more than offset gross margin expanding 110 b.p. to 41.9% from 40.8% and relatively flat OpEx spending. Back on the top line, distributor sales were off 44% while dealer sales slipped 26% as both grappled with destocking. ... Log in to view full article.