10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_________________________________

FORM 10-Q

_________________________________

(Mark One)

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission file number 000-01227

_________________________________

Chicago Rivet & Machine Co.

(Exact Name of Registrant as Specified in Its Charter)

     Illinois

     36-0904920

     (State or other jurisdiction
of incorporation or organization)

     (I.R.S. Employer
Identification Number)


27755 Diehl Road, Suite 200, Warrenville, Illinois	60555
(Address of Principal Executive Offices)	(Zip Code)

(630) 357-8500

Registrant’s Telephone Number, Including Area Code

_________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	CVR	NYSE American (Trading privileges only, not registered)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically, every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:


Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company 
	Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of May 8, 2025 there were 966,132 shares of the registrant’s common stock outstanding.

CHICAGO RIVET & MACHINE CO.

INDEX


PART I.	FINANCIAL INFORMATION (Unaudited)	Page

Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets at March 31, 2025 and December 31, 2024	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024	4
	Condensed Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2025 and 2024	5
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 4.	Controls and Procedures	19
PART II.	OTHER INFORMATION	20
Item 6.	Exhibits	20

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CHICAGO RIVET & MACHINE CO.

Condensed Consolidated Balance Sheets


	March 31, 2025 (unaudited)			December 31, 2024
Assets
Current Assets:
Cash and cash equivalents	$	765,645		$	1,922,679
Short-term investments		—			247,276
Accounts receivable - less allowances of $138,738 and $197,536		4,863,036			3,094,911
Contract assets		—			48,811
Inventories, net		7,048,061			6,496,170
Assets held for sale		—			348,400
Income taxes receivable		—			1,378
Other current assets		459,984			431,440
Total current assets		13,136,726			12,591,065
Property, plant and equipment, net		10,460,609			10,735,139
Operating lease right-of-use asset		429,752			—
Deposits with vendors		43,970			43,970
Total assets	$	24,071,057		$	23,370,174
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable	$	1,497,532		$	1,233,147
Accrued wages and salaries		493,341			436,417
Other accrued liabilities		259,884			284,497
Unearned revenue and customer deposits		69,195			265,789
Federal and state income taxes		18,982			—
Current portion of operating lease liabilities		67,526			—
Total current liabilities		2,406,460			2,219,850
Deferred income taxes, net		237,872			237,872
Operating lease liabilities		362,284			—
Other long-term liabilities		659,951			880,000
Total liabilities		3,666,567			3,337,722
Commitments and contingencies (Note 3)
Shareholders' Equity:
Preferred stock, no par value, 500,000 shares authorized: none outstanding		—			—
Common stock, $1.00 par value, 4,000,000 shares authorized, 1,138,096 shares issued; 966,132 shares outstanding		1,138,096			1,138,096
Additional paid-in capital		447,134			447,134
Retained earnings		22,741,358			22,369,320
Treasury stock, 171,964 shares at cost		(3,922,098	)		(3,922,098	)
Total shareholders' equity		20,404,490			20,032,452
Total liabilities and shareholders' equity	$	24,071,057		$	23,370,174

See Notes to Condensed Consolidated Financial Statements

CHICAGO RIVET & MACHINE CO.

Condensed Consolidated Statements of Operations

(unaudited)


	Three Months Ended March 31,
	2025		2024
Net sales	$	7,245,635	$	7,853,181
Cost of goods sold		5,587,894		7,108,619
Gross profit		1,657,741		744,562
Selling and administrative expenses		1,587,567		1,647,865
Operating income (loss)		70,174		(903,303	)
Other income		351,207		28,469
Income (loss) before income taxes		421,381		(874,834	)
Provision (benefit) for income taxes		20,359		(176,830	)
Net income (loss)	$	401,022	$	(698,004	)

Net income (loss) per common share:
Basic	$	0.42	$	(0.72	)
Diluted	$	0.42	$	(0.72	)

Weighted average common shares outstanding:
Basic		966,132		966,132
Diluted		966,132		966,132

Cash dividends declared per share	$	0.03	$	0.10

See Notes to Condensed Consolidated Financial Statements

CHICAGO RIVET & MACHINE CO.

Condensed Consolidated Statements of Shareholders’ Equity

(unaudited)


			Common Stock									Treasury Stock, At Cost
	Preferred Stock Amount		Shares		Amount		Additional Paid-In Capital		Retained Earnings			Shares		Amount			Total Shareholders’ Equity
Balance, December 31, 2024	$	-		966,132	$	1,138,096	$	447,134	$	22,369,320			171,964	$	(3,922,098	)	$	20,032,452
Net income										401,022								401,022
Dividends Declared ($0.03 per share)										(28,984	)							(28,984	)
Balance, March 31, 2025	$	-		966,132	$	1,138,096	$	447,134	$	22,741,358			171,964	$	(3,922,098	)	$	20,404,490


Balance, December 31, 2023	$	-		966,132	$	1,138,096	$	447,134	$	28,303,757			171,964	$	(3,922,098	)	$	25,966,889
Net Loss										(698,004	)							(698,004	)
Dividends Declared ($0.10 per share)										(96,613	)							(96,613	)
Balance, March 31, 2024	$	-		966,132	$	1,138,096	$	447,134	$	27,509,140			171,964	$	(3,922,098	)	$	25,172,272

See Notes to Condensed Consolidated Financial Statements.

CHICAGO RIVET & MACHINE CO.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Three Months Ended March 31,
	2025			2024
Cash flows from operating activities:
Net income (loss)	$	401,022		$	(698,004	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation		317,228			323,405
Non-cash lease expense		58			—
Gain on disposal of assets, net		(329,520	)		(36,886	)
Deferred income taxes		—			(176,830	)
Changes in operating assets and liabilities:
Accounts receivable, net		(1,768,125	)		(1,187,835	)
Contract assets		48,811			118,301
Inventories, net		(551,890	)		580,978
Other current assets		(27,167	)		(78,333	)
Accounts payable		264,386			599,625
Accrued wages and salaries		56,924			119,473
Other accrued liabilities		(5,632	)		183,149
Unearned revenue and customer deposits		(196,594	)		(145,802	)
Other long-term liability

SEC Form 10-Q filed by Chicago Rivet & Machine Co.