Industrial Precision Solutions segment sales increased 13.8% YoY, driven by a 10.6% acquisition impact and a 2.3% organic sales increase. This highlights the strategic importance of acquisitions in driving segment growth.

Advanced Technology Solutions segment sales decreased 17.6% YoY, entirely organic, driven by weakness across the segment, primarily electronics dispense products serving semiconductor end markets. This indicates challenges in this segment.

Medical and Fluid Solutions segment sales increased 3.4% YoY, driven by a 3.1% organic sales increase in medical interventional solutions product lines. This highlights the strength of the medical segment.

Management commentary highlights the successful integration of acquisitions, including ARAG Group and CyberOptics. This is evidenced by the increased sales in the Industrial Precision Solutions segment.

Management's focus on cost control is evident in the improved gross margin, driven by improved manufacturing efficiencies and favorable mix. This indicates effective operational management.

Management acknowledges the organic sales decrease in the Advanced Technology Solutions segment, indicating awareness and a potential focus on addressing the challenges in this segment.

The company enters into foreign currency forward contracts to reduce the risk of foreign currency exposures resulting from receivables, payables, intercompany receivables, intercompany payables and loans denominated in foreign currencies.

The company is exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments. These financial instruments include cash deposits and foreign currency forward contracts.

The company is involved in pending or potential litigation regarding environmental, product liability, patent, contract, employee and other matters arising from the normal course of business.

The Advanced Technology Solutions segment experienced a decline in sales due to weakness across the segment, primarily electronics dispense products serving semiconductor end markets.

The Industrial Precision Solutions segment experienced an increase in sales due to acquisition and organic sales growth.

The Medical and Fluid Solutions segment experienced an increase in sales due to organic sales growth.

Gross profit, expressed as a percentage of sales, increased to 55.0% from 53.9% in the comparable period of 2023. The increase was primarily driven by improved manufacturing efficiencies and favorable mix.

Selling and administrative expenses for the three months ended January 31, 2024 were $188,992, up from $184,648 in the comparable period of 2023. The 2.4% increase was primarily driven by the first-year effect of an acquisition and related acquisition costs, partially offset by lower base business costs.

Operating profit as a percentage of sales increased to 25.2% for the three months ended January 31, 2024, compared to 23.6% in the comparable period of 2023. The 1.6 percentage-point increase in operating margin was primarily driven by the gross margin improvement.

The CyberOptics acquisition expanded our test and inspection platform, providing differentiated technology that expands our product offering in the semiconductor and electronics industries and is reported in our Advanced Technology Solutions segment.

The company engineers, manufactures and markets differentiated products and systems used for precision dispensing, applying and controlling of adhesives, coatings, polymers, sealants, biomaterials, and other fluids, to test and inspect for quality, and to treat and cure surfaces and various medical products such as: catheters, cannulas, medical balloons and medical tubing.

Industrial Precision Solutions segment focuses on delivering proprietary dispensing and processing technology, both standard and highly customized equipment, to diverse end markets.

The all-cash ARAG acquisition of approximately €957,000, net of the repayment of approximately €30,300 of debt of the acquired companies, was funded using borrowings under the 364-Day Term Loan Facility and the Company's revolving credit facility.

In the three months ended January 31, 2024, cash of $7,371 was used for the purchase of treasury shares, versus $6,875 in the comparable period of 2023.

In the three months ended January 31, 2024, cash of $38,855 was used for dividend payments versus $37,199 in the comparable period of 2023.

We have voluntarily agreed with the City of New Richmond, Wisconsin and other potentially responsible parties to share costs associated with the remediation of the City of New Richmond municipal landfill.

Executive officers and selected other key employees are eligible to receive common share-based incentive awards. Payouts, in the form of unrestricted common shares, vary based on the degree to which corporate financial performance exceeds predetermined threshold, target and maximum performance goals over three-year performance periods.

We were in compliance with all covenants at January 31, 2024, and the amount we could borrow would not have been limited by any debt covenants.

The organic sales decrease was driven by weakness across the segment, primarily electronics dispense products serving semiconductor end markets.

Worldwide sales for the three months ended January 31, 2024, were $633,193, an increase of 3.7% from sales of $610,477 for the comparable period of 2023. The increase was driven by a 5.4% increase due to an acquisition and a favorable effect from currency translation of 0.5%.

These risks and uncertainties include, but are not limited to, U.S. and international economic conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions including the Company's ability to complete and successfully integrate acquisitions.