MSM — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-07-01

• International Emergency Economic Powers Act (“IEEPA”) Tariff Refunds

• On February 20, 2026, the United States Supreme Court issued a ruling invalidating certain tariffs originally mandated under IEEPA. As a result, the United States Court of International Trade ordered the United States Customs and Border Patrol to process refunds for tariffs collected under IEEPA. As…

• Following the Supreme Court’s ruling on IEEPA tariffs, the United States Executive Branch introduced tariffs under a different statutory authority. There remains significant uncertainty regarding the scope and duration of current and potential tariffs. The Company continues to monitor and evaluate t…

• We utilize various indices when evaluating the level of our business activity, including the Industrial Production (“IP”) Index. Through statistical analysis, we have found that trends in our customers’ activity have correlated to changes in the IP Index. The IP Index measures short-term changes in …

• IP Index over the three months ended May 2026 and the average for the three- and 12-month periods ended May 2026 were as follows:

Text removed vs the prior filing · source: 10-Q · 2026-04-01

• We utilize various indices when evaluating the level of our business activity, including the Industrial Production (“IP”) Index. Through statistical analysis, we have found that trends in our customers’ activity have correlated to changes in the IP Index. The IP Index measures short-term changes in …

• The average IP Index for the three months ended February 2026 was 102.2, an increase compared to the prior quarter average of 101.7 and an increase from an average of 100.5 during the comparative quarter in the prior year.

• During fiscal year 2026, the Company has experienced a more constructive demand environment compared to much of fiscal year 2025. The heavy manufacturing industry, which represented 58% of our revenues during the thirteen-week period ended February 28, 2026, showed signs of expansion. Several IP sub…

• Thirteen-Week Period Ended February 28, 2026 Compared to the Thirteen-Week Period Ended March 1, 2025

• The table below shows, among other things, the change in our average daily sales (“ADS”) by total Company, by customer end-market and by customer type for the thirteen-week periods ended February 28, 2026 and March 1, 2025, each as compared to the same period in the prior fiscal year:

Text added vs the prior filing · source: 10-Q · 2026-07-01

• Disclosure in Lieu of Reporting on Current Report on Form 8-K

• On June 30, 2026, the Company adopted the amendment and restatement of the Company’s Executive Severance Plan (the “Plan”) to include the Company’s Chief Executive Officer as an eligible participant under the Plan.

• The foregoing description of the terms and conditions of the Plan does not purport to be complete and is qualified in its entirety by reference to the full text of the Plan, a copy of which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.

• During the quarter ended May 30, 2026 none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).

Text removed vs the prior filing · source: 10-Q · 2026-04-01

• During the quarter ended February 28, 2026 none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).