Pollard Banknote’s revenue reached a new fourth quarter record, $126.9 million, up 8.9% from the previous record last year.

Combined salesin the quarter, including our share of our NeoPollard Interactive joint venture sales, reached $144.6 million, up 13.9% from the $127.0 million in 2021.

Income from operations was $9.4 million, compared to $4.7 million in the fourth quarter of 2021. Adjusted EBITDA of $22.4 million increased from $18.7 million in the fourth quarter of 2021.

We have been successful in repricing a number of very important contracts in 2022. However, the start dates of these new contracts are generally not until later, some at the beginning of 2023 and some later throughout the year. As such, 2022 has not benefited much from these new selling prices, however we should start to see the positive impact during the latter part of 2023 and into 2024. Additional repricing is expected to continue to occur through 2023 on new rebid opportunities.”

“As we look into 2023 we do not see any additional new large increases in the costs of our inputs, nor have we seen any indications that costs are set to come down or return to pre-2022 levels. We are hopeful that this might ultimately be the case, as demand in other parts of the economy perhaps slows in 2023.”