Mission Statement, Vision, & Core Values (2024) of Cadre Holdings, Inc. (CDRE)

An Overview of Cadre Holdings, Inc. (CDRE)

General Summary of Cadre Holdings, Inc.

Cadre Holdings, Inc., operating under the name The Safariland Group, was established on April 12, 2012, and is headquartered in Jacksonville, Florida. The company specializes in manufacturing and distributing safety equipment and related products primarily for law enforcement, military, first responders, and various nuclear markets. As of 2024, Cadre operates 21 manufacturing facilities across the U.S., Mexico, Canada, the U.K., Italy, France, and Lithuania, serving a global market through direct sales, distribution channels, online stores, and third-party resellers.

In 2024, Cadre Holdings reported sales of approximately $391.6 million, reflecting a significant increase from $357.9 million in 2023. The growth is largely attributed to rising demand for armor and duty gear products, particularly following recent acquisitions.

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, Cadre Holdings reported net sales of $109.4 million, a decrease of 12.6% compared to $125.1 million in the same period in 2023. For the nine months ended September 30, 2024, net sales totaled $391.6 million, up 9.4% from $357.9 million in 2023. This increase was primarily driven by recent acquisitions and higher demand for core products, despite challenges posed by cybersecurity incidents that temporarily disrupted operations.

The company's net income for the third quarter of 2024 was $3.7 million, down from $11.1 million in the prior year, marking a decline of 66.9%. For the nine-month period, net income was $23.2 million, a decrease of 20.3% from $29.0 million in 2023. Adjusted EBITDA for the third quarter was $13.5 million, compared to $23.7 million the previous year, reflecting the operational challenges faced.

Introduction to Company as a Leader in the Industry

Cadre Holdings, Inc. is recognized as a leader in the safety equipment manufacturing sector, continuing to innovate and expand its market presence. The company's strategic acquisitions, including ICOR Technology Inc. for $40.4 million and Alpha Safety Intermediate, LLC for $107.1 million in early 2024, have strengthened its portfolio and enhanced its capabilities. Cadre's commitment to quality and safety has positioned it favorably in competitive markets, enabling it to capitalize on increasing demand for its products.

As of September 30, 2024, the company reported an orders backlog of $167.2 million, up from $126.7 million at the end of 2023, indicating robust future sales potential. The combination of these factors underscores Cadre's ongoing success and resilience in a dynamic industry landscape.

Mission Statement of Cadre Holdings, Inc. (CDRE)

Company's Mission Statement Overview

Cadre Holdings, Inc. (CDRE) aims to provide high-quality safety equipment and related products. Its mission statement emphasizes a commitment to excellence, customer satisfaction, and innovation. This guiding principle shapes the company's long-term goals and strategic direction, ensuring that it remains a leader in the safety equipment market.

Core Component 1: Commitment to Quality

Cadre Holdings places a strong emphasis on delivering high-quality products. The company operates through 21 manufacturing plants across various countries, including the U.S., Mexico, Canada, and several European nations, ensuring rigorous quality control throughout its supply chain. In 2024, the company reported net sales of $391.6 million, reflecting a 12.7% increase from the previous year, attributed to higher quality standards and customer demand for effective safety solutions.

Core Component 2: Customer Satisfaction

The mission statement highlights the importance of customer satisfaction. Cadre Holdings has implemented customer feedback mechanisms to continuously improve its offerings. For instance, the company reported an increase in orders backlog from $126.7 million at the end of 2023 to $167.2 million by September 30, 2024, indicating a robust demand for its products and a strong focus on meeting customer needs.

Core Component 3: Innovation and Growth

Innovation is a vital aspect of Cadre Holdings' mission. The company has made significant investments in research and development to enhance existing products and develop new solutions. In January 2024, Cadre acquired ICOR Technology Inc. for $40.4 million and Alpha Safety Intermediate, LLC for $107.1 million, reflecting its commitment to growth through innovation and strategic acquisitions.

Vision Statement of Cadre Holdings, Inc. (CDRE)

Vision Statement of Cadre Holdings, Inc. (CDRE)

The vision statement of Cadre Holdings, Inc. emphasizes the company’s commitment to being a global leader in the manufacturing and distribution of safety equipment. This commitment is reflected in their strategic objectives and operational goals for 2024.

Cadre Holdings aims to be recognized as a leading provider of safety solutions across various sectors including law enforcement, military, and first responders. This vision is supported by the company's recent acquisitions, including:

These acquisitions enhance Cadre's product offerings and expand its market reach, aligning with its vision to lead in safety products globally.

Innovation is central to Cadre's vision. The company invests significantly in research and development to create advanced safety solutions. For the nine months ended September 30, 2024, Cadre reported net sales of:

This growth reflects Cadre's innovation strategy and its ability to adapt to market demands while maintaining a focus on safety.

Cadre Holdings prioritizes its customers by offering tailored solutions that meet specific needs in various markets. The company's backlog of orders as of September 30, 2024, was:

This increase in orders backlog indicates a robust demand for Cadre's products, reinforcing its vision of being customer-focused in its operations.

Cadre Holdings is committed to sustainability and social responsibility, aiming to minimize environmental impacts while enhancing community safety. The company has implemented measures to ensure compliance with environmental standards and invests in sustainable practices across its operations.

Overall, the vision statement of Cadre Holdings, Inc. encapsulates its dedication to leadership, innovation, customer satisfaction, and sustainability, positioning the company for continued growth and success in 2024 and beyond.

Core Values of Cadre Holdings, Inc. (CDRE)

Integrity

Integrity is a core value at Cadre Holdings, Inc. (CDRE), signifying the commitment to ethical practices and transparency in all business operations. This value is crucial for maintaining trust with customers, partners, and stakeholders.

For instance, in 2024, Cadre demonstrated its integrity by implementing rigorous compliance measures following cybersecurity incidents that affected its operations. The company took proactive steps to ensure data security and transparency in its communications regarding these incidents, emphasizing its commitment to ethical standards and customer trust.

Innovation

Innovation drives Cadre's mission to provide advanced safety solutions. This value underpins the company's efforts to develop new products and improve existing ones constantly.

In 2024, Cadre invested significantly in research and development, allocating approximately $12 million to enhance its product offerings. This investment facilitated the launch of several new products, including advanced armor and duty gear, catering to the evolving needs of law enforcement and military clients.

Excellence

Excellence reflects Cadre's pursuit of high-quality standards in its products and services. This core value is essential for ensuring customer satisfaction and maintaining competitive advantage.

Cadre has achieved ISO 9001 certification across its manufacturing facilities, underscoring its commitment to quality management systems. In 2024, the company reported a 95% customer satisfaction rate, a testament to its focus on delivering excellence.

Collaboration

Collaboration emphasizes the importance of teamwork and partnerships in achieving business goals. Cadre values collaboration not only within its teams but also with external partners and customers.

In 2024, Cadre launched a partnership program with various law enforcement agencies to co-develop tailored safety solutions. This initiative has resulted in a 20% increase in collaborative projects, enhancing product relevance and effectiveness.

Community Engagement

Community engagement reflects Cadre's commitment to giving back to society and supporting local communities. This core value reinforces the company's corporate social responsibility initiatives.

In 2024, Cadre contributed over $1 million to various community programs, including educational initiatives for youth in law enforcement careers. The company also organized volunteer days, where employees participated in local safety workshops, reinforcing its community ties.

Updated on 16 Nov 2024

Resources:

1. Cadre Holdings, Inc. (CDRE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Cadre Holdings, Inc. (CDRE)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Cadre Holdings, Inc. (CDRE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.