Reported Earnings • Aug 05
Second quarter 2026 earnings released: EPS: US$0.074 (vs US$0.25 loss in 2Q 2025) Second quarter 2026 results: EPS: US$0.074 (up from US$0.25 loss in 2Q 2025). Revenue: US$25.7m (up 38% from 2Q 2025). Net income: US$670.0k (up US$3.12m from 2Q 2025). Profit margin: 2.6% (up from net loss in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Aankondiging • Jul 28
Ascent Industries Co. to Report Q2, 2026 Results on Aug 04, 2026 Ascent Industries Co. announced that they will report Q2, 2026 results on Aug 04, 2026 Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Aldo Mazzaferro was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • May 04
Ascent Industries Co., Annual General Meeting, Jun 10, 2026 Ascent Industries Co., Annual General Meeting, Jun 10, 2026. Aankondiging • Apr 27
Ascent Industries Co. to Report Q1, 2026 Results on May 06, 2026 Ascent Industries Co. announced that they will report Q1, 2026 results on May 06, 2026 Aankondiging • Apr 02
Ascent Industries Co. Announces Board and Board Committee Changes Ascent Industries Co. announced the appointment of Carmen J. Giannantonio and Jeremy F. Rohen to its Board of Directors, effective April 1, 2026. Mr. Giannantonio brings more than 40 years of experience in finance, corporate development, and strategy across leading specialty chemicals and industrial companies. He previously served as Vice President of Mergers & Acquisitions at DuPont de Nemours Inc., where he led transformational transactions exceeding $200 billion in value. Throughout his career, Mr. Giannantonio has played a central role in portfolio transformation, including major separations, acquisitions, and strategic repositioning initiatives that enhanced growth, reduced cyclicality, and improved returns on invested capital. He currently serves on the Board of Directors of Delrin USA LLC and brings deep expertise in corporate governance, capital allocation, and shareholder engagement. Mr. Giannantonio holds a Master of Business Administration from Drexel University, a Master of Science in Taxation from Widener University and a Bachelor of Science in Accounting from Villanova University. Mr. Rohen is Co-Chief Executive Officer and Chief Operating Officer of Tilley Distribution Inc., a global distributor of specialty ingredients and chemicals. He brings extensive experience in high-service distribution models, strategic growth, and M&A execution across the specialty chemicals value chain. Prior to Tilley, Mr. Rohen served as Senior Vice President, Strategy and Business Development at Axalta Coating Systems Ltd., and previously as Vice President of Corporate Development and Investor Relations at W. R. Grace & Co., where he led corporate development, strategy, treasury, and investor relations. Earlier in his career, he was a Managing Director at Seale & Associates and began his career at PricewaterhouseCoopers. Mr. Rohen holds a Master of Science in Taxation and a Bachelor of Science in Finance from The George Washington University School of Business. The Company also announced that John P. Schauerman, current Board member and Audit Committee Chair, will not stand for reelection to the Board. Mr. Schauerman has served on Ascent’s Board since June 2020 and has played a pivotal role alongside management in driving transformational change across the Company’s compliance framework. His leadership and oversight have been instrumental in strengthening governance, enhancing internal controls, and positioning Ascent for its next phase of growth. Aankondiging • Feb 17
Ascent Industries Co. to Report Q4, 2025 Results on Mar 03, 2026 Ascent Industries Co. announced that they will report Q4, 2025 results on Mar 03, 2026 Aankondiging • Oct 28
Ascent Industries Co. to Report Q3, 2025 Results on Nov 04, 2025 Ascent Industries Co. announced that they will report Q3, 2025 results on Nov 04, 2025 Aankondiging • Jul 24
Ascent Industries Co. to Report Q2, 2025 Results on Aug 06, 2025 Ascent Industries Co. announced that they will report Q2, 2025 results on Aug 06, 2025 Aankondiging • Jul 02
First Tube, LLC completed the acquisition of Substantially All of the Assets of American Stainless Tubing, Inc. from Ascent Industries Co. (NasdaqGM:ACNT). First Tube, LLC entered into an asset purchase agreement to acquire Substantially All of the Assets of American Stainless Tubing, Inc. from Ascent Industries Co. (NasdaqGM:ACNT) for $16 million on June 23, 2025. Proceeds from the transaction will be used to support both organic and inorganic growth initiatives within Ascent’s Specialty Chemicals segment, as well as for general corporate purposes.
The expected completion of the transaction is June 30, 2025, and is subject to customary closing conditions.
Angle Advisors, LLC acted as financial advisor for Ascent Industries Co. Amundsen Davis, LLC acted as legal advisor for Ascent Industries Co. Winston & Strawn LLP acted as a legal advisor to First Tube.
First Tube, LLC completed the acquisition of Substantially All of the Assets of American Stainless Tubing, Inc. from Ascent Industries Co. (NasdaqGM:ACNT) on June 30, 2025. Aankondiging • Jun 24
First Tube, LLC entered into an asset purchase agreement to acquire Substantially All of the Assets of American Stainless Tubing, Inc. from Ascent Industries Co. (NasdaqGM:ACNT) for $16 million. First Tube, LLC entered into an asset purchase agreement to acquire Substantially All of the Assets of American Stainless Tubing, Inc. from Ascent Industries Co. (NasdaqGM:ACNT) for $16 million on June 23, 2025. Proceeds from the transaction will be used to support both organic and inorganic growth initiatives within Ascent’s Specialty Chemicals segment, as well as for general corporate purposes.
The expected completion of the transaction is June 30, 2025, and is subject to customary closing conditions.
Angle Advisors, LLC acted as financial advisor for Ascent Industries Co. Amundsen Davis, LLC acted as legal advisor for Ascent Industries Co. Aankondiging • May 02
Ascent Industries Co. to Report Q1, 2025 Results on May 12, 2025 Ascent Industries Co. announced that they will report Q1, 2025 results on May 12, 2025 Aankondiging • May 01
Ascent Industries Co., Annual General Meeting, Jun 11, 2025 Ascent Industries Co., Annual General Meeting, Jun 11, 2025. Aankondiging • Feb 19
Ascent Industries Co. to Report Q4, 2024 Results on Mar 04, 2025 Ascent Industries Co. announced that they will report Q4, 2024 results on Mar 04, 2025 Aankondiging • Jan 28
Ascent Industries Co. Launches New Hi&I Ingredients Portfolio Ascent Industries Co. announced the launch of its Household, Industrial, and Institutional (HI&I) Cleaning Ingredients Portfolio. The comprehensive range of engineered solutions delivers exceptional cleaning performance while prioritizing sustainability, reflecting Ascent's commitment to "Innovating Clean, Simplifying Care." Ascent Industries will showcase its HI&I Ingredients Portfolio this week at the American Cleaning Institute (ACI) Conference in Orlando, Florida, January 27-31, 2025. The new portfolio includes bio-based surfactants and specialty additives that address the industry's growing demand for effective and environmentally friendly cleaning technologies. Built to meet the evolving needs of modern cleaning applications, the HI&I portfolio combines superior performance with cost-competitiveness and compliance with strict environmental and regulatory standards. In addition to superior cleaning efficacy, the portfolio incorporates features like plant and tallow-based ingredients, reduced VOC content, and multifunctional additives designed to streamline formulations and improve product efficiency. Aankondiging • Oct 29
Ascent Industries Co. to Report Q3, 2024 Results on Nov 12, 2024 Ascent Industries Co. announced that they will report Q3, 2024 results on Nov 12, 2024 Aankondiging • Jul 23
Ascent Industries Co. to Report Q2, 2024 Results on Aug 06, 2024 Ascent Industries Co. announced that they will report Q2, 2024 results on Aug 06, 2024 Aankondiging • May 01
Ascent Industries Co., Annual General Meeting, Jun 12, 2024 Ascent Industries Co., Annual General Meeting, Jun 12, 2024, at 09:00 US Eastern Standard Time. Agenda: To consider Election of the five director nominees named in this Proxy Statement; to consider approval, on a non-binding advisory basis, of the compensation of company's named executive officers (say-on-pay); to consider approval, on a non-binding advisory basis, on the frequency of future say-on-pay votes (say-on-frequency); to consider ratification of the appointment of Moss Adams, LLP as company's independent registered public accounting firm for the fiscal year ending December 31, 2024; and to consider other business properly presented at the meeting. Aankondiging • Apr 28
Ascent Industries Co. Announces Termination of G. Douglas Tackett as Chief Legal Officer Effective April 30, 2024 On April 23, 2024, Ascent Industries Co. and G. Douglas Tackett entered into an agreement pursuant to which Mr. Tackett’s employment as the Chief Legal Officer of the Company will be terminated without cause effective April 30, 2024. Aankondiging • Apr 26
Ascent Industries Co. to Report Q1, 2024 Results on May 08, 2024 Ascent Industries Co. announced that they will report Q1, 2024 results on May 08, 2024 Aankondiging • Mar 27
Ascent Industries Co. to Report Q4, 2023 Results on Mar 28, 2024 Ascent Industries Co. announced that they will report Q4, 2023 results on Mar 28, 2024 Aankondiging • Mar 19
Ascent Industries Co. announced delayed annual 10-K filing On 03/18/2024, Ascent Industries Co. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Aankondiging • Dec 04
Ascent Industries Co. Appoints John W. (Wes) Johnson as President of Ascent Tubular Ascent Industries Co. has appointed John W. (Wes) Johnson as president of Ascent Tubular, effective December 4, 2023. Mr. Johnson is a results-oriented executive bringing over 20 years of leadership experience across a variety of global industrial-focused companies. Most recently, he served as the senior vice president and global general manager of Corrpro, Department of Defense, municipal, and marine markets. While at Corrpro, Mr. Johnson led a global organization with 14 locations and three manufacturing and distribution centers. He implemented a turnaround strategy that enhanced Corrpro’s market positioning and overall execution, leading to significantly improved profitability. Prior to Corrpro, Mr. Johnson held senior-level roles at several notable oil and gas companies, including Shawcor, Weatherford International, Energy Alloys, and National Oilwell Varco. During his time with these companies, Mr. Johnson consistently implemented strategies that improved operational acumen, bolstered sales efforts, and grew profitability. Mr. Johnson has two Bachelor of Science degrees from Lamar University with the latter in Industrial Engineering and is an alumnus of The Wharton School’s Advanced Management Program. He currently serves on the advisory board for the state of Texas’ Midstream Science and Management Center. Mr. Johnson is also a U.S. Army veteran. Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: US$1.26 loss per share (down from US$0.061 profit in 3Q 2022). Revenue: US$56.1m (down 44% from 3Q 2022). Net loss: US$12.8m (down US$13.4m from profit in 3Q 2022). Revenue missed analyst estimates by 9.3%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is expected to decline by 8.3% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in the US are expected to grow by 4.5%. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Aankondiging • Oct 26
Ascent Industries Co. to Report Q3, 2023 Results on Nov 08, 2023 Ascent Industries Co. announced that they will report Q3, 2023 results on Nov 08, 2023 Aankondiging • Sep 20
Ascent Industries Co. Appoints J. Bryan Kitchen as President of Ascent Chemicals Ascent Industries Co. announced that it has appointed J. Bryan Kitchen as president of Ascent Chemicals, effective September 18, 2023. Mr. Kitchen joins Ascent with nearly two decades of senior leadership experience in the chemicals industry, having held management roles for several global industry leaders. Most recently, he served as president, CEO and chairman of the board for Clearon Corp. While in this role, Mr. Kitchen crafted and led a transformational strategy to unlock earnings growth and significantly improve cash flow, resulting in the sale of the company for a significant premium. Prior to Clearon, Mr. Kitchen served as the president of Xingfa USA, a division of Hubei Xingfa Chemicals Ltd, a global leader in specialty phosphates manufacturing, where he built an agriculture segment from scratch while more than doubling the profitability of the core business. He also served as vice president of business operations at ANGUS Chemical Company, which was carved-out from The Dow Chemical Company. During his tenure, he successfully led the carve-out transition from Dow and later assumed additional responsibilities for commercial leadership in both China and Latin America. During his time as business operations director for Dow Microbial Control, he drove a number of transformational initiatives that resulted in significant earnings growth. Mr. Kitchen previously spent over a decade in various management roles at Dow AgroSciences and later, Dow Chemical. Mr. Kitchen is a certified Six Sigma Black Belt and holds a bachelor's degree in business management and marketing from Anderson University. Price Target Changed • Sep 07
Price target increased by 48% to US$20.00 Up from US$13.50, the current price target is provided by 1 analyst. New target price is 132% above last closing price of US$8.61. Stock is down 46% over the past year. The company is forecast to post a net loss per share of US$1.00 compared to earnings per share of US$2.16 last year. Aankondiging • Jul 26
Ascent Industries Co. to Report Q2, 2023 Results on Aug 08, 2023 Ascent Industries Co. announced that they will report Q2, 2023 results on Aug 08, 2023 Aankondiging • Jun 08
Ascent Industries Co. Permanently Cease Operations At the Welded Pipe and Tube Facility Located in Munhall, Pennsylvania, Effective on or Around August 31, 2023 On June 2, 2023, the Board of Directors of Ascent Industries Co. (the “Company”) made the decision to permanently cease operations at the Company’s welded pipe and tube facility located in Munhall, Pennsylvania (the “Facility”) effective on or around August 31, 2023 (the “Munhall Closure”). It is anticipated that the complete exit and disposal of all assets at the Facility will be completed within one year. The strategic decision to cease manufacturing operations at the Facility is part of the Company’s ongoing efforts to consolidate manufacturing to drive an increased focus on its core operations and to improve profitability while driving operational efficiencies. Reported Earnings • May 10
First quarter 2023 earnings released: US$0.51 loss per share (vs US$1.01 profit in 1Q 2022) First quarter 2023 results: US$0.51 loss per share (down from US$1.01 profit in 1Q 2022). Revenue: US$82.5m (down 29% from 1Q 2022). Net loss: US$5.20m (down 151% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Aankondiging • May 05
Ascent Industries Co. to Report Q1, 2023 Results on May 09, 2023 Ascent Industries Co. announced that they will report Q1, 2023 results on May 09, 2023 Reported Earnings • Apr 02
Full year 2022 earnings released: EPS: US$2.16 (vs US$2.17 in FY 2021) Full year 2022 results: EPS: US$2.16. Revenue: US$414.1m (up 24% from FY 2021). Net income: US$22.1m (up 9.0% from FY 2021). Profit margin: 5.3% (down from 6.0% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$8.61, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 8x in the Metals and Mining industry in the US. Total loss to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$9.19, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 8x in the Metals and Mining industry in the US. Total loss to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$8.50, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 7x in the Metals and Mining industry in the US. Total loss to shareholders of 36% over the past three years. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Independent Director Henry Guy is the most experienced director on the board, commencing their role in 2011. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: US$0.061 (vs US$0.88 in 3Q 2021) Third quarter 2022 results: EPS: US$0.061 (down from US$0.88 in 3Q 2021). Revenue: US$100.2m (up 16% from 3Q 2021). Net income: US$624.0k (down 92% from 3Q 2021). Profit margin: 0.6% (down from 9.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 10
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 38%. The fair value is estimated to be US$14.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 34% share price gain to US$17.77, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 8x in the Metals and Mining industry in the US. Total returns to shareholders of 9.3% over the past three years. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: US$1.08 (vs US$0.31 in 2Q 2021) Second quarter 2022 results: EPS: US$1.08 (up from US$0.31 in 2Q 2021). Revenue: US$116.2m (up 40% from 2Q 2021). Net income: US$11.1m (up 283% from 2Q 2021). Profit margin: 9.5% (up from 3.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be US$21.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: US$1.01 (vs US$0.12 in 1Q 2021) First quarter 2022 results: EPS: US$1.01 (up from US$0.12 in 1Q 2021). Revenue: US$116.2m (up 67% from 1Q 2021). Net income: US$10.3m (up US$9.17m from 1Q 2021). Profit margin: 8.8% (up from 1.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Independent Director Henry Guy is the most experienced director on the board, commencing their role in 2011. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Independent Director Henry Guy is the most experienced director on the board, commencing their role in 2011. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: US$2.17 (vs US$3.00 loss in FY 2020) Full year 2021 results: EPS: US$2.17 (up from US$3.00 loss in FY 2020). Revenue: US$334.7m (up 31% from FY 2020). Net income: US$20.2m (up US$47.5m from FY 2020). Profit margin: 6.0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Recent Insider Transactions • Dec 22
Director recently bought US$793k worth of stock On the 14th of December, Henry Guy bought around 57k shares on-market at roughly US$13.99 per share. In the last 3 months, they made an even bigger purchase worth US$1.3m. Insiders have collectively bought US$2.2m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS US$0.88 (vs US$1.16 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$86.2m (up 45% from 3Q 2020). Net income: US$8.20m (up US$18.7m from 3Q 2020). Profit margin: 9.5% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Aug 20
Independent Director recently bought US$110k worth of stock On the 17th of August, John Schauerman bought around 10k shares on-market at roughly US$10.98 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$356k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS US$0.31 (vs US$0.77 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$83.1m (up 26% from 2Q 2020). Net income: US$2.89m (up US$9.84m from 2Q 2020). Profit margin: 3.5% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Executive Departure • May 26
Independent Director has left the company On the 20th of May, Jeffrey Kaczka's tenure as Independent Director ended after 2.0 years in the role. As of March 2021, Jeffrey personally held 26.08k shares (US$231k worth at the time). A total of 8 executives have left over the last 12 months. Executive Departure • May 26
Independent Director has left the company On the 20th of May, Amy Michtich's tenure as Independent Director ended after 7.1 years in the role. As of March 2021, Amy personally held 23.81k shares (US$210k worth at the time). A total of 8 executives have left over the last 12 months. Executive Departure • May 26
Independent Director has left the company On the 20th of May, Susan Gayner's tenure as Independent Director ended after 5.1 years in the role. As of March 2021, Susan personally held 34.38k shares (US$304k worth at the time). A total of 8 executives have left over the last 12 months. Reported Earnings • May 13
First quarter 2021 earnings released: EPS US$0.12 (vs US$0.13 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$69.8m (down 6.6% from 1Q 2020). Net income: US$1.09m (up US$2.27m from 1Q 2020). Profit margin: 1.6% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Mar 20
Senior VP & CFO recently sold US$85k worth of stock On the 15th of March, Sally Cunningham sold around 8k shares on-market at roughly US$10.05 per share. This was the largest sale by an insider in the last 3 months. Sally has been a seller over the last 12 months, reducing personal holdings by US$79k. Reported Earnings • Mar 11
Full year 2020 earnings released: US$3.00 loss per share (vs US$0.34 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$256.0m (down 16% from FY 2019). Net loss: US$27.3m (loss widened US$24.2m from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 09
New 90-day high: US$9.35 The company is up 47% from its price of US$6.36 on 08 December 2020. The American market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 13% over the same period.