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  "documentTitle": "FGI Industries | Investor Presentation Deck | 15 slides",
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  "authorName": "FGI Industries",
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  "presentationDate": "2023-11-01 00:00:00",
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  "notes": "The slide uses bar charts to compare quarterly and LTM performance, accompanied by qualitative commentary explaining the variance.",
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      "text": "Adjusted net income for the third quarter of 2023 was $0.4 million, versus adjusted net income of $1.3 million for the same period last year.",
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      "text": "Total third quarter revenue decreased 22.3% driven by inventory de-stocking across each of our business lines as well as uneven demand trends.",
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      "text": "Adjusted operating income was $0.6 million, down from $1.7 million, due to lower gross profit and an increase in operating expenses tied to growth initiatives. Adjusted operating margin was 2.0% during 3Q23, down from 4.5% last year.",
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      "text": "Gross profit was down only 2.6% compared to last year, as the volume headwinds were offset by a shift in the revenue mix towards higher-margin shower systems and custom kitchen cabinetry businesses. As a result, gross margin was 26.2% during 3Q23, up from 20.9% in the prior-year period.",
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      "text": "(1) See attached appendix for reconciliation of GAAP and non-GAAP financial measures",
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