Quarterly report pursuant to Section 13 or 15(d)

Foreign Currency Translation

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Foreign Currency Translation
6 Months Ended
Jun. 30, 2023
Foreign Currency Translation  
Foreign Currency Translation

3.         Foreign Currency Translation:

Assets and liabilities of the Company’s foreign subsidiaries have been translated using the end of the reporting period exchange rates, and related revenues and expenses have been translated at average rates of exchange in effect during the period. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. Foreign currency transaction gains and losses are recorded as income or expenses as amounts are settled. The net sales from our foreign operations for the three months ended June 30, 2023 and 2022 were $16.5 million and $14.2 million, respectively. The net sales from our foreign operations for the six months ended June 30, 2023 and 2022 were $41.1 million and $29.9 million, respectively.