Homasote : Three Months - JUL2022

Sensible. Sound. Solutions.

MADEUSA IN THE

SINCE 1909

932 Lower Ferry Road • Box 7240 • West Trenton, New Jersey 08628-0240• [phone]• Fax [phone]

Supplement to 2021 Annual Report

July 1, 2022

To provide more current financial information to our Shareholders and Employees, management is submitting the Company's unaudited summary financial operating information for the first three months of 2022 and comparable figures for the same period in 2021.

Net sales for the three months ended March 31, 2022 were $5,582,341, compared to $4,474,747 for 2021, an increase of $1,107,594. Net income for the three months ended March 31, 2022 was $730,241, or $2.02 per share, compared to net loss of $(215,280), or $(0.60) per share, for the year earlier period.

Unaudited comparative summarized operational information for the periods ended March 31, 2022 and 2021 are as follows:

Three Months Ended March 31,
		2022		2021
Net sales.......................................................	$	5,582,341	$	4,474,747
Operating income (loss) ..............................	$	781,974	$	(173,948)
*Net income (loss) .....................................	$	730,241	$	(215,280)
Net income (loss) per common share.........	$	2.02	$	(0.60)
Weighted average common
shares outstanding .....................................		361,719		361,419

The summarized financial data above for the three month periods ended March 31, 2022 and 2021 are derived from unaudited financial information. The historical results are not necessarily indicative of the results of operations to be expected in the future. Results for the three months ended March 31, 2022 may not be indicative of the results for the full fiscal year or for any other future period. You should read the summary financial data together with the financial statements and related notes of the Company contained in the accompanying 2021 Annual Report.

Forward-Looking Statements

Some statements in this supplement may be "forward-looking statements" for the purposes of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements are based upon current expectations and beliefs and are subject to a number of factors. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements, including but not limited to: events or conditions that affect the building and manufacturing industries in general and the Company in particular, such as general economic conditions, employment levels, the ongoing effects of the current pandemic, interest rates, inflation, costs of energy, weather, strikes, international unrest, terrorist acts and other factors; competitive, regulatory and market conditions, such as changes in choices regarding building materials by architects and builders and packing products by industrial firms; the performance of new products and the continued acceptance of current products in the marketplace; the execution of strategic initiatives and alliances; and other important factors disclosed previously and from time to time in the Company's Annual Report and accompanying material. Therefore, the reader is cautioned not to rely on these forward-looking statements. The Company disclaims any intent or obligation to update these forward-looking statements.

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