George Risk Industries, Inc. Reports Strong Q3 Financial and Operational Performance
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George Risk Industries, Inc., a leading manufacturer of security alarm products, cable and wiring tools, and other related products, has released its Form 10-Q report for the quarter ended January 31, 2024. The report highlights significant growth in both financial and operational metrics, underscoring the company's robust performance and strategic initiatives.
Financial Highlights
- Net Sales: $5,394,000 for the quarter ended January 31, 2024, a 23.55% increase from the corresponding quarter last year. Year-to-date net sales were $16,175,000, a 6.46% increase from the same period last year.
- Gross Profit: $2,660,000 for the quarter ended January 31, 2024, compared to $1,922,000 for the same quarter last year. Year-to-date gross profit was $8,030,000 compared to $7,118,000 for the same period last year.
- Income From Operations: $1,518,000 for the quarter ended January 31, 2024, a 68.67% increase from the corresponding quarter last year. Year-to-date income from operations was $4,674,000, a 20.53% increase from the same period last year.
- Net Income: $3,239,000 for the quarter ended January 31, 2024, up $1,230,000 or 61.22% from the same quarter last year. Year-to-date net income was $5,558,000, up $1,891,000 or 51.57% from the same period last year.
- Basic EPS: $0.66 for the quarter ended January 31, 2024 and $1.13 for the year-to-date numbers. EPS for the quarter and nine months ended January 31, 2023 were $0.41 and $0.74 respectively.
- Diluted EPS: $0.66 for the quarter ended January 31, 2024 and $1.13 for the year-to-date numbers. EPS for the quarter and nine months ended January 31, 2023 were $0.41 and $0.74 respectively.
Business Highlights
- Revenue Segments: The company reported net revenue from three main product lines: Security alarm products generated $4,939,000 in revenue for the quarter, showing a significant increase from the previous year. Cable & wiring tools and Other products contributed $332,000 and $123,000 respectively.
- Sales Units: There was a notable increase in sales units for security alarm products, which aligns with the overall increase in net sales. This suggests a strong demand in this segment.
- New Product Development: The company is actively developing new products, including explosion-proof contacts for hazardous locations and magnetic contacts listed under UL 634 Level 2 for high-security applications. Additionally, there is ongoing research into wireless technology integration and updates to existing products like glass break detectors.
- Future Outlook: Management is focused on enhancing operational efficiency through automation and exploring potential acquisitions that align with the company's strategic goals. The company is also committed to maintaining its strong cash position to support these initiatives.