$TXHG TX HOLDINGS REPORTS RESULTS FOR 2022 FISCAL YEAR
https://www.globenewswire.com/news-release/2022/10/18/2536333/0/en/TX-HOLDINGS-REPORTS-RESULTS-FOR-2022-FISCAL-YEAR.html
ASHLAND, Ky., Oct. 18, 2022 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE:
Revenue for year ended September 30, 2022, increased 14% as compared to 2021
Net income for the year ended September 30, 2022, was $380,871 as compared to net income of $133,803 in 2021
Gross profit for year ended September 30, 2022, increased 51% as compared to 2021
Fourth consecutive year in which the company has posted net income
First year of operation the Company’s earnings per share rounds to $0.01
TX Holdings, Inc. (OTC Markets PINK: TXHG), a supplier of mining and rail products to the U.S. coal mining industry, today announced financial results for the 2022 fiscal year. During the fiscal year 2022, the company reported annual revenue of $3,908,031, a 13.6% increase when compared to the same period the prior year. Net income for fiscal year 2021 was $380,871 an income increase of $247,067, when compared to a net income of $133,803 for the prior fiscal year.
Mr. Shrewsbury, the company’s CEO and Chairman, stated that:
“Our 9/30/22 fiscal year represents the fourth consecutive year in which the Company was successful in achieving positive net income and second consecutive year in realizing positive cash flows from operating activities. We are very pleased by our improved operational results, driven by our efforts to increase product demand, and focusing our sales efforts on our higher margins’ products. The increase in sales and gross profit of 14% and 51%, respectively, during the current fiscal year over the prior year, reflects the success of the Company’s ongoing operational strategy.”
Fiscal Year 2022 - Financial Summary
Revenue for the fiscal year ended September 30, 2022, was $3,908,031 as compared to $3,440,763 for the same period in the prior year, an increase of $467,268 or 13.6%.
Cost of goods sold was $2,917,197 as compared to cost of goods sold of $2,785,813 for the same period the prior year, an increase of $132,384 or 4.8 %.
Gross profit for the fiscal year ended September 30,2022 was 25.3% as a percentage of revenue compared to 19.0% the prior fiscal year.
Operating expenses for the fiscal year ended September 30, 2022, were $572,251 as compared to $512,088 for the fiscal year ended September 30, 2021, an increase of $60,163 or 11.7%.
Other income/expense for the fiscal year ended September 30, 2022, resulted in a loss of $36,712 as compared to a loss of $9,059 in the same period the prior year. The loss variance of $27,653 was the result of a $20,000 charitable donation during the current fiscal year.
Net income for the current fiscal year was $380,871, compared to net income of $133,803, incurred in the 2021 fiscal year.
At September 30, 2022, cash and cash equivalents were $108,966 compared to $59,267 at September 30,2021. Net cash provided by operating activities was $146,456 during the fiscal year ended September 30, 2022 as compared to $23,138 during the same fiscal period in the prior year. During the current fiscal year ended September 30, 2022, net cash used by financing activities was $96,757 due to repayment of bank loan, and stockholder’s advances. Net cash provided by financing activities from stockholder’s advances was $19,342 during the same period in the prior fiscal year.
Accounts receivable were $604,173 as of September 30, 2022, as compared to $430,803 as of September 30, 2021, an increase of $173,370 or 40.2%. The higher sales during the current fiscal year account for the increase in receivables.
Inventory was $2,236,175 as of September 30, 2022, an increase of $369,754 or 19.8% as compared to September 30, 2021.
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