Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I agree with you. Just got out at $7.70
IMMR - First Quarter Financial Summary1:
Total revenues of $43.8 million, compared to $7.1 million in the first quarter of 2023.
GAAP net income was $18.7 million, or $0.59 per diluted share, compared to GAAP net income of $8.3 million, or $0.25 per diluted share, in the first quarter of 2023.
GAAP operating expenses of $27.2 million in the first quarter of 2024, compared to $3.8 million in the first quarter of 2023. Non-GAAP operating expenses of $26.1 million in the first quarter of 2024, compared to $2.6 million in the first quarter of 2023.
Non-GAAP net income was $19.8 million, or $0.63 per diluted share, in the first quarter of 2024, compared to non-GAAP net income of $9.5 million, or $0.29 per diluted share, in the first quarter of 2023.
Total cash and short-term investments were $179.1 million, a $18.7 million increase compared to $160.4 million of total cash and short-term investments as of December 31, 2023.
(1)
Non-GAAP measures are not calculated in accordance with GAAP as described in this press release. A reconciliation of each Non-GAAP measure to the most applicable GAAP measure is included in this press release.
"I am pleased with the strong start to 2024," said Eric Singer, Chairman and CEO. "While it is unlikely that the first quarter’s outsized revenue performance will be repeated in the future, Immersion is operating from a position of strength as we work to protect and monetize our intellectual property. Our strong balance sheet also provides us with considerable optionality as we seek to drive long-term shareholder value."
The seventh quarterly dividend, in the amount of $0.045 per share, will be paid on July 26, 2024 to shareholders of record on July 8, 2024. Future quarterly dividends will be subject to further review and approval by the Board of Directors (the "Board") in accordance with applicable law. The Board reserves the right to adjust or withdraw the quarterly dividend in future periods as it reviews the Company’s capital allocation strategy from time-to-time.
GERN - Seeking Alpha article
Geron: FDA PDUFA Review With Continued Imetelstat Advancement
May 01, 2024 4:23 PM ETGeron Corporation (GERN) StockGERNW6 Comments
Terry Chrisomalis profile picture
Terry Chrisomalis
Investing Group Leader
Summary
Geron Corporation has a PDUFA date of June 16th of 2024 for the FDA to decide upon whether imetelstat should be approved for patients with low-risk myelodysplastic syndrome.
The FDA Oncologic Drugs Advisory Committee already voted in favor of imetelstat 12 to 2 for patients with low-risk myelodysplastic syndrome.
The European Commission has already accepted the MAA for review of imetelstat for low-risk myelodysplastic syndrome; European approval is possible in 2025.
Imetelstat is also being evaluated in the ongoing phase 3 IMpactMF study for the treatment of patients of relapsed/refractory MF; Interim analysis expected in the 1st half of 2025 and final data expected in the 1st half of 2026.
Tablet, reading and woman scientist in laboratory working on medical research, project or experiment. Science, career and female researcher with digital technology for pharmaceutical innovation.
Jacob Wackerhausen
Geron Corporation (NASDAQ:GERN) is gearing up for a major milestone as a biotech company. It has a PDUFA date set for June 16th of 2024, which is the date by which the FDA will decide whether imetelstat should be approved for the treatment of patients with low-risk myelodysplastic syndrome [LR-MDS]. These are patients who have failed to respond, lost response to or ineligible for Erythropoiesis-stimulating agents [ESAs]. An FDA advisory panel already voted in favor of imetelstat for this LR-MDS patient population, recommending that the risk-benefit profile is ideal for regulatory approval of it.
The FDA still has to approve it based on this recommendation. However, with such a recommendation, I don't see how the FDA could reject approval. This regulatory approval is only going to be based on its ability to market this drug in the United States only.
It is already in the process of having imetelstat reviewed for the same patient population for Europe. That is, the European Commission [EC] is already in the process of reviewing it for possible approval for all the European territories as well. Should the review go well, then it is expected that this drug could possibly be approved for these territories in 2025. Lastly, the goal is to advance imetelstat for multiple indications. As such, it is also running another phase 3 study as part of its pipeline known as IMpactMF, which is using imetelstat for the treatment of patients with relapsed/refractory Myelofibrosis [MF] or r/r MF. An interim analysis from this trial is expected in the 1st half of 2025 and from there, a final analysis from this late-stage study is expected in the first half of 2026.
FDA Review Date Catalyst Rapidly Approaching For Imetelstat
The main program in Geron's pipeline would be the use of imetelstat for the treatment of patients with low-risk myelodysplastic syndrome [LR-MDS]. These are patients who do not even respond to standard of care [SOC] Erythropoiesis-stimulating agents [ESAs]. The potential here is massive because it has already gone on to accomplish several items to potentially obtain FDA approval of imetelstat for the treatment of this patient population. Matter of fact, everything seems to be lining up perfectly thus far. The only hurdle left now would be the actual FDA review date that has been set up. This is a PDUFA date of June 16th of 2024, where the agency will decide whether imetelstat should be approved for the treatment of these patients with LR-MDS. Myelodysplastic Syndrome [MDS] is a type of blood disorder characterized as the spongy material inside the bones not working properly. In turn, it cannot produce red blood cells [RBCs] in an adequate fashion for these patients. Some symptoms that these patients experience are as follows:
Shortness of breath
Fatigue
Pale skin color due to anemia
Unusual types of bruising occurring.
The global Myelodysplastic Syndrome market is expected to reach $6.63 billion by 2030. However, in the case of Geron, it is specifically going after low-risk Myelodysplastic Syndrome patients. This is a huge population to go after still, even if it were only to target this subpopulation.
What makes me say that? Well, it is said that approximately 68% of patients remain in the low-risk category. Plus, there is another highly important item to note, which is that the patients being targeted are an unmet need. These are low-risk MDS patients who have failed to respond, stop responding to, or ineligible to receive SOC Erythropoiesis-stimulating agents [ESAs]. What are these ESAs, and how do they help these patients? In essence, what they do is stimulate the bone marrow to produce more RBCs than a patient needs. In addition, it is also used to greatly reduce the number of blood transfusions being done.
The real question is, why should investors look into this upcoming PDUFA date of imetelstat for the treatment of these LR-MDS patients? As with all regulatory drug approvals, nothing is guaranteed. However, in this case, I believe that there is a good chance that it be approved to treat this specific patient population. The basis of this statement is because of the highly positive vote that was obtained from the FDA advisory panel. That is, the FDA Oncologic Drugs Advisory Committee voted 12 to 2 in favor of recommending approval of imetelstat. This is highly positive, and I believe there is a good chance that it will be approved. However, it is ultimately up to the FDA and there is always a chance that it may end up rejecting U.S. marketing approval. It's important to keep in mind that the FDA uses these panels as recommendations, but ultimately doesn't have to follow them.
Besides the positive vote, I believe there is another excellent reason on why FDA approval is almost guaranteed. It is because of the primary endpoint being met in the phase 3 IMerge study. This study recruited such low-risk MDS patients and was testing the use of imetelstat compared to placebo because of transfusion independence over a consecutive 8-week period for 12 months. Most MDS patients have a need for transfusions to be able to stimulate their blood cells; thus, the primary endpoint was to achieve red blood cell transfusion independence [RBC-TI] over this period. It was shown that RBC-TI was superior in the imetelstat treatment group compared to the placebo treated group. As such, treatment with the drug was statistically significant compared to placebo, with a p-value of p<0.001.
If it were only the FDA PDUFA date approaching as a milestone in terms of regulatory approval, that would be one thing, but there might be another territory that it could receive approval of imetelstat for. This would be regarding an already submitted Marketing Authorization Application [MAA] of this drug for the treatment of this patient population to the European Commission [EC]. If the review for this territory goes well, then Geron can possibly also receive marketing approval of imetelstat for LR-MDS patients in the European territories in 2025 as well.
Possible Expansion Opportunity Of Imetelstat Can Lead To Another Catalyst
The thing is that while the PDUFA date is a near-term catalyst that Geron has, that doesn't mean that it is not working on expanding the use of imetelstat towards the treatment of other hematological malignancy [blood cancer] patient populations. The reason why this is possible is because of telomerase inhibition, whereby telomerase is no longer in place. Without telomerase being in place, this leads to cells becoming shorter upon division and eventually dying off [apoptosis].
To see if Geron can advance the use of imetelstat for another blood disorder, it has initiated a phase 3 study known as IMpactMF. This particular late-stage study is using this drug to treat patients with relapsed/refractory myelofibrosis [MF]. That is, to recruit intermediate-2 to high-risk MF patients who relapse after Janus associated kinase [JAK] inhibitor treatment. Myelofibrosis [MF] is characterized as a rare bone marrow cancer where scarring occurs, thus leading to a lower than expected production of red blood cells [RBCs].
This low amount of blood cells leads to anemia [low blood cell count], which leads to weakness or fatigue. The global Myelofibrosis market size is projected to reach $2.89 billion by 2031. However, Geron believes that between the United States and Europe for the targeting of relapsed/refractory MF patients, it could target a >$3.5 billion market opportunity.
How is it even possible for imetelstat to help these r/r MF patients? That's because of how dire this patient population is. Especially, when you find out that a large majority of them fail when taking JAK inhibitors. It is noted that there is a discontinuation rate of 75% after 5 years with this treatment option. Thus, a drug like imetelstat could be given instead to patients that might improve their response. Having said that, this IMpactMF phase 3 study, is a first of its kind trial deploying overall survival [OS] as the primary endpoint for this specific study.
The reason why I brought up this program is that in the early part of next year, there is a major milestone expected for it. It is expected that an interim analysis from this phase 3 IMpactMF study will be released in the 1st half of 2025. From there, a full final analysis from this late-stage registrational trial is expected to be released in the 1st half of 2026.
Financials
According to the 10-K SEC Filing, Geron Corporation had cash, cash equivalents and marketable securities of $378.1 million as of December 31, 2023. The reason for the cash on hand is because of several financial transactions it enacted in 2023. It received about $213.3 million from an underwritten public offering of common stock and pre-funded warrants in January 2023.
In addition, it received $105.9 million from the exercise of outstanding warrants and $29.7 million in net proceeds drawn down from a Loan Agreement with Hercules and SVB. It believed that this would be enough cash to fund its operations into Q3 of 2025. However, it also has to account for the funds it will need to prepare for possible commercialization of imetelstat for LR-MDS. As such, it enacted a huge cash raise with the pricing of an underwritten offering. With this offering, it raised approximately $150 million in gross proceeds.
With the cash on hand, plus the gross proceeds raised from this recent offering, this should extend Geron Corporation's cash runway into the early part of 2026. Its cash burn is about $394.6 million per year.
Risks To Business
There are several risks that investors should be aware of before investing in Geron. The first risk to consider would be regarding the upcoming PDUFA date of June 16th of 2024, where the FDA will decide if imetelstat should be approved for the treatment of patients with low-risk myelodysplastic syndrome [LR-MDS]. Even though the advisory FDA panel voted in favor of recommending imetelstat for the treatment of this patient population, there is no assurance that U.S. marketing approval will be achieved. As I stated above, the FDA only takes the recommendation of the advisor panel, but it doesn't have to abide by it.
A second risk to consider would be regarding the ongoing review by the European Commission [EC] of imetelstat for the treatment of patients with low-risk myelodysplastic syndrome. Even though the regulatory application was accepted for review, there is no guarantee that the drug will be approved for the treatment of this patient population in the European territories.
The third and final risk to consider would be regarding the possible expansion opportunity of imetelstat I described above. This would be regarding the ongoing phase 3 IMpactMF study, which is using this drug for the treatment of patients with relapsed/refractory MF. An interim analysis from this late-stage trial is expected to happen in the early part of 2025 and there is no assurance that positive results will be achieved for it. Nor, that there will be a positive outcome when the final analysis is revealed in 2026.
Conclusion
Geron Corporation is gearing up to have a huge inflection point for investors to keep an eye on. This would be regarding the PDUFA review date of June 16th of 2024 of imetelstat for the treatment of patients with transfusion-dependent [TD] anemia in adult patients with LR-MDS who have not responded to or lost response to or are ineligible for erythropoiesis stimulating agents [ESAs]. This possible regulatory approval for this drug is only the beginning because there is an ongoing review by the European Commission for the European territories.
I believe that the last point to make is that telomerase expression is observed in about 90% of biopsies taking in various types of cancer. As such, it has already advanced its pipeline towards the use of imetelstat for the targeting of front-line MF patients [IMproveMF] and for the targeting of relapsed/refractory acute myeloid leukemia and high-risk MDS patients [IMpress]. There is no assurance that the drug will work out for either of these other hematological malignancies, but they do provide additional shots on goal for the pipeline.
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
This article was written by
Terry Chrisomalis profile picture
Terry Chrisomalis
12.38K Followers
Terry Chrisomalis is a private investor in the Biotech sector with years of experience utilizing his Applied Science background to generate long term value from Healthcare.
He is the author of the investing group Biotech Analysis Central which contains a library of 600+ Biotech investing articles, a model portfolio of 10+ small and mid-cap stocks with deep analysis for each, live chat, and a range of analysis and news reports to help Healthcare investors make informed decisions. Learn more.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Comments (6)
Get Access to exclusive premium content, real-time chat and much more by Terry Chrisomalis with:
Terry Chrisomalis profile picture
Biotech Analysis Central
?????
?????
Recommended For You
Comments
Breaking - Peloton Interactive gains after announcing CEO resignation, more jobs cuts
Geron Corporation (Nasdaq: GERN), a late-stage clinical biopharmaceutical company, today announced the pricing of an underwritten offering consisting of 41,999,998 shares of its common stock at a price of $3.00 per share and pre-funded warrants to purchase 8,002,668 shares of its common stock. The pre-funded warrants are being sold at a price of $2.999 per pre-funded warrant. All of the securities in the offering are to be sold by Geron. The offering included participation from RA Capital Management, Fairmount, OrbiMed, Farallon Capital Management, Adage Capital Partners, L.P., Boxer Capital, Vivo Capital, Deep Track Capital, and multiple large investment management firms, in addition to other new and existing investors. The offering is expected to close on or about March 21, 2024, subject to the satisfaction of customary closing conditions.
Thanks, and congratulations!
Wade- Do you have a new price target on Gern? Are you planning on holding most of your shares long-term?
GERN - March 12 (Reuters) - The U.S. Food and Drug Administration's staff reviewers said on Tuesday they were unclear if Geron's blood disorder drug provided a clear benefit to patients in a late-stage trial and raised multiple safety concerns with the treatment.
Geron is seeking approval of the injectable drug, called imetelstat, for treating transfusion-dependent anemia in patients with a group of blood cancers called myelodysplastic syndromes (MDS).
The drug, if approved, will compete with Bristol Myers Squibb's Reblozyl, which has been approved by the FDA for the same disease indication.
Last year in January, Geron CEO John Scarlett told Reuters that the company anticipates a peak market potential of $1.2 billion for imetelstat in the United States and some key EU countries by 2030.
While Geron's drug met the main goal of increasing independence from transfusion at eight weeks in a late-stage study, the FDA's staff said the "clinical meaningfulness" of the data was unclear.
"The general consensus among MDS experts has been that only a 16-week or longer period of transfusion independence is clinically meaningful," the agency's staff said ahead of a meeting of FDA's independent advisers scheduled for Thursday.
The agency said that while the drug is believed to work by treating the underlying cancer, the study did not show a "disease-modifying effect" in either extending survival or helping drive disease remission.
It also highlighted a high rate of low red blood cell count in the late-stage study.
Wedbush analyst Robert Driscoll said it was expected that the briefing documents would lean negative and added that Geron will be able to provide a strong case against the points made by the FDA. (Reporting by Christy Santhosh and Pratik Jain in Bengaluru; Editing by Shailesh Kuber)
SIGA Announces Creation of Joint Procurement Mechanism by European Commission with Anticipated Initial Orders of Approximately $18 Million for Oral TPOXX® (Tecovirimat) by Participating Countries
NEW YORK, Oct. 23, 2023 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company focused on the health security market, today announced the creation by the European Commission’s DG HERA (Health Emergency Preparedness and Response Authority) of a joint procurement mechanism under which 13 participating countries from the European Union (EU) and the European Free Trade Association (EFTA) can efficiently order oral TPOXX. Based on commitments from EU member countries, it is currently anticipated that $18 million in approximate value of oral TPOXX will be initially ordered by EU countries under this mechanism within the next 60 days. Orders through the joint procurement mechanism will result in country-level procurement of oral TPOXX. Under the joint procurement mechanism, countries in the EU will acquire courses of oral TPOXX in the near term, and be able to efficiently order additional courses of oral TPOXX in the future as long as minimum quantity thresholds are met. Separately, as announced in September of 2022, the European Commission procured oral TPOXX through the funding of a direct purchase. Both transactions were coordinated by SIGA and its international promotion partner, Meridian Medical Technologies, LLC.
“With the creation of a joint procurement mechanism, there are now multiple paths in Europe for efficient procurement of oral TPOXX,” said Phil Gomez, CEO of SIGA. “These protocols, through which every country in the EU can access oral TPOXX, highlight the importance of addressing the long-term impact and risks of orthopox viruses such as smallpox and monkeypox.”
Orders under the joint procurement mechanism are expected to bring total TPOXX orders in 2023 to approximately $164 million. A substantial percentage of these orders are expected to be delivered in 2023. As such, as previously disclosed, 2023 pre-tax operating income is expected to be between $90 million and $100 million.
Someone asked the A/R question on the call but I wasn't fully paying attention to what the CFO said, and haven't read the transcript from the call.
Givens is now sole CEO of the company :)
“The strong first half results underscore the successful execution of our growth and profitability initiatives,” said CFO Alanna Boudreau. “Achieving a robust gross profit margin of 63%, we exemplify our dedication to maintaining cost of sales while effectively selling a favorable mix of simulators, accessories, and services. Our record net income of $4.0 million and adjusted EBITDA of $6.5 million demonstrate the leverage in our model and our ability to effectively manage expenses. As we progress into the second half of the year with a markedly lower backlog of $16.4 million, we’ve clearly proven our new and enhanced ability to promptly fulfill orders. Simultaneously, it presents a challenge that encourages us to continue operating efficiently as we proactively optimize our sales pipeline. These efforts, combined with the impressive first half performance, set us well on pace to exceed our targets for the year.”
AATC - Last quarter they reported financials on Thursday May 11th and then announced the large dividend on Friday May 19th(after markets closed). The $.26 dividend payment was for 2 quarters so hoping for at least $.13
MINNEAPOLIS, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Autoscope Technologies Corporation (OTCQX: AATC) today announced results for its quarter and six months ended June 30, 2023.
Second Quarter 2023 Financial Summary
Increasing demand for Autoscope Vision drove higher royalty revenue during the quarter. Second quarter royalties increased to $3.7 million compared to $1.4 million in the same period in the prior year.
Second quarter product sales were $0.4 million, a decrease of 75 percent from the same period in the prior year.
Operating expenses totaled $2.2 million in the second quarter of 2022, an increase of 17 percent from the prior year period.
Net income for the second quarter of 2023 totaled $1.1 million, an increase of $1.1 million compared to net income of $74,000 for the same period in the prior year.
First Half 2023 Financial Summary
Royalties for the first half of 2023 increased to $6.7 million compared to $3.2 million for the same period in the prior year.
Product sales for the first half of 2023 were $1.2 million, a decrease of 51 percent from the same period in the prior year.
Operating expenses totaled $4.2 million in the first half of 2023, an increase of 7 percent from the prior year period.
There were no capitalized software costs in the first half of 2023 compared to $534,000 in the prior year period.
Net income for the first half of 2023 totaled $2.0 million compared to net income of $92,000 for the same period in the prior year.
Cash and cash equivalents increased to $2.9 million, an increase of 141 percent from $1.2 million at December 31, 2022.
Second-Quarter Results
Second quarter 2023 revenue for Autoscope Technologies Corporation ("AATC," the "Company," "us," "we," or "our"), which includes the results of Image Sensing Systems, Inc., a wholly-owned subsidiary of AATC ("ISS"), was $4.0 million compared to $2.8 million in the second quarter of 2022. Revenue from royalties increased to $3.7 million in the second quarter of 2023 compared to $1.4 million during the second quarter of 2022. Product sales decreased to $0.4 million in the second quarter of 2023, a 75 percent decrease from $1.4 million in the second quarter of 2022.
Gross margin for the second quarter of 2023 was 88 percent, a 17 percentage point increase from a gross margin of 71 percent for the same period in 2022. Gross margin from royalties increased to 97 percent in the second quarter of 2023 compared to 92 percent in the second quarter of 2022. The increase in the royalty gross margin percent for the first quarter of 2023 resulted primarily from higher sales of video detection products yielding higher royalty revenues. Product sales gross margin for the second quarter of 2023 was (5) percent compared to 50 percent in the prior year period. The decrease in the product sales gross margin percent was the result of lower margins sales on discontinued video detection product sold in the EMEA markets and a radar detection product sold worldwide, as well as inventory obsolescence recognized for these discontinued product lines.
The 2023 second quarter net income includes operating expenses of $2.2 million, an increase of 17 percent compared to $1.9 million for the second quarter of 2022. The increase in operating expenses is due to having no capitalized software development costs in the second quarter of 2023 compared to $221,000 in capitalized software development costs in the second quarter of 2022. The Company's net income for the 2023 second quarter was $1.1 million, or $0.21 per diluted share, compared to net income of $74,000, or $0.01 per diluted share, in the prior year period.
On a non-GAAP basis, excluding the amortization of intangible assets and depreciation for the applicable periods, operating income for the second quarter of 2023 was $1.6 million compared to operating income of $395,000 in the prior year period.
Year-to-Date Results:
AATC’s revenue for the first six months of 2023 was $7.8 million, a 40 percent increase from revenue of $5.6 million in the first six months of 2022. Revenue from royalties increased to $6.7 million in the first six months of 2023 compared to $3.2 million in the same period in 2022. Product sales were $1.2 million in the first six months of 2023, a 51 percent decrease from $2.4 million in the first six months of 2022.
Gross margin for the first six months of 2023 was 84 percent, a 10 percentage point increase from a gross margin of 74 percent for the same period in 2022. Gross margin from royalties increased to 97 percent in the first six months of 2023 compared to 93 percent in the first six months of 2022. The increase in the royalty gross margin percent for the first six months of 2023 resulted primarily from higher sales of video detection products yielding higher royalty revenues. Product sales gross margin for the first six months of 2023 was 14 percent compared to 21 percent in the prior year period. The decrease in the product sales gross margin percent was the result of lower margins sales on planned discontinued video and radar detection products, as well as inventory obsolescence recognized for these discontinued product lines.
The Company’s net income for the first six months of 2023 was $2.0 million, or $0.36 per diluted share, compared to a net income of $92,000, or $0.02 per diluted share, in the first six months of 2022. The first six months of 2023 net income includes operating expenses of $4.2 million, a 7 percent increase from the same period in 2022. During the first six months of 2023, there were no capitalized software costs compared to $534,000 in the first six months of 2022.
On a non-GAAP basis, excluding the amortization of intangible assets and depreciation for the applicable periods, operating income for the second quarter of 2023 was $2.8 million compared to operating income of $0.7 million in the prior year period.
Liquidity and Capital Resources
We believe that cash and cash equivalents on hand, coupled with readily available investments in debt and equity securities on June 30, 2023, totaling $6.0 million, along with the cash provided by operating activities, will satisfy our projected working capital needs, investing activities, and other cash requirements for the foreseeable future.
As of June 30, 2023, we had $2.9 million in cash and cash equivalents compared to $1.2 million on December 31, 2022.
Net cash provided by operating activities increased to $2.6 million in the first six months of 2023 compared to net cash provided by operating activities of $79,000 in the same period in 2022. Net cash provided by operating activities increased in the first six months of 2023 compared to the same period in 2022 primarily due to higher net income and lower prepaid expenses in 2023 compared to 2022.
Net cash provided by investing activities was $636,000 in the first six months of 2023 compared to net cash used for investing activities of $4.9 million in the same period in 2022. The decrease in net cash used for investing activities in the first six months of 2023 compared to the same period in the prior year is primarily the result of lower purchases of equity and debt securities and lower capitalization of software costs in the first six months of 2023. To generate a greater return on our cash position, the Company purchased various debt and equity securities of $2.8 million during the first quarter of 2022. There were no debt or equity securities purchases in the first six months of 2023. There were no capitalized software costs in the first six months of 2023 compared to $534,000 of capitalized software costs in the same period of 2022.
Net cash used for financing activities was $1.4 million in the first six months of 2023 compared to net cash used of $1.3 million in the first six months of 2022. The increase in net cash used for financing activities in 2023 is primarily due to increased cash dividends paid. The Company paid dividends of $0.26 per share in the first six months of 2023 compared to total dividends of $0.24 per share paid in the first six months of 2022.
“Stronger than expected demand for Autoscope Vision drove higher royalty returns during the quarter. Product sales came in below expectations primarily due to timing of deliveries on new Echo installations. As a result, our order backlog is three times the size of our historical backlog as major projects are staged for delivery and installation. Additionally, sales of our Wrong Way detection solutions have been slower than expected due to lengthy qualification cycles. Product gross margins were negatively impacted by the write-off of components on our legacy video and radar detection solutions that were repurchased from suppliers as the Company withdrew the products from the market,” said Frank Hallowell, Interim CEO of Autoscope Technologies Corporation. “Vision and Echo near-term order demand is solid, and we expect to close on several Wrong Way solutions in the second half of 2023 because we have been added to statewide qualified product lists. We continue to focus on bringing to market several new products that leverage the capabilities of our new video technology platform, IntelliSight,” concluded Mr. Hallowell.
Bel Reports Second Quarter 2023 Results
GNW 26 Jul 2023 4:15 PM
WEST ORANGE, N.J., July 26, 2023 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the second quarter of 2023.
Second Quarter 2023 Highlights
•Net sales of $168.8 million compared to $170.6 million in Q2-22. Non-GAAP adjusted net sales (which exclude raw material expedite fee invoicing) were $163.1 million in Q2-23, up from $161.4 million in Q2-22 •Gross profit margin of 32.9%, up from 26.6% in Q2-22•Net earnings of $27.8 million versus $17.0 million in Q2-22•Adjusted EBITDA of $28.6 million (17.0% of sales), up from $19.1 million (11.2% of sales) in Q2-22•Voluntary paydown of $40.0 million of debt•Divestment of non-core Czech business and closed sale of former headquarters building in Jersey City, New Jersey, resulting in gains of $1.1 million and $3.7 million, respectively
“This marks the seventh consecutive quarter of year-over-year gross margin improvement, driven by volume growth in key end markets and global discipline on pricing and costs. Excluding the impact of raw material expedite fees, overall sales were slightly higher in Q2-23 as compared to Q2-22. Our focus on margin expansion across the business, product and end market diversity, and capturing opportunistic growth have continued to translate into improved financial performance. We are very pleased to have achieved these results in an otherwise challenging macroeconomic environment,” said Daniel Bernstein, President and CEO.
"Within our Connectivity Solutions segment, commercial aerospace sales grew by 102% over Q2-22 to $15.9 million, a new record high for this end market. Sales into our defense end market were also strong in Q2-23 at $11.7 million, up 22% from Q2-22. Similar to Q1-23, gross margins for this segment benefited from increased volumes, better SKU management and cost savings from strategic initiatives implemented starting in 2022. We expect commercial aerospace and defense to be the primary growth drivers for this segment through the balance of the year.
"Our Power group achieved record sales this quarter of $87.1 million, largely driven by continued easing of the supply chain, allowing us to ship more product. The largest increase in revenue was seen in our front-end power products, which increased by $16.1 million in Q2-23 versus Q2-22. Additionally, eMobility power product sales continued its trend of sequential growth, reaching $8.5 million in Q2-23, an increase of 71% over Q2-22.
"Our Magnetics segment continued to be affected by our networking end customers as they work through their remaining surplus of inventory in the channel. We believe this segment is showing some early signs of rebounding as we move into Q3. As previously announced, this segment is in the process of a facility consolidation initiative in China and this project remains on schedule, targeted for completion by the end of 2023. This is the largest of four facility consolidations started in 2022, and we anticipate collective annualized cost savings of approximately $5 million to fully take effect by the first quarter of 2024,” concluded Mr. Bernstein.
Farouq Tuweiq, CFO, added "In addition to delivering solid performance during the quarter, we completed several initiatives including divesting our Czech operations, selling our former headquarters building, conducting an executive offsite, and progressing with various plant consolidations. Looking ahead to the third quarter of 2023, we expect to see yet another shift in product mix on the horizon, anticipating a slight rebound in Magnetics taking hold while our Power segment will likely normalize a bit now that many past-due orders have been shipped. Based on information available as of today, our current estimate for the third quarter is GAAP net sales in the range of $157-$165 million. We anticipate gross profit margins to largely hold at second quarter 2023 levels. We believe we are well positioned from both a technological and customer relationship perspective to capture organic growth from the secular tailwinds that are expected to benefit our industry in the near and mid-term," concluded Mr. Tuweiq.
You're welcome! I've held on to most of my shares since $14 although I do still own too much. Not sure when I will sell some more.
Atai Capital - Bel Fuse: We Don't Think $140M EBITDA Is Out Of The Cards For 2025
Bel Fuse, an electronic components manufacturer, is expected to see significant EBITDA expansion over the next few years, from $83m in 2022 to $120m in 2024.
BELFA's EBITDA margins nearly doubled year-on-year from 8.5% to 16.3% in the most recent quarter.
Despite currently trading at a ~6.00x EBITDA multiple, it is predicted that Bel Fuse could be trading at 9.00x-10.00.
The following segment was excerpted from this fund letter.
Bel Fuse Inc.
Bel Fuse (NASDAQ:BELFB) is an electronic components manufacturer, and despite the rather large run-up in share price, we are still being provided with an attractive opportunity to buy a good business at a dirt-cheap price today. They design, manufacture and market a broad array of products that power, protect and connect electronic circuits. Like many industrials, they have 1,000s of SKUs (stock keeping units, which is just a fancy way of saying product), so I won't be diving into each product they make, but a few examples would be magnetic Ethernet connectors for servers, fuel quantity monitors for aircraft, and cable assemblies + fuses for electric vehicles.
Most of their products aren't exactly "ground-breaking" or super differentiated, but this is true of any electronic component manufacturer. Despite selling some commoditized products, these companies benefit from a low-cost but high cost of failure product offering. For example, while a fuse itself is usually a cheap and commoditized product in relation to the product it goes in, it remains an essential safety device that can save several other components. Customers want and need these products to work, and work well. Furthermore, while the switching costs for most of these commoditized products are usually low, it just doesn't make sense in most cases to risk failure and pick up pennies in front of a steamroller. However, because there typically aren't significant technological differences between fuses, connectors, etc., switching is easy. Hence, businesses offering these more commoditized components need to make sure inventory levels stay stable to maintain customers. If your fuses and other products are consistently in stock at distributors and affordable, it's unlikely customers have any good reason for switching. These more commoditized products are usually sold through distributors (~33% of Bel's business is through distribution) rather than to customers directly because these products tend not to be "custom built" for a specific end product. However, commoditized/distribution doesn't necessarily always mean low margin, and Littelfuse (LFUS, one of Bel Fuse's competitors) is a good example of this. Despite having 75% distribution exposure in their electronic components segment, they still maintain low-twenties operating margins.
Then on the flip side of things, these companies also have long-standing large contracts/relationships for more custom-engineered products (~67% of Bel's business). These relationships tend to be balanced, but the customer does have more "pull" in some cases. Pricedowns are commonly included in larger/longer-term contracts based on volumes, and price increases are usually only passed on to the customer when a contract ends/comes up for renewal. This means it might sometimes take a few years to pass on pricing to customers. In contrast, distributor pricing can typically be passed on within a couple of months to a year. As mentioned, this isn't a totally one-sided relationship, and manufacturers will usually negotiate some form of content growth in exchange for price downs as well. For example, if an EV manufacturer wants Bel Fuse to come down 5% on its cable assemblies, then Bel Fuse might say that is fine, but they'll want the EV manufacturer to offer them more content opportunities in exchange, such as Bel Fuse now supplying the fuses on that same EV - This is a benefit of these longstanding relationships and allows for both the customer and manufacturer to win.
Overall, these are pretty good businesses, with most sporting solid organic growth and strong end markets such as aerospace, networking, and electric vehicles (all of which Bel Fuse has a good amount of exposure to). They also benefit from the continued electrification of almost everything; look no further than Bluetooth/Wi-Fi-enabled temperature-controlled coffee mugs, and some even have LEDs! For these reasons, they usually trade around 10x-12x+ EBITDA (multiples have expanded some recently with LFUS and TEL at 15x and 13x, respectively), and some like Amphenol trade at a whopping 18x multiple, but to be fair, they are considered the gold standard.
The thesis here is straightforward, we believe Bel Fuse's EBITDA is going to expand materially over the coming years, from $83M in 2022 ($100M LTM) to $120M in 2024, and we also don't think $140M is out of the cards for 2025.
In the most recent quarter, EBITDA margins nearly doubled y/y from 8.5% to 16.3%, and it's worth noting that Q1 is also their weakest quarter due to seasonality (Chinese New Year), but despite this, margins still increased 150bp sequentially! This quarter had smashed our expectations, and we subsequently increased our position. But how did margins double you might ask, and is that even sustainable? Well, Bel Fuse makes good products that customers want, but there was practically zero attention paid to the bottom line under the current CEO's tenure - this led them to actually selling some products at a loss (yes, really). However, a new CFO was appointed in early 2021 (Farouq Tuweiq), and he is now turning that around. Under his tenure, EBITDA margins have more than doubled since 2020, and Gross margins are up over 500bps and comparable to peers.
Another interesting note is that Bel has yet to have a quarter where one of its segments isn't dragging down the others. In this quarter, it was Magnetics, which is facing inventory issues that will eventually clear up but have led to a 670bp decline in gross margins sequentially in the interim. This isn't related to a demand problem however, but rather a bottleneck that some of their customers are facing. For example, Cisco might have enough Bel Fuse RJ45 connectors for their servers but can't get enough power supplies from Bel Fuse to get the product out the door, so once supply for these missing parts catches up with demand, magnetics should normalize. The company has also recently undergone some restructuring that should add ~$5M in cost savings as we exit 2023, and as the company continues to benefit from more operating leverage and some final price increases, I believe they can get to 18% EBITDA margins or higher in 2024. I've spoken with Farouq many times and continue to be impressed with him, and he also continues to purchase shares in the open market. Bel Fuse's newly found attention to margin expansion can also be seen with the recent selling of their Jersey City headquarters in June of this year and their subsequent move to a less expensive property outside the city. While I doubt this moves the needle, it shows Bel Fuse's continued devotion to improving their bottom line.
Considering all the above, we see Bel Fuse doing around $120M in EBITDA for 2024 (give or take a couple of million in either direction). This means that at the current share price of ~$57, Bel Fuse trades at just a ~6.00x EBITDA multiple while peers trade at 12.00x+.This large disconnect in value should close over time as the market realizes Bel Fuse's margin expansion is here to stay and isn't even done yet. While we don't believe Bel Fuse deserves a 12.00x multiple today for a couple of reasons (They still have lower margins than peers, and there is a controlling shareholder as well - whom we are slowly getting more comfortable with over time), we see no reason they shouldn't be trading at 9.00x-10.00x which implies a share price of $83-$92 before accounting for incremental cash gen (capex runs around just $10M in a normal year, so the business is far from capital intensive). Bel Fuse has also traded at an average of 7x-8x EBITDA over the past decade (when it was a worst business, selling products at an actual loss and had materially lower margins). Even at an 8.00x multiple, you would still get to $73/sh today.
If we look out a few years to 2025/2026, I don't think it takes egregious assumptions to get to $120+ a share. LSD topline growth, 19%+ EBITDA margins, credit for incremental cash gen, and a 10.00x multiple get you there - those seem like reasonable assumptions to me today.
DJ Bel Fuse Sells Stewart Czech Business for $5 Million
DJN 07 Jun 2023 8:00 PM
By Will Feuer
Bel Fuse, which makes industrial components used by various sectors including telecommunications, said it has sold its Stewart Czech business for $5.0 million to PEI-Genesis, a company which designs and assembles custom engineered connectors and cable solutions.
Jersey City, N.J.-based Bel Fuse said the sale is immaterial as the Stewart Czech unit only generated $5.2 million in annual sales.
The Stewart Czech business consisted of a division that distributes connectivity products, and another division that produces copper, fiber and coaxial cable assemblies.
"This divestment is a strategic decision that allows the Connectivity Solutions group to focus on our main product categories serving customer end markets such as Commercial Air, Defense, Industrial and Networking which better align to our long-term growth objectives," said Pete Bitter, president of Cinch Connectivity Solutions, a Bel Fuse subsidiary.
Greenland Technologies Holding Corporation GTEC; Buy - $13 PT
Action Summary –22 May 2023
Analyst Theodore R. O’Neill – Beats on top and bottom line - Reiterate our Buy rating and $13 price target.
? Solid beat to estimates. GTEC reported 1Q23 revenue and EPS of $22.1MM and $0.11, respectively. We had
been looking for revenue and an EPS loss of $20MM and $0.09, respectively. The consensus was for revenue
and an EPS loss of $20.6MM and $0.02, respectively. Compared to our estimates the favorable $0.20 variance
was primarily due to higher sales, higher margins from product mix and lower expenses.
? But growth in China remains muted. The company was able to report better EPS than expected partly due to
a solid mix of higher end transmissions for EV industrial equipment, but sales growth in its China market remains
muted. We are lowering our 2023 revenue and EPS estimates to $97.1MM and $0.07, respectively from
$121.5MM and $0.10, respectively. We are initiating 2024 revenue and EPS estimates of $142MM and $0.16,
respectively.
? Outlook for its EV construction equipment remains positive. With fleet demos requested from multiple blue-chip
customers, its presence in the U.S. market is the key to significant growth. The construction equipment market
in the U.S. is robust for ICE based equipment and we think it is massive for EV based equipment.
? Attractive valuation. We believe the shares are undervalued on an absolute and relative basis. Our $13 US
price target is based on the discounted value of all future earnings according to our estimates. Relative to peers,
the shares appear inexpensive. The shares are selling well below book value and the book value is rising.
5/19 price: $1.45 USD Market cap: $18.8 million Multiple of book: 0.22 EV/2024 Sales: 0.31
Shares outstanding: 13
million
Insider ownership: 49% 3-mo avg. trading volume:
50,000
Risks/Valuation
• Risks include product development, competition, new product introductions, and warranty claims.
• Our $13 price target is derived using a discounted future earnings model.
Company description: Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a developer and manufacturer of
drivetrain systems for material handling machineries and electric vehicles, as well as electric industrial vehicles.
Zacks Investment Research-ELTK
Due to the strong gross margin results in the 1st quarter, we are raising our 2023 annual EPS estimate
to $0.94 from $0.61. We also increase our 2023 revenue estimate to $46.3 million from $44.6 million due
to strong revenue growth in the 1st quarter of 2023.
We are also increasing our price target to $11.00 as a result of gross margin targets being reached
earlier than we anticipated. That price target, if achieved, would put the stock selling at roughly 10x our
2024 EPS estimate of $1.07. Based on the last closing price of $5.41, ELTK stock is currently selling at
5.0x our revised 2023 EPS estimate.
BEL FUSE INC FILES FOR MIXED SHELF OF UP TO $250 MLN – SEC FILING
Hope they don't dilute too much.
The Company exited Q4 with a cash position of $13.5M
and debt of $8.3M, translating to net cash per share of $0.48. The Company
reported a book value per share of $3.10.
I believe this will help BELFB.
This article is from last month but I heard it mentioned on the news last night.
Gov. Phil Murphy said Thursday that he has agreed to end a 2.5% corporate business surcharge that is scheduled to sunset at the end of 2023 – a considerable tax win for larger New Jersey companies.
“I’m on the side (of) a deal is a deal,” Murphy said on ‘Bloomberg: Balance of Power’. “We’ve committed that (the surcharge) would lapse and go away. And that’s where I am as we speak.”
In 2018, New Jersey’s corporate tax rate rose from 9% to a national CBT high of 11.5% with the 2.5% surcharge. The termed “temporary increase” was originally scheduled to phase down to 10.5% in 2020 and back to 9% in 2021.
The 2.5 percentage point surcharge, however, was extended by the Legislature in 2020 until the end of 2023.
At NJBIA’s Public Policy Forum last month, Senate Budget Chair Paul Sarlo said New Jersey must allow its extended corporate business tax surcharge to sunset at the end of 2023.
NJBIA President and CEO Michele Siekerka, however, suggested more should be done for New Jersey to compete with regional states. She explained that Pennsylvania has cut its 9.99% corporate tax rate by 1% effective in January and is on a path to gradually reduce the rate to 4.99% by 2031.
“The (CBT) sunset will be welcome and we will cheer to the mountains to see that happen — but that must be step one,” Siekerka said.
Assemblyman Gerry Scharfenberger and Assemblywoman Victoria Flynn have already introduced legislation (A-4907) that would get rid of the 2.5% surcharge, while also reducing the CBT rate to 7.5%.
NJBIA Chief Government Affairs Officer Christopher Emigholz said Murphy’s CBT forecast was “welcome news.”
“The business community appreciates Governor Murphy acknowledging that the temporary CBT surtax deal is supposed to sunset at the end of 2023 and is allowing it to do so,” Emigholz said. “NJBIA looks forward to continuing to work with him to make our state more affordable and competitive.”
Anyone still in BELFB? I believe this was a great pick by Hweb!
A Strong Finish to a Record-Breaking Year
JERSEY CITY, N.J., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2022.
Fourth Quarter 2022 Highlights
Net sales of $169.2 million, up 15.0% from Q4-21
Gross profit margin of 31.0%, up from 26.7% in Q4-21
Net earnings of $14.0 million versus $8.0 million in Q4-21
Adjusted EBITDA of $25.0 million (14.8% of sales), up from $15.3 million (10.4% of sales) in Q4-21
Full Year 2022 Highlights
Record net sales of $654.2 million, up 20.4% from 2021
Gross profit margin of 28.0%, up from 24.7% in 2021
Record net earnings of $52.7 million versus $24.8 million in 2021
Record adjusted EBITDA of $83.0 million (12.7% of sales), up from $42.8 million (7.9% of sales) in 2021
Ended year with backlog of orders of $565 million, an increase of 21% from the 2021 year-end level
ARMSTRONG, IA / ACCESSWIRE / February 15, 2023 / Art's Way Manufacturing Co., Inc. (NASDAQ:ARTW), a diversified, international manufacturer and distributor of equipment serving agricultural, research and steel cutting needs, announces its financial results for fiscal 2022.
Agricultural Products: Our Agricultural Products segment's net sales for the 2022 fiscal year were $20,912,000 compared to $16,826,000 during the 2021 fiscal year, an increase of $4,086,000, or 24.3%. We continued to see strong commodity prices in fiscal 2022 which contributed to increased sales in grinder mixers, manure spreaders and our beet harvesting equipment for the second straight fiscal year. Our procurement team was able to navigate the difficult supply chain environment in fiscal 2022 and our production crew delivered on the increased demand. While the price of steel began to drop near the end of fiscal 2022, we saw component prices and manufacturing overhead increase in fiscal 2022. We utilized price increases to stay ahead of these rising costs in fiscal 2022 and maintain margins consistent with fiscal 2021. We also purchased three robotic weld cells and a high-definition plasma cutter in fiscal 2022 that we expect will increase manufacturing efficiencies, increase output and improve the quality of our products. We are focused on additional capital expenditures in fiscal 2023 to improve our operations as cash flow allows. We added some key personnel to our sales team in fiscal 2022 including a new director of sales, an inside salesman and an equipment support technician. We expect these roles to allow us to expand our dealer network and provide better customer support moving forward. We reported $1,205,000 in income from operations for the 2022 fiscal year compared to $599,000 in fiscal 2021 in this segment. While the increase in revenue largely drove the increase in operating income for fiscal 2022, our efforts to improve the business over the last few years put us in position to take advantage of better economic conditions. We focused heavily on improving our image in the agricultural industry through rebranding and customer satisfaction initiatives. We put added emphasis on quality and functionality of our products to meet our rugged customers' demands. We've analyzed and diminished manufacturing inefficiencies that have bottlenecked our operations to allow for continued growth in the future.
Modular Buildings: Our Modular Buildings segment's net sales for the 2022 fiscal year were $4,734,000 compared to $5,678,000 for the 2021 fiscal year, a decrease of $944,000, or 16.6%. The decrease in sales was due to a slow start to fiscal 2022 where we saw contract delays on active research project bids we expected to procure. We battled rising construction material costs for projects under fixed price contracts in fiscal 2022 which lead to decreased margins. In addition, we incurred additional labor expense as we maintained higher staffing levels through the first six months of fiscal 2022 under the expectation that large research contracts would be underway in early fiscal 2022. Contract delays led to overstaffing and we were faced with a difficult decision to retain employees in a tough job market knowing demand in the modular building market would increase. We reported a $(600,000) loss from operations for the 2022 fiscal year compared to $74,000 of income from operations in the fiscal 2021.
Tools: Our Tools segment's net sales for the 2022 fiscal year were $2,754,000 compared to $2,461,000 for the 2021 fiscal year, an increase of $293,000, or 11.9%. The increase in sales is due to price increases to partially cover rising material and manufacturing overhead costs coupled with increased demand in fiscal 2022. Rising material input costs that outpaced our price increases put downward pressure on our margins along with manufacturing inefficiencies resulting from the competitive labor market and related shortages. We reported a $(272,000) loss from operations for the 2022 fiscal year compared to a $(150,000) loss from operations in fiscal 2021.
Consolidated sales: Our consolidated net sales totaled $28,400,000 for the 2022 fiscal year, which represents a 13.8% increase from our consolidated net sales of $24,965,000 for the 2021 fiscal year. The increase in revenue is due to increased demand in the Agricultural Products and Tools segments.
Consolidated income from operations: Consolidated income from operations for the 2022 fiscal year was $333,000 compared to income from operations of $523,000 in the 2021 fiscal year.
Consolidated net income per share: Income per basic and diluted share for the 2022 fiscal year was $0.02, compared to income per basic and diluted share from continuing operations of $0.05 for the same period in the 2021 fiscal year.
Backlog: Our backlogs of orders vary on a daily basis. Our Agricultural Products segment had a net backlog of approximately $9,549,000 as of February 6, 2023 compared to $10,513,000 on February 6, 2022. The strong demand in our Agricultural Products is continuing for the third straight fiscal year. We positioned ourselves in fiscal 2022 to more efficiently manufacture our products through the purchasing of robotic weld cells and a high-definition plasma cutter. We anticipate we will continue to see improved results as the strong agriculture demand continues. As of February 6, 2023, our Tools segment had approximately $556,000 of backlog compared to $578,000 from the same date in 2022. We continue to see heightened demand in this segment from our OEM and oil and gas industry customers. Our Modular Buildings segment had approximately of $4,985,000 of backlog as of February 6, 2023, compared to $1,243,000 on that date in 2022. The Modular Buildings segment had a slow first six months to start fiscal 2022 and our 2022 results were carried by agricultural building revenue. Our 2023 backlog numbers and research building quoting activity would lead us to believe we will see improved results in fiscal 2023. We expect that our order backlogs will continue to fluctuate as orders are received, filled, or canceled, and, due to dealer discount arrangements we may enter into from time to time, these figures are not necessarily indicative of future revenue.
"We are looking forward to another strong year in the agriculture segment as commodity prices and farm income remain favorable," said David King, CEO of Art's Way. "Our early order program has generated record backlog for our agriculture equipment, booking over 50% of our expected annual budget. Despite continued supply chain disruptions and labor shortages, we have been successful in increasing our monthly shipments which is the result of the effort and hard work by our dedicated team of employees."
Mr. King continued, "After experiencing a difficult year in 2022 both our Tools and Modular Building segments are seeing increased demand. Along with continued strong demand for agricultural buildings, the Modular Building segment has seen several large research projects that were delayed in 2022 come under contract for 2023 which we expect will result in a strong revenue increase for the year."
Eltek Receives a $1.1 Million Follow-up Order From An Existing Customer in the Defense Sector
PETACH-TIKVA, Israel, Dec. 5, 2022 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today the company has received a follow-up purchase order in the amount of $1.1 million from an existing customer in the defense sector. The original purchase order in the amount of $1.4 million was received during the first quarter of 2022. The order will be supplied by Eltek over a period of four months commencing in March 2023.
Yeah..I'm still holding most of my shares. I sold 25% a few days after last earnings.
Someone on the VTSI board posted this government link last week with the news. It was a nice heads up.
https://www.fpds.gov/ezsearch/search.do?q=VIRTRA&s=FPDS.GOV&templateName=1.5.2&indexName=awardfull&sortBy=SIGNED_DATE&desc=Y
You might be right. I didn't read through it. I'm also not that concerned if they are slightly delayed. New accountants have a process they are required to go through and are usually short staffed during summer months.
I think it's kinda funny thar you actually thought they would report Q2 this Friday.
Any idea why it went up so much yesterday? I can't find any news.
Bel Reports First Quarter 2022 Results
Apr. 27, 2022 4:30 PM ETBel Fuse Inc. (BELFA), BELFB
GlobeNewswire
JERSEY CITY, N.J., April 27, 2022 (GLOBE NEWSWIRE) -- Bel Fuse Inc (BELFA). (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the first quarter of 2022.
First Quarter 2022 Highlights
• Net sales of $136.7 million, up 23.6% from Q1-21
• Gross profit margin of 25.0%, up from 21.9% in Q1-21
• Net earnings of $5.1 million versus $3.2 million in Q1-21
• Adjusted EBITDA of $11.6 million, representing a 3.7x increase compared to Q1-21
• Ended quarter with backlog of orders of $525 million, an increase of 12% from December 31, 2021
“Bel continued its strong momentum with a great start to 2022 and we are pleased to announce the fifth consecutive quarter of year-over-year sales growth with improved margins. All three business units are performing exceptionally well, and demand remains strong. Our backlog of orders continues to build due to increasing demand through our distribution partners and from our networking customers. Circuit protection, Bel’s original product line, more than doubled its sales volume from Q1-21, generating over $8 million in revenue during the quarter. From a gross margin perspective, our Magnetic Solutions group showed substantial improvement from 13.7% in Q1-21 to 20.1% in Q1-22, despite challenges with the resurgence of COVID shutdowns in China during March. I'm proud of the performance of our team over these past five quarters,” stated Daniel Bernstein, President and CEO.
Farouq Tuweiq, CFO, added, “Our strategic initiatives aimed at enhancing Bel's margins and driving continued improvement and operational excellence are showing strong results. We are also seeing the benefits of the implementation of our new pricing policies throughout the sales channels. With record backlog and strong bookings going into our second quarter, we remain positive about the balance of the year.”
Non-GAAP financial measures, such as Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, exclude a gain on sale of property and acquisition-related costs. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.
Conference Call
Bel has scheduled a conference call for 8:30 a.m. ET on Thursday, April 28, 2022 to discuss these results. To participate in the conference call, investors should dial 888-254-3590, or 323-994-2093 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of 20 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 3976031 after 11:30am ET, also for 20 days.
About Bel
CFO Emerson Files To Sell 18,300 Of Big 5 Sporting Goods Corp [BGFV]
Washington Service6:56 PM (UTC-05:00) Eastern Time (US & Canada) Mar 08, 2021
Emerson Barry, Chief Financial Officer of Big 5 Sporting Goods Corp [BGFV], filed a Form 144 on March 4, 2021 with the Securities and Exchange Commission proposing to sell restricted securities:
Cemtrex is preparing to take rapid legal action and asks that the SEC investigate these short sellers and their associates for stock manipulation and illicit gains. Cemtrex categorically refutes any allegations of wrong-doing by the Company, its directors, officers and management. In particular, Cemtrex would like to state the following:
Cemtrex has retained multiple auditors in various countries. Per the company’s most recent proxy statement dated January 30, 2017, approximately $95,000 of auditing fees were paid to multiple accounting firms including the Company’s PCOAB-approved accounting firm, Bharat Parikh & Associates, DHMP GmbH, and Stambaugh Ness.
As is easily confirmed by a review of Cemtrex’s proxy filings with the SEC, Aron Govil and Saagar Govil have not sold shares of Cemtrex in several years. In addition, CEO Saagar Govil and Cemtrex Founder Aron Govil are committed to purchasing additional shares of Cemtrex in the open market and will file the appropriate Form 4’s with the SEC accordingly in the days to come.
“We believe it is our responsibility to respond to this malicious article authored by a short seller with a clear motive to manipulate our share price and manufacture a false narrative about our company. Today’s blog post in Seeking Alpha amounts to nothing more than fake news created solely for the purpose of illicit gain by short sellers and we reject its contents entirely. The author has a history of writing rhetorical and damaging articles about companies where he holds a short position and we intend to pursue legal action against him and his cohorts immediately. Cemtrex has never misrepresented its investment proposition or financial performance to its shareholders and we stand by the contents of our SEC filings and press releases. Cemtrex urges the SEC to act quickly to address these malicious actions by the relevant short sellers and their associates. The author has conveniently failed to acknowledge all the tremendous accomplishments over the last three years.” stated Sagaar Govil, CEO of Cemtrex, Inc.
The Company also plans to hold it’s regularly schedule conference call tomorrow at 11AM ET. The details of which are:
Date: Thursday, February 23, 2017
Time: 11:00 AM Eastern Time (ET)
Dial-in Number for U.S. & Canadian Callers: 877-407-8293
Dial-in Number for International Callers (Outside of the U.S. & Canada): 201-689-8349
Key Tronic Corporation Announces Fourth Quarter and Year End Results
Tuesday August 23, 4:01 pm ET
Year-over-Year Revenue up 36%
Continued Strong Revenue and Earnings Growth for the Quarter
SPOKANE, Wash.--(BUSINESS WIRE)--Aug. 23, 2005--Key Tronic Corporation (Nasdaq:KTCC - News), a provider of electronic manufacturing services (EMS), today announced its results for the quarter and fiscal year ended July 2, 2005.
ADVERTISEMENT
For the fourth quarter of fiscal 2005, Key Tronic reported total revenue of $53.2 million, up 20% from $44.4 million for the fourth quarter of fiscal 2004 and up 7% from $49.7 million in the previous quarter. For the full year of fiscal 2005, total revenue was $202.9 million, up 36% from $148.9 million for fiscal 2004.
Net income for the fourth quarter of fiscal 2005 was $2.8 million or $0.28 per diluted share, up from $265,000 or $0.03 per share for the fourth quarter of fiscal 2004 and up from $852,000 or $0.09 per share for the previous quarter. The results for the fourth quarter of fiscal 2005 included a gain on life insurance proceeds paid on policies insuring a former executive and a foreign tax benefit totaling approximately $1.3 million or $0.13 per share. For the full year of fiscal 2005, net income was $4.4 million or $0.44 per diluted share, up from $110,000 or $0.01 per share for fiscal 2004.
"We are pleased with our strong sales growth and improved production efficiencies which drove increased operating income and earnings in the fourth quarter and throughout fiscal 2005," said Jack Oehlke, President and Chief Executive Officer. "During the fourth quarter, our growth was driven by increased production on programs for both established and new customers from a wide range of industries, including telecommunications, home safety, toys and specialty printers and components. We also completed the purchase of a new facility in Juarez, Mexico, and shifted our operations in Las Cruces, New Mexico, to Juarez. This consolidation is expected to provide future operating efficiencies. The Las Cruces real estate is now being held for sale."
"For the year, we executed our strategy and surpassed the average growth rate and margins for our industry. We also continued to broaden our customer base by winning new programs for hospital equipment, medical technology and consumer electronics, which are expected to get underway in coming periods. Moving into fiscal 2006, we anticipate our revenue from some existing programs will decline, but we continue to pursue new programs and focus on improving operating efficiencies, controlling costs and maintaining profitability. Our reputation as a strong competitor for EMS business continues to grow and we are increasingly well-positioned to capitalize on the long-term opportunities ahead."
In the first quarter of fiscal 2006, the Company expects revenue in the range of $42 million to $47 million and earnings between $0.06 and $0.10 per share
This was nice, coming from a very conservative company.....
Priddy said. "However, in light of our Q1 performance and continued delays in the release of budgeted homeland security funding, we now expect full-year 2005 revenue growth to be at the low end of our previously announced 25 to 35 percent range. We continue to expect that the growth will be weighted toward the second half of the year, reflecting the ramp in spending as well as the volume production of our new filter canister products."