Monday, April 05, 2021 3:13:50 PM
EPS for 2020 = $0.80 per share. EPS for 2019 was $0.07.
Net income for 2020=$24,223,013. Net income for 2019=$3,148,234
Revs in 2019 were $41,797,000. Revs for 2020 are $81,862,453
As of December 31, 2020, our production and deliveries materially met or exceeded contract requirements despite the significant increase in demand.
"As of March 2021, the Company has substantially completed construction of expanded facilities consisting of approximately 27,800 square feet of additional controlled environment within existing properties and is expected to complete approximately 55,000 square feet of new warehouse space within the second quarter of 2021."
The estimated cost of the controlled environment within existing properties is $6.4 million. The increase from the original $6 million estimate is due to change orders and an expedited completion date in order to receive certain manufacturing equipment at an earlier date. The new warehouse space is estimated to cost $5.8 million. The cost of the controlled environment will be funded by the U.S. government under the TIA, while the cost of the new warehouse will be funded by the Company.
Challenges from the Significant Orders
In 2020, the U.S. government was a significant customer representing 39.0% ($31.6 million) of our net sales. With additional 2021 deliveries under the HHS Order plus the new February 2021 contract from the U.S. government, the U.S. government will likely continue to be a materially significant customer in 2021. This presents unusual challenges to our business. Our 2021 performance under these orders will be somewhat dependent upon our timely completion of expansions to our facility and machinery, which we cannot guarantee will occur according to schedule. Moreover, in light of the government’s significant volume requirements, we may not be able to maintain our usual service levels to our existing customers. HOWEVER, DURING 2020, WE NOT ONLY FULFILLED OBLIGATIONS UNDER THE GOVERNMENT'S ORDER, BUT WE ALSO INCREASED DELIVERY VOLUMES TO EXISTING CUSTOMERS. (Right on schedule!)
As of March 9, 2021, we had 182 employees. 178 of such employees were full time employees. Here's from the 10-Q for Q3: "During the third quarter of 2020, we hired 15 new full-time employees, predominantly as production line workers, and terminated several back office employees. "
On November 7, 2019, the Company filed a lawsuit in the 44th District Court of Dallas County, Texas (No. DC-19-17946) against Locke Lord, LLP and Roy Hardin in connection with their legal representation of the Company in its previous litigation against Becton, Dickinson and Company (“BD”). The Company alleges that the defendants breached their fiduciary duties, committed malpractice, and were negligent in their representation of the Company. The Company seeks actual and exemplary damages, disgorgement, costs, and interest. On October 6, 2020, the Court dismissed Defendants’ motion to dismiss, which order was appealed by the Defendants on October 9, 2020 to the Court of Appeals, Fifth District of Texas at Dallas. ORAL ARGUMENT FOR THE APPEAL HAS BEEN SET FOR APRIL 7, 2021.
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