Genasys (US:GNSS)2019-12-10 02:09Revenue Growth - Total revenues increased by 40.6% to $36,979,055 in fiscal year 2019 from $26,306,790 in 2018[176] - Product sales accounted for $33,384,175, representing 90.3% of total revenues, up 42.1% from $23,495,788 in the previous year[176] - Revenues increased by $10,672,265, or 40.6%, in fiscal year 2019, driven by a backlog and record orders of $45.9 million[178] - U.S. revenue surged by 76.1% to $26,046,968, representing 70.4% of total revenues, while international revenue decreased by 5.1%[176] - Domestic revenues rose by 76.1% year-over-year, while international revenues decreased by 5.1%[178] Profitability - Gross profit rose by 44.9% to $18,456,507, with a gross margin of 49.9% compared to 48.4% in 2018[176] - Gross profit grew by $5,716,793, or 44.9%, with gross margin improving due to lower manufacturing overhead expenses[179] - Net income improved significantly to $2,784,992, compared to a net loss of $3,745,042 in the prior year, marking a 174.4% increase[176] - Net income for fiscal 2019 was $2,784,992, an improvement of $6,530,034 compared to a net loss in fiscal 2018[186] Expenses - Operating expenses decreased as a percentage of revenue, with total operating expenses at $15,320,142, down from 54.0% to 41.4% of total revenues[176] - Research and development expenses increased by 28.5% to $4,527,741, accounting for 12.2% of total revenues[176] - R&D expenses increased by $1,004,243, or 28.5%, primarily due to higher salaries and software development costs[184] Cash Flow and Financial Position - Cash provided by operating activities was $9,855,031 in fiscal 2019, compared to $1,251,819 in fiscal 2018[192] - Cash, cash equivalents, and marketable securities totaled $23,899,261 at September 30, 2019, up from $16,855,736 in 2018[188] - Working capital increased to $24,765,178 at September 30, 2019, from $21,090,472 in 2018, largely due to net income generated from operations[196] - Other income rose by $113,804, primarily due to interest income and a decrease in interest expense[185] Shareholder Actions - The company repurchased 788,425 shares at an average price of $2.75 for a total cost of $2,171,022 during fiscal 2019[200] Segment Information - The company operates in two segments: LRAD and Genasys Spain, with LRAD contributing $34,931,448, or 94.5% of total net sales[176] Revenue Recognition - The company recognized revenue based on a five-step analysis as per Topic 606, ensuring accurate revenue reporting[154] Cost of Revenues - The cost of revenues was $18,522,548, representing 50.1% of total revenues, a decrease from 51.6% in the previous year[176]