Business
Byrna Technologies Announces Preliminary 2021 Fourth Quarter Revenues Of $11.2 Million And Full Year Revenue Of $42.2 Million
INITIATES REVENUE GUIDANCE FOR FISCAL YEAR 2022 OF $60 TO $65 MILLION ANNOUNCES $30 MILLION SHARE REPURCHASE PROGRAM ANDOVER, Mass., Dec 6, 2021 /PRNewswire/
About this update from Byrna Technologies, Inc.
[{"type":"text","content":"INITIATES REVENUE GUIDANCE FOR FISCAL YEAR 2022 OF $60 TO $65 MILLION \nANNOUNCES $30 MILLION SHARE REPURCHASE PROGRAM \n ANDOVER, Mass., Dec 6, 2021 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN) (\"Byrna\" or \"the Company\") today announced preliminary revenue expectations for its fiscal fourth quarter ended November 30, 2021 (\"Q4 2021\") of $11.2 million, bringing sales for fiscal year 2021 (\"FY 2021\") to $42.2 million – slightly above the top end of Byrna's most recent guidance of $40.0 to $42.0 million and up approximately 150% from fiscal year 2020 (\"FY 2020\") sales of $16.6 million.\n\n \n \n \n \n \n \n\n \nThe majority of Byrna's sales continue to be generated through Byrna's e-commerce efforts. For Q4 2021, the sales breakdown was as follows:\nByrna.com - $7.86 million (70.1%) Amazon.com - $0.83 million (7.4%) Dealer / Distributor - $1.47 million (13.1%) International - $0.94 million (8.4%) Law Enforcement - $0.1 million (1.0%)The Company expects to see continued strong growth in fiscal year 2022. As a result, Byrna is initiating full year revenue guidance of $60 to $65 million for the current fiscal year ending November 30, 2022 (\"FY 2022\"). Byrna believes that revenues for the first quarter of FY 2022 (\"Q1 2022\") ending February 28, 2022 will range between $11.0 to $11.5 million. The first quarter of each fiscal year is traditionally a slower quarter for Byrna, coming on the heels of the seasonally strong fourth quarter which benefits from holiday buying. The Company expects revenues to increase in each subsequent quarter with the introduction of new products and the opening of new markets. \nShare Repurchase Program\nThe Company also announced that its Board of Directors has authorized the repurchase of up to $30 million of the Company's common stock over the next two years. This authorization reflects the Board's belief that the shares of the Company are currently undervalued. \"Based on the strength of our balance sheet, coupled with our recent performance and long-term outlook, we believe an opportunity exists to create value for our shareholders while continuing to fund operations and invest in our key growth-driving strategies,\" explained Mr. Ganz. \"The repurchases will partially offset the increase in shares outstanding resulting from the conversion of the Company's Series A Preferred Stock...