Business
BYRNA TECHNOLOGIES REPORTS FIRST QUARTER 2022 FINANCIAL RESULTS
REITERATES FULL YEAR REVENUE GUIDANCE OF $55-$60 MILLION ANDOVER, Mass., April 6, 2022 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN) ("Byrna", "the
About this update from Byrna Technologies, Inc.
[{"type":"text","content":"REITERATES FULL YEAR REVENUE GUIDANCE OF $55-$60 MILLION \nANDOVER, Mass., April 6, 2022 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN) (\"Byrna\", \"the Company\", \"we\" or \"us\") today announced financial results for its fiscal first quarter (Q1 FY22) ended February 28, 2022.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2022 Financial Highlights and Updates\nRevenues decreased (10.3%) to $8.0 million from $8.9 million in last year's first quarter, however;Order backlog as of February 28, 2022 was $2.2 million with $1.6 million of international orders were held pending exports permits;Orders received during Q1 FY22 rose 45.6% to $8.9 million from $6.1 million in last year's first quarter (Q1 FY21);Gross profit for the quarter decreased by (2.7%) to $4.6 million from $4.7 million in last year's first quarter, however;Gross profit margin improved at 57.8% compared to 53.3% in last year's first quarter296,168 shares of common stock repurchased for $2.7 million during Q1 FY 22. First $10 million tranche completed in March with 1,050,249 shares repurchased.First Quarter 2022 Results Overview \nWhile revenues for Q1 FY22 decreased (10.3%) to $8.0 million in from $8.9 million in Q1 FY21, orders received during the quarter increased substantially, up 45.6% to $8.9 million in Q1 FY22 from $6.1 million in Q1 FY21. Sales for Q1 FY22 were lower than expected due to the large order backlog that did not ship by month-end. In addition to $1.6 million of international orders that were held pending export permits, part of the backlog was comprised of the Sportsman's Warehouse order, which shipped in March.\nLower sales volume caused only a slight decrease in gross profit which declined to $4.6 million, or 57.8% of reported net revenue, in Q1 FY22 as compared to gross profit of $4.7 million, or 53.3% of net revenue, in Q1 FY21. The improvement in gross margin as a percentage of sales was helped by improved operating efficiencies at the factories despite the lower production volumes. These improvements were partially offset by higher inbound freight costs which we believed peaked during this last quarter. We expect to see continued improvements in gross margins due to both increased production volumes and reduced per unit freight costs.\nOperating expenses were $8.0 million in Q1 FY22 as compared to $5.2 million in Q1 FY21 and $8.8 million i...