Business
CSP Inc. Fiscal Fourth Quarter Revenue Increases 67%; EPS of $0.31; Gross Backlog of $23.2 Million Remains Near Record Level
Full Year Gross Margin Increase Reflects Continued Demand for High Margin Products and ServicesLOWELL, MA / ACCESSWIRE / December 6, 2022 / CSP Inc.
About this update from Csp Inc.
[{"type":"text","content":"Full Year Gross Margin Increase Reflects Continued Demand for High Margin Products and ServicesLOWELL, MA / ACCESSWIRE / December 6, 2022 / CSP Inc. (NASDAQ:CSPI), an award-winning provider of security and packet capture products, managed IT and professional services and technology solutions, reported significantly improved financial and operating results for the fiscal 2022 fourth quarter and full year ended September 30, 2022, and provided a business update.The Company also announced that its board of directors has voted to pay a quarterly dividend of $0.03 per share to shareholders of record on December 21, 2022, payable on January 6, 2023.Fourth Quarter and Full Year Operating Highlights and Recent AchievementsProduct revenue grew 98.5% compared to the year-ago fourth quarterService revenue grew 24.6% compared to the year-ago fourth quarterThe Technology Solutions (TS) business segment generated significant revenue growth during the quarter, which reflects rising demand from both new and existing customersFor the full year, revenue grew 10.5% and EPS grew 161.7%Increased sales of higher margin products and services led to record gross margin as a percentage of sales of 34.6% for the full year, nearly 2 percentage points over the FY 2021 gross margin as a percentage of salesGross backlog (backlog) of $23.2 million as of September 30, 2022 was near a record level and grew significantly compared to $13.0 million as of September 30, 2021\"Our team, and our operations, achieved exceptional results during our fiscal fourth quarter. The TS business segment hit on all cylinders during the period demonstrating the strength of the CSPi product and services offerings,\" commented Victor Dellovo, Chief Executive Officer. \"I can say, unequivocally, we are executing our plan in every operating division, allowing us to achieve significant revenue growth of 67% for the fiscal fourth quarter compared to the year-ago fourth quarter. The rising momentum, when combined with our sizeable backlog of $23.2 million, renews our optimism and gives us confidence we can achieve even greater success in fiscal 2023.\"\"Our 67% revenue growth during the quarter was driven by the strength of the TS business and its Managed Services practice. The momentum generated in the fourth quarter has continued, to date, into our fiscal first quarter. We are winning ...