Business
CSP Inc. Reports 19% Year-over-Year Revenue Growth for Fiscal 2023; Net Income per Common Share - Diluted Increases 161% to $1.09
Commenced Fiscal 2024 with Momentum as Recently Launched AZT PROTECT Offering Secures Initial Customer Orders and Generates Enthusiasm at Several Industry
About this update from Csp Inc.
[{"type":"text","content":"Commenced Fiscal 2024 with Momentum as Recently Launched AZT PROTECT Offering Secures Initial Customer Orders and Generates Enthusiasm at Several Industry ConferencesYear End Backlog of Over $7 Million Returns to Pre-Pandemic Levels as Supply Chain Challenges Continue to EaseLOWELL, MA / ACCESSWIRE / December 12, 2023 / CSP Inc. (NASDAQ:CSPI), an award-winning provider of security and packet capture products, managed IT and professional services and technology solutions, today announced results for the fiscal fourth quarter and full year ended September 30, 2023. The Company also announced that the Board of Directors declared a quarterly dividend of $0.04 per share payable January 9, 2024, to shareholders of record on the close of business on December 22, 2023.Fiscal Fourth Quarter and Full Year Operating Highlights and Recent AchievementsNet income per common share - diluted for the fourth quarter was $0.30 including other income recognized from the Employee Retention Credit (ERC), net of costs to collect of $2.1 million and stock compensation expense, a non-cash expense, of $0.3 million.Full year revenue grew 19% compared to the year-ago period as the Company successfully converted the backlog to a pre-pandemic level.The full year's performance was primarily driven by the continued growth of the TS business, which increased 14% over the prior year.The recently launched ARIA Zero Trust PROTECT offering, within the High-Performance Product (HPP) business, secured several orders within weeks of its launch.Entered 2024 with a robust balance sheet, enabling the Company to leverage its resources to finance certain large customer orders at preferable interest rates.\"Our strong fiscal 2023 performance is due to several factors, including the sustained contribution of the TS business, the successful conversion of backlog to revenue and the ability to leverage our strong balance sheet to finance large customer orders,\" commented Victor Dellovo, Chief Executive. \"We achieved full year revenue growth of 19%, reported gross margin of 34% and grew Net income per common share - diluted well over 100% - all significant accomplishments that give us greater confidence to continue executing our strategy of transitioning the business to higher margin products and services.The TS business continued to grow throughout 2023, and we expect the bus...