Business
CSP Inc. Reports Fiscal 2021 Fourth Quarter and Full Year Results; Quarterly and Annual Gross Margin Continued to Expand
Achieves Record 9/30 Backlog of $13 Million LOWELL, Mass., Dec. 08, 2021 (GLOBE NEWSWIRE) -- CSP Inc. (NASDAQ: CSPI), an award-winning provider of security
About this update from Csp Inc.
[{"type":"text","content":"Achieves Record 9/30 Backlog of $13 Million\nLOWELL, Mass., Dec. 08, 2021 (GLOBE NEWSWIRE) -- CSP Inc. (NASDAQ: CSPI), an award-winning provider of security and packet capture products, managed IT and professional services and technology solutions, reported financial and operating results for the fiscal 2021 fourth quarter and full year ended September 30, 2021, and provided a business update. Fourth Quarter/Full Year Operating Highlights and Recent Achievements Services revenue grew 27% compared to the year-ago fourth quarterFavorable revenue mix led to a quarterly and annual gross margin of 41.7% and 32.8%, respectivelyCompany-wide year-end backlog reached $13 million demonstrating solid customer demand for products and services and reflects a 165% increase over the prior yearPrudent expense management and emergence and continued acceptance of new products and services provides management with the resources to execute the multi-year growth strategyRecorded a one-time $465,000 gain in the fourth quarter from release of escrow money from the sale of our German subsidiary in 2018 “The demand for our products and services remain at an all-time high as we ended the fourth quarter with record backlog of $13 million, which reflects a 165% increase from the year-ago backlog,” commented Victor Dellovo, Chief Executive Officer. “This level of success validates our strategic approach to the market and gives us greater confidence to pursue our operating objectives and focus on our higher margin offerings. With the Technology Solutions (TS) business again leading the way, our Managed Services Practice (MSP) continued to add new and larger customers while the better-than-expected activity level of Unified Communication as a Service (UCaaS) is garnering enthusiasm in the current fiscal first quarter. I believe UCaaS will turn profitable in the coming quarters, which is quite a feat since it was launched two years ago and just prior to one of the worst imaginable periods in our country. While the HPP business had a slight rebound from Q3, the signing of additional ARIA customers in the quarter and amount of interest being generated supports our view that it will dramatically change the revenue contribution from the HPP business. Our team continues to perform at a high level. However, the effects of COVID-19, inflationary and supply chain pres...