Business
CSP Inc. Reports Fiscal Year 2020 First Quarter Results; Builds Momentum for New Product Launches in the Second Half of Fiscal Year 2020
LOWELL, Mass., Feb. 12, 2020 (GLOBE NEWSWIRE) -- CSPi (NASDAQ: CSPI), a provider of security and packet capture products, managed IT and professional services
About this update from Csp Inc.
[{"type":"text","content":"LOWELL, Mass., Feb. 12, 2020 (GLOBE NEWSWIRE) -- CSPi (NASDAQ: CSPI), a provider of security and packet capture products, managed IT and professional services and technology solutions, reported results for the 2020 fiscal first quarter ended December 31, 2019. The Company announced that its Board of Directors has voted to pay a quarterly dividend of $0.15 per share to shareholders of record on February 28, 2020 payable on March 13, 2020.\n “I am pleased to report that our first quarter results met our expectations, and despite the unfavorable business mix, our gross margin improved over 100 basis points demonstrating our continued focus on high margin products to fuel our growth and profitability,” commented Victor Dellovo, Chief Executive Officer. “We remain confident about our opportunity pipeline and anticipated performance throughout the year, including a more favorable product mix in addition to royalty revenue from E-2D planes in the second half of fiscal 2020. Additionally, the launches of our exciting new offerings - ARIA and Unified-Communications-as-a-Service business (UCaaS) - are progressing as planned and will further foster our migration to a cybersecurity, wireless and managed service markets company.” “With regard to ARIA, we continue to have advanced discussions with a leading cable company and we anticipate this will result in a purchase,” said Mr. Dellovo. Fiscal Year 2020 First Quarter Results Revenue for the fiscal first quarter was $16.6 million compared to $19.0 million in the year-ago fiscal first quarter. Foreign exchange had a negative effect on net loss of $0.3 million for the quarter. Gross profit for the fiscal first quarter was $4.0 million, or 24.3% of sales, compared with $4.3 million, or 22.9% of sales in the year-ago fiscal first quarter. Net loss for the first quarter was $540,000, or $0.14 per share compared with net income of $50,000, or $0.01 per share for the first quarter of fiscal 2019. At December 31, 2019, the Company had cash and cash equivalents of $17.6 million. Conference Call Details CSPi Chief Executive Officer Victor Dellovo and Chief Financial Officer Gary W. Levine will host a conference call at 10:00 a.m. (ET) today to review CSPi’s financial results and provide a business update. To listen to a live webcast of the call, please visit the “Investor Relations” section of the Com...