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Genasys Inc. Reports Record Fiscal Year 2020 Financial Results
SAN DIEGO, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in critical communications systems and solutions, today announced
About this update from Genasys Inc.
[{"type":"text","content":"SAN DIEGO, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in critical communications systems and solutions, today announced record fiscal fourth quarter and fiscal year revenues and net income in its financial results for the Company's fiscal year ended September 30, 2020. “Strong LRAD® revenues fueled record fiscal fourth quarter and fiscal year revenues,” said Richard S. Danforth, Chief Executive Officer of Genasys Inc. “Fiscal fourth quarter revenues were $14.0 million and fiscal year revenues totaled $43.0 million, the best in the Company's history.” Fiscal Fourth Quarter 2020 Financial Summary Fiscal 2020 fourth quarter revenues were $14.0 million, an increase of 80% from $7.7 million in the same period last year. Higher backlog entering the fourth quarter of fiscal 2020, compared to the prior year period, contributed to the record revenues. Gross profit margin was 54.0%, compared with 46.2% in the fourth quarter of fiscal 2019. The increase was primarily due to higher revenues, which further leveraged the Company's fixed operating expenses. Operating expenses were $4.5 million, an increase of 16% from $3.9 million in the same period a year ago. The increase was primarily due to higher selling, general and administrative expenses to support the higher revenue and future revenue growth opportunities. Net income in the quarter was $9.4 million, or $0.27 per diluted share, compared with a net loss of $0.1 million, or $(0.00) per share, in the fourth quarter of fiscal 2019. The increase was primarily due to higher revenue and gross profit, and a non-cash income tax benefit of $6.4 million during the quarter ended September 30, 2020, which resulted from the $7.1 million release of a portion of the valuation allowance against deferred tax assets. Fiscal Year 2020 Financial Summary Revenues for fiscal 2020 were $43.0 million, an increase of 16% from $37.0 million in fiscal 2019. Higher backlog entering fiscal 2020, compared to the prior year, contributed to the record fiscal year revenues. Gross profit margin of 52.6% was 23% higher than last fiscal year. Gross profit increased primarily due to higher revenues, which further leveraged the Company's fixed operating expenses. Operating expenses were $16.6 million, an increase of 8% from $15.3 million in the same period a year ago. The increase was p...