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Genasys™ Inc. Reports Fiscal First Quarter 2020 Financial Results
SAN DIEGO, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), a leading critical communications company, today announced financial results for its
About this update from Genasys Inc.
[{"type":"text","content":"SAN DIEGO, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), a leading critical communications company, today announced financial results for its fiscal first quarter ended December 31, 2019.\n Fiscal First Quarter 2020 Financial Summary Fiscal 2020 first quarter revenues were $8.8 million, compared with $10.2 million in the same period last year. Gross profit margin was 52.4%, compared with 50.0% in the first quarter of fiscal 2019. The improved gross margin was due primarily to a more favorable mix of product sales. Operating expenses were $3.9 million, up slightly from $3.8 million in the same period last year. Net income for the quarter was $0.62 million, or $0.02 per diluted share, compared with net income of $1.4 million, or $0.03 per diluted share, in the first quarter of fiscal 2019. Cash and cash equivalents totaled $17.1 million on December 31, 2019, compared with $18.8 million on September 30, 2018. Working capital totaled $25.8 million on December 31, 2019, compared with $24.8 million on September 30, 2019. “Revenues for the fiscal first quarter were in line with fiscal year 2020 first half expectations,” said Richard S. Danforth, Chief Executive Officer of Genasys Inc. “Bookings and backlog for the quarter were $4.3 million and $23.3 million, respectively. The strong backlog and continued sales pipeline growth in both our acoustic hailing device and public safety mass notification (PSMN) business segments have Genasys well-positioned for another strong year.” Select Fiscal First Quarter 2020 Operating and Business Highlights Rebranded the Company as Genasys Inc. in October 2019 to reflect our broader commitment to critical communications in all of the Company’s diverse market applications Appointed AtHoc co-founder, Ly Tran, as a strategic advisor to the Company Called on the California legislature and governor to fund public safety technology Awarded $1.4 million in PSMN orders from Laguna Beach and Newport Beach, CA “We expect fiscal 2020 to be another strong year with revenues weighted 40% in the first six months and 60% in the second half. The substantial increase in interest from European Union member nations, the Asia Pacific and other regions in our PSMN integrated solutions and National Emergency Warning System software is expected to result in formal requests for proposals this fiscal year,” co...