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Genasys™ Inc. Reports Fiscal Second Quarter 2020 Financial Results
SAN DIEGO, May 11, 2020 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), a global provider of critical communications systems and solutions, today announced
About this update from Genasys Inc.
[{"type":"text","content":"SAN DIEGO, May 11, 2020 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), a global provider of critical communications systems and solutions, today announced financial results for its fiscal second quarter ended March 31, 2020.\n Fiscal Second Quarter 2020 Financial Summary Fiscal 2020 second quarter revenues were $8.3 million, compared with $10.2 million in the same period last year. The COVID-19 outbreak partially impacted the acceptance testing and delivery of two orders with a total value of approximately $1.6 million. Virtual acceptance testing and partial deliveries were completed in April, with the balance scheduled to ship in the fiscal third quarter. Gross profit margin was 48.4%, compared with 50.9% in the second quarter of fiscal 2019. Gross profit decreased compared with the same quarter in the prior year primarily due to $0.1 million of additional engineering charges resulting from the use of a more precise process to charge engineering expenses to cost of sales. Operating expenses were $3.7 million, down slightly from $3.8 million in the same period last year. Net income for the quarter was $0.3 million, or $0.01 per diluted share, compared with net income of $1.2 million, or $0.04 per diluted share, in the second quarter of fiscal 2019. Cash and cash equivalents totaled $16.4 million on March 31, 2020, compared with $18.8 million on September 30, 2019. Working capital totaled $25.5 million on March 31, 2020, compared with $24.8 million on September 30, 2019. First Six Months Financial Summary Revenues for the first six months of fiscal 2020 were $17.1 million, compared with $20.4 million in the same period last year. Revenues decreased for the six-month period ended March 31, 2020 compared to the same prior year period due to the timing for delivery of the backlog at September 30, 2019. Gross profit margin was 50.5%, unchanged from the first six months of fiscal 2019. Operating expenses were $7.6 million, mostly unchanged from the same period last year. Net income for the first six months was $0.9 million, or $0.03 per diluted share, compared with net income of $2.2 million, or $0.07 per diluted share, in the first six months of fiscal 2019. “Fiscal second quarter and first half revenues met expectations in spite of the COVID-19 outbreak partially impacting the delivery of $1.6 million in orders at the end of the q...