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Genasys™ Inc. Reports Fiscal Third Quarter 2020 Financial Results
SAN DIEGO, Aug. 10, 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, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in critical communications systems and solutions, today announced record fiscal third quarter revenues in its financial results for the period ended June 30, 2020.\n Fiscal Third Quarter 2020 Financial Summary Fiscal 2020 third quarter revenues were $12.0 million, an increase of 35% from $8.9 million in the same period last year, and the highest revenue in any third quarter in the Company's history. The increase in revenues was due to a larger backlog and the timing of deliveries in backlog as of March 31, 2020, as compared to March 31, 2019. Gross profit margin was 54.1%, compared with 51.9% in the third quarter of fiscal 2019. Gross profit increased 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 $1.5 million, or $0.04 per diluted share, compared with $0.6 million, or $0.02 per diluted share, in the third quarter of fiscal 2019. Cash and cash equivalents totaled $20.7 million on June 30, 2020, up from $16.4 million on March 31, 2020, and $18.8 million on September 30, 2019. Working capital totaled $26.9 million on June 30, 2020, compared with $24.8 million on September 30, 2019. “Record fiscal third quarter revenues were driven by a 115% increase in acoustic hailing device (“AHD”) revenues, as compared with the same period last year,” said Richard S. Danforth, Chief Executive Officer of Genasys Inc. “Bookings for the quarter were $22.7 million, an increase of 118% from fiscal third quarter 2019 bookings. Backlog at June 30, 2020 also increased to $26.4 million. Strong fiscal third quarter bookings and backlog have the Company on track for record fiscal year revenues.” First Nine Months Financial Summary Revenues for the first nine months of fiscal 2020 were $29.0 million, compared with $29.2 million in the same period last year. Gross profit margin was 52.0%, compared with 50.9% the first nine months of fiscal 2019. Gross profit increased primarily due to a better mix of revenue. Operating expenses w...