Business
Ostin Technology Group Reports Fiscal Year 2022 Results
NANJING, China, Feb. 16, 2023 /PRNewswire/ -- Ostin Technology Group Co., Ltd. (the "Company") (Nasdaq: OST), a supplier of display modules and polarizers in
About this update from Ostin Technology Group Co., Ltd.
[{"type":"text","content":"NANJING, China, Feb. 16, 2023 /PRNewswire/ -- Ostin Technology Group Co., Ltd. (the \"Company\") (Nasdaq: OST), a supplier of display modules and polarizers in China, today reported its financial results for the fiscal year ended September 30, 2022.\nFiscal Year 2022 Summary\n- Sales decreased by approximately $62.3 million, or 37%, to approximately $105.4 million for the fiscal year ended September 30, 2022 from approximately $167.7 million for the fiscal year ended September 30, 2021.\n- Overall gross profit margin was 12% for fiscal year ended September 30, 2022 as compared to 10% for fiscal year ended September 30, 2021. The improvement in gross margin was largely due to the significantly higher gross margin of the Company's new research and development services.\n- Net income was approximately $112,227 and $3.3 million in the fiscal years ended September 30, 2022 and 2021, respectively.\n- Cash and cash equivalents were $3.8 million as of September 30, 2022, as compared to $0.7 million as of September 30, 2021.\n\"During the fiscal year ended September 30, 2022, the Company's revenue was primarily impacted by the decrease in sales of display modules resulted from the decline of market demand for display modules and the continuous lockdown in mainland China from late 2021 to 2022. However, based on seasonality in the Company's business and cyclical nature of the Company's industry, we believe that the market demand will gradually recover in the second half of 2023 and give a steady boost to the Company's sales of display modules and polarizers in the next 12 to 18 months,\" said Mr. Tao Ling, Chairman and CEO of the Company.\n\"We have transitioned certain product lines from trial to mass production and will further improve the Company's research and development capabilities by leveraging accumulated experience and expertise in new product research and development, specifically catering to the Company's major end-brand clients. Looking ahead, the Company's focus remains on enhancing operating performance and executing the Company's profitable business strategy.\"\nFor the Fiscal Years Ended September 30\n (in $ millions, except earnings per share; differences due to rounding)\n2022\n2021\n% Change\nRevenues\n$\n \n105.4\n$\n167.7\n \n(37 %)\nGross profit\n12.6\n17.4\n(27 %)\nGross margin\n12 %\n10 %\n2 percentage points\nOpe...