Business
Stran & Company Achieves 48.5% Increase in Revenue for the 2022 Fiscal Year and Returns to Profitability for the Fourth Quarter of 2022
Achieves Record Revenue of $18.3 million and Net Income of $903,000 for the Fourth Quarter of 2022 Conference call to be held today at 10:00 AM ET QUINCY,
About this update from Stran & Company, Inc.
[{"type":"text","content":"Achieves Record Revenue of $18.3 million and Net Income of $903,000 for the Fourth Quarter of 2022 Conference call to be held today at 10:00 AM ET QUINCY, Mass., March 30, 2023 (GLOBE NEWSWIRE) -- Stran & Company, Inc. (\"Stran\" or the \"Company\") (NASDAQ: SWAG) (NASDAQ: SWAGW), a leading outsourced marketing solutions provider that leverages its promotional products and loyalty incentive expertise, today provided a business update and reported financial results for the year ended December 31, 2022. Andy Shape, President and CEO of Stran, commented, “Throughout 2022, we continued to grow and generated revenue of approximately $59.0 million for the 2022 fiscal year, a 48.5% increase compared to 2021. Importantly, we returned to profitability for the fourth quarter of 2022, generating approximately $18.3 million in revenue and $903,000 of net income compared to $12.6 million in revenue and net loss of $31,000 for the fourth quarter of 2021. We believe these fourth-quarter 2022 results are primarily a result of the investments we have made into the business and enhanced sales and marketing initiatives. We implemented a number of business initiatives during the year with the objective of enhancing our long-term growth and profitability. These initiatives included strategic investments, multiple acquisitions, and implementation of the first phase of NetSuite ERP for improved operational efficiencies and scalability, while managing expenses. We expect to continue these and other efforts toward attaining sustained strong performance. At the same time, we have maintained a solid balance sheet with a combined $25.0 million of cash and short-term investments as of December 31, 2022, with no long-term debt.” “During 2022, we announced three acquisitions, all of which we believe will bring Stran unique advantages and opportunities. To start 2022, we acquired the business and assets of G.A.P. Promotions, LLC (“G.A.P. Promotions”), which added customers in new industry verticals, while providing us new revenue streams that we plan to build upon. Following the G.A.P. Promotions acquisition, we acquired the business and assets of Trend Promotional Marketing Corporation (d/b/a Trend Brand Solutions) (“Trend”), a strategic transaction, as Trend is located in the Houston, Texas area, which is home to two dozen Fortune 500 companies, and ranks th...