Business
Stran & Company Announces Solid Revenue Growth and Profitability for 2021; Reports Approximately $32 Million in Cash, $40 million of Working Capital and No Long-Term Debt as of December 31, 2021
Conference Call to Be Held Today at 10:00 am ET QUINCY, Mass., March 28, 2022 (GLOBE NEWSWIRE) -- Stran & Company, Inc. ("Stran" or the "Company") (NASDAQ:
About this update from Stran & Company, Inc.
[{"type":"text","content":"Conference Call to Be Held Today at 10:00 am ET\nQUINCY, Mass., March 28, 2022 (GLOBE NEWSWIRE) -- Stran & Company, Inc. (\"Stran\" or the \"Company\") (NASDAQ: STRN) (NASDAQ: STRNW), 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, 2021. Andy Shape, President and CEO of Stran, commented, “We are pleased to report revenue growth and profitability for 2021. Overall, revenues increased over 5%; however, our recurring organic sales, defined as those sales excluding the U.S. Census program, revenue from the Wildman Imprints asset acquisition, and personal protective equipment (PPE), increased 49.5%, or $10.3 million, from $20.9 million in the year ended December 31, 2020 to $31.2 million in the year ended December 31, 2021. At the same time, our gross profit improved and we achieved profitability for the full year. Heading into 2022 we are off to a strong start and expect to achieve solid double digit year-over-year organic growth in 2022. As an example, in January 2022 we signed a multi-year contract with a large nationally recognized healthcare company to provide incentive products and literature designed to help drive consumer health behaviors, which we expect will drive significant revenue with potential expansion opportunities. This new customer illustrates our shift from largely transactional sales to program offerings with long-term recurring revenue streams. In addition to broadening our customer base, we are also deepening our penetration within existing customers, given our compelling value proposition and comprehensive offering to address the complex marketing needs of our customers. We are especially encouraged by the macro trends, as employees return to the workplace and there are more in-person events.” “We also remain focused on accretive acquisitions that would be highly synergistic with our existing operations. As an example, we recently acquired GAP Promo, a leading full-service promotional products agency that generated over $7 million of sales in 2021. GAP Promo’s expertise in point of sale, display, racks and more will expand Stran’s reach within the beverage and consumer packaged goods sectors. We expect this transaction to be highly accretive,...