Business
Stran & Company Revenue Increases 62.5% to a Record $12.3 Million for the First Quarter of 2022
Conference Call to Be Held Today at 10:00 am ET QUINCY, Mass., May 13, 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., May 13, 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 three months ended March 31, 2022. Andy Shape, President and CEO of Stran, commented, “We continue to successfully execute on our business strategy, as demonstrated by a 62.5% increase in revenue to $12.3 million for the first quarter of 2022, compared to the same period last year. Furthermore, we completed the highly synergistic and accretive acquisition of G.A.P. Promotions in January 2022. G.A.P. expands our reach within the beverage and consumer packaged goods industries. Even excluding the G.A.P. acquisition, our organic revenue increased 50.8% over the same period last year. As confirmation of the traction we’re gaining in the market, we also secured a multi-year contract with a large, nationally recognized healthcare company, which reflects our ability to address the complex marketing needs of our customers. The healthcare industry represents a significant market opportunity for promotional products. This contract alone is expected to generate over $6 million in annual recurring revenue for Stran with the ability to expand our engagement as we continue to perform. To support our continued growth, we appointed Sheila Johnshoy as Chief Operating Officer in March 2022. Sheila brings over 20 years of industry experience with an impressive track record developing and executing growth strategies, as well as building effective sales and marketing teams. We are honored to have Sheila join our team during this exciting time, as we work aggressively to expand our market share. “Overall, we believe that we have built a highly scalable business model, as illustrated by the decrease in operating expenses as a percentage of revenue, despite acquisition and integration expenses related to the G.A.P. acquisition, continued implementation of Oracle’s NetSuite as our new Enterprise Resource Planning (ERP) system, as well as the addition of public company costs and other fixed expenses to support our planned growth. As a result, we expect to continue and improve upon our...