Business
Interim Results for Six Months Ended 30 June 2023
Interim Results for Six Months Ended 30 June 2023.
About this update from Spectra Systems Corporation
[{"type":"text","content":"\n\nSpectra Systems Corporation\nInterim Results for the Six Months Ended 30 June 2023\n \n \n \n \nSpectra Systems Corporation (\"Spectra Systems\" or the \"Company\"), a leader in machine-readable high speed banknote authentication, brand protection technologies and gaming security software, is pleased to announce its interim results for the six months ended 30 June 2023.\n \n \nFinancial highlights:\n \n· Revenue of $11,621k (2022: $9,265k) up 25%\n \n· Adjusted EBITDA1 up 55% at $5,903k (2022: $3,818k)\n \n· Adjusted PBTA1 up 59% to $5,837k (2022: $3,669k)\n \n· Adjusted earnings2 per share up 74% to US $10.8 cents (2022: US $6.2 cents)\n \n· Cash generated from operations of $4,418k (2022: $7,245k) \n \n· Strong, debt-free balance sheet, with cash3 of $16,582k (2022: $17,961k) at 30 June 2023\n \n1 Before stock compensation expense and excludes non-controlling interest\n2 Before amortization and stock compensation expense, excludes noncontrolling interest and fewer remaining tax credits\n3 Does not include $500,000 (2022: $500,000) of restricted cash and investments\n \n \n \nOperational highlights:\n \n· Achieved key development and payment milestones for sensor development program positioning Spectra Systems for preproduction units in 2024 and production units in 2025\n \n· Completed fiscal year order at 22% higher pricing with in-house manufacturing for supply chain mitigation with a major central bank customer\n \n· Ongoing large print trial of polymer substrate with Middle Eastern central bank\n \n· Successful tests with new K-cup printer completed\n \n· Successful installation and staff training for our first Banknote Disinfection System with an Asian central bank\n \n· Hired new managing director for Canadian gaming software division\n \nCommenting on the results, Nabil Lawandy, Chief Executive Officer, said:\n \n\"The Company's first half revenues and earnings are up substantially from the six months ended June 30, 2022 with increases of 25%...