Business
TX HOLDINGS REPORTS RESULTS FOR 2021 FISCAL YEAR
TX HOLDINGS REPORTS RESULTS FOR 2021 FISCAL YEAR.
About this update from Tx Rail Products, Inc.
[{"type":"text","content":"\n    Revenue for year ended September 30, 2021, increased 47% as compared to 2020   Net income for year ended September 30, 2021, was $133,803 as compared to net income of $4,128 in 2020   Gross profit for year ended September 30, 2021, increased 48% as compared to 2020   Third full year in which company has posted net income ASHLAND, Ky., Oct. 29, 2021 (GLOBE NEWSWIRE) -- TX Holdings, Inc. (OTC Markets PINK: TXHG), a supplier of mining and rail products to the U.S. coal mining industry, today announced financial results for the 2021 fiscal year. During the fiscal year 2021, the company reported annual revenue of $3,440,763, a 47.3% increase when compared to the same period the prior year. Net income for fiscal year 2021 was $133,803 an income increase of $129,675, when compared to a net income of $4,128 for the prior fiscal year. Mr. Shrewsbury, the company’s CEO and Chairman, stated that: “Our 9/30/21fiscal year was an appreciable improvement over the prior year. We are encouraged by our improved operational results driven by an increase in product demand, and our concerted sales efforts to focus on products with higher margins. The increase in sales and gross profit of 47% and 48%, respectively, during the current fiscal year over the prior year attest to the success of the ongoing operational strategy” Fiscal Year 2021 - Financial Summary Revenue for the fiscal year ended September 30, 2021, was $3,440,763 as compared to $2,335,590 for the same period in the prior year, an increase of $1,105,173 or 47.3%. Cost of goods sold was $2,785,813 as compared to cost of goods sold of $1,883,735 for the same period the prior year, an increase of $902,078 or 47.9 %. Gross profit for the fiscal year ended September 30,2021 and 2020 remained at 19.0% as a percentage of revenue. Operating expenses for the fiscal year ended September 30, 2021, were $512,088 as compared to $505,793 for the fiscal year ended September 30, 2020, an increase of $6,295 or 1.2%. Other income/expense for the fiscal year ended September 30, 2021, resulted in a loss of $9,059 as compared to income of $58,066 in the same period the prior year. The loss variance of $67,125 was the result of a $36,500 Small Business Association loan for payroll payments which was forgiven by the Federal Government during the 2...