Business
TX Rail Products, Inc. Reports Revenue Increase of 31% for First Quarter of Fiscal 2025
TX Rail Products, Inc. Reports Revenue Increase of 31% for First Quarter of Fiscal 2025.
About this update from Tx Rail Products, Inc.
[{"type":"text","content":"\n ASHLAND, Ky., Feb. 03, 2025 (GLOBE NEWSWIRE) -- TX Rail Products, Inc. (OTC Markets PINK: TXRP), a supplier of rail and rail products to the U.S. coal mining industry, short line railroads and tunneling contractors, today announced financial results for the first quarter of fiscal year 2025. Mr. Shrewsbury, CEO and Chairman of TX Rail Products, Inc., commented, \"We delivered a 31% increase in revenue and generated positive cash from operations for the first quarter of fiscal 2025. We have added multiple new customers, and importantly, geopolitical conditions are favorable for our offerings. We expect these conditions will remain favorable in the coming years, especially in states where we already have an established presence.\" First Quarter Fiscal Year 2025 Financial Summary Revenue for the first fiscal quarter ended December 31, 2024, was $2.1 million as compared to $1.6 million for the same period in the prior year, an increase of 31.1%. Cost of goods sold was $1.6 million as compared to $1.3 million for the same period in the prior year, an increase of 28.7%. Gross profit for the first fiscal quarter ended December 31, 2024 increased as a percentage of revenue from 20.4% to 21.9% when compared to the same period the prior year. The increase in gross profit as a percentage of revenue is the result of the mix of products sold in the current quarter. Operating expenses for the first fiscal quarter ended December 31, 2024, were $277,000 as compared to $216,000 for the three months ended December 31, 2023, an increase of 28.2%. Other income for the first fiscal quarter ended December 31, 2024, was $607 as compared to other expense of ($5,100) in the same quarter the prior year. Net income for the current first fiscal quarter was $178,000, compared to $102,000 in the first quarter of fiscal year 2024, representing an increase of 73.4%. On December 31,2024, cash and cash equivalents were $260,000 compared to $114,000 as of September 30, 2024. Net cash provided by operating activities was $138,000 for the three months ended December 31, 2024. Net cash used in investing activities was $0 for the first three months of fiscal 2025 and fiscal 2024. Net cash provided by financing activities for the first three months of fiscal year 2025 was $8,000 as compared to cash used in financing activities of ($107,000) for the same period the ...