Fiscal Year 2022 Nine Month Results
Revenue for the fiscal nine months ended June 30, 2022, was $37.7 million compared with revenue of $39.2 million for the same prior year period. Gross profit for the fiscal nine months ended June 30, 2022, was $12.8 million, or 33.9% of sales, compared with $12.0 million, or 30.6% of sales, reflecting a more favorable product mix. The Company reported net income of $0.5 million in the fiscal nine months ended June 30, 2022, or $0.11 income per diluted common share compared with a net loss of $(0.1) million, or $(0.03) loss per common share for the fiscal nine months ended June 30, 2021. The 2021 nine-month results include a gain on forgiveness of debt of the Paycheck Protection Plan SBA Loans at the TS and HPP segment totaling $2.2 million, which was established as part of the CARES Act loan and recognized in fiscal 2021 first quarter.
The Company had cash and cash equivalents of $21.4 million as of June 30, 2022, which was an increase of $1.4 million from September 30, 2021. During the fiscal third quarter ended June 30, 2022, the Company utilized the stock repurchase program and repurchased approximately 7,000 shares of its common stock.
Conference Call Details
CSPi Chief Executive Officer Victor Dellovo and Chief Financial Officer Gary W. Levine will host a conference call at 10:00 a.m. (ET) today, August 11, 2022, to review CSPi’s financial results and provide a business update. To listen to a live webcast of the call, please visit the “Investor Relations” section of the Company’s website at www.cspi.com. Individuals may also listen to the call via telephone, by dialing 888-506-0062 or 973-528-0011 and use the Participation Access Code: 654267 when greeted by the live operator. For interested parties unable to participate in the live call, an archived version of the webcast will be available for approximately one year on CSPi’s website.
About CSPi
CSPi (NASDAQ: CSPI) operates two divisions, each with unique expertise in designing and implementing technology solutions to help their customers use technology to success. The High Performance Product division, including ARIA Cybersecurity Solutions, originated from supporting initiatives for the Department of Defense and Western intelligence agencies related to network monitoring, data protection, and intelligence initiatives. This focused mindset now results in foolproof data protection, enterprise wide. Our ARIA Software Defined Security solutions set provides enhanced network security, as well as accelerating incident response capabilities, while our Myricom nVoy Series appliances provide automated breach identification and notification, enabled by the 10G dropless packet capture inherent in our Myricom intelligent adapters. CSPi’s Technology Solutions division helps clients achieve their business goals and accelerate time to market through innovative IT solutions and professional services by partnering with best-in-class technology providers. For organizations that want the benefits of an IT department without the cost, we offer a robust catalog of Managed IT Services providing 24×365 proactive support. Our team of engineers have expertise across major industries supporting five key technology areas: Advanced Security; Communication and Collaboration; Data Center; Networking; and Wireless & Mobility.
Safe Harbor
The Company wishes to take advantage of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking under the Act. Such forward-looking statements may include but are not limited to, in addition, our gross backlog increasing to over $23.8 million, HPP business, which reported modest revenue in fiscal Q3 and will likely report similar results in fiscal Q4 and is nonetheless positioned for success during fiscal 2023 and the ARIA opportunity pipeline strengthens from quarter to quarter. As such, we believe we have a substantial opportunity ahead of us as our fiscal year unfolds, we continue to weather the COVID-19 impacts, supply chain issues have affected the timing of our sales and there is no short solution to this world-wide problem as disclosed daily in the world media and with a solid balance sheet we believe we have the resources to manage the business and are positioned to execute our operating strategies when our target customers are able to introduce new solutions into their operations.
The Company cautions that numerous factors could cause actual results to differ materially from forward-looking statements made by the Company. Such risks include general economic conditions, market factors,
