ACCESS Newswire
19 Sep 2019, 00:43 GMT+10
KIMBALL, NE / ACCESSWIRE / September 18, 2019 / GEORGE RISK INDUSTRIES, INC., (OTC PINK:RSKIA), a diversified and leading American manufacturer of a wide variety of products in the security and proximity sensor industries, recorded net sales for the quarter ended July 31, 2019 to be $3,552,000.00, a 3.59% increase over the same period in the prior year, in which sales of $3,429,000.00 were recorded. Net income for the quarter ended July 31, 2019 was $866,000.00, a 40.36% increase from the corresponding quarter last year, which showed net income of $617,000.00. Earnings per share for the quarter ended July 31, 2019 was $0.17 per common share and $0.12 per common share for the quarter ended July 31, 2018.
Management is pleased with the Company's growth despite the many challenges that arise in running a business. The back-order log from the prior year has been remedied by obtaining sufficient inventory in our stockroom, resulting in shipment of products in a timelier fashion. The Company has also seen the return of some old customers buying from us again. Continual employee training of our ERP system, which was implemented in 2017, has produced substantial growth in the Company's ability to run a lean and profitable facility. The tariffs being levied by the U S government is a concern because of raw material prices.
The Company's acquisition of the assets of Labor Saving Devices in October 2017 has immensely aided in the Company's growth. Our existing products lines have also seen growth. Management continues to seek opportunities of other businesses and such that might be a good fit to the GRI family. Operating expenses have increased slightly as compared to the corresponding current last year, yet still stay at less than 30% of net sales. Sales growth produced additional labor costs in hiring new employees, wage increases and increased commission amounts to our sales representatives. Newly reconfigured products in our cable & wiring tools segment (LSDI) are scheduled to enter the marketplace soon. Management never ceases to push the importance of our notable customer service that is proudly known throughout the security industry. This first quarter company performance is a reflection of the endurance and dedication of its employees. Management is very optimistic that the three remaining quarters will experience continued growth.
At George Risk Industries, Inc. latest Board of Directors meeting on August 27, 2019, a dividend of $0.40 per common share was declared. This is a $0.02 increase from the dividend that was paid last year. This dividend will be paid to stockholders of record as of September 30, 2019 and will be paid out by October 31, 2019.
George Risk Industries, Inc. is engaged in the design, manufacture and sales to distributors and OEM manufacturers of custom computer keyboards, push button switches, burglar alarm components, pool alarms, thermostats, E-Z Duct wire cover, hydro sensors and wire and cable tools. The company has representation in the United States, Canada, Asia and EMEA (Europe, the Middle East and Africa.).
CONTACTS
STEPHANIE M. RISK-McELROY, PRESIDENT/CEO/CFO
308-235-4645
800-523-1223
SOURCE: George Risk Industries Inc.
Get a daily dose of Raleigh Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Raleigh Times.
More InformationLONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
(Photo credit: Steven Bisig-Imagn Images) After a week of angst that saw them fall out of first place in the American League East,...
(Photo credit: Brad Penner-Imagn Images) Giancarlo Stanton hit a three-run homer in the sixth inning, Aaron Judge added his 34th...
(Photo credit: Charles LeClaire-Imagn Images) Pittsburgh Pirates center fielder Oneil Cruz accepted an invitation on Tuesday to compete...
(Photo credit: Stephen Brashear-Imagn Images) Cal Raleigh and Aaron Judge will be in the spotlight this week for their prolific power...
New Delhi [India], July 7 (ANI): Left-arm spinner R Sai Kishore is all set to play county cricket, having signed with Surrey for two...
Surrey [UK], July 7 (ANI): Indian left-arm finger-spinner Sai Kishore has signed for Surrey in Division One of the County Championship....