SalesRevenue for the quarter was $65.3, up $6.9 from the comparable quarter in the prior year. Revenue for the first nine months of 2022 was $178.3 million, down $23.9 compared to the nine months ending September 30, 2021. The Company’s decrease in sales levels is the result of supply chain issues experienced during the year. Sales backlog continues to remain at very high levels.
Net Loss for the Quarter
Net loss for the third quarter was $2.5, compared to a net loss of $0.7 for the same period in 2021. For the nine months ending September 30, 2022, the net loss was $1.1, compared to the net income of $3.5 for the similar period in 2021. Positive contributing factors included an increase in gross margin of $1.1 over the prior year’s quarter. Offsetting factors included a decrease in the gain on disposal of assets of $0.5, an increase in foreign exchange loss of $1.4, and an increase in research and development of $0.5.
The Company continues to deal with supply chain issues and the resulting inefficiencies in production and delays in shipments. This is expected to continue in the near term. Sales are expected to grow as the Company is able to resolve the supply chain issues. The Company's order backlog remains very high. Inventory is projected to decrease as the Company is able to reduce the supply chain issues. In the past year, the Company restructured its manufacturing capacity and made changes to reduce the overall cost of operations. The restructuring coupled with improved supply chain and increased shipments will increase the profitability of the Company.
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