CSP Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended of September 30, 2016
January 13, 2017 at 02:43 am IST
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CSP Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended of September 30, 2016. For the fourth quarter of fiscal 2016, the company’s revenue was $25.6 million compared with $27.7 million in the fourth quarter a year ago. Net income was $561,000, or $0.14 per diluted share, compared with net income of $653,000, or $0.18 per share, in the fourth quarter of fiscal 2015. Operating income was $727,000 compared to $1,091,000 a year ago. Income before income taxes was $691,000 compared to $1,156,000 a year ago. Net income attributable to common stockholders was $536,000 compared to $653,000 a year ago. Revenues were down 7%, reflecting short-term softness in the Technology Solutions Division due to large customer buying patterns, primarily in Europe.
For full year fiscal 2016, the company’s revenue was $103.4 million compared with $89.3 million for fiscal year 2015. Net income was $2.6 million, or $0.67 per diluted share, compared with a net loss of $210,000, or $0.06 per share, for fiscal year 2015. Operating income was $3,801,000 compared to $226,000 a year ago. Income before income taxes was $3,600,000 compared to $16,000 a year ago. Net income attributable to common stockholders was $2,495,000 compared to net loss pf $210,000 a year ago.
CSP Inc. develops and markets information technology (IT) integration solutions, advanced security products, managed information technology services, cloud services, purpose built network adapters, and cluster computer systems. The Company operates through two segments: Technology Solutions (TS) and High Performance Products (HPP). TS focuses on value added reseller (VAR) integrated solutions including third party hardware, software and technical computer related consulting and managed services. TS segment consists of Modcomp, Inc. subsidiary, operates in the United States and the United Kingdom. HPP segment designs, manufactures and delivers products and services to customers that require cyber security services, networking and signal processing products. HPP segment also provides Myricom network adapters for high-performance packet capture and application offloading.