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Revenue
Consolidated revenues for fiscal 2022 were $30.3 million compared to $28.9 million for fiscal 2021. The revenues for fiscal 2022 consisted of $29.8 million in processing and storage fee revenue, $104,000 in product revenue and $462,000 in public banking revenue compared to $28.4 million in processing and storage fee revenue, $111,000 in product revenue and $376,000 in public banking revenue for fiscal 2021.
Net Income
The Company reported net income of $2.8 million in fiscal 2022 or $0.33 per basic and diluted share, compared to net income of $2.1 million in fiscal 2021 or $0.26 per basic and $0.25 per diluted shares. Net income for the fiscal year ended November 30, 2022 was due to a 5% increase in revenue, a 2% decrease in cost of sales and a 7% increase in selling, general and administrative expenses compared to the prior fiscal year. Also included in net income for the twelve months ended November 30, 2021 was a public bank inventory impairment charge of $1.2 million. Due to changes in sales trends and estimated recoverability of cost capitalized into the public bank inventory, an impairment charge was recognized during fiscal 2021 to reduce inventory from cost to net realizable value.
Posted In: CCEL
