Coda Octopus Group Clocked FY24 Revenue of $19.4M, Down by 12.9% YoY, EPS of $0.28 Vs $0.38 YoY

Author: Benzinga Newsdesk | January 29, 2024 07:02am

• Total revenue was approximately $19.4 million compared to $22.2 million in FY2022, representing a reduction of 12.9%.
• Revenues from the Marine Technology Business (Products) were $12.1 million compared to $14.7 million in FY2022, a 17.7% decrease.
• Revenues from the Marine Engineering Business (Services) were $7.3 million compared to $7.5 million in FY2022, a 3.6% decrease.
• Gross profit was $13.0 million compared to $15.2 million in FY2022. Gross margin was 67.3% compared to 68.3% in FY2022. This is largely attributable to changes in the mix of sales and higher commission costs incurred in FY2023.
• Operating income was $2.7 million in FY2023 compared to $5 million in FY2022, a reduction of 45.3%. Operating margin was 14.2% compared to 22.5% in FY2022, driven by the aforementioned reduction in revenues.
• Net income before taxes was approximately $3.4 million in FY2023 compared to $5.1 million in FY2022, representing a reduction of 33.3%. Net income after taxes was $3.1 million in FY2023 compared to $4.3 million in FY2022, a reduction of 27.4%.
• Diluted earnings per share was $0.28 compared to $0.38 in FY2022.
• Net income before tax as a percentage of revenues for FY2023 was approximately 17.7% compared to 23.1% in FY2022. Research and Development expenditures for FY2023 were approximately $2.1 million, a reduction of 6.3%, compared to approximately $2.2 million in FY2022. SG&A in FY2023 was approximately $8.2 million, an increase of 3.1% over $7.9 million in FY2022.
• We also continued to strengthen our balance sheet, with a cash balance of $24.4 million at the end of FY2023. This represents an increase of $1.5 million over FY2022, when this figure was $22.9 million.

Posted In: CODA