Fri, Sep 20, 1:54 PM (174 days ago)
Chase General Corporation reported a decline in financial performance for the fiscal year ending June 30, 2024, with sales decreasing by 1.5% to $3,395,505 compared to $3,446,234 in the prior year. The cost of sales rose by 7.6%, leading to a gross profit drop of 21.3% to $853,502. Operating expenses increased to $952,128, resulting in a loss from operations of $98,626, contrasting with a profit of $163,363 in 2023. The net loss for the year was $92,077, down from a net income of $157,167 the previous year, significantly impacting earnings per share, which fell to $(0.23) from $0.03. Working capital decreased to $561,091, and the accumulated deficit grew to $5,661,645. The company attributed the sales decline to shifts in product demand, with the Seasonal Candy Products division growing while Chase Candy Products saw a drop. Future strategies include price increases to offset rising raw material costs and efforts to expand market reach. Risks include reliance on a limited customer base and potential volatility in raw material pricing. The company acknowledges a need for improved cybersecurity measures and internal controls.