Tue, Jul 9, 7:39 PM (60 days ago)
Micropac Industries, Inc. reported a positive financial performance for the quarter ending May 25, 2024. Key highlights include: - **Revenue**: Net sales increased to $8,063,000 for the quarter, a 8.3% rise from $7,443,000 in the same period last year. Year-to-date sales were $14,181,000, up from $13,632,000. - **Profit Margins**: The cost of goods sold was stable at around 61.7% of net sales. Operating income improved to $323,000 from $225,000, driven by higher sales and controlled costs. - **Net Income**: Net income surged to $846,000 for the quarter from $214,000 in the previous year, with a year-to-date net income of $1,023,000. - **Cash Flow**: Cash and cash equivalents rose to $11,017,000, reflecting a $718,000 increase due to operational cash inflows and efficient debt management. - **Debt**: Total liabilities decreased to $17,902,000 from $20,039,000, with long-term debt standing at $15,106,000. - **Outlook**: The backlog remains strong at $37,006,000, indicating robust future demand. Overall, the company showed improved financial health with increased sales, higher net income, and strong cash flow, despite a slight decrease in backlog and new orders.