Fri, May 24, 9:06 PM (260 days ago)
Procyon Corporation's Q3 FY 2024 report indicates a mixed financial performance. Net sales for the quarter ended March 31, 2024, increased by 7% to $1,198,539 from $1,124,824 in the same period last year. However, the company reported a net loss of $102,788 for Q3 FY 2024, compared to a net loss of $29,471 in Q3 FY 2023. Operating expenses rose by 12% to $1,019,557, driven by increased salaries and benefits, and higher selling, general, and administrative expenses. Cash decreased from $451,306 as of June 30, 2023, to $325,130 as of March 31, 2024, primarily due to operating and investing activities. The company has a net working capital of $1,501,553 and long-term lease liabilities of $185,379. Despite the increased sales, higher operating expenses and a net loss indicate financial pressures. Future operations could be impacted by continued economic pressures on salaries and increased operating costs.