George Risk Industries, Inc. First Quarter Fiscal 2022 Results and Announcement of Annual Dividend
KIMBALL, NE / ACCESSWIRE / September 20, 2021 / GEORGE RISK INDUSTRIES, INC., (OTC PINK: RSKIA), a diversified U.S. manufacturer and leader of a wide variety of products in the security and proximity sensor industries, reported net sales of $ 4,955,000 for the quarter ending July 31, 2021. This is an increase of 22.44% over the same period of the previous year. Net income for the quarter ended July 31, 2021 was $ 1,746,000, a decrease of 29.97% from the corresponding quarter last year. Unrealized gains on investments were not as large as in the same quarter last year, resulting in an overall decline in net income. Earnings per share for the quarter ended July 31, 2021 were $ 0.35 per common share and $ 0.50 per common share for the quarter ended July 31, 2020.
George Risk Industries, Inc. is on track to have another year of record sales. Like everyone else, we faced challenges during the pandemic, but we were fortunate to be able to stay open every day, selling, producing, and shipping products across the country and around the world. Unlike many manufacturers who have experienced long lead times and shipping bottlenecks, we have been relatively unscathed with bulk purchasing and planning for advanced delivery times. However, as it looks like the pandemic will continue into the third year, we are starting to see delays in our supply chain.
Much of the increase in revenue can be attributed to the reopening of many businesses where our products are sold. These businesses include large national retail chains, warehouses, and technology companies. Fortunately, we haven’t seen a slowdown in orders. Our product backlog continues to be an ongoing battle. Additional hiring, offering overtime and additional manufacturing space are solutions that we follow to meet the needs of our customers. Quality, customer service and resolving these barriers remain at the forefront of our day-to-day operations.
New product development includes explosion proof contacts that will be UL listed for hazardous locations. Customer demand prompted the development of this type of high security magnetic reed switch. An updated version of the Pool Access Alarm (PAA) has received ETL approval and production has started. Our glass break detector is being redesigned as well as our water shut-off system which will now include a brass valve.
At the last George Risk Industries, Inc. board meeting, held on September 8, 2021, a dividend of $ 0.50 per common share was declared. This is an increase of $ 0.08 from the dividend paid last year. This dividend will be paid to shareholders of record on September 30, 2021 and will be paid no later than October 31, 2021.
George Risk Industries, Inc. is engaged in the design, manufacture and sale to distributors and OEMs of custom computer keyboards, push button switches, burglar alarm components, alarms access to the pool, thermostats, EZ Duct wire covers, hydroelectric sensors and tool wires and cables. The company is represented in the United States, Canada, Asia and EMEA (Europe, Middle East and Africa.).
Stephanie M. Risk-McElroy, President / CEO / CFO
THE SOURCE: George Risk Industries, Inc.
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