Crawford United Corporation Announces First Quarter 2021 Results
Crawford United Corporation (OTC: CRAWA) reported Q1 2021 revenues of $24.0 million, down from $25.3 million year-over-year. Operating income decreased to $2.3 million from $3.1 million, attributed to the impact of the pandemic on customer demand. However, net income rose to $3.1 million or $0.93 per diluted share, boosted by a $1.5 million loan forgiveness under the CARES Act. The company completed the acquisitions of Komtek Forge and Global-Tek Manufacturing, which are expected to enhance sales and earnings moving forward.
- Net income increased to $3.1 million or $0.93 per diluted share, up from $2.1 million or $0.63 year-over-year.
- Completed acquisitions of Komtek Forge and Global-Tek Manufacturing, expected to positively impact sales and earnings.
- Sales decreased from $25.3 million to $24.0 million year-over-year.
- Operating income fell from $3.1 million to $2.3 million due to weakened customer demand.
- Revenue of
$24.0 million - EPS of
$0.93 - Completed the acquisitions of Komtek Forge and Global-Tek Manufacturing
CLEVELAND, May 11, 2021 (GLOBE NEWSWIRE) -- Crawford United Corporation (OTC: CRAWA), a growth-oriented holding company serving diverse markets, today reported results for the three-month period ended March 31, 2021.
For the quarter ended March 31, 2021, sales were
The decreases in sales and operating income were due to the ongoing global pandemic, which continued to weaken customer demand in some of the industries served by the Company’s business segments. The increase in net income was primarily the result of forgiveness in the amount of
Brian Powers, Chairman and CEO, stated “We are pleased with the ongoing recovery of our business from the pandemic and remain confident in our ability to achieve long-term strategic priorities. Our recent acquisitions of Komtek Forge and Global-Tek Manufacturing will positively impact our levels of sales and earnings for the remainder of 2021. Crawford United is continuing to explore opportunities for growing revenue and improving profitability, with an eye towards additional acquisitions.”
About Crawford United Corporation. Crawford United Corporation is a growth-oriented holding company providing specialty industrial products to diverse markets, including healthcare, education, aerospace, defense, and transportation. The company currently operates two business segments. The Commercial Air Handling Equipment business is a leader in designing, manufacturing, and installing highly customized, large-scale commercial, institutional, and industrial air handling solutions, primarily for hospitals and universities. The Industrial & Transportation Products segment provides highly complex precision components to customers in the aerospace and defense industries, as well as a full line of branded metal, silicone, plastic, rubber, hydraulic, marine and fuel hose products. For more information, go to www.crawfordunited.com.
Information about Forward Looking Statements. This press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements made regarding the company’s future results. Generally, these statements can be identified by the use of words such as “guidance,” “outlook,” “believes,” “estimates,” “anticipates,” “expects,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements, or other statements made by the Company, are made based upon management’s expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors (including, but not limited to, those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. As a result, actual results of the Company could differ materially from those expressed in or implied by such forward looking statements. These uncertainties and factors include the Company’s ability to successfully integrate acquisitions, and manage the larger operations of the combined businesses, the Company’s dependence upon a limited number of customers in the aerospace industry, the highly competitive industry in which the Company operates, which includes several competitors with greater financial resources and larger sales organizations, the Company’s ability to capitalize on market opportunities in certain sectors, the Company’s ability to obtain cost effective financing and the Company’s ability to satisfy obligations under its financing arrangements, statements related to the expected effects on the Company’s business of the COVID-19 pandemic, the duration and scope of the COVID-19 pandemic and impact on the demand for the Company’s products, actions that governments, businesses and individuals take in response to the pandemic, including mandatory business closures and restrictions on onsite commercial interactions and any re-imposed public health measures or tightened public health restrictions in response to any increased spread of new strains of COVID-19 in the Company’s markets, the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity, the pace of recovery when the COVID-19 pandemic subsides, efforts made to combat COVID-19, including vaccine development and distribution, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth, as well as the risks described from time to time in the Company’s reports as filed with the Securities and Exchange Commission. Further information on potential factors that could affect the financial results of the Company and its forward-looking statements is included in its most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statement, except as may be required by law. These forward-looking statements speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Brian E. Powers
Chairman & CEO
216-243-2449
bpowers@crawfordunited.com
“Crawford United has a great future behind it.”
| CRAWFORD UNITED CORPORATION Consolidated Income Statement (Unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, | ||||||||||||
| 2021 | 2020 | |||||||||||
| Sales | $ | 23,994,004 | 100 | % | $ | 25,281,574 | 100 | % | ||||
| Cost of Sales | 17,991,083 | 75 | % | 19,073,431 | 75 | % | ||||||
| Gross Profit | 6,002,921 | 25 | % | 6,208,143 | 25 | % | ||||||
| Operating Expenses: | ||||||||||||
| Selling, general and administrative expenses | 3,677,461 | 15 | % | 3,069,994 | 12 | % | ||||||
| Operating Income | 2,325,460 | 10 | % | 3,138,149 | 12 | % | ||||||
| Other (Income) Expenses: | ||||||||||||
| Interest charges | 218,618 | 1 | % | 297,421 | 1 | % | ||||||
| Other (income) expense | (1,562,117 | ) | -6 | % | 71,361 | 0 | % | |||||
| Total Other (Income) and Expenses | (1,343,499 | ) | -5 | % | 368,782 | 1 | % | |||||
| Income before Income Taxes | 3,668,959 | 15 | % | 2,769,367 | 11 | % | ||||||
| Income tax expense | 525,542 | 2 | % | 693,797 | 3 | % | ||||||
| Net income | $ | 3,143,417 | 13 | % | $ | 2,075,570 | 8 | % | ||||
| Net income per common share | ||||||||||||
| Basic | $ | 0.93 | $ | 0.63 | ||||||||
| Diluted | $ | 0.93 | $ | 0.63 | ||||||||
| Weighted average shares outstanding | ||||||||||||
| Basic | 3,392,839 | 3,311,477 | ||||||||||
| Diluted | 3,393,720 | 3,313,157 | ||||||||||
FAQ
What were Crawford United's revenues for Q1 2021?
How did Crawford United's net income change in Q1 2021?
What acquisitions did Crawford United complete recently?
Why did Crawford United's sales decline in Q1 2021?
