First Quarter FYE 2023 Results and Annual Dividend Announcement

Rhea-AI Summary

George Risk Industries, Inc. (OTC PINK:RSKIA) reported net sales of $5,210,000 for the quarter ending July 31, 2022, marking a 5.15% increase year-over-year. However, net income decreased by 39.81% to $1,051,000, attributed to losses in realized and unrealized gains on investments. The company announced a $0.60 dividend per share, a $0.10 increase from the previous year, payable by October 31, 2022. Ongoing product development includes UL-listed explosion proof contacts and wireless monitoring devices, with production on a new pool access alarm series already started.

Positive

• Net sales increased by 5.15% to $5,210,000.
• Declared dividend increased by $0.10 to $0.60 per share.

Negative

• Net income decreased by 39.81% to $1,051,000.
• Losses reported in realized and unrealized gains on investments.

KIMBALL, NE / ACCESSWIRE / September 20, 2022 / GEORGE RISK INDUSTRIES, INC., (OTC PINK:RSKIA), a diversified and leading American manufacturer of a wide variety of products in the security and proximity sensor industries, recorded net sales of $5,210,000 for the quarter ending July 31, 2022. This is an increase of 5.15% over the same period last year. The increase in sales is mainly due to a price increase that became necessary to offset the increased costs of raw materials and labor. Net income for the quarter ended July 31, 2022, was $1,051,000, a 39.81% decrease from the corresponding quarter last year. Realized and unrealized gains on investments have losses in the current quarter. For the same quarter last year both categories were income amounts. Earnings per share for the quarter ended July 31, 2022, was $0.21 per common share and $0.35 per common share for the quarter ended July 31, 2021.

George Risk Industries, Inc. continued to see growth during the first quarter. The demand for hard wired security magnetic reed switches and our other security products remains strong. We are still dealing with the demand of one of our major competitors closing its doors at the end of calendar year 2019. At times, certain raw materials have not been available and have created a back-order log. But because of our financial stability, we can buy raw materials in larger quantities and do so when the opportunity arises. We have made great strides to increase some of our stocking levels and part of this is due to changes in production methods and enhanced awareness of our production group. Their knowledge and attention to detail in manufacturing and expediting quality, reliable products is to be commended. Customers service throughout the company remains a priority.

New product development includes explosion proof contacts which will be UL listed for hazard locations. Also in development are magnetic contacts which are listed under UL 634 Level 2. These sensors are for high security applications such as government buildings, military, nuclear facilities, and financial institutions. Engineering continues to work on wireless contact switches and monitoring devices which include glass break detection, tilt sensing and environmental monitoring. A redesign of our brass water valve shut off system is near completion. The new version of the pool access alarm series (PAA) has met ETL approval. Production on this new alarm has started.

At George Risk Industries, Inc. latest Board of Directors meeting, which was held on August 26, 2022, a dividend of $0.60 per common share was declared. This is a $0.10 increase from the dividend that was paid last year. This dividend will be paid to stockholders of record as of September 30, 2022 and will be paid out by October 31, 2022.

George Risk Industries, Inc. is engaged in the design, manufacture and sale to distributors and OEM manufacturers of custom computer keyboards, push button switches, burglar alarm components, pool access alarms, thermostats, E-Z Duct wire cover, hydro sensors and wire and cable tools. The company has representation in the United States, Canada, Asia and EMEA (Europe, the Middle East and Africa.).

CONTACT:
Stephanie M. Risk-McElroy, President/CEO/CFO
308-235-4645
800-523-1223

SOURCE: George Risk Industries Inc

View source version on accesswire.com:
https://www.accesswire.com/716791/First-Quarter-FYE-2023-Results-and-Annual-Dividend-Announcement

FAQ

What were the net sales for George Risk Industries in Q1 2023?

Net sales for George Risk Industries in Q1 2023 were $5,210,000.

What is the current dividend amount for RSKIA?

The current dividend amount for RSKIA is $0.60 per common share.

When will the dividend for RSKIA be paid?

The dividend will be paid by October 31, 2022, to stockholders of record as of September 30, 2022.

How much did net income decrease for RSKIA in Q1 2023?

Net income for RSKIA decreased by 39.81% to $1,051,000 in Q1 2023.

What are some new product developments by George Risk Industries?

New products include explosion proof contacts, UL-listed magnetic contacts, and wireless monitoring devices.