Fiscal Year End 2024 And Annual Dividend Announcement

Rhea-AI Summary

George Risk Industries, Inc. (OTC Pink: RSKIA) reported strong financial results for the fiscal year ending April 30, 2024. Net sales increased by 8.95% to $21,767,000, while net income surged 58.88% to $7,558,000. Earnings per share rose to $1.54, up from $0.96 in the previous year. The company declared a dividend of $1.00 per common share, a $0.35 increase from last year.

Despite ongoing material delays, GRI has open orders exceeding $1.3 million. The company is developing new products, including explosion-proof contacts and high-security magnetic contacts for government and military applications. GRI continues to see strong demand across residential and commercial sectors, indicating a growing economy.

Positive

• Net sales increased by 8.95% to $21,767,000
• Net income surged 58.88% to $7,558,000
• Earnings per share rose to $1.54 from $0.96 in the previous year
• Dividend increased by $0.35 to $1.00 per common share
• Open orders exceeding $1.3 million, indicating strong demand
• Development of new high-security products for government and military applications

Negative

• Ongoing material delays impacting demand fulfillment

KIMBALL, NE / ACCESSWIRE / August 14, 2024 / GEORGE RISK INDUSTRIES, INC., (KNOWN AS "GRI") (OTC Pink:RSKIA), a diversified and leading American manufacturer of a wide variety of products in the security and proximity sensor industries, concluded its fiscal year ending April 30, 2024 with a net profit of 34.72% of net sales. Net sales for the current fiscal year were $21,767,000, up 8.95% over the previous fiscal year. Net income for the year ended April 30, 2024 was $7,558,000, a 58.88% increase from the reported net income of $4,757,000 for the year ended April 30, 2023. Earnings per common share ("EPS") for the years ended April 30, 2024 and 2023 was at $1.54 per share and $0.96 per share, respectively.

Material delays continue to impact our ongoing demand. We currently have open orders exceeding $1.3 million. From all accounts, with the volume of orders we receive daily with the variety of products, encompassing residential and commercial, indications point to a strong and growing economy. In talking with our distributors, they concur that business is very good, and that demand remains high. We are grateful for the alarm companies, integrators, OEMs and installers around the globe who put their trust in GRI security products and Labor Saving Device tools.

New product development includes explosion proof contacts which will be UL listed for hazardous locations. We are receiving several calls a week for this high security magnetic reed switch. 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. Other projects include a small profile glass break detector and programmable temperature and humidity sensors with built-in hysteresis. An expansion of the GR3045 panic switches is in the works to include SPDT versions, latching and non-latching with LED indicator lights. A miniature profile overhead door contact based on the popular 4532 is also in development.

At George Risk Industries, Inc.'s latest Board of Directors meeting, which was held on July 25, 2024, a dividend of $1.00 per common share was declared. This is a $0.35 increase from the dividend that was paid last year. This dividend will be paid to stockholders of record as of September 30, 2024 and will be paid out by October 31, 2024.

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 the original press release on accesswire.com

FAQ

What were George Risk Industries' (RSKIA) financial results for fiscal year 2024?

For fiscal year 2024, George Risk Industries (RSKIA) reported net sales of $21,767,000, up 8.95% year-over-year, and net income of $7,558,000, a 58.88% increase from the previous year. Earnings per share rose to $1.54 from $0.96 in fiscal year 2023.

How much dividend did George Risk Industries (RSKIA) declare for 2024?

George Risk Industries (RSKIA) declared a dividend of $1.00 per common share for 2024, which is a $0.35 increase from the dividend paid in the previous year.

What new products is George Risk Industries (RSKIA) developing?

George Risk Industries (RSKIA) is developing explosion-proof contacts for hazardous locations, high-security magnetic contacts for government and military applications, a small profile glass break detector, programmable temperature and humidity sensors, expanded panic switches, and a miniature profile overhead door contact.

What is the current value of open orders for George Risk Industries (RSKIA)?

George Risk Industries (RSKIA) reported open orders exceeding $1.3 million, indicating strong ongoing demand for their products.