Retractable Tech - RVP STOCK NEWS

Retractable Technologies, Inc. (AMEX: RVP) announced dividends for its Series II and Series III Class B Convertible Preferred Stock, totaling $39,050.00 and $19,061.25, respectively. The dividends have accrued at $1.00 per share from January 1, 2023 to March 31, 2023, with payment scheduled for April 20, 2023, to shareholders of record as of April 10, 2023. Retractable manufactures safety medical products aimed at reducing needlestick injuries, including VanishPoint^® syringes and Patient Safe^® products.

Retractable Technologies, Inc. (AMEX: RVP) reported a 49.7% decrease in revenues for 2022, totaling approximately $94.8 million compared to $188.4 million in 2021, primarily due to the decline in U.S. government orders for COVID-19 vaccinations. Domestic sales fell 68.8%, while international revenues increased 105%. The company incurred a $853,000 loss from operations and net income dropped to $5.1 million versus $56.1 million in 2021. Operating expenses rose 27.9% due to increased stock option expenses, while share buybacks totaled $7.6 million. Reductions in workforce are expected to save $3.8 million annually.

Retractable Technologies, Inc. (NYSE American: RVP) has announced a workforce reduction of about 22% due to decreased domestic production needs. This decision primarily impacts the production, operations, and logistics departments, aiming for an annual savings of approximately $1.7 million, which is about 13% of its payroll expenses. The expected separation costs are around $154,000. Despite the workforce cut, the company is confident it can maintain its domestic production capacity to meet current demands.

Retractable Technologies, Inc. (RVP) has announced a plan to repurchase 3 million shares of its common stock from BML Investment Partners at $1.60 per share, an 8% discount from the last closing price of $1.74 on December 22, 2022. The company views this repurchase as advantageous due to the stock’s low price, enhancing shareholder value. This strategic move could positively impact earnings per share (EPS) by reducing the total shares outstanding, thereby potentially increasing the stock price in the future.

Retractable Technologies, Inc. (NYSE American: RVP) has declared dividends for holders of its Series II and Series III Class B Convertible Preferred Stock, amounting to $39,050.00 and $19,061.25, respectively. These dividends, accrued at $1.00 per share per annum, cover the period from October 1, 2022 to December 31, 2022. Payment is scheduled for January 20, 2023, to shareholders on record as of January 10, 2023. Retractable manufactures safety medical products designed to prevent needlestick injuries and bloodstream infections.

Retractable Technologies, Inc. (AMEX: RVP) has released a statement addressing concerns regarding stock price anomalies linked to potential market manipulation. An independent economic consulting firm conducted an analysis in 2021, revealing significant discrepancies in the stock's reaction to positive disclosures, which often resulted in negative or insignificant price changes. Following the submission of findings to the SEC in March 2022, the agency decided not to pursue the matter. The Company expresses discontent that stock performance does not align with operational performance, advising shareholders on potential investment risks.

Retractable Technologies, Inc. (RVP) reported an operating income of $7.0 million for the first nine months of 2022, a significant decrease from $44.1 million in the same period last year. The third quarter of 2022 saw an operating loss of $691 thousand, down from $8.0 million profit in Q3 2021. Total net sales fell to $23.1 million for Q3 2022, compared to $36.4 million in Q3 2021, primarily due to the absence of government sales. However, international sales surged by 507.4% due to vaccination efforts, accounting for 71% of total unit sales in Q3 2022.

Retractable Technologies, Inc. (RVP) has declared dividends for its Series II and III Class B Convertible Preferred Stock, amounting to $39,050.00 and $19,061.25 respectively. The dividends accrued at $1.00 per share per annum for the period from July 1, 2022 to September 30, 2022. Payments will be made on October 21, 2022 to shareholders of record as of October 11, 2022. The company specializes in safety medical products designed to minimize needlestick injuries.

Retractable Technologies, Inc. (NYSE American: RVP) reported a significant decline in operating income, reporting $7.7 million for the first half of 2022 compared to $36.1 million in 2021. The second quarter saw an operating loss of $2.1 million, down from a profit of $12.7 million in 2021. Total net sales fell to $14.3 million for Q2 2022 and $59.1 million for the first half, mainly due to the absence of orders from the U.S. government, although international sales showed a notable increase. The company is uncertain about future orders from government contacts.