Retractable Tech - RVP STOCK NEWS

Retractable Technologies, Inc. (NYSE American: RVP) has announced a workforce reduction of approximately 16% due to the completion of its facility expansion and U.S. government orders related to COVID-19 vaccination efforts. The layoffs, primarily affecting production, operations, and logistics, are expected to save the company around $2.1 million annually, representing a 13% decrease in payroll expenses. The total separation costs are estimated at $200,000. Despite these changes, Retractable anticipates maintaining its production levels and enhancing capacity.

Retractable Technologies (RVP) reported $9.7 million in operating income for Q1 2022, down from $23.4 million in Q1 2021. Net sales decreased to $44.7 million from $50.1 million, impacted by a 46.8% drop in domestic sales, largely due to reduced orders from the U.S. government. However, international revenues surged by 1,313.2%. Increased transportation costs and operational expenses contributed to a 27.7% rise in operating expenses. Despite these challenges, future demand may grow due to COVID-19 booster recommendations.

Retractable Technologies, Inc. (RVP) has terminated its Rule 10b5-1/10b-18 Repurchase Plan effective April 14, 2022. Since June 2021, the company repurchased 1,087,145 shares for approximately $8.1 million. The decision to cancel the plan arose from the Board's observation that the stock price was not reflective of the company's economic performance, despite trading at a discount. The current market capitalization is below the asset value of the corporation.

Retractable Technologies, Inc. (NYSE American: RVP) reported substantial revenue growth for 2021, reaching approximately $188.4 million, a 130.1% increase from 2020, driven largely by demand for COVID-19 vaccination products. The U.S. government accounted for 60.3% of total revenue. Operating income rose to $72.6 million, and gross profit margin improved to 50.6%. However, operating expenses surged 75.9%, and there remains uncertainty regarding future government contracts. The company is expanding its manufacturing facilities in Texas to boost production capacity.

Retractable Technologies, Inc. (RVP) announced dividends for Series II Class B and Series 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, cover the period from January 1, 2022, to March 31, 2022. Payment is scheduled for April 21, 2022, to shareholders of record as of April 11, 2022. The company specializes in safety medical products designed to reduce needlestick injuries and bloodstream infection risks.

Retractable Technologies, Inc. (RVP) declared dividends for its Series II Class B and Series III Class B Convertible Preferred Stock totaling $39,050.00 and $39,495.10. The dividends accrued at $1.00 per share per annum. The Series II dividends cover October 1, 2021, to December 31, 2021, while the Series III dividends cover July 1, 2021, to December 31, 2021. Payment is scheduled for January 24, 2022, to shareholders of record as of January 10, 2022.

Retractable Technologies, Inc. (NYSE American: RVP) reported significant improvement in financial performance for the first nine months of 2021, with operating income rising to $44.1 million compared to $11.8 million in the previous year. Income applicable to common shareholders also surged to $35.0 million from $14.7 million. Net sales reached $36.4 million for Q3 2021, driven largely by orders from the U.S. government, which accounted for over 50% of total sales. Despite revenue increases, gross margins were pressured by rising transportation costs due to COVID-19 impacts.

Retractable Technologies, Inc. (NYSE American: RVP) has declared dividends of $39,050 for its Series II Class B Convertible Preferred Stock, equating to $0.25 per share. The accrued dividends at 10% per annum cover amounts from July 1, 2021 to September 30, 2021. Payment is scheduled for October 22, 2021, to shareholders on record as of October 12, 2021. This announcement highlights the company's commitment to its investors, despite potential operational risks and external market challenges.

Retractable Technologies, Inc. (NYSE American: RVP) reported a significant increase in operating income, reaching $36.1 million for the first six months of 2021, up from $1.4 million in the prior year. Income applicable to common shareholders was $28.5 million, compared to $3.7 million the previous year. Net sales for the quarter ended June 30, 2021, were $42.5 million, with the U.S. government accounting for 64.4% of sales. Domestic revenues surged 325.0%, driven by increased government orders.