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Butler National Corporation (OTCQB: BUKS) is a prominent player in the aerospace modifications and professional services sectors. The company’s Aerospace Products segment is dedicated to the manufacture, sale, and service of electronic equipment, as well as modifications to aircraft structures and electrical systems. This segment is supported by two FAA Repair Stations, and focuses on aircraft such as Learjet, Beechcraft King Air, Caravan, and Gulfstream. Additionally, Butler National designs and manufactures robust electronic controls and cabling.
The Professional Services segment of Butler National operates a gaming and entertainment facility in Dodge City, Kansas. Known as Boot Hill Casino and Resort, this facility features approximately 500 slot machines, 16 table games, and a DraftKings branded sportsbook.
For the first quarter of fiscal 2024, Butler National reported a 12% increase in revenue to $17.2 million, driven by a 28% increase in Aerospace Products revenue and a slight 1% rise in Professional Services revenue. The second quarter of fiscal 2024 also saw growth, with a 1% increase in overall revenue to $19.6 million. The Aerospace Products segment continues to explore new opportunities in both domestic and international markets, focusing on the development of new Federal Aviation Administration supplemental type certificates (STCs).
Notably, sports wagering became legal in Kansas on September 1, 2022, contributing $0.7 million to the Professional Services segment’s revenue in the first quarter of fiscal 2024. This segment is highlighted by the operation of a DraftKings branded sportsbook at Boot Hill Casino & Resort, opened on February 28, 2023.
Financially, Butler National showed a positive net income of $719,000 in the first quarter of fiscal 2024, up from $431,000 in the same period of fiscal 2023. Despite a decrease in cash position by $7.8 million during the three months ended July 31, 2023, the backlog remained strong at $29.3 million. The company continues to focus on upgrading facilities, controlling general and administrative expenses, and enhancing shareholder value.
In terms of recent achievements, Butler National has invested significantly in the development of new products, spending approximately $828,000 in the first quarter of fiscal 2024 on design, engineering, testing, and certification. The company is optimistic about its future, with a strong backlog and ongoing efforts to recruit skilled workers and develop new products.
Peoples Financial , the parent company of The Peoples Bank, announced a semi-annual cash dividend of $0.18 per common share, payable on June 10, 2024, to shareholders recorded by June 5, 2024. Chairman and CEO Chevis C. Swetman highlighted the company's financial improvement and commitment to returning earnings to shareholders. Founded in 1896, the bank operates 17 branches along the Mississippi Gulf Coast and offers various banking and financial services. The company recently celebrated its third-best year of earnings and was ranked among the 2024 OTCQX Best 50.
International Isotopes (OTCQB: INIS) announced its fiscal Q1 2024 results, revealing a 6% decline in revenue to $2.90M from $3.09M in Q1 2023 due to global Cobalt-57 isotope shortages. Nonetheless, the Theranostics Products segment experienced an 8% revenue growth, and the Cobalt Products segment saw a 48% increase. Gross profit rose by 5% to $1.87M, while the net loss widened slightly to $154K from $148K in Q1 2023. Operating income also decreased by 80%. Cash and cash equivalents decreased to $2.37M from $2.69M at the end of 2023. Despite isotope constraints, the company anticipates growth in the Nuclear Medicine segment by late Q3 2024 and plans to commercialize new Medical Devices later this year.
Trucept (DBA Afinida) reported a notable financial performance for Q1 2024, with significant increases in both revenue and gross profit. Net revenue rose by 21%, reaching $4,952,143 compared to $4,092,027 in Q1 2023. Gross profit saw a 31% increase, totaling $3,411,530 versus $2,607,352 the previous year.
The company's current ratio also improved to 1.07 from 1.0. CEO Norman Tipton attributes this success to strategic investments in technology and a focus on client-centric services, enhancing operational efficiencies and customer satisfaction. Afinida's service portfolio includes marketing, insurance, payroll, HR, accounting, and risk management solutions.
This robust financial performance underscores Afinida's commitment to sustainable growth and delivering shareholder value.
Energy Services of America (Nasdaq: ESOA) reported revenue of $71.1 million, a 33% increase, and a gross profit of $6.2 million, a 60% increase for the fiscal second quarter ended March 31, 2024. The net loss improved by $765,000 to $1.1 million, or ($0.07) per share, and adjusted EBITDA improved by $1 million to $923,000. The backlog stood at $222.8 million, showing growth compared to the prior quarter.
The Company's positive financial results were driven by increased work in Gas & Petroleum Transmission and Electrical, Mechanical, and General business lines. Despite higher selling and administrative expenses due to additional personnel, the Company remains optimistic about future growth opportunities given the strong industry outlook and robust backlog.
Adjusted EBITDA for the quarter was $922,930, reflecting the Company's cash-generating activity. Energy Services of America remains committed to safety, quality, and production, serving customers in various industries with over 1,000 employees.
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