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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.
Fannie Mae forecasts a modest recession beginning in early 2023, driven by elevated mortgage rates and home prices constraining housing activity. The Economic and Strategic Research Group predicts a 0.6% decline in GDP growth for 2023 and a cumulative 6.7% drop in home prices over two years, although they do not foresee a repeat of the Great Financial Crisis. Existing home sales are expected to remain depressed due to affordability issues, while new home sales may outperform. Economic signals indicate a potential soft landing, although a tight labor market could lead to prolonged elevated rates by the Federal Reserve.
Fannie Mae's latest Home Price Index (FNM-HPI) report indicates a decline in annual home price growth to 9.2% in Q4 2022, a significant drop from 13.1% the previous quarter. Non-seasonally adjusted, home prices fell by 1.0% from Q3 2022, while seasonally adjusted prices rose 0.2%. Rising mortgage rates and inflation are squeezing buyer affordability, contributing to a slowdown in home sales and reduced supply due to homeowners' reluctance to give up lower-rate mortgages. The FNM-HPI serves as a key indicator of single-family home price trends in the U.S.
Retail Holdings N.V. (RHDGF) announced its financial results for the year ending December 31, 2022, revealing a net loss of
The Fannie Mae Home Purchase Sentiment Index (HPSI) rose by 3.7 points in December 2022 to 61.0, yet remains significantly below pre-pandemic levels. Despite a slight upturn, year-over-year the index is down 13.2 points, highlighting ongoing affordability issues due to high mortgage rates and home prices. Only 21% of consumers believe it is a good time to buy a home, attributed to persisting economic concerns. As 2023 begins, affordability continues to challenge potential homebuyers, with expectations that existing homeowners will hesitate to sell until rates improve.
Fannie Mae's Economic and Strategic Research Group forecasts a mild recession starting in early 2023, despite a slight GDP growth of 0.4% for 2022. Home sales projections for 2022 and 2023 have been revised to 5.72 million and 4.57 million units, respectively, mainly influenced by mortgage rate fluctuations. The ESR Group anticipates a rebound of 14.7% in home sales in 2024 as economic growth resumes. The report emphasizes ongoing affordability challenges in housing, impacting mortgage origination activity.
Touchstone Bankshares, Inc. (OTC Pink: TSBA) has declared an annual cash dividend of $0.32 per share for its common and preferred shareholders. This dividend represents a 6.7% increase from the previous year, marking an increase of $0.02 per share. Shareholders of record by January 6, 2023 will receive their payment on January 20, 2023. The announcement reflects the company's solid performance in 2022 and its confidence in future business growth.
On December 8, 2022, Burnham Holdings, Inc. (OTC: BURCA) declared a $0.22 quarterly common stock dividend and a $1.50 semi-annual preferred stock dividend, both payable on December 29, 2022, with a record date of December 22, 2022. This move reflects the company's commitment to returning value to shareholders. The annual meeting is scheduled for April 24, 2023, at the Lancaster Marriott, indicating ongoing investor engagement.
CV Sciences, Inc. (OTCQB:CVSI) will release its third-quarter financial results for the period ending September 30, 2022, on November 14, 2022, before the market opens. A conference call will be held the same day at 7:00 a.m. PT, accessible via phone or webcast. The company, known for its PlusCBD™ products, operates in both consumer product manufacturing and drug development. CV Sciences adheres to strict manufacturing practices and has achieved self-affirmed GRAS status for its products, supported by clinical research.
Fannie Mae (FNMA/OTCQB) announced its third quarter 2022 financial results, revealing a net income of $2.4 billion for the quarter ending September 30, 2022. The company filed its Form 10-Q with the SEC, which includes key financial statements. Fannie Mae aims to enhance access to homeownership and affordable rental housing for Americans. The comprehensive results are available on Fannie Mae's website. A conference call discussing these results took place on November 8, 2022, at 8:00 AM ET, allowing analysts and stakeholders to delve into the financial performance details.
Fannie Mae (OTCQB: FNMA) has released its September 2022 Monthly Summary, providing insights into its gross mortgage portfolio, mortgage-backed securities, and serious delinquency rates. The report outlines the firm's monthly and year-to-date activities while highlighting key performance metrics including interest rate risk measures. Fannie Mae continues its mission to promote equitable access to homeownership and affordable rental housing across the U.S.
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