STOCK TITAN

otc - OTC STOCK NEWS

Welcome to our dedicated page for otc news (Ticker: otc), a resource for investors and traders seeking the latest updates and insights on otc stock.

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.

Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) announced the results of its twenty-seventh reperforming loan sale, comprising approximately 6,060 loans totaling $986.4 million in unpaid principal balance (UPB). The transaction, which will close on October 26, 2022, features three loan pools awarded to distinct bidders: PIMCO, Credit Suisse, and Barclays. Notably, Pool 1 consists of 1,790 loans with a UPB of $337.8 million, while Pool 2 has 2,217 loans valued at $338.9 million, and Pool 3 includes 2,055 loans worth $309.7 million. The sale emphasizes loss mitigation options for borrowers.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
-
Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) has priced a $604 million Multifamily DUS REMIC under its Guaranteed Multifamily Structures (GeMS™) program, marking the seventh issuance in 2022. The FNA 2022-M13 deal, priced on September 8, 2022, offers attractive features, including a 10-year call-protected, fixed-rate collateral. Dan Dresser, Senior VP, noted strong investor interest amidst a crowded market. All classes of this REMIC are guaranteed by Fannie Mae for timely interest and principal payments. The structure provides insights into the performance of multifamily loans across diverse U.S. regions.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
-
Rhea-AI Summary

MGT Capital Investments, Inc. (OTCQB: MGTI) announced a non-binding letter of intent to merge with Bit5ive LLC, aiming to create a significant player in Bitcoin mining infrastructure. The merger involves MGT issuing 70% to 80% of its stock to Bit5ive’s members, with Robert Collazo becoming CEO. MGT is also raising $1.5 million through convertible notes, generating $1,335,000 in net proceeds. However, the completion of the merger is subject to various conditions, including a financial audit of Bit5ive.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
Rhea-AI Summary

Fannie Mae's Home Purchase Sentiment Index (HPSI) fell by 0.8 points in August to 62.0, marking six consecutive months of decline. The index is down 13.7 points year-over-year, reflecting heightened concerns over home affordability due to rising prices and mortgage rates. While 73% of respondents viewed it as a 'bad time to buy,' home-selling sentiment also waned. Expectations for home prices turned neutral, with an increasing number anticipating price declines. Additionally, the sentiment about mortgage rates showed a slight increase in those expecting them to drop.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
-
Rhea-AI Summary

Fannie Mae's August 2022 Economic Outlook forecasts a challenging housing market, driven by rising mortgage rates and elevated inflation. The report predicts a 16.2% decline in total home sales for 2022, with mortgage origination expected to fall from $4.47 trillion in 2021 to $2.47 trillion in 2022 and $2.29 trillion in 2023. Despite a robust labor market, the outlook indicates a modest recession likely due to tighter monetary policies affecting investment and consumer spending.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
-
Rhea-AI Summary

AmBase Corporation (OTC: ABCP) reported a net loss of $983,000 or $0.02 per share for Q2 2022, improving from a loss of $1,234,000 or $0.03 per share in Q2 2021. For the first half of 2022, the net loss was $2,040,000 or $0.05 per share, compared to $2,869,000 or $0.07 in the same period last year. Operating expenses for Q2 2022 were $983,000, down from $1,234,000 in Q2 2021. The results indicate a slight improvement in performance year-over-year, despite ongoing challenges.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
Rhea-AI Summary

Woodlands Financial Services Company (OTC: WDFN) declared a quarterly cash dividend of 28 cents per share on July 25, 2022. The dividend is payable on August 26, 2022, to shareholders on record as of August 12, 2022. This reflects the company's commitment to providing returns to its shareholders. Woodlands Financial Services operates Woodlands Bank and Woodlands Stock Corporation, offering banking and trust services mainly in Lycoming and Clinton Counties.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
dividends
-
Rhea-AI Summary

Santa Cruz County Bank (OTCQX: SCZC) announced a first-ever $5 million Share Repurchase Program, authorized by its Board of Directors and approved by regulatory agencies. The initiative, which allows the bank to buy back shares in open market transactions until May 20, 2023, aims to enhance shareholder value. Chairman William J. Hansen cited the bank's strong financial performance and balance sheet as justification for the program. These repurchases will ultimately reduce the number of outstanding shares, demonstrating a commitment to investors.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
buyback
-
Rhea-AI Summary

Santa Cruz County Bank (OTC: SCZC) reported record financial results for Q2 2022, with net income of $6.37 million, an 18% increase from Q1 2022 and a 20% year-over-year growth. Assets reached $1.76 billion, representing an 8% increase from the previous year. Gross loans rose 19% to $1.19 billion, while deposits grew 9% to $1.56 billion. The bank's net interest margin was 3.90%, slightly down from 4.07% year-on-year. The launch of a new Asset-Based Lending Division aims to diversify offerings and enhance growth prospects.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
Rhea-AI Summary

On May 23, 2022, Santa Cruz County Bank (OTCQX: SCZC) launched its new Asset-Based Lending Division, directed by industry veterans Lee Shodiss and Shelly Medina. This division will focus on serving business clients and emerging growth companies in need of liquidity and flexible credit options. The division aims to bolster the bank's growth and support small businesses, particularly in the technology sector of Silicon Valley. President and CEO Krista Snelling highlighted the opportunity for capital support stemming from the pandemic's impact on working capital needs.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none

FAQ

What does Butler National Corporation specialize in?

Butler National Corporation specializes in aircraft modifications and professional services, including gaming management.

How did Butler National perform financially in the first quarter of fiscal 2024?

In the first quarter of fiscal 2024, Butler National reported a 12% increase in revenue to $17.2 million and a net income of $719,000.

What is the significance of sports wagering for Butler National?

Sports wagering became legal in Kansas on September 1, 2022, and contributed $0.7 million to the company's revenue in the first quarter of fiscal 2024.

What are the main products and services offered by Butler National’s Aerospace Products segment?

The Aerospace Products segment offers electronic equipment, aircraft modifications, robust electronic controls, and operates FAA Repair Stations focusing on various aircraft types.

What facilities does Butler National operate in its Professional Services segment?

Butler National operates Boot Hill Casino & Resort in Dodge City, Kansas, featuring slot machines, table games, and a DraftKings branded sportsbook.

What were the financial results for Butler National in the second quarter of fiscal 2024?

In the second quarter of fiscal 2024, Butler National reported a 1% increase in revenue to $19.6 million, with a net income of $5.0 million.

What is the current backlog for Butler National?

As of the latest report, Butler National’s backlog stands at $29.3 million.

How is Butler National enhancing shareholder value?

The company is focusing on upgrading facilities, controlling expenses, recruiting skilled workers, and developing new products to enhance shareholder value.

What recent investments has Butler National made in product development?

In the first quarter of fiscal 2024, Butler National invested approximately $828,000 in the development and acquisition of new products.

Where can more information about Butler National Corporation be found?

More information can be found on Butler National Corporation’s official website at www.butlernational.com.

otc

OTC:OTC

OTC Rankings

OTC Stock Data