- Revenue of
$31.0 million , an increase of 29% - Completed the acquisitions of Reverso Pumps and Separ Filters of America
- Earnings per share of
$0.31
For the quarter ended
The increase in revenue was primarily attributable to the acquisitions of Global-Tek Manufacturing in
About
www.crawfordunited.com.
Information about Forward Looking Statements.
This press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements made regarding the company’s future results. Generally, these statements can be identified by the use of words such as “guidance,” “outlook,” “believes,” “estimates,” “anticipates,” “expects,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements, or other statements made by the Company, are made based upon management’s expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors (including, but not limited to, those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. As a result, actual results of the Company could differ materially from those expressed in or implied by such forward looking statements. These uncertainties and factors include the Company’s ability to successfully integrate acquisitions, and manage the larger operations of the combined businesses, the Company’s dependence upon a limited number of customers in the aerospace industry, the highly competitive industry in which the Company operates, which includes several competitors with greater financial resources and larger sales organizations, the Company’s ability to capitalize on market opportunities in certain sectors, the Company’s ability to obtain cost effective financing and the Company’s ability to satisfy obligations under its financing arrangements, shortages in supply or increased costs of freight, labor or necessary products, components or raw materials, statements related to the expected effects on the Company’s business of the COVID-19 pandemic, the duration and scope of the COVID-19 pandemic and impact on the demand for the Company’s products, actions that governments, businesses and individuals take in response to the pandemic, including mandatory business closures and restrictions on onsite commercial interactions and any re-imposed public health measures or tightened public health restrictions in response to any increased spread of new strains of COVID-19 in the Company’s markets, the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity, the pace of recovery when the COVID-19 pandemic subsides, efforts made to combat COVID-19, including vaccine development and distribution, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth, including the economic impact of inflation and Russia’s invasion of
President & CEO
216-243-2449
bpowers@crawfordunited.com
“Crawford United has a great future behind it.”
Consolidated Income Statement (Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
2022 | 2021 | |||||||||||
Sales | $ | 31,002,746 | 100% | $ | 23,994,004 | 100% | ||||||
Cost of Sales | 24,636,341 | 79% | 17,991,083 | 75% | ||||||||
Gross Profit | 6,366,405 | 21% | 6,002,921 | 25% | ||||||||
Operating Expenses: | ||||||||||||
Selling, general and administrative expenses | 4,969,084 | 16% | 3,677,461 | 15% | ||||||||
Operating Income | 1,397,321 | 5% | 2,325,460 | 10% | ||||||||
Other (Income) Expenses: | ||||||||||||
Interest charges | 261,016 | 1% | 218,618 | 1% | ||||||||
Other (income) expense | (504,786 | ) | -2% | (1,562,117 | ) | -6% | ||||||
Total Other (Income) and Expenses | (243,770 | ) | -1% | (1,343,499 | ) | -5% | ||||||
Income before Income Taxes | 1,641,091 | 5% | 3,668,959 | 15% | ||||||||
Income tax expense | 575,216 | 2% | 525,542 | 2% | ||||||||
Net income | $ | 1,065,875 | 3% | $ | 3,143,417 | 13% | ||||||
Net income per common share | ||||||||||||
Basic | $ | 0.31 | $ | 0.93 | ||||||||
Diluted | $ | 0.31 | $ | 0.93 | ||||||||
Weighted average shares outstanding | ||||||||||||
Basic | 3,433,995 | 3,392,839 | ||||||||||
Diluted | 3,433,995 | 3,393,720 |
Source:
2022 GlobeNewswire, Inc., source