BILLERICA, Mass., Dec. 13, 2012 (GLOBE NEWSWIRE) -- CSP Inc. (Nasdaq:CSPI), a provider of IT solutions, systems integration services and dense cluster computing systems, today reported financial results for the fourth quarter and fiscal year 2012 ended September 30, 2012.
Fourth-Quarter and Fiscal 2012 Financial Highlights
- Revenue increases 35% to $22.3 million for Q4 and grows 15% to $84.8 million for fiscal 2012
- Gross margin increases to 25% for Q4 2012 from 24% for Q4 2011; Climbs to 24% for fiscal 2012 from 22% in fiscal 2011
- Tax benefit of $2.6 million for Q4 due primarily to the reversal of $3.0 million of valuation allowance for the deferred tax asset
- Net income at $4.9 million for Q4 2012 compared with net loss of $92 thousand a year ago; Full year net income increases 1690% to $6.6 million from $369 thousand in fiscal 2011
- Cash increases by $4.6 million from year-end 2011 to $20.5 million
- Company declares special annual dividend of $0.20 per share
Management Comments"We concluded an excellent fiscal year with strong results in the fourth quarter," said CSP President & Chief Executive Officer Victor Dellovo. "We increased revenue at both of our segments, and generated strong gross margins and significantly improved earnings per share." "At our Systems segment, we benefited from royalty revenues related to two E-2D Hawkeye aircraft," said Dellovo. "We expect to record revenue for the final plane on the E-2D purchase order in the first quarter of fiscal 2013. At our Service and Systems Integration segment, the strong sales growth was driven by continued demand from hosting customers as well as new customer relationships in the banking and hospital markets. All three of our subsidiaries in this segment reported year-over-year sales growth in the quarter."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV