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."