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CSP Inc. Reports First-Quarter Fiscal 2013 Financial Results

BILLERICA, Mass., Feb. 11, 2013 (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 first quarter of fiscal 2013 ended December 31, 2012.

Management Comments

"Our first-quarter results were within our expectations," said CSP President & Chief Executive Officer Victor Dellovo. "Revenue was flat with the first quarter of last year, excluding the negative effect of foreign currency. Growth at the Service and Systems Integration segment offset a decline in revenues at the Systems segment. We reported a three cent profit, which was down from last year due primarily to a lower mix of sales from the Systems business."  

"At our Systems segment, we recorded royalty revenue for the final plane on the purchase order for phases 3 and 4 of the low rate initial production phase of the E-2D advanced Hawkeye intelligence, surveillance and reconnaissance aircraft," said Dellovo. "We are now starting to see activity related to Lot 1 of full-rate production and we have received a request for quotes for parts. We expect to ship parts for five planes in the current fiscal year and receive royalties in fiscal 2014. At our Service and Systems Integration segment, sales growth was driven by new customer acquisition at our U.S. subsidiary. We have been successful in generating new customers in the medical segment. This new business is incremental to the strength we are seeing with our hosting customers."

"During the quarter, we made progress in executing on our new growth strategy," said Dellovo. "A key element of this strategy is to cross sell our Systems segment multicomputers with our Services and Systems Integration software and services to become more of an end-to-end supplier to our legacy customers as well as to new customers in new markets. We have recently met with major multicomputer customers, and they are positive about the cost and time savings as well as the domain expertise that we can provide. With this validation from our customers, we are hopeful that we will see results from this initiative following the resolution of the many issues surrounding the Federal military budget. We also were successful in cross-selling across our Modcomp subsidiaries as our UK operation is now beginning to service U.S. subsidiary customers."

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