ReposiTrak, Inc. reported a strong financial performance for the three months ended September 30, 2024, with revenue reaching $5.44 million, an 8% increase from $5.06 million in the same period of 2023. This growth was primarily driven by recurring subscription revenue, particularly in traceability, compliance, and supply chain services, which have gained traction due to heightened regulatory requirements and consumer demand for food safety.
The company's income from operations also improved, totaling $1.48 million compared to $1.20 million in the prior year. Net income for the quarter was $1.67 million, up from $1.38 million in the same period last year, resulting in a basic earnings per share of $0.09, an increase from $0.07. Net income applicable to common shareholders rose to $1.56 million from $1.23 million in 2023.
Total current assets increased to $30.09 million as of September 30, 2024, from $29.30 million at the end of June 2024. Cash and cash equivalents also saw a rise, reaching $25.79 million, up from $25.15 million in the previous quarter. The company reported a net cash provided by operating activities of $1.87 million, a 23% increase from $1.52 million in the same quarter of 2023.
On the expense side, the cost of services and product support increased to $859,219, reflecting a 12% rise due to investments in automation and information security. Sales and marketing expenses rose by 2% to $1.53 million, driven by higher commissions and marketing investments related to compliance with the FDA's FSMA 204 rule. General and administrative expenses increased slightly by 1% to $1.29 million.
ReposiTrak's total assets grew to $52.33 million, up from $51.60 million at the end of June 2024, while total stockholders' equity increased to $47.52 million from $46.85 million. The company also reported a decrease in accumulated deficit from $(17.96 million) to $(16.76 million) over the same period.
In terms of strategic developments, ReposiTrak announced a quarterly cash dividend of $0.0165 per share, reflecting a 10% increase from previous dividends, and plans to redeem all Series B and B-1 Preferred stock over three years, starting August 2023. The company continues to focus on developing its ReposiTrak Traceability Network to enhance food safety and supply chain management in response to regulatory changes.
About ReposiTrak, Inc.
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