WINNIPEG, MB, May 13, 2022
/CNW/ - (TSX: BUI)
Sales
Revenue for the quarter was $55.2,
down $9.4 from the comparable quarter
in the prior year. The Company's decrease in sales levels is the
result of supply chain issues experienced during the quarter and
not a result from the lack of demand as it remains very high.
First quarter ending March 31,
2022
|
|
|
Year Ago
|
|
Revenue
(millions)
|
$55.2
|
|
$64.6
|
|
Net Income
(millions)
|
$0.4
|
|
$0.4
|
|
Net
Income/share
|
$0.02
|
|
$0.02
|
|
Shares issued
(millions)
|
25.0
|
|
25.0
|
Net Income for the
Quarter
Net income of $0.4 achieved the
same result as the prior year quarter. Contributing to the increase
in profit was a reduction in interest expense of $0.4 and increased income from joint ventures of
$0.1 offset by increased spending on
research and development of $0.3, a
reduction in income from operations of $0.1 and a reduction of $0.1 on the gain on disposal of assets from the
prior year.
Looking Forward
Sales are expected to grow as the Company is able to resolve the
supply chain issues. The backlog remains very high.
Inventory is projected to decrease as the Company is able to reduce
the supply chain issues. In the past year, the Company restructured
its manufacturing capacity and made changes to reduce the overall
cost of operations. The restructuring coupled with improved supply
chain will increase the profitability of the Company.
Complete financial
statement: http://www.buhlerindustries.com
Trading symbol: BUI
SOURCE Buhler Industries Inc.