Latest news with #PrivateSecuritiesLitigationReformActof1955
Business Wire
01-07-2025
- Business
- Business Wire
EACO Corporation Reports Record Quarter Net Sales and Record Quarter Net Income
ANAHEIM, Calif.--(BUSINESS WIRE)--EACO Corporation (OTCMKTS:EACO) today reported the results for its quarter ended May 31, 2025. EACO Corporation reports Record Quarter net sales and Record Quarter income. Share Net sales, net income and earnings per share were as follows for the three months ended May 31, 2025 and 2024 (dollars in thousands, except per share information): The Company had 435 sales employees at May 31, 2025, an increase of 36 employees or 9%, from the prior year quarter. The Company's sales force is divided into sales focus teams (SFT's). The Company had 114 SFT's as of May 31, 2025, four more than the prior year quarter. Management anticipates continued growth in both our headcount and SFT's in fiscal year 2025. The Company believes it continues to gain market share through its local presence business model. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains certain forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1955, as amended. These forward-looking statements include, without limitation, statements related to our headcount expansion, growth in market share, and other statement that is not historical information. These forward-looking statements are based on our current expectations and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. The potential risks and uncertainties include, but are not limited to, our ability to hire and retain additional qualified employees, our ability to open additional sales offices, and to gain market acceptance for our products, the pricing and availability of our products, the success of our sales and marketing programs, the impact of products offered by our competitors from time to time, and as well as increases to international tariffs. In addition to these factors and any other factors mentioned elsewhere in this news release, the reader should refer as well to the factors, uncertainties or risks identified in EACO's most recent Form 10-K and all subsequent Form 10-Q reports filed by us with the SEC. The forward-looking statements included in this release speak only as of the date hereof, and EACO does not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances. EACO Corporation and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) May 31, 2025 2024* ASSETS Current Assets: Cash and cash equivalents $ 3,613 $ 843 Restricted cash 10 10 Trade accounts receivable, net 59,875 53,272 Inventory, net 82,780 69,602 Marketable securities, trading 22,063 14,748 Prepaid expenses and other current assets 3,491 3,526 Total current assets 171,832 142,001 Non-current Assets: Property, equipment and leasehold improvements, net 34,368 35,061 Operating lease right-of-use assets 6,739 7,513 Other assets, net 3,989 3,963 Total assets $ 216,928 $ 188,538 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Trade accounts payable $ 37,067 $ 28,054 Accrued expenses and other current liabilities 21,494 24,910 Current portion of long-term debt 131 129 Current portion of operating lease liabilities 2,674 2,708 Total current liabilities 61,366 55,801 Non-current Liabilities: Line of Credit 491 – Long-term debt 4,116 4,214 Operating lease liabilities 4,222 4,892 Total liabilities 70,195 64,907 Commitments and Contingencies Note 9 Shareholders' Equity: Convertible preferred stock, $0.01 par value per share; 10,000,000 shares authorized; 36,000 shares outstanding (liquidation value $900) 1 1 Common stock, $0.01 par value per share; 8,000,000 shares authorized; 4,861,590 shares outstanding 49 49 Additional paid-in capital 12,378 12,378 Accumulated other comprehensive income 66 73 Retained earnings 134,239 111,130 Total shareholders' equity 146,733 123,631 Total liabilities and shareholders' equity $ 216,928 $ 188,538 * Derived from the Company's audited financial statements included in its Form 10-K for the year ended August 31, 2024 filed with the U.S. Securities and Exchange Commission on November 29, 2024. Expand EACO Corporation and Subsidiaries Condensed Consolidated Statements of Income (in thousands, except for share and per share information) (unaudited) Three Months Ended May 31, Nine Months Ended May 31, 2025 2024 2025 2024 Net sales $ 111,410 $ 96,121 $ 305,462 $ 259,711 Cost of sales 77,337 68,193 214,100 183,184 Gross margin 34,073 27,928 91,362 76,527 Operating expenses: Selling, general and administrative expenses 21,627 26,314 60,979 61,129 Impairment on termination of lease - – - 3,906 Income from operations 12,446 1,614 30,383 11,492 Other income (expense): Net gain (loss) on trading securities 277 (24) 761 (45) Interest and other (expense) (46) (44) (143) (128) Other income (expense), net 231 (68) 618 (173) Income before income taxes 12,677 1,546 31,001 11,319 Provision for income taxes 3,162 362 7,835 2,858 Net income 9,515 1,184 23,166 8,461 Cumulative preferred stock dividend (19) (19) (57) (57) Net income attributable to common shareholders $ 9,496 $ 1,165 $ 23,109 $ 8,404 Basic earnings per share: $ 1.95 $ 0.24 $ 4.75 $ 1.73 Diluted earnings per share: $ 1.94 $ 0.24 $ 4.73 $ 1.73 Basic weighted average common shares outstanding 4,861,590 4,861,590 4,861,590 4,861,590 Expand EACO Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Nine Months Ended May 31, 2025 2024 Operating activities: Net income $ 23,166 $ 8,461 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 1,268 1,247 Bad debt expense 203 359 Deferred tax provision (18) 51 Net unrealized (gain) loss on trading securities (205) 357 Impairment on termination of lease – 3,906 Increase (decrease) in cash flow from change in: Trade accounts receivable (6,806) (7,764) Inventory (13,178) (11,139) Prepaid expenses and other assets 27 98 Operating lease right-of-use assets 774 5,490 Trade accounts payable 6,268 8,043 Accrued expenses and other current liabilities (3,416) 785 Operating lease liabilities (704) (5,501) Net cash provided by operating activities 7,379 4,393 Investing activities: Purchase of property, equipment, and leasehold improvements (575) (32,527) Net (purchases) sales of marketable securities, trading (7,110) 17,466 Net cash used in investing activities (7,685) (15,061) Financing activities: Borrowings on revolving credit facility 491 – Repayments on long-term debt (96) (94) Preferred stock dividend (57) (57) Bank overdraft 2,745 3,066 Net cash provided by financing activities 3,083 2,915 Effect of foreign currency exchange rate changes on cash and cash equivalents (7) (68) Net increase (decrease) in cash, cash equivalents, and restricted cash 2,770 (7,821) Cash, cash equivalents, and restricted cash - beginning of period 853 8,568 Cash, cash equivalents, and restricted cash - end of period $ 3,623 $ 747 Supplemental disclosures of cash flow information: Cash paid for interest $ 143 $ 145 Cash paid for income taxes $ 9,213 $ 8,276 Expand
Business Wire
11-06-2025
- Business
- Business Wire
GCT Semiconductor Celebrates Major Milestone with Delivery of 5G Chipsets and Modules to Customers
SAN JOSE, Calif.--(BUSINESS WIRE)-- GCT Semiconductor Holding Inc. ('GCT') (NYSE: GCTS), a leading designer and supplier of advanced 5G and 4G semiconductor solutions, today announced the initial delivery of its new 5G chipsets to its customers, including Airspan Networks and Orbic North America, LLC, among others, for their immediate evaluation. GCT will continue to provide samples in the next several weeks to complete the initial demand from its lead customers. These samples are being provided in both chip and module forms, depending on customer needs. 'We are thrilled to achieve this major milestone and now have our 5G chips in the hands of our customers,' said John Schlaefer, CEO of GCT. 'We are thrilled to achieve this major milestone and now have our 5G chips in the hands of our customers,' said John Schlaefer, CEO of GCT. 'Our chips are currently being evaluated and we're eager to receive positive feedback from our customers. Our first priority is to focus on mid-tier applications and immediate demand for the growing 5G market. This will include the development of a Verizon-certified module. We're also excited to expand sampling to all our customers in the near future.' After the evaluation process is complete, GCT will work with customers to optimize their device performance, and to determine production demands. GCT is fully prepared to meet these demands, supported by a robust supply chain built on years of proven experience delivering high-performance solutions efficiently and reliably. About GCT Semiconductor Holding, Inc. GCT is a leading fabless designer and supplier of advanced 5G and 4G LTE semiconductor solutions. GCT's market-proven solutions have enabled fast and reliable 4G LTE connectivity to numerous commercial devices such as CPEs, mobile hotspots, routers, M2M applications and smartphones, etc., for the world's top wireless carriers. GCT's system-on-chip solutions integrate radio frequency, baseband modem and digital signal processing functions, therefore offering complete 4G and 5G platform solutions with small form factors, low power consumption, high performance, high reliability, and cost-effectiveness. For more information, visit Cautionary Statement Regarding Forward-Looking Statements – This press release contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, statements regarding delivery of 5G chipset and completion of customer evaluation processes. Words such as 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'strategy,' 'future,' 'opportunity,' 'plan,' 'may,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result,' and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results, include, but are not limited to: the ability of the Company to develop its 5G products and generate revenue; the ability of the Company to enter into and meet the obligations under partnership and collaboration agreements; the ability of the Company to grow and manage growth profitability and retain its key employees; the Company's financial and business performance, including the Company's financial projections and business metrics; changes in the Company's strategy, future operations, financial position, estimated revenues and losses, forecasts, projected costs, prospects and plans; the Company's inability to anticipate the future market demands and future needs of its customers; the impact of component shortages, suppliers' lack of production capacity, natural disasters or pandemics on the Company's sourcing operations and supply chain; the Company's future capital requirements and sources and uses of cash; the ability of the Company to raise sufficient capital to fund its operations; the ability to implement business plans, forecasts, and other expectations, including the growth of the 5G market; the risk that the Company may not be able to repay its debt; the risk of economic downturns that affects the Company's business operation and financial performance; the risk that the Company may not be able to develop and design its products acceptable to its customers; actual or potential conflicts of interest of the Company's management with its public stockholders; and other risks and uncertainties indicated from time to time in the Company's filings with SEC, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and those disclosures under the "Risk Factors" section therein. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Yahoo
11-06-2025
- Business
- Yahoo
GCT Semiconductor Celebrates Major Milestone with Delivery of 5G Chipsets and Modules to Customers
Delivery of 5G chipsets to all lead customers will continue through the end of June SAN JOSE, Calif., June 11, 2025--(BUSINESS WIRE)--GCT Semiconductor Holding Inc. ("GCT") (NYSE: GCTS), a leading designer and supplier of advanced 5G and 4G semiconductor solutions, today announced the initial delivery of its new 5G chipsets to its customers, including Airspan Networks and Orbic North America, LLC, among others, for their immediate evaluation. GCT will continue to provide samples in the next several weeks to complete the initial demand from its lead customers. These samples are being provided in both chip and module forms, depending on customer needs. "We are thrilled to achieve this major milestone and now have our 5G chips in the hands of our customers," said John Schlaefer, CEO of GCT. "Our chips are currently being evaluated and we're eager to receive positive feedback from our customers. Our first priority is to focus on mid-tier applications and immediate demand for the growing 5G market. This will include the development of a Verizon-certified module. We're also excited to expand sampling to all our customers in the near future." After the evaluation process is complete, GCT will work with customers to optimize their device performance, and to determine production demands. GCT is fully prepared to meet these demands, supported by a robust supply chain built on years of proven experience delivering high-performance solutions efficiently and reliably. About GCT Semiconductor Holding, Inc. GCT is a leading fabless designer and supplier of advanced 5G and 4G LTE semiconductor solutions. GCT's market-proven solutions have enabled fast and reliable 4G LTE connectivity to numerous commercial devices such as CPEs, mobile hotspots, routers, M2M applications and smartphones, etc., for the world's top wireless carriers. GCT's system-on-chip solutions integrate radio frequency, baseband modem and digital signal processing functions, therefore offering complete 4G and 5G platform solutions with small form factors, low power consumption, high performance, high reliability, and cost-effectiveness. For more information, visit Cautionary Statement Regarding Forward-Looking Statements – This press release contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, statements regarding delivery of 5G chipset and completion of customer evaluation processes. Words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results, include, but are not limited to: the ability of the Company to develop its 5G products and generate revenue; the ability of the Company to enter into and meet the obligations under partnership and collaboration agreements; the ability of the Company to grow and manage growth profitability and retain its key employees; the Company's financial and business performance, including the Company's financial projections and business metrics; changes in the Company's strategy, future operations, financial position, estimated revenues and losses, forecasts, projected costs, prospects and plans; the Company's inability to anticipate the future market demands and future needs of its customers; the impact of component shortages, suppliers' lack of production capacity, natural disasters or pandemics on the Company's sourcing operations and supply chain; the Company's future capital requirements and sources and uses of cash; the ability of the Company to raise sufficient capital to fund its operations; the ability to implement business plans, forecasts, and other expectations, including the growth of the 5G market; the risk that the Company may not be able to repay its debt; the risk of economic downturns that affects the Company's business operation and financial performance; the risk that the Company may not be able to develop and design its products acceptable to its customers; actual or potential conflicts of interest of the Company's management with its public stockholders; and other risks and uncertainties indicated from time to time in the Company's filings with SEC, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and those disclosures under the "Risk Factors" section therein. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. View source version on Contacts Investor relations website: Investor relations contact: Gateway Group, Ralf Esper, GCT@ Media contact: media@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
