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IDIS Co., Ltd. has announced an acquisition of Costar Technologies Inc. in a merger deal valued at approximately $23.2 million. This acquisition is expected to enhance IDIS's growth strategy through Costar's established presence in the U.S. security market. Shareholders of Costar may receive between $5.00 and $5.38 per share, reflecting an 11% to 20% premium based on historical share prices. With 45% of Costar's shareholders already committed to voting in favor, the merger is projected to close in Q2 2023, pending shareholder and regulatory approvals. Costar will remain a subsidiary of IDIS, with its current management retained.
Costar Technologies (CSTI) reported third-quarter 2022 revenues of $16,365, reflecting a 29.4% increase year-over-year. Net income reached $665 or $0.40 per diluted share, up from $364 or $0.22 in Q3 2021. Adjusted earnings also rose to $1,002 or $0.60 per diluted share, compared to $641 or $0.39 in the same period last year. The company reported adjusted EBITDA of $1,363, significantly higher than $74 in Q3 2021. With a $6.3 million backlog, Costar is focused on cost management and improving shareholder value.
Costar Technologies (CSTI) reported its Q2 2022 financial results, revealing revenues of $12,393, a 15.8% drop from Q2 2021. Operating expenses decreased by 9.9% to $4,159. The company faced a GAAP net loss of ($337) or ($0.20) per diluted share, contrasting with a profit of $4,862 or $2.94 per diluted share in the same quarter last year. Adjusted EBITDA also fell to $194 from $783. Despite these challenges, the backlog reached a record high of $11.2 million, and management remains optimistic about future revenue growth after addressing supply chain issues.
Costar Technologies, Inc. (CSTI) announced its 2022 Annual Meeting of Stockholders will take place on September 29, 2022, at 10:00 a.m. CST at its Coppell, Texas headquarters. The record date for stockholders entitled to vote is August 10, 2022. A proxy statement detailing meeting matters is expected to be mailed around August 25, 2022. Costar specializes in security solutions, including surveillance cameras and industrial vision products, and is ranked 40th in a&s magazine's Security 50 for 2020.
Costar Technologies, Inc. (OTC: CSTI) has appointed Scott Switzer as its President and Chief Executive Officer, effective immediately. Switzer, who has served as Interim CEO since April 2020, has been instrumental in guiding the company through challenges in the global market. Under his leadership, Costar aims to enhance its strategic direction and value for shareholders. With a background dating back to 2001, Switzer has held key roles, including Chief Operating Officer and Chief Financial Officer. Costar develops a range of security solutions and ranks among the top security manufacturers globally.
Costar Technologies, Inc. (CSTI) reported Q1 2022 revenues of $12,789, reflecting an 18.6% increase from Q1 2021. Operating expenses rose 1.3% to $4,423. The GAAP net loss improved to ($517), or ($0.31) per diluted share, compared to ($799), or ($0.49) per diluted share in the previous year. Adjusted EBITDA also showed improvement at (16) from (118). The backlog increased to $8.5 million, indicating strong demand.
Costar Technologies, Inc. (CSTI) reported its fourth-quarter results for 2021, showing revenues of $14,779, a 13.9% increase year-over-year. However, for the full year, revenues decreased by 12.3% to $52,924. The company faced a GAAP net loss of $61 in Q4, compared to a net income of $12 in the previous year. Adjusted EBITDA improved significantly to $665 in Q4, up from $140 a year earlier, reflecting effective expense management. Costar ended 2021 with a backlog exceeding $6 million, positioning for future growth despite ongoing inflation challenges.
