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Costar Technologies reported Q3 2021 revenues of $12,646, marking a 19.6% decrease from Q3 2020. Operating expenses fell 18.0% to $4,152. The company shifted from a GAAP net loss of $8,292 in Q3 2020 to a net income of $364 or $0.22 per diluted share. Adjusted earnings stood at (237), compared to 372 in Q3 2020. The company emphasized improved customer order activity, a strong backlog, and a reduction in debt by $800 during the quarter, despite ongoing supply chain challenges.
Costar Technologies, Inc. (CSTI) reported its second-quarter 2021 financial results, showing revenues of $14,717, a slight increase of 0.5% year-over-year. Operating expenses decreased by 13.3% to $4,615. The company achieved a GAAP net income of $4,862, translating to $2.94 per diluted share, compared to a net loss of $498 in Q2 2020. Adjusted earnings fell to $371, or $0.22 per diluted share. Despite challenges like a global chip shortage impacting order fulfillment, Costar enters Q3 with a strengthened sales backlog and reduced debt from $19,600 to $13,300.
Costar Technologies, Inc. (CSTI) reported a 36.7% decline in revenues for Q1 2021, totaling $10,782, compared to the prior year. The company experienced a net loss of $799 or ($0.49) per diluted share, worsening from a loss of $193 in Q1 2020. Operating expenses decreased 34.0% to $4,368. Despite these challenges, management anticipates improved results in the coming quarters due to heightened sales activity and the launch of new NDAA compliant cameras.
Costar Technologies, Inc. (CSTI) reported a 23.4% decline in Q4 2020 revenues, totaling $12,972, compared to Q4 2019. Despite decreased revenues, operating expenses fell 31.2% to $4,368. In 2020, total revenues reached $60,367, down 13.2% year-over-year, while operating expenses dropped 19.4% from $28,117 in 2019. The company achieved a GAAP net income of $12 for Q4 2020, contrasting a net loss of $8,971 for the year. Adjusted EBITDA showed improvement at $2,264 for 2020, up from $617 in 2019.
Costar Technologies, Inc. announced the retirement of Rory Cowan as Chair and Board member, effective February 1, 2021, to reduce outside duties. This change reduces the Board from six to five members. Sally Washlow has been appointed as the new Chair, bringing significant experience from her previous roles at Cedar Electronics and Cobra Electronics. Interim CEO Scott Switzer commended Cowan for his 20 years of service. Costar operates in security solutions and was ranked 40th in A&S magazine's Security 50 for 2020.