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Surge Components, Inc. reports recurring updates on its business as an OTC Pink electronics component supplier. The company sells capacitors, discrete semiconductors, switches, and audible or sounding devices, with news commonly centered on quarterly and annual results, net sales, gross profit, customer demand, and industry inventory conditions.
Company updates also discuss distribution sales channels, subcontractor relationships, new customer activity, product development through Challenge Electronics, tariff effects, and investments in regional sales talent and sales offices. These developments frame Surge’s operating performance within the broader electronic components supply chain.
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Surge Components, Inc. (OTC Pink: SPRS) reported its financial results for the first quarter ending February 28, 2023. The company achieved $9.2 million in net sales, a decline of 12.6% compared to $10.5 million a year earlier. Net income was $392,660, translating to an EPS of $0.07, down from $669,253 and $0.12 respectively in the prior-year period. However, gross profit margins improved to 28.8%, up 60 basis points from 28.2% despite a gross profit decrease to $2.6 million. The company cited a tough macroeconomic environment affecting customer orders and highlighted its operational management as a driver for cashflow generation. Surge also noted growing interest in its offerings in Asian and European markets, leveraging the reopening of China.
Surge Components reported a record net sales of $51.9 million for the fiscal year ended November 30, 2022, reflecting a 30.3% year-over-year increase. This growth was complemented by a gross profit rise of 31.5% to $14.3 million and a net income increase of 49% to $3.7 million, leading to a diluted EPS of $0.65. The company's operational highlights include significant demand growth across divisions and successful market expansion in Europe and Asia. Surge emphasized its commitment to enhancing stakeholder value while navigating challenges posed by the global economy.
Surge Components, Inc. (OTC Pink: SPRS) reported a strong Q3 2022, achieving net sales of $14.0 million, a 31.3% increase from the prior year. Their gross profit rose 17.6% to $3.6 million, with a gross margin of 26%. The net income for this quarter was $1,232,923 or $0.22 per share, up from $878,740 or $0.15 per share in Q3 2021. Despite a positive sales outlook, the company acknowledged potential impacts from a global economic slowdown and rising operational costs.
Surge Components, Inc. (OTC Pink: SPRS) reported a strong Q2 performance, with net sales rising by $15.9 million, a 65.8% increase year-over-year. The gross profit reached $4.4 million, marking a 70.9% growth, resulting in a gross profit margin of 27.5%. Net income available to common shareholders totaled $862,411, translating to an EPS of $0.15, up from $704,108 and $0.12 in the prior year. Management acknowledges ongoing supply chain challenges but remains confident in meeting customer demand and enhancing profitability.
Surge Components, Inc. (OTC Pink: SPRS) reported a 28.9% increase in net sales for Q1 2022, totaling $10.5 million, compared to $8.2 million in Q1 2021. Gross profit rose 28.8% to $3.0 million, maintaining a gross profit margin of 28.2%. Net income for the quarter was $669,253 with an EPS of $0.12, up from $275,164 or $0.05 in the previous year. The company is expanding its market presence in Europe and Asia, enhancing its competitive advantage through shorter lead times.
Surge Components, Inc. (OTC Pink: SPRS) reported significant Q3 growth, with net sales rising 22.7% year-over-year to $10.6 million. Gross profit increased 36.5% to $3.1 million, achieving a gross margin of 29.0%. Net income reached $878,740, translating to an EPS of $0.16. The company opened a new sales office in London and expanded in Asia, reflecting strong demand and earlier order placements for 2022 due to supply chain dynamics. Surge maintains a competitive edge with shorter lead times.