Financial Performance - Revenues for the three months ended January 31, 2025, increased to 18,927,000,a38.513,714,000 in the same period of 2024[13] - Net income for the nine months ended January 31, 2025, was 20,489,000,asubstantialincreasefrom2,969,000 in the same period of 2024, indicating strong financial performance[16] - Operating income for the three months ended January 31, 2025, was 3,469,000,comparedtoalossof473,000 in the same period of 2024, demonstrating a turnaround in operational efficiency[13] - Consolidated operating income for the three months ended January 31, 2025, was 3.5million,comparedtoanoperatinglossof0.5 million in the same period of 2024[40] - For the three months ended January 31, 2025, total revenue was approximately 18.9million,comparedto13.7 million for the same period in 2024, representing a year-over-year increase of 37.5%[41] - For the nine months ended January 31, 2025, total revenues increased by 25.5% to 49.8millioncomparedto39.7 million in the same period of the prior year[63] Profitability Metrics - Gross margin for the three months ended January 31, 2025, improved to 8,285,000,comparedto3,104,000 in the prior year, reflecting a significant increase in profitability[13] - The gross margin for the three months ended January 31, 2025, improved to 43.8% from 22.6% in the same period of the prior year, reflecting a significant increase in revenue and completion of major milestones in a large space program[66] - The company recorded a net income of 81.4% for the three months ended January 31, 2025, compared to 0.9% in the same period of the prior year[62] Cash and Assets - Total current assets decreased to 50,148,000asofJanuary31,2025,downfrom58,121,000 as of April 30, 2024, primarily due to a reduction in cash and cash equivalents[11] - Cash and cash equivalents at the end of the period were 6,871,000,downfrom12,604,000 at the end of January 31, 2024, reflecting cash outflows from financing activities[16] - Restricted cash as of January 31, 2025, was approximately 1.4million,anincreasefrom945,000 as of April 30, 2024[47] - Cash and cash equivalents totaled 5.5millionasofJanuary31,2025,downfrom18.3 million as of April 30, 2024[48] - The total identifiable assets increased to 86.4millionasofJanuary31,2025,comparedto83.3 million as of April 30, 2024[40] Liabilities and Financial Stability - Total liabilities decreased to 34,592,000asofJanuary31,2025,comparedto43,437,000 as of April 30, 2024, indicating improved financial stability[11] - The company's consolidated working capital position was approximately 27.3millionasofJanuary31,2025,withacurrentratioof2.2to1[79]ResearchandDevelopment−ResearchanddevelopmentexpensesforthethreemonthsendedJanuary31,2025,increasedto1,436,000, up from 958,000inthesameperiodof2024,highlightingongoinginvestmentininnovation[13]−ResearchanddevelopmentexpensesforthethreemonthsendedJanuary31,2025,increasedby49.91.4 million compared to 958,000 in the same period of the prior year, driven by modernization efforts[68] - The company plans to continue investing in research and development to enhance product competitiveness and modernization efforts[68] - The company plans to continue investing in R&D for space applications and may pursue acquisitions to expand its product range[84] Shareholder Returns - The company paid dividends totaling 9,567,000 during the nine months ended January 31, 2025, reflecting a commitment to returning value to shareholders[16] - The company declared a special cash dividend of 1.00pershare,totalingapproximately9.6 million, paid on August 29, 2024[25] - The company has authorized a share repurchase of up to 5.0million,havingrepurchasedapproximately3.9 million worth of shares as of January 31, 2025[83] - The company repurchased a total of 11,802 shares during the quarter ended January 31, 2025, with an average price of 18.42pershare,totalingapproximately1,138,718[103] - As of January 31, 2025, the company has approximately 1,350,172worthofsharesthatmayyetbepurchasedundertherepurchaseprogram[103]Taxation−Thecompanyrecognizedadiscretetaxbenefitof11.8 million during the three months ended January 31, 2025, resulting in an income tax benefit of 330.6% for that period[52] - The nine months ended January 31, 2025, saw an income tax benefit of 11.6million,withaneffectivetaxrateof129.38.9 million[78] - The estimated annual effective tax rate for the fiscal year ending April 30, 2025, is 3.54%[74] - As of January 31, 2025, the company maintained a valuation allowance of 1.3millionagainstcertaindeferredtaxassetsduetotheneedforsufficienttaxableincometoutilizetheseattributes[53]OperationalChanges−ThecompanyhasterminatedallcommercialrelationshipswithMorion,Inc.duetosanctionsrelatedtotheRussia−Ukraineconflict,resultinginacompletewrite−offoftheinvestmentinMorion[43][46]−ThecompanyhasestablishedalternatesourcesofsupplyforitemspreviouslyacquiredfromMorionandiscapableoffabricatingcrystalblanksin−house[46]−Thecompanyincurredapproximately4.2 million of non-cash operating expenses for the nine months ended January 31, 2025, compared to 3.1millionforthesameperiodin2024[80]−Therewerenoupdatesorchangestothecompany′sriskfactorssincethefilingoftheForm10−K[102]BacklogandFutureExpectations−Thecompanyhadaconsolidatedfundedbacklogofapproximately73 million as of January 31, 2025, with about 65% expected to be realized in the next twelve months[85] - The company expects to maintain consistent SG&A expenses throughout the remainder of fiscal year 2025[67]
