BK Technologies Releases Financial Results
Friday, November 08, 2019 | Comments

BK Technologies announced financial and operating results for the third quarter and nine months ended Sept. 30.

For the third quarter, revenues totaled about $11.8 million, compared with approximately $13.3 million for the third quarter last year. Operating income for the third quarter 2019 totaled about $295,000, compared with operating income of approximately $878,000 for the third quarter last year.

Net income for the third quarter of 2019 was about $238,000 compared with net income of approximately $650,000 for the same quarter last year. Net income for the third quarter 2019 includes unrealized losses on investments in securities totaling about $258,000, compared with losses of approximately $191,000 for the same quarter last year.

The company had about $17.1 million in working capital as of Sept. 30, of which $11.7 million was comprised of cash, cash equivalents and trade receivables. This compares with working capital of approximately $21 million as of Dec. 31, 2018, of which $17 million was comprised of cash, cash equivalents and trade receivables.

"During the third quarter of 2019, sales to legacy federal customers showed strength, including a previously announced order for $3.4 million from the U.S. Forest Service,” said Tim Vitou, BK's president. “However, we experienced sluggish demand in the third quarter from public-safety customers in state and international markets compared with the same quarter last year. Our gross profit margins continued their improvement from early in the year, exceeding 43% for the quarter. For the third quarter, although engineering and product development expenses increased from the same quarter last year, they declined by approximately 15.4% from the preceding quarter."

For the nine months ended Sept. 30, sales totaled about $32.7 million, compared with approximately $38.7 million for the same period last year. Operating loss for the nine-month period of 2019 totaled about $2 million, compared with operating income of approximately $3.0 million for the same period last year. Net loss for the nine months totaled about $1.3 million compared with net income of $1.2 million for the same period last year.

The financial results for the first nine months of 2019 include a gain on investment in securities totaling about $186,000, compared with losses of approximately $1.4 million for the nine-month period last year.

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