Solitron Devices, Inc. Announces Preliminary Fiscal 2022 First Quarter Revenue and Bookings
ACCESSWIRE
29 Jun 2021, 06:05 GMT+10
WEST PALM BEACH, FL / ACCESSWIRE / June 28, 2021 / Solitron Devices, Inc. (OTC PINK:SODI) ('Solitron' or the 'Company') is pleased to announce strong fiscal 2022 first quarter revenue and bookings.
FISCAL 2022 FIRST QUARTER HIGHLIGHTS:
Net sales increased 45% to approximately $3.61 million in the fiscal 2022 first quarter versus $2.50 million in the fiscal 2021 first quarter
Net bookings increased 39% to $2.03 million in the fiscal 2022 first quarter versus $1.46 million in the fiscal 2021 first quarter.
On April 21, 2021 we announced the closing of the purchase of a new facility. Over the coming months we will be making all the necessary improvements and our plan is to relocate during the Company's fiscal third/fourth quarter. Knowing that we would have up to a month where shipments would be curtailed, we made the decision to produce and ship earlier when possible. The expectation is that our fiscal first and probably second quarter would report higher net sales than what the business can currently sustain based on backlog, while the fiscal third/fourth quarter would likely have materially lower net sales due to the relocation disruption. For the 2022 fiscal year our current expectation is for net sales to be modestly higher than fiscal 2021.