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Butler National Corporation(BUKS) and its subsidiaries have released their condensed consolidated financial statements for the third quarter of 2023, ending July 31. The company reported a net income of $719,000 for the quarter. Additionally, the revenue for the same period reached $17.2 million. Let's delve into the details of their financial performance in this report.
Butler National Corporation reported a net income of $719,000 for the third quarter of 2023. This represents a positive trend compared to the same period in the previous year, when the net income was $431,000. The increase in net income demonstrates the company's improving financial health.
The company's revenue for the third quarter of 2023 amounted to $17.2 million. This marks a significant increase compared to the same quarter in 2022 when revenue stood at $15.3 million. The revenue growth reflects the effectiveness of Butler National Corporation's business strategies and its ability to capitalize on market opportunities.
Asset Overview
As of July 31, 2023, Butler National Corporation's total assets amounted to $105 million, a slight decrease from $113.9 million recorded on April 30, 2023. This decrease can be attributed to changes in various asset categories, including cash, accounts receivable, and inventory.
- Current Assets: The company's current assets totaled $31.8 million, with cash reserves of $14.2 million, accounts receivable at $3.3 million, and inventory at $9 million.
- Lease Right-to-Use Asset: Butler National Corporation reported a lease right-to-use asset valued at $3.03 million.
- Property, Plant, and Equipment: The net value of property, plant, and equipment amounted to $58.3 million.
-Supplemental Type Certificates: The company held supplemental type certificates with a net value of $9.06 million.
- Other Assets: Other assets, including deferred tax assets, amounted to $2.79 million.
Liabilities and Stockholders' Equity
The company's total liabilities as of July 31, 2023, were $62.8 million, while stockholders' equity stood at $42.2 million.
- Current Liabilities: Current liabilities amounted to $22.2 million, including accounts payable, current maturities of long-term debt, and contract liability.
- Long-Term Liabilities: Long-term liabilities, including long-term debt and lease liability net of current maturities, totaled $40.6 million.
- Stockholders' Equity: The company's stockholders' equity stood at $42.2 million, with common stock, capital contributed in excess of par, and retained earnings contributing to this figure.
Cash Flow Analysis
In the three months ended July 31, 2023, Butler National Corporation reported net cash provided by operating activities of ($862,000). The company had capital expenditures of ($901,000) and received proceeds from the sale of assets, such as airplanes and buildings. Financing activities included the repurchase of common stock, resulting in a net cash used in financing activities of ($6.4 million).
Butler National Corporation's third-quarter financial report for 2023 demonstrates positive trends in both net income and revenue, reflecting the company's strong performance. Although total assets saw a slight decrease, the firm maintains a healthy balance sheet. The company's ability to adapt to changing market conditions will play a pivotal role in shaping its future financial performance.