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BK Technologies Corporation (BKTI-0.94%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a slight increase in sales to $20.2 million from $20.1 million in the same quarter the previous year. The increase is attributed to shipments of BKR 5000 radio products.
Gross profit margins for the quarter were 38.8%, up from 31.9% in the same quarter of the previous year, reflecting improvements in product sales mix and material cost reductions.
The company reported an operating income of $2.6 million for the quarter, compared to $0.1 million in the previous year, attributed to improved product sales mix and lower material costs.
Net income for the quarter was $2.4 million, up from $0.1 million in the previous year. The increase is due to improved gross profit margins and reduced SG&A expenses.
Cash provided by operating activities was $8.2 million for the nine months ended September 30, 2024, compared to $3.9 million in the same period last year.
The company had a working capital of $22.7 million as of September 30, 2024, with $13.5 million comprised of cash, cash equivalents, and trade receivables.
BK Technologies entered into a new credit facility with Fifth Third Bank, N.A. (FITB-0.47%), providing a revolving line of credit with a maximum commitment of $6 million.
The filing also discusses a Master Supply Agreement with East West Manufacturing, LLC, transitioning manufacturing activities to East West's facilities.
BK Technologies does not anticipate changes to its liquidity position in the near future, given its cash reserves and credit facilities.
The company continues to focus on expanding its product line and improving operational efficiencies to enhance profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BK Technologies Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.