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ReposiTrak, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $5,441,142 from $5,060,112 in the same quarter the previous year. This increase is attributed to growth in recurring subscription revenue, particularly in traceability services.
Cost of services and product support for the quarter was $859,219, representing 16% of revenue, compared to 15% in the same quarter of the previous year. This increase is attributed to development efforts to support the FSMA 204 initiative.
The company reported a net income of $1,665,155 for the quarter, compared to $1,378,548 in the previous year, with the increase attributed to higher revenue and interest income.
Preferred dividends for the quarter were $107,882, down from $146,611 in the previous year, due to the redemption and retirement of Preferred Stock.
Cash provided by operating activities was $1,868,900, while cash used in investing and financing activities was $34,086 and $1,266,642, respectively.
ReposiTrak had a working capital of $25,634,543 as of September 30, 2024. The company terminated its credit facility with U.S. Bank N.A. (USB-2.12%) in March 2024, citing a strong financial position.
The filing also details various financial agreements, including the redemption of Series B Preferred Stock and a share repurchase program.
ReposiTrak does not anticipate any material legal proceedings that could impact its financial condition.
The company continues to focus on expanding its traceability solutions in response to regulatory requirements and market demand.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ReposiTrak Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.