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Syntec Optics Holdings Inc (OPTX-2.33%). 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 net sales to $7,866,355 from $6,600,525 in the same quarter the previous year. The increase is attributed to higher sales in the communication, defense, and medical end markets.
Cost of goods sold for the quarter was $6,032,635, representing 77% of sales, compared to 72% in the same quarter of the previous year. This increase in cost ratio is due to higher payroll and material costs.
The company reported a gross profit of $1,833,720 for the quarter, compared to $1,844,058 in the previous year, with the slight decline attributed to increased costs.
General and administrative expenses increased to $1,727,480 from $1,314,885, primarily due to higher salaries and wages.
Net loss for the quarter was $13,289, compared to net income of $353,980 in the previous year. The decrease is due to increased costs and expenses.
Cash used in operating activities was $1,566,598, while cash used in investing and financing activities was $319,229 and $204,366, respectively.
Syntec had a working capital of $3,605,585 as of September 30, 2024. The company acknowledges its dependence on maintaining positive operating results to meet future obligations.
The filing also details the company's line of credit with M&T Bank (MTB-1.47%) and the terms of its long-term debt obligations.
Syntec does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting, including lack of documentation of formal internal control processes.
Syntec continues to focus on expanding its end markets and enhancing its production capacity to meet increasing demand.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Syntec Optics Holdings Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.