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Taitron Components Incorporated (TAIT-0.38%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net product revenue of $1,187,000, a decrease from $1,563,000 in the same quarter the previous year. The decrease is attributed to a reduction in ODM components sales volume.
Gross profit for the quarter was $552,000, compared to $918,000 in the previous year, with the gross margin percentage decreasing to 46.5% from 58.7%. This decrease was driven by selling lower margin products.
Selling, general, and administrative expenses remained unchanged at $530,000 compared to the same quarter the previous year.
Other income, net, was $163,000 for the quarter, compared to $13,000 in the previous year, primarily due to unrealized capital appreciation of short-term investments.
Net income for the quarter was $245,000, down from $411,000 in the previous year, reflecting the decrease in gross profit.
For the nine months ended September 30, 2024, net sales were $3,374,000, down from $5,139,000 in the same period in 2023, primarily due to decreased sales volume in ODM projects and components.
Gross profit for the nine-month period was $1,710,000, compared to $2,917,000 in the previous year, with a gross margin percentage of 50.7% compared to 56.8%.
Selling, general, and administrative expenses for the nine-month period were $1,683,000, slightly down from $1,703,000 in the previous year.
Other income, net, for the nine-month period was $976,000, compared to $494,000 in the previous year, again primarily due to unrealized capital appreciation of short-term investments.
Net income for the nine-month period was $1,203,000, down from $1,704,000 in the previous year.
Cash flows used in operating activities were ($374,000) for the nine months ended September 30, 2024, compared to $2,024,000 provided by operating activities in the previous year, primarily due to changes in operating assets and liabilities.
Cash flows used for investing activities were $228,000, while cash flows used for financing activities were $903,000 for the nine-month period.
Taitron does not report any off-balance sheet arrangements as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Taitron Components Incorporated quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.