KIMBALL, NE / ACCESSWIRE / September 19, 2018 / GEORGE RISK INDUSTRIES, INC., (OTC PINK: RSKIA), a diversified and leading American manufacturer of a wide variety of products in the security industry, recorded net sales for the quarter ended July 31, 2018 to be $3,429,000.00, a $52.53% increase over the same period in the prior year, which had sales of $2,248,000.00. Net income for the quarter ended July 31, 2018 was $617,000.00, a 19.11% increase for the corresponding quarter last year, which showed net income of $518,000.00. Earnings per share for the quarter ended July 31, 2018 was $0.12 per common share and $0.10 per common share for the quarter ended July 31, 2017.
The Company's performance has increased through the first quarter, both in comparison to the most recent prior quarter and prior quarter last year. The most recent prior quarter increase is mainly due to traditionally having improved sales when the weather gets warmer. The Company's products are tied to the housing market and the summertime usually shows an uptick in sales. In comparing the prior-year quarter, management has finally learned more about and gotten proper training to employees for the new computer system. Opportunities include continuing to learn and grow with our new computer system and to continue looking at businesses that might be a good fit to purchase. Also, we have new products that are scheduled to enter the marketplace by the end of the calendar year.
The Company's acquisition of the assets of Labor Saving Devices in October 2017 has been a smooth transition and fits in well with the GRI product line. The two companies had many of the same customers prior to the acquisition, which aided in the transition. As a result of the asset acquisition, we have increased our employees and sales force. Our notable customer service and product customization are essential assets and are proudly exhibited throughout the security industry. Management recognizes the stability of the company's performance for the first quarter of this fiscal year and is hopeful for the three remaining quarters to perform well.
At George Risk Industries, Inc. latest Board of Directors meeting on August 31, 2018, a dividend of $0.38 per common share was declared. This is a $0.02 increase from the dividend that was paid last year. This dividend will be paid to stockholders of record as of September 30, 2018 and will be paid out by October 31, 2018.
George Risk Industries, Inc. is engaged in the design, manufacture and sales to distributors and OEM manufacturers of custom computer keyboards, push button switches, burglar alarm components, pool alarms, thermostats, E-Z Duct wire cover, hydro sensors and wire and cable tools. The company has representation in the United States, Canada, Asia and EMEA (Europe, the Middle East and Africa.).
STEPHANIE M. RISK-McELROY, PRESIDENT/CEO/CFO
SOURCE: George Risk Industries, Inc.
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