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Taitron Components Inc. (TAIT) filed Quarterly Report for the period ended 2011-09-30.
Taitron Components Inc. has a market cap of $4.49 million; its shares were traded at around $0.94 with and P/S ratio of 0.62.
This is the annual revenues and earnings per share of TAIT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of TAIT.
Highlight of Business Operations:
Revenue Recognition – Revenue is recognized upon shipment of the merchandise, which is when legal transfer of title occurs. Reserves for sales allowances and customer returns are established based upon historical experience and our estimates of future returns. Sales returns for the three months ended September 30, 2011 and 2010 were $3,000 and $11,000, respectively and for the nine months ended September 30, 2011 and 2010 were $16,000 and $14,000, respectively. The allowance for sales returns and doubtful accounts at September 30, 2011 aggregated $93,000Gross profit for the third quarter of 2011 was $476,000 versus $623,000 in the comparable period for 2010, and gross margin percentage of net sales was 28.3% in the third quarter of 2011 versus 30.6% in the comparable period for 2010. The overall decrease in gross margin percentage came from selling at lower product prices to remain competitive resulting in lower margins as compared to the same period last year.
Net sales in the nine months ended September 30, 2011 was $5,199,000 versus $5,461,000 in the comparable period for 2010, a decrease of $262,000 or 4.8% over the same period last year. Our decreasing sales results primarily resulted from lower demand for products.
Gross profit for the nine months ended September 30, 2011 was $1,657,000 versus $1,641,000 in the comparable period for 2010, and gross margin percentage of net sales was approximately 31.9% for the nine months ended September 30, 2011 and 30.1% for 2010, respectively. The overall increase came from selling at higher product prices to our customers resulting in higher margins as compared to the same period last year.
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