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Retractable Technologies Inc (RVP) filed Quarterly Report for the period ended 2011-09-30.
Retractable Technologies Inc. has a market cap of $29 million; its shares were traded at around $1.21 with and P/S ratio of 0.8. Retractable Technologies Inc. had an annual average earning growth of 5.4% over the past 10 years.
This is the annual revenues and earnings per share of RVP over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of RVP.
Highlight of Business Operations:
The Company’s financial instruments exposed to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. Cash balances, some of which exceed federally insured limits, are maintained in financial institutions; however, Management believes the institutions are of high credit quality. The majority of accounts receivable are due from companies which are well-established entities. As a consequence, Management considers any exposure from concentrations of credit risks to be limited. The Company had a high concentration of sales with four significant customers accounting for approximately $13.0 million, or 50.1% of net sales in the nine months ended September 30, 2011.Product purchases from Double Dove, a Chinese manufacturer, have enabled us to increase manufacturing capacity with little capital outlay and have provided a competitive manufacturing cost. In the nine months ended September 30, 2011, Double Dove manufactured approximately 68.6% of the units we produced. We believe we could make up any long-term disruption in these purchases by utilizing more of the capacity at the Little Elm facility, except for the 0.5mL insulin syringe, the 5mL and 10mL syringes, and the autodisable syringe which altogether comprised about 10.3% of our revenues for the nine months ended September 30, 2011.
Domestic sales accounted for 96.2% and 80.1% of the revenues for the three months ended September 30, 2011 and 2010, respectively. Domestic revenues decreased 18.8% principally due to lower sales volumes and lower average sales prices. Domestic unit sales decreased 7.8%. Domestic unit sales were 94.7% of total unit sales for the three months ended September 30, 2011. International unit sales and revenues decreased 89.5% and 87.1%, respectively. Overall, unit sales decreased 34.7%.
Our operating loss was $26 thousand compared to an operating income for the same period last year of $1.0 million due primarily to lower revenues, mitigated by a reduction in operating expenses.
Domestic sales accounted for 81.3% and 87.0% of the revenues for the nine months ended September 30, 2011 and 2010, respectively. Domestic revenues decreased 13.8% principally due to lower volumes and lower average sales prices. Domestic unit sales decreased 5.1%. Domestic unit sales were 71.0% of total unit sales for the nine months ended September 30, 2011. International unit sales and revenues increased 37.1% and 33.9%, respectively, due primarily to South American sales. Overall, unit sales increased 4.2%.
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