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Sutron Corp. Reports Operating Results (10-Q)

November 14, 2012 | About:
10qk

10qk

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Sutron Corp. (STRN) filed Quarterly Report for the period ended 2012-09-30.

Sutron Corporation has a market cap of $25.5 million; its shares were traded at around $5.26 with a P/E ratio of 15.4 and P/S ratio of 1.3.

Highlight of Business Operations:

Net sales and revenues for the third quarter ended September 30, 2012 increased 34% to $7,278,999 from $5,415,230 in 2011. Net sales and revenues are broken down between sales of standard products and sales of systems and services. Standard products had a net sales and revenue increase of 16% to $2,210,001 in 2012 from $1,907,764 in 2011 due to increased sales of SatLink2 dataloggers/transmitters. Net sales and revenues for systems and services increased 45% to $5,068,998 in the third quarter of 2012 from $3,507,466 in 2011. The increase is attributed to an increased project backlog and activity in 2012 as compared to 2011 and to approximately $1,177,000 of third quarter revenues relating to our new MeteoStar Division.

Net sales and revenues for the nine months ended September 30, 2012 increased 26% to $17,820,348 from $14,144,357 in 2011. Net sales and revenues are broken down between sales of standard products and sales of systems and services. Standard products had a net sales and revenue increase in 2012 of 4% to $6,234,380 from $5,995,092 in 2011. Net sales and revenues for systems and services increased 42% to $11,585,968 from $8,149,265 in 2011 primarily due to increased backlog and project activity and due to MeteoStar revenues of approximately $1,688,000.

Overall domestic revenues increased 16% to $7,803,764 for the nine months ended September 30, 2012 versus $6,704,002 in 2011 due primarily to new MeteoStar revenues of approximately $1,104,000. International revenues increased 35% to $10,016,584 for the nine months ended September 30, 2012 versus $7,440,356 in 2011. The increase is attributed primarily to increased backlog and project activity and as well as to new MeteoStar revenues of approximately $584,000.

Cost of sales as a percentage of revenues was 59% and 61%, respectively, for the nine months ended September 30, 2012 and 2011. Standard product cost of sales as a percentage of standard product revenues was approximately 54% and 55%, respectively, for the nine months ended September 30, 2012 and 2011. The decrease was due to changes in the product mix. Cost of sales for systems and services as a percentage of systems and services revenues was 61% for the nine months ended September 30, 2012 as compared to 65% for the nine months ended September 30, 2011. The decrease was primarily due to the shipment of higher margin systems.

Selling, general and administrative expenses were $3,602,498 in 2012 as compared to $2,831,590 in 2011, an increase of $770,908 or 27%. SG&A expenses as a percentage of revenues was 20% for the nine months ended September 30, 2012 and the nine months ended December 31, 2011. The increase in expenses is primarily attributed to $180,000 of acquisition related expenses and increased expenses of approximately $638,000 related to the operations of MeteoStar.

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