Sutron Corp. (STRN, Financial) filed Quarterly Report for the period ended 2010-03-31.
Sutron Corp. has a market cap of $31.52 million; its shares were traded at around $6.895 with a P/E ratio of 16.82 and P/S ratio of 1.51.
Overall domestic revenues increased 5% to $2,257,745 in the first quarter of 2010 versus $2,149,397 in 2009 while international revenues increased 85% to $2,642,095 in the first quarter of 2010 versus $1,425,634 in the same period in 2009. Customer orders or bookings in the first quarter of 2010 increased 57% to $4,277,885 as compared to $2,732,622 in the first quarter of 2009.
Due to our cash position, we did not use our line of credit during the first quarter of 2010. We had interest income for the quarter ended March 31, 2010 of $12,985 as compared to net interest income of $19,283 for the quarter ended March 31, 2009. In 2007, we brought a lawsuit against our former Hydrological Services Vice President. We successfully settled the lawsuit in January 2009 in the amount of $150,000. The settlement provided for the immediate payment of $60,000. The remaining balance of $90,000 was secured by a promissory note that requires monthly payments over a five year period including interest at 4%.
Income tax expense for the quarter ended March 31, 2010 was $185,000 as compared to an income tax expense of $53,000 for the quarter ended March 31, 2009. The provisions for income taxes represent an effective income tax rate of 36% in 2010 and an effective income tax rate of 44% in 2009.
Cash and cash equivalents were $6,381,609 at March 31, 2010 compared to $4,666,983 at December 31, 2009. Working capital increased to $14,314,393 at March 31, 2010 compared with $13,931,233 at December 31, 2009.
Net cash provided by operating activities was $2,324,990 for the quarter ended March 31, 2010 as compared to net cash provided by operating activities of $271,532 for the quarter ended March 31, 2009. The increase was due to significant collections on our December 31, 2009 accounts receivable balance during the first quarter of 2010.
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Sutron Corp. has a market cap of $31.52 million; its shares were traded at around $6.895 with a P/E ratio of 16.82 and P/S ratio of 1.51.
Highlight of Business Operations:
Revenues for the first quarter ended March 31, 2010 increased 37% to $4,899,840 from $3,575,031 in 2009. 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 39% to $2,937,974 from $2,118,575 in 2009 due primarily to increased shipments of standard products on the Company s contract with UTE Dominion-ADASA for a project in Venezuela and due to increased shipments to federal agencies. Net sales and revenues for systems and services increased 35% to $1,961,866 from $1,456,457 in 2009 due primarily to increased shipments of systems on the Company s contract with UTE Dominion-ADASA.Overall domestic revenues increased 5% to $2,257,745 in the first quarter of 2010 versus $2,149,397 in 2009 while international revenues increased 85% to $2,642,095 in the first quarter of 2010 versus $1,425,634 in the same period in 2009. Customer orders or bookings in the first quarter of 2010 increased 57% to $4,277,885 as compared to $2,732,622 in the first quarter of 2009.
Due to our cash position, we did not use our line of credit during the first quarter of 2010. We had interest income for the quarter ended March 31, 2010 of $12,985 as compared to net interest income of $19,283 for the quarter ended March 31, 2009. In 2007, we brought a lawsuit against our former Hydrological Services Vice President. We successfully settled the lawsuit in January 2009 in the amount of $150,000. The settlement provided for the immediate payment of $60,000. The remaining balance of $90,000 was secured by a promissory note that requires monthly payments over a five year period including interest at 4%.
Income tax expense for the quarter ended March 31, 2010 was $185,000 as compared to an income tax expense of $53,000 for the quarter ended March 31, 2009. The provisions for income taxes represent an effective income tax rate of 36% in 2010 and an effective income tax rate of 44% in 2009.
Cash and cash equivalents were $6,381,609 at March 31, 2010 compared to $4,666,983 at December 31, 2009. Working capital increased to $14,314,393 at March 31, 2010 compared with $13,931,233 at December 31, 2009.
Net cash provided by operating activities was $2,324,990 for the quarter ended March 31, 2010 as compared to net cash provided by operating activities of $271,532 for the quarter ended March 31, 2009. The increase was due to significant collections on our December 31, 2009 accounts receivable balance during the first quarter of 2010.
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