KIMBALL, NE / ACCESSWIRE / September 20, 2022 / GEORGE RISK INDUSTRIES, INC., (OTC PINK:RSKIA), a diversified and leading American manufacturer of a wide variety of products in the security and proximity sensor industries, recorded net sales of $5,210,000 for the quarter ending July 31, 2022. This is an increase of 5.15% over the same period last year. The increase in sales is mainly due to a price increase that became necessary to offset the increased costs of raw materials and labor. Net income for the quarter ended July 31, 2022, was $1,051,000, a 39.81% decrease from the corresponding quarter last year. Realized and unrealized gains on investments have losses in the current quarter. For the same quarter last year both categories were income amounts. Earnings per share for the quarter ended July 31, 2022, was $0.21 per common share and $0.35 per common share for the quarter ended July 31, 2021.
George Risk Industries, Inc. continued to see growth during the first quarter. The demand for hard wired security magnetic reed switches and our other security products remains strong. We are still dealing with the demand of one of our major competitors closing its doors at the end of calendar year 2019. At times, certain raw materials have not been available and have created a back-order log. But because of our financial stability, we can buy raw materials in larger quantities and do so when the opportunity arises. We have made great strides to increase some of our stocking levels and part of this is due to changes in production methods and enhanced awareness of our production group. Their knowledge and attention to detail in manufacturing and expediting quality, reliable products is to be commended. Customers service throughout the company remains a priority.
New product development includes explosion proof contacts which will be UL listed for hazard locations. Also in development are magnetic contacts which are listed under UL 634 Level 2. These sensors are for high security applications such as government buildings, military, nuclear facilities, and financial institutions. Engineering continues to work on wireless contact switches and monitoring devices which include glass break detection, tilt sensing and environmental monitoring. A redesign of our brass water valve shut off system is near completion. The new version of the pool access alarm series (PAA) has met ETL approval. Production on this new alarm has started.
At George Risk Industries, Inc. latest Board of Directors meeting, which was held on August 26, 2022, a dividend of $0.60 per common share was declared. This is a $0.10 increase from the dividend that was paid last year. This dividend will be paid to stockholders of record as of September 30, 2022 and will be paid out by October 31, 2022.
George Risk Industries, Inc. is engaged in the design, manufacture and sale to distributors and OEM manufacturers of custom computer keyboards, push button switches, burglar alarm components, pool access 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