The following report is in Canadian dollars.
Revenue for the quarter was $60.1 million, down $5.2 million from the same quarter in the prior year. Revenue for the first nine months of 2023 was $183.7 million, up $5.4 million from 2022. The Company achieved higher sales as it begins to see improvements in the supply chain issues experienced over the last two years. Demand for the Company’s products remains very high.
For the third quarter of 2023, gross profit was $7.4 million compared to $8.7 million in the prior year third quarter. As a percentage of revenue, gross profit was 12.4%, down from 13.3% in the third quarter of 2022. For the nine months ended September 30, 2023, gross profit was $24.8 million, up from $24.1 million in the same period last year. As a percentage of revenue, gross profit was 13.5%, as compared with 13.5% in the prior year to date period.
Income from operations came in at $0.7 million, compared to the $3.4 million seen in the prior year’s third quarter, due to lower sales and gross profit. For the nine months ended, income from operations was $6.0 million compared to $8.2 million in 2022. Selling and administration expenses were $6.7 million, an increase of $1.4 million from the third quarter of 2022. As a percentage of revenue, selling and administration was 11.2% this quarter, compared with 8.1% in the prior year’s quarter. For the year to date, selling and administrative expenses were $18.8 million compared to prior year’s $15.9 million.
Net loss for the third quarter was $1.4 million, compared to a net loss of $2.5 for the same period in 2022. For the year to date, net income was $18.8 million, compared to a net loss of $1.0 million in the prior year. The increase in profit for the quarter was primarily due to SRED tax refunds resulting in an increase in interest income of $1.2 million and a decrease in current income taxes of $1.1 million offset by an increase in research and development expenses of $1.0 million compared to the same quarter in the prior year.
