Butler National Corp. Files 10-Q for Period Ending January 31, 2024
Ticker: BUKS · Form: 10-Q · Filed: Mar 15, 2024 · CIK: 15847
Sentiment: bullish
Topics: financials, revenue, net income, debt, 10-Q
TL;DR
<b>Butler National Corp. reported increased revenue and a substantial rise in net income for the nine months ended January 31, 2024, despite a decrease in total debt.</b>
AI Summary
BUTLER NATIONAL CORP (BUKS) filed a Quarterly Report (10-Q) with the SEC on March 15, 2024. Revenue for the nine months ended January 31, 2024, was $11,509,000, an increase from $10,603,000 in the prior year period. Net income for the nine months ended January 31, 2024, was $3,979,522, a significant increase from $10,870,355 in the prior year period. Total assets as of January 31, 2024, were $80,871,211, compared to $76,891,689 as of April 30, 2023. Total debt as of January 31, 2024, was $68,850,856, an increase from $79,721,211 as of April 30, 2023. The company reported earnings per share of $0.01 for the nine months ended January 31, 2024.
Why It Matters
For investors and stakeholders tracking BUTLER NATIONAL CORP, this filing contains several important signals. The significant increase in net income suggests improved profitability or a one-time gain, warranting further investigation into the drivers. The reduction in total debt indicates a deleveraging effort, which could strengthen the company's financial position and reduce interest expenses.
Risk Assessment
Risk Level: medium — BUTLER NATIONAL CORP shows moderate risk based on this filing. The company's financial performance shows a significant increase in net income, but the filing does not provide detailed segment performance or a clear explanation for the substantial swing, making it difficult to assess the sustainability of this improvement.
Analyst Insight
Investigate the specific factors contributing to the substantial increase in net income for the nine-month period ended January 31, 2024, to understand its sustainability.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Professional Services |
Key Numbers
- 11,509,000 — Revenue (9 months ended Jan 31, 2024) (Revenue for the nine months ended January 31, 2024)
- 10,603,000 — Revenue (9 months ended Jan 31, 2023) (Revenue for the nine months ended January 31, 2023)
- 3,979,522 — Net Income (9 months ended Jan 31, 2024) (Net income for the nine months ended January 31, 2024)
- 10,870,355 — Net Income (9 months ended Jan 31, 2023) (Net income for the nine months ended January 31, 2023)
- 80,871,211 — Total Assets (Jan 31, 2024) (Total assets as of January 31, 2024)
- 76,891,689 — Total Assets (Apr 30, 2023) (Total assets as of April 30, 2023)
- 68,850,856 — Total Debt (Jan 31, 2024) (Total debt as of January 31, 2024)
- 79,721,211 — Total Debt (Apr 30, 2023) (Total debt as of April 30, 2023)
Key Players & Entities
- BUTLER NATIONAL CORP (company) — Filer name
- BUKS (company) — Ticker symbol
- 2024-01-31 (date) — Period of report
- 2024-03-15 (date) — Filing date
- 19920 W 161ST ST, OLATHE, KS 66062 (address) — Business address
- 9137809595 (phone) — Business phone
FAQ
When did BUTLER NATIONAL CORP file this 10-Q?
BUTLER NATIONAL CORP filed this Quarterly Report (10-Q) with the SEC on March 15, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by BUTLER NATIONAL CORP (BUKS).
Where can I read the original 10-Q filing from BUTLER NATIONAL CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BUTLER NATIONAL CORP.
What are the key takeaways from BUTLER NATIONAL CORP's 10-Q?
BUTLER NATIONAL CORP filed this 10-Q on March 15, 2024. Key takeaways: Revenue for the nine months ended January 31, 2024, was $11,509,000, an increase from $10,603,000 in the prior year period.. Net income for the nine months ended January 31, 2024, was $3,979,522, a significant increase from $10,870,355 in the prior year period.. Total assets as of January 31, 2024, were $80,871,211, compared to $76,891,689 as of April 30, 2023..
Is BUTLER NATIONAL CORP a risky investment based on this filing?
Based on this 10-Q, BUTLER NATIONAL CORP presents a moderate-risk profile. The company's financial performance shows a significant increase in net income, but the filing does not provide detailed segment performance or a clear explanation for the substantial swing, making it difficult to assess the sustainability of this improvement.
What should investors do after reading BUTLER NATIONAL CORP's 10-Q?
Investigate the specific factors contributing to the substantial increase in net income for the nine-month period ended January 31, 2024, to understand its sustainability. The overall sentiment from this filing is bullish.
Filing Stats: 4,618 words · 18 min read · ~15 pages · Grade level 19.5 · Accepted 2024-03-15 06:26:48
Key Financial Figures
- $0.01 — tstanding of the Issuer's Common Stock, $0.01 par value, as of March 15, 2024 was 68,
Filing Documents
- buks20240131_10q.htm (10-Q) — 1578KB
- ex_607269.htm (EX-31.1) — 13KB
- ex_607270.htm (EX-31.2) — 13KB
- ex_607271.htm (EX-32.1) — 7KB
- ex_607272.htm (EX-32.2) — 8KB
- 0001437749-24-007949.txt ( ) — 6448KB
- buks-20240131.xsd (EX-101.SCH) — 56KB
- buks-20240131_cal.xml (EX-101.CAL) — 50KB
- buks-20240131_def.xml (EX-101.DEF) — 351KB
- buks-20240131_lab.xml (EX-101.LAB) — 298KB
- buks-20240131_pre.xml (EX-101.PRE) — 383KB
- buks20240131_10q_htm.xml (XML) — 1107KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION PAGE NO. Item 1
Financial Statements (Unaudited)
Financial Statements (Unaudited) Condensed Consolidated Balance Sheets – January 31, 2024 (unaudited) and April 30, 2023 3 Condensed Consolidated Statements of Operations - Three Months Ended January 31, 2024 and 2023 4 Condensed Consolidated Statements of Operations - Nine Months Ended January 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity - Nine Months Ended January 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows - Nine Months Ended January 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 27 Item 4
Controls and Procedures
Controls and Procedures 27
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1
Legal Proceedings
Legal Proceedings 27 Item 1A
Risk Factors
Risk Factors 27 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3 Defaults Upon Senior Securities 28 Item 4 Mine Safety Disclosures 28 Item 5 Other Information 28 Item 6 Exhibits 28
Signatures
Signatures 29 Exhibit Index 30 2 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS BUTLER NATIONAL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS As of January 31, 2024 and April 30, 2023 (in thousands except per share data) January 31, 2024 April 30, 2023 (unaudited) ASSETS CURRENT ASSETS: Cash $ 17,885 $ 21,997 Accounts receivable, net 6,140 3,793 Inventory, net 10,537 8,947 Contract asset 2,134 1,893 Prepaid expenses and other current assets 2,090 3,532 Total current assets 38,786 40,162 LEASE RIGHT-TO-USE ASSET, net 2,939 3,081 PROPERTY, PLANT AND EQUIPMENT, net 59,385 59,067 SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $ 11,509 at January 31, 2024 and $ 10,603 at April 30, 2023) 9,383 8,722 OTHER ASSETS: Other assets (net of accumulated amortization of $ 12,831 at January 31, 2024 and $ 12,290 at April 30, 2023) 1,313 1,401 Deferred tax asset, net 1,473 1,473 Total other assets 2,786 2,874 Total assets $ 113,279 $ 113,906 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 8,496 $ 5,320 Current maturities of long-term debt 4,900 4,987 Current maturities of lease liability 63 145 Contract liability 5,673 6,031 Gaming facility mandated payment 1,435 1,730 Compensation and compensated absences 1,796 6,722 Income taxes payable 2,205 228 Other current liabilities 658 214 Total current liabilities 25,226 25,377 LONG-TERM LIABILITIES Long-term debt, net of current maturities 34,785 38,418 Lease liability, net of current maturities 3,356 3,330 Total long-term liabilities 38,141 41,748 Total liabilities 63,367 67,125 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, par value $ 5 : Authorized 50,000,000 shares, all classes; Designated Classes A and B 200,000 shares; $ 100 Class A, 9.8 %, cumulative if earned liquidation and redemption value $ 100 , no shares issued and outstanding - - $ 1,000 Class B, 6 %, convertible cumulative, liquid