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SPRS Surge Components

Surge Components, Inc. engages in the distribution of electronic products and components. The firm's products include aluminium electrolytic capacitors, film capacitors, MLCC, discrete semiconductors, and switches. It serves power, energy, automotive, computer, telecom and security markets. The company was founded on November 24, 1981 and is headquartered in Deer Park, NY.

SPRS stock data

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Calendar

14 Apr 21
14 Jun 21
30 Nov 21
Quarter (USD)
Feb 21 Nov 20 Aug 20 May 20
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Nov 20 Nov 19 Nov 18 Nov 17
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Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 May 21 Levy Ira Common Stock Grant Aquire A No No 0 14,732 0 1,241,786
10 May 21 Lubman Steven J Common Stock Grant Aquire A No No 0 12,054 0 1,000,114
30 Apr 21 Plafker Alan Common Stock Option exercise Aquire M No No 1.41 7,446 10.5K 26,334
30 Apr 21 Plafker Alan Stock Option Common Stock Option exercise Dispose M No No 1.41 15,000 21.15K 0
8 Jul 20 Jacobs Gary Mark Common Stock Option exercise Aquire M No No 0 50,000 0 127,000
8 Jul 20 Jacobs Gary Mark Stock Option Common Stock Option exercise Dispose M No No 0.87 50,000 43.5K 0
8 Jul 20 Chariton Lawrence Common Stock Option exercise Aquire M No No 0 25,000 0 157,573
8 Jul 20 Chariton Lawrence Stock Option Common Stock Option exercise Dispose M No No 0.87 25,000 21.75K 0

Financial report summary

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Competition
DiodesPanasonicMicrosemiAVXKemperKemetNic
Management Discussion
  • Consolidated net sales for the three months ended February 28, 2021 increased by $1,367,164 or 20.1%, to $8,156,302 as compared to net sales of $6,789,138 for the three months ended February 29, 2020. We attribute the increase to an increase in business with new customers as well as an increase in business with existing customers. We can also attribute the increase to the impact of the coronavirus in Asia in the three months ended February 29, 2020. Net sales for the three months ended February 28, 2021 and February 29, 2020 reflect $256,837 and $383,368, respectively of tariff costs that the Company was able to pass on to its customers.
  • Our gross profit for the three months ended February 28, 2021 increased by $414,504 to $2,300,280, or 22%, as compared to $1,885,776 for the three months ended February 29, 2020. Gross margin as a percentage of net sales increased to 28.2% for the three months ended February 28, 2021 compared to 27.8% for the three months ended February 29, 2020. We attribute the increase to an increase in sales volume as well as sales of higher profit items in the three months ended February 28, 2021. Our industry will continue to receive pressure from customers for price reductions. Some of them further demand periodic price reductions on a quarterly or semi-annual basis, as opposed to annual fixed pricing. We work with electronic manufacturing service subcontractor customers who manufacture products for other customers who do not have their own manufacturing operations. At times we are not able to recover these price reductions from our suppliers. The Company has agreements with these subcontractor customers to provide periodic cost reductions through rebates in the amount of 5%. These reductions only affect future shipments of our products, and do not affect existing orders. These reductions can have a negative impact on our profit margins since they reduce the amount of commissions we can earn. Even though this rebate can impact the Company’s gross profit margin, these subcontractor customers represent very significant potential growth for the Company, because they can help the Company become an approved supplier at the customers they manufacture for, and they purchase our components for these customers. We believe it would be very difficult for the Company to achieve business at these customers without the help of these subcontractor customers. During the three months ended February 28, 2021, the Company was impacted by tariff costs on certain products imported from China, which went into effect as of July 6, 2018. The Company has been able to pass along a portion of these costs to its customers. The Company is also moving some customer deliveries directly to Hong Kong in order to mitigate some of these costs. In the first half of 2021, the Company expects the effects of the tariffs to be similar to 2020.
  • Selling and shipping expenses for the three months ended February 28, 2021 was $681,132, an increase of $24,294, or 3.7%, as compared to $656,838 for three months ended February 29, 2020. We attribute the increase to an increase in commissions and freight out expenses, offset by a decrease in travel and travel related costs.
Content analysis
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8th grade Avg
New words: covenant, coverage, Covid, drop, forgiven, healing, lead, notified, pace, pandemic, preventative, ratio, subsequent
Removed: acquire, adverse, allocating, attributable, capacity, charged, closed, combat, constantly, cover, decline, effort, emergency, entertainment, extended, fact, government, grown, intensity, negatively, partially, renewed, repurchased, salesman, scheduled, significantly, slowdown, source, uncertain, unprecedented