In a recent 8K filing with the Securities and Exchange Commission, BK Technologies Corp announced the results of its Annual Meeting of Stockholders held on June 20, 2024. Shareholders elected seven directors to the board, ratified the appointment of the company's independent auditor for the fiscal year 2024, and approved the compensation of its named executive officers on an advisory, non-binding basis.
The election of directors saw Joshua S. Horowitz, R. Joseph Jackson, Charles T. Lanktree, Ellen O. O’Hara, E. Gray Payne, Lloyd R. Sams, and John M. Suzuki securing their positions on the board until the next annual meeting, with each receiving significant majority votes in their favor. The detailed voting results revealed that Horowitz received 2,003,368 votes for and 19,690 withheld; Jackson got 2,007,379 for and 16,235 withheld; Lanktree had 2,007,038 for and 16,576 withheld; O’Hara received 1,985,799 for and 37,995 withheld; Payne got 1,978,981 for and 44,633 withheld; Sams had 2,008,297 for and 15,317 withheld; and Suzuki received 2,007,566 for and 16,048 withheld. Broker non-votes for each director were consistently at 992,128.
In addition to the director elections, shareholders ratified the appointment of MSL, P.A. as the company's independent registered public accounting firm for the current fiscal year with 3,000,781 votes in favor, 11,854 against, and 2,551 abstentions.
Furthermore, the advisory vote on the compensation of the company’s named executive officers resulted in 1,967,306 votes for, 31,192 against, and 25,116 abstentions, with 992,128 broker non-votes.
In other recent news, BK Technologies has started 2024 on a high note, reporting strong Q1 results with improved margins. The firm announced earnings per share (EPS) of $0.19 for the first quarter, marking three consecutive quarters of increased profitability.
Sales for the period were around $18.2 million, and the company reported a net income of $681,000. Additionally, the gross margin rose to 34.5%, with expectations for further improvements throughout the year. The total backlog reached $19 million as of March 31, 2024.
InvestingPro Insights
Following the recent annual meeting of BK Technologies Corp, investors may find it beneficial to consider some additional financial metrics and insights provided by InvestingPro. Notably, the company's revenue has grown by 16.67% over the last twelve months as of Q1 2024, indicating a positive trajectory in sales. However, it's important to note that this growth has not translated into profitability, as BK Technologies has not been profitable over the same period. The firm's gross profit margin stands at a healthy 32.1%, but with an operating income margin of just 1.62%, it suggests that the company's expenses are high relative to its gross profit.
InvestingPro Tips highlight that BK Technologies is operating with a moderate level of debt and its liquid assets exceed its short-term obligations, providing some financial stability. However, the stock's RSI suggests it is currently in overbought territory, which could be a signal for potential investors to proceed with caution. Additionally, the company's current P/E ratio stands at -33.58, and it is trading at a high EBITDA valuation multiple, which may suggest the stock is valued optimistically by the market.
For investors seeking more detailed analysis and additional InvestingPro Tips on BK Technologies, there are further insights available, including an evaluation of the company's fair value. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription for a deeper dive into BK Technologies' financial health and future prospects.
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