Spectra Products earns $387,721 before taxes in 2021
2022-03-31 14:55 ET - News Release
Mr. Andrew Malion reports
SPECTRA PRODUCTS INC. REPORTS 4TH QUARTER 2021 RESULTS
Spectra Products Inc. has released its financial results for the year ended Dec. 31, 2021.
Continued operational profitability in 2021 has allowed the company to increase its cash reserves by over $300,000 to $877,547 at Dec. 31, 2021.
Revenues for the year ended Dec. 31, 2021, were $1,692,872 compared with $1,594,025 for the same period in 2020. Revenues for the fourth quarter ended Dec. 31, 2021, were $390,083 compared with $408,868 for the same period in 2020.
In the year ended Dec. 31, 2021, net income before taxes of $387,721 was earned compared with net income before taxes of $486,528 for the same period in 2020. In the fourth quarter ended Dec. 31, 2021, net income before taxes of $74,246 was earned compared with net income before taxes of $113,243 for the same period in 2020.
The main factors that contributed to the $98,807 decrease in annual net income was an $83,980 expense in 2021 as a result of the issuance of director and employee stock options. There was no comparable expense in 2020.
Spectra Products is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Brake InspectorO, Zafety Lug LockO, Hub Alert and the Anti-Seize cotter pin, as well as the Termin-8RO line of anti-corrosion and extreme pressure lubricants.
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