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CSP Inc. (CSPI)

NasdaqGM - NasdaqGM Real Time Price. Currency in USD
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8.05-0.15 (-1.83%)
At close: 4:00PM EST
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Neutralpattern detected
Previous Close8.20
Open8.17
Bid0.00 x 800
Ask0.00 x 1000
Day's Range8.05 - 8.23
52 Week Range4.51 - 15.85
Volume2,113
Avg. Volume3,420
Market Cap34.428M
Beta (5Y Monthly)1.98
PE Ratio (TTM)N/A
EPS (TTM)-0.45
Earnings DateAug 11, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateFeb 27, 2020
1y Target EstN/A
  • GlobeNewswire

    CSPi Technology Solution Achieves Cisco Cloud and Managed Services Advanced Worldwide Certification

    Empowering Workforce Innovation with Enterprise Class Communications at an Affordable PriceDEERFIELD BEACH, Fla., Sept. 10, 2020 (GLOBE NEWSWIRE) -- CSPi Technology Solutions, a division of CSP Inc. (NASDAQ: CSPI) and an award winning solution provider that delivers Managed IT Services, Professional IT Services and Cloud services announces it has  been formally approved by Cisco Systems, Inc. for its Cloud and Managed Services Program for Managed Business Communications.  This designation and authorization validate CSPi Technology Solution’s Vital™ Unified Communication as a Service (UCaaS) offer meets all the requirements, adheres to the recommended design and operational guidelines Cisco requires of their Managed Business Communications partners. This approval showcases our ability to design and deploy a secure and redundant multi-tenant collaboration and communication architecture. Our Vital™ UCaaS solution leverages Cisco’s Unified Communications award-winning technology to deliver an integrated seamless user experience across voice, video, voicemail, instant messaging, conferencing, mobility, desktop sharing, presence and more from the Cloud.  Vital™ UCaaS is a part of our Vital™ Managed and Cloud services portfolio in which we provide the flexibility and scalability for our client’s business needs allowing them to purchase what they need when they need it.  Vital™ UCaaS powered by Cisco’s Unified Communications Manager (CUCM) technology, delivers the latest collaboration innovations through a secure as-a-service cloud model that can adjust and evolve with our client’s business needs. CSPi Technology Solutions owns the cloud infrastructure in which Cisco UCM and Cisco Collaboration Applications are hosted.  Our Vital™ UCaaS clients benefit from 99.95% services availability, ongoing 24x7 day two support and comprehensive enterprise grade features, including: * Corporate telephony, a cloud-hosted PBX for full-featured, enterprise-grade IP telephony for any size organization. * Unified Communication which enables session and call control for video, voice, messaging, mobility, instant messaging, and presence which bring people together anytime, anywhere, and on any device. * Unified Messaging that enhances collaboration letting users’ access and manage messages from an email, web browser, IP phone, smartphone, or tablet. * Conferencing allows users to meet with anyone online to present, share, and collaborate, to get business results quickly, increase team productivity, and lower costs. * Contact Center helps clients deliver proactive and personalized customer experiences with seamless omnichannel interactions.“We are excited that we have formally been approved into Cisco’s Cloud and Managed Services Program. Consumption models continue to evolve, and we are experiencing increased demand from our clients who are looking for op-ex consumption options that allow for scalability and predictable spend,” said Nick Monfreda, CSPi Technology Solutions’ Vice President of Managed Services. “CSPi is committed to adding solutions to our Vital™ portfolio of managed services that provide cost savings and improve the client experience as the trend continues to move towards a remote workforce model. It is critical for us to continue to invest in offerings that align with client demand.”About CSPi Technology SolutionsCSPi Technology Solutions  possesses the expertise and service scope – including Managed IT Services,  Professional IT Services and Cloud Services to architect and manage a high-performance, highly available, and highly secure IT infrastructure for our clients. We specialize in Network Solutions; Wireless and Mobility; Unified Communications and Collaboration; Data Center Solutions; and Advanced Security. By partnering with the best-in-class technology providers, we deliver innovative IT solutions to meet our client’s specific technical requirements to produce their desired business outcomes.We support the entire IT lifecycle, benefiting our clients with rapid adoption of new technologies and time to market.  For organizations that want the benefits of an IT department without the expensive cost, our catalog of Managed IT and Cloud Services providing 24×365 proactive support, is the perfect choice.   For more information, please visit www.CSPitechsolutions.com.  CSPi Technology Solutions Contact:  Gwendolyn Terrell Director, Marketing CSPi Technology Solutions Gwen.terrell@cspi.com

  • GlobeNewswire

    CSPi Technology Solutions Makes Top 100 Best Companies List for the Third Consecutive Year

    DEERFIELD BEACH, Fla., Aug. 14, 2020 (GLOBE NEWSWIRE) -- CSPi Technology Solutions, a division of CSPi Inc. (NASDAQ: CSPI) and an award winning solution provider that delivers Managed IT Services, Professional IT Services, and Cloud Services announces it ranked in the Top 100 best companies to work for in Florida for the third consecutive year by Florida Trend magazine.Florida Trend annually ranks the top 100 companies in small, medium, and large employer categories. CSPi Technology Solutions ranked 23rd in the medium-company (50-249 employees) category. Companies that participate, undergo an evaluation of workplace policies, practices, philosophy, systems, and demographics, along with a confidential survey to measure employee satisfaction. The combined scores determined the top companies and the final ranking.“It’s a source of pride to be ranked for three consecutive years as a great place to work,” Victor Dellovo, CSPi’s CEO commented when he received the news.  He further stated, “We built this company around a core set of values that guide its interactions, decisions, and leadership. The result is a culture that puts our employees at the center and creates an environment where people are valued, heard, respected, inspired, and committed to serving our clients. Our employees contribute to CSPI’s success every day, and I could not be prouder of the legacy we’re continuing to build.”Peter Kaufman, Vice President, Advanced Technology at CSPi Technology Solutions added, “It’s our belief that the best way we can ensure great results is to build a great team built on a positive culture that supports diversity, creativity and passion for what we do.”Nick Monfreda, Vice President, Managed & Strategic Services at CSPi Technology Solutions noted, “It is exciting to see that our investment in our employee culture is paying off.  When our employees are satisfied, it makes it easier for us to deliver our services to our clients and to maintain higher client satisfaction.”CSPi Technology Solutions exemplifies the above sentiments, as a tightly integrated team flourishing in a collaborative and inclusive culture.  Our employees are inspired to always raise the bar on performance; strive for operational excellence; dedicated to customer’s success; continuously innovate for process improvement which results in increased quality of service for our customers."An impressive list of Florida companies... that know how to do it right!" says Florida Trend Publisher David Denor.  "When faced with the challenges during these uncertain times, many of these companies didn't flinch.  Knowing they needed to pivot, shift working conditions, maintain morale, provide safe working environments and still drive business opportunities, they got it done... these best companies provide inspiration and lessons we can all learn from." The Best Companies To Work For In Florida program was created by Florida Trend and Best Companies Group and is endorsed by the HR Florida State Council. Best Companies Group managed the registration, survey and analysis and determined the final rankings. For a list of the 100 Best Companies To Work For In Florida, go to www.FloridaTrend.com/BestCompanies.About CSPi Technology SolutionsCSPi Technology Solutions  possesses the expertise and service scope – including Managed IT Services,  Professional IT Services and Cloud Services to architect and manage a high-performance, highly available, and highly secure IT infrastructure for our clients. We specialize in Network Solutions; Wireless and Mobility; Unified Communications and Collaboration; Data Center Solutions; and Advanced Security. By partnering with the best-in-class technology providers, we deliver innovative IT solutions to meet our client’s specific technical requirements to produce their desired business outcomes.We support the entire IT lifecycle, benefiting our clients with rapid adoption of new technologies and time to market.  For organizations that want the benefits of an IT department without the expensive cost, our catalog of Managed IT and Cloud Services providing 24×365 proactive support, is the perfect choice.  For more information, please visit www.CSPitechsolutions.com.  CSPi Technology Solutions Contact:Gwendolyn Terrell Director, Marketing CSPi Technology Solutions Gwen.terrell@cspi.com

  • GlobeNewswire

    CSP Inc. Reports Fiscal Year 2020 Third Quarter Results

    New Business Pipeline for Cybersecurity Solutions Continues to GrowLOWELL, Mass., Aug. 11, 2020 (GLOBE NEWSWIRE) -- CSP Inc. (NASDAQ: CSPI), a provider of security and packet capture products, managed IT and professional services and technology solutions, reported financial and operating results for the 2020 fiscal third quarter ended June 30, 2020 and provided a business update. Fiscal Third Quarter Highlights and Recent Developments * Improved gross margin percentage by 9% compared to the year-ago fiscal third quarter, driven by primarily higher margin products. * The ARIA Cybersecurity Solutions product pipeline has grown and Unified-Communications-as-a-Service (UCaaS) added several customers, highlighting the continued interest and demand for its feature-rich functionality. * Expanded in our managed service practice, including cloud, Office 365 and other Microsoft offerings. * In early April when it became evident that COVID-19 would have a severe impact on the economy we took three actions to improve our cash flow: we suspended our quarterly dividend; stopped our stock buyback program; and applied for and received a PPP loan at each segment. These actions improved our cash position by approximately three million dollars at the end of June.“As we continue to adjust our business to meet our customers’ needs during this challenging COVID-19 period, I believe our team performed admirably during the fiscal third quarter,” commented Victor Dellovo, Chief Executive Officer.  “Notwithstanding the business impact in certain sectors, the breadth and financial strength of our customers and our focus on generating recurring revenue allowed us to achieve a 9% gross margin percentage improvement, despite the decline in revenue from a few large low margin deals. We remain encouraged by the rising interest and demand we are experiencing in our newest offerings, which enabled us to deploy ARIA for an international customer while customers continue to sign up for our UCaaS offering. This continues to demonstrate the successful execution of transitioning to a cybersecurity, wireless and managed service markets company. Despite the limitation on our operations due to COVID-19, especially in the sales area, we are continuing to build the revenue pipeline during the fiscal quarter which we believe will fuel our growth in the coming years.  We followed all the CDC rules pertaining to COVID-19 and most of our employees have been working from home.  We have been able to maintain our pre-COVID-19 employment levels and keep our employees productive in executing our long-term strategy.”Fiscal Year 2020 Third Quarter ResultsRevenue for the fiscal third quarter was $13.5 million compared to $21.6 million in the year-ago fiscal third quarter.  Gross profit for the fiscal third quarter was $4.2 million, or 31.2% of sales, compared with $4.8 million, or 22.4% of sales, in the year-ago fiscal third quarter, reflecting improved product gross margin percentage plus a mix of higher margin services business. Net loss before income tax was $200,000 for the fiscal third quarter compared to net income before income tax of $206,000 for the same quarter of the prior fiscal year.  The Company’s income tax expense for the fiscal third quarter was $10,000. The Company reported a net loss of $210,000 for the third fiscal quarter, or $(0.05) per share compared with net income of $509,0000, or $0.12 per diluted share, for the third quarter of fiscal 2019.At June 30, 2020, the Company had cash and cash equivalents of $20.0 million. Fiscal 2020 Nine Month ResultsRevenue for the nine months ended June 30, 2020 was $46.2 million compared to revenue of $56.9 million in the prior year nine-month period. Gross profit for the nine months ended June 30, 2020 was $12.7 million, or 27.6% of sales, compared with $12.9 million, or 22.7% of sales, in the first nine months of fiscal 2019. Net loss for the nine months ended June 30, 2020 was $1.5 million, or $(0.37) per share, compared with net loss of $37,000, or $(0.01) per share for the fiscal 2019 nine-month period.Conference Call DetailsCSPi Chief Executive Officer Victor Dellovo and Chief Financial Officer Gary W. Levine will host a conference call at 10:00 a.m. (ET) today to review CSPi’s financial results and provide a business update. To listen to a live webcast of the call, please visit the “Investor Relations” section of the Company’s website at www.cspi.com.  Individuals may also listen to the call via telephone, by dialing 800-894-5910 or 785-424-1052 and use the conference ID: CSPQ320 when greeted by the live operator.  For interested parties unable to participate in the live call, an archived version of the webcast will be available for approximately one year on CSPi’s website.About CSPiCSPi (NASDAQ: CSPI) operates two divisions, each with unique expertise in designing and implementing technology solutions to help their customers use technology to succeed. The High Performance Product division, including ARIA Cybersecurity Solutions, originated from supporting initiatives for the Department of Defense and Western intelligence agencies related to network monitoring, data protection, and intelligence initiatives. This focused mindset now results in foolproof data protection, enterprise wide. Our ARIA Software Defined Security solutions set provides enhanced network security, as well as accelerating incident response capabilities, while our Myricom nVoy Series appliances provide automated breach identification and notification, enabled by the 10G dropless packet capture inherent in our Myricom intelligent adapters. CSPi’s Technology Solutions division helps clients achieve their business goals and accelerate time to market through innovative IT solutions and professional services by partnering with best-in-class technology providers. For organizations that want the benefits of an IT department without the cost, we offer a robust catalog of Managed IT Services providing 24×365 proactive support. Our team of engineers have expertise across major industries supporting five key technology areas: Advanced Security; Communication and Collaboration; Data Center; Networking; and Wireless & Mobility.Safe HarborThe Company wishes to take advantage of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking under the Act. Such forward-looking statements may include, but are not limited to, the ARIA Cybersecurity Solutions product, pipeline has grown and Unified-Communications-as-a-Service (UCaaS) added several customers highlighting the continued interest and demand for its feature-rich functionality and we are continuing to build the revenue pipeline during the fiscal quarter which we believe will fuel our growth in the coming years. Pandemics, epidemics, or disease outbreaks, such as COVID-19 may cause harm to us, our employees, our clients, our vendors and supply chain partners, and financial institutions, which could have a material adverse effect on our business, results of operations, cash flows, and financial condition. The impact of a pandemic, epidemic, or other disease outbreak, such as COVID-19, may include, but would not be limited to: (i) disruption to operations due to the unavailability of employees due to illness, quarantines, risk of illness, travel restrictions or factors that limit our existing or potential workforce; (ii) volatility in the demand for or availability of our products and services, (iii) inability to meet our customers’ needs due to disruptions in the manufacture, sourcing and distribution of our products and services, or (iv) failure of third parties on which we rely, including our suppliers, clients, and external business partners, to meet their obligations to us, or significant disruptions in their ability to do so. As a result of the World Health Organization characterizing the COVID-19 outbreak as a pandemic on March 11, 2020, national, state, and local governments have taken actions such as declaring a state of emergency, social distancing guidelines, and shutting down certain businesses which are not considered essential in part or entirely. The Company has complied with such actions causing most employees to work remotely in all locations. Such measures could have a material adverse effect on our business.The Company cautions that numerous factors could cause actual results to differ materially from forward-looking statements made by the Company. Such risks include general economic conditions, market factors, competitive factors and pricing pressures, and others described in the Company's filings with the Securities and Exchange Commission (“SEC”). Please refer to the section on forward-looking statements included in the Company's filings with the SEC.        CSP INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands)           June 30, 2020 September 30, 2019   (Unaudited)    Assets       Current assets:       Cash and short-term investments $19,976 $18,099 Accounts receivable, net  10,856  15,114 Inventories  6,412  7,818 Other current assets  4,289  5,503 Total current assets  41,533  46,534 Property, equipment and improvements, net  1,205  1,273 Operating lease right-of-use assets  2,180  — Long-term receivable  5,146  5,328 Other assets  4,197  6,234 Total assets $54,261 $59,369         Liabilities and Shareholders’ Equity       Current liabilities $14,116 $20,027 Pension and retirement plans  6,941  6,904 Operating lease liabilities  1,562  — Notes Payable  2,919  684 Other non-current liabilities  254  1,326 Shareholders’ equity  28,469  30,428 Total liabilities and shareholders’ equity $54,261 $59,369                       CSP INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data )                 Three months ended  Nine months ended   June 30,  June 30,  June 30,  June 30,    2020 2019 2020 2019 Sales:             Product $10,294  $18,076  $35,812  $47,390  Services  3,238   3,494   10,387   9,510  Total sales  13,532   21,570   46,199   56,900                Cost of sales:             Product  8,361   15,407   29,924   39,990  Services  947   1,324   3,537   3,976  Total cost of sales  9,308   16,731   33,461   43,966                Gross profit  4,224   4,839   12,738   12,934                Operating expenses:             Engineering and development  693   583   2,081   2,109  Selling, general and administrative  3,924   4,111   11,595   11,436  Total operating expenses  4,617   4,694   13,676   13,545                Operating income (loss)  (393)  145   (938)  (611)               Other income (expense), net  193   61   565   108                Income (loss) before income taxes  (200)  206   (373)  (503)               Income tax (benefit) expense  10   (326)  1,109   (466)               Net income (loss)  (210)  532   (1,482)  (37) Net income (loss) attributable to common stockholders $(210) $509  $(1,482) $(37)               Net income (loss) per share – basic $(0.05) $0.13  $(0.37) $(0.01) Weighted average shares outstanding – basic  4,048   4,051   4,015   3,913                Net income (loss) per share – diluted $(0.05) $0.12  $(0.37) $(0.01) Weighted average shares outstanding – diluted  4,048   4,142   4,015   3,913                Gary W. Levine CFO and Secretary gary.levine@cspi.com Direct: 978.954-5040