- Unisync reports improved quarterly core business revenues in Q1 of 2022 compared to previous first quarters since the pandemic began
- total revenue of last three months of 2021 was at $21.8 million
- PPE related revenue decreased from $6.7 million to $0.3 million
- PPE unrelated revenue increased by 17 per cent
- Unisync is a Canadian uniform manufacturer and provider
- Unisync (TSX:UNI) is down 0.31 per cent and trading at $3.20 CAD per share at 12:25 PM EST
Unisync (UNI) reported improved quarterly core business revenues in the first quarter of 2022 compared to all first quarters since the COVID-19 pandemic began.
Total revenue for the last three months of 2021 was at $21.8 million and decreased by 13 per cent in comparison to the last three months of 2020. PPE-related revenue has decreased from $6.7 million in early 2021 to $0.3 million in 2022.
However, the revenue of other products in early 2022 increased by 17 per cent.
Total general and administrative expenses for the last three months of 2021 decreased by $0.2 million versus the last quarter in 2020.
Interest expense of $0.3 million for the current quarter was down $0.3 million from the same period in 2021.
Unisync has a net loss of $0.1 million in the last quarter of 2021 compared to a net income of $0.8 million in the same quarter in 2020.
Unisync has built up orders in the transportation and hospitality sectors to pre-pandemic levels since the surge of the Omicron variant.
Deferred revenue increased by 18 percent during the early quarter of 2022 to $14.6 million, so Unisync expects improved revenue and profitability during 2022.
Unisync, headquartered in Vancouver, is a uniform provider and manufacturer. It operates through two business units: Unisync Group and 90 per cent owned Peerless Garments.
Unisync (TSX:UNI) is down 0.31 per cent and trading at $3.20 per share at 12:25 PM EST.
