Page 39 - 2022 Annual Report 2022 FINAL
P. 39
TREASURER’S REPORT
From a financial standpoint, the year ending September 30, 2022, was a very successful year. All metrics
and information provided show improvement and measurable progress towards achieving goals. A
summary of highlights comparing this year to the last two years is presented below:
Highlights
2022 2021 2020
Net Revenue $ 28,652,667 $ 20,476,424 $ 20,563,178
Operating Profit $ 4,529,858 $ 952,919 $ 2,347,505
Profit Percentage 15.8% 4.7% 11.4%
Backlog at year end $ 32,900,000 $ 15,500,000 $ 12,200,000
Total Assets $ 21,610,862 $ 12,597,673 $ 13,153,780
Capital Improvement Spend $ 761,788 $ 81,145 $ 302,798
Total Stockholders' Equity $ 7,176,779 $ 6,341,551 $ 5,010,671
Year-end stock price $ 1,041.98 $ 912.93 $ 896.95
Year-end employee count 174 141 133
# of clients (billing over $10k) 208 155 155
# of states where FGMA worked 16 7 6
# of FGMA offices 7 6 6
EXECUTING OUR STRATEGY
Measuring, reporting, and monitoring progress on financial goals is essential to determining if we are on
the right track or if a mid-course correction is needed. Three financial goals relate to revenue growth,
practice area diversity and geographic diversity. Achieving these goals fund strategic initiatives, protect
the firm in times when a practice area, state, or region sees a downturn, and maintains the firm’s financial
stability.
Double the firm’s net revenue and achieve 20% annual net profit by 2030
In 2020, when this goal was established, we were on our way to achieving a record breaking $20 million
year. To double the firm’s net revenue in 10 years, a steady 7.2% increase each year would be needed.
The near 40% increase in 2022, along with another significant increase budgeted in 2023 sets us up to
achieve this goal much sooner than 2030.
Page | 26 Treasurer’s Report
