Yahoo Finance ADM Tronics Reports Financial Results for Second Quarter of Fiscal Year 2019
NORTHVALE, NJ / ACCESSWIRE / November 19, 2018 / ADM Tronics Unlimited, Inc. (OTCQB: ADMT), a technology-based developer and manufacturer of innovative technologies and products, today announced results for its second fiscal quarter ended September 30, 2018 of Fiscal Year 2019.
As previously announced, ADMT has been redirecting more of its engineering resources towards advancement of its suite of proprietary medical technologies. This includes Alvio®, respiratory training and therapeutic device for asthma, COPD and other respiratory sufferers, which is in final stages of development; Aurex-3®, non-invasive therapeutic technology for the treatment and control of tinnitus; and, Sonotron®, non-invasive treatment modality for pain. As ADMT advances these technologies through stages of development, revenues were reduced from customers of engineering services and medical device manufacturing, while posting a profit for the quarter.
Revenues for the six months ended September 30, 2018 were $1,611,663 as compared to $2,077,494 for the six months ended September 30, 2017, a decrease of 22%. Income from operations for the second quarter was $103,551 as compared to $80,576 for the same period last year, an increase of 29%.
Revenues for the three months ended September 30, 2018 were $854,696 as compared to $931,139 for the three months ended September 30, 2017, a decrease of 8%. Income from operations for the second quarter was $86,455 as compared to $76,835 for the same period last year, an increase of 13%.
Complete financial results are available in the Company's Quarterly Report on Form 10Q available at sec.gov.
Financial Highlights
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net Revenues | $ | 854,696 | $ | 931,139 | $ | 1,611,663 | $ | 2,077,494 | ||||||||
Cost of Sales | $ | 332,617 | $ | 351,894 | $ | 637,038 | $ | 972,689 | ||||||||
Gross Profit | $ | 522,079 | $ | 579,245 | $ | 974,625 | $ | 1,104,805 | ||||||||
Operating Expenses | $ | 435,624 | $ | 502,410 | $ | 871,074 | $ | 1,024,229 | ||||||||
Income from operations | $ | 86,455 | $ | 76,835 | $ | 103,551 | $ | 80,576 | ||||||||
Total other income | $ | 5,952 | $ | 4,201 | $ | 11,473 | $ | 5,093 | ||||||||
Income before provision for (benefit from) income taxes | $ | 92,407 | $ | 81,036 | $ | 115,024 | $ | 85,669 | ||||||||
Total provision for (benefit from) income taxes | $ | (26,000 | ) | $ | 81,000 | $ | (26,000 | ) | $ | 158,000 | ||||||
Net income (loss) | $ | 118,407 | $ | 36 | $ | 141,024 | $ | (72,331 | ) | |||||||
Basic and diluted earnings per common share | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.0 | ||||||||
Weighted average shares of common stock outstanding - diluted | 67,588,492 | 67,588,492 | 67,588,492 | 67,588,492 | ||||||||||||
About ADMT
ADMT is a diversified, technology-based developer and manufacturer of innovative technologies and products. Its core competency is its ability to conceptualize a technology, bring it through development, into manufacturing and commercialization, all in-house. ADMT has three areas of activity: Proprietary Electronic Medical Devices; Eco-Friendly, Safe, Water-Based Formulations; and, Design, Engineering, Regulatory and Manufacturing Services. The Company's headquarters, laboratories, FDA-Registered medical device and manufacturing operations are located in Northvale, NJ. ADMT's multi-disciplinary team of engineers, researchers and technologists utilize advanced technology infrastructure, such as 3-D solid prototyping, precision instrumentation and specialized software and peripherals, for the research, development and commercialization of diversified technologies. Additional information is available at the Company's websites - admtronics.com and concepttoquantity.com.
Except for historical information contained herein, the matters set forth in this news release are "forward looking" statements (as defined in the Private Securities Litigation Reform Act of 1995), including statements regarding future revenue growth and performance. Although ADMT believes the expectations reflected in such forward looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could contribute to such differences include those described from time to time in ADMT's filings with the SEC, news releases and other communications. The Company assumes no obligation to update the information contained in this news release.
Contact: Andre' DiMino 201-767-6040, andre@admtronics.com
SOURCE: ADM Tronics Unlimited, Inc.
