ADMT - ADM Tronics Reports Financial Results for Second Quarter of Fiscal Year 2020
NORTHVALE, NJ / ACCESSWIRE / November 19, 2019 / 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, 2019 of Fiscal Year 2020.
As previously announced, ADMT developed and is manufacturing a new veterinary therapy technology, trademarked Calmer Canine, for its customer, Assisi Animal Health. In preparation for the launch of the Calmer Canine, ADMT expanded manufacturing areas at its medical device manufacturing facility to accommodate projected volume of this new technology, along with additional manufacturing orders from two new customers. In addition, ADMT hired additional personnel in advance of the projected increase in revenues to provide sufficient time for required training and qualification. This resulted in higher costs for the period ended September 30, 2019.
During the period ended September 30, 2019, customer deposits increased by $350,087 to $671,528 from $321,441 at March 31, 2019, for new orders to be delivered in subsequent periods.
Revenues for the six months ended September 30, 2019 were $1,787,612 as compared to $1,611,663 for the six months ended September 30, 2018, an increase of 11%. Income from operations for the second quarter was $25,537 as compared to $103,551 for the same period last year, primarily resulting from increased costs of added production employees and related expenses incurred during the six-month period ended September 30, 2019.
Revenues for the three months ended September 30, 2019 were $956,791 as compared to $854,696 for the three months ended September 30, 2018, an increase of 12%. Loss from operations for the second quarter was $38,409 as compared to income of $86,455 for the same period last year, primarily resulting from increased costs of added production employees and related expenses incurred in the three months ended September 30, 2019.
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, |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
Net revenues |
| $ |
| 956,791 |
| $ |
| 854,696 |
| $ |
| 1,787,612 |
| $ |
| 1,611,663 |
Cost of sales |
| $ |
| 544,448 |
| $ |
| 332,617 |
| $ |
| 940,457 |
| $ |
| 637,038 |
Gross Profit |
| $ |
| 412,343 |
| $ |
| 522,079 |
| $ |
| 847,155 |
| $ |
| 974,625 |
Operating expenses |
| $ |
| 456,091 |
| $ |
| 435,624 |
| $ |
| 821,618 |
| $ |
| 871,074 |
Income (loss) from operations |
| $ |
| (43,748 |
| ) |
| $ |
| 86,455 |
| $ |
| 25,537 |
| $ |
| 103,551 |
Total other income |
| $ |
| 5,339 |
| $ |
| 5,952 |
| $ |
| 10,823 |
| $ |
| 11,473 |
Income (loss) before provision for income taxes |
| $ |
| (38,409 |
| ) |
| $ |
| 92,407 |
| $ |
| 36,360 |
| $ |
| 115,024 |
Total provision (benefit) for income taxes |
| $ |
| (11,000 |
| ) |
| $ |
| (26,000 |
| ) |
| $ |
| 11,000 |
| $ |
| (26,000 |
| ) |
Net income (loss) |
| $ |
| (27,409 |
| ) |
| $ |
| 118,407 |
| $ |
| 25,360 |
| $ |
| 141,024 |
Basic and diluted per common share |
| $ |
| (0.00 |
| ) |
| $ |
| 0.00 |
| $ |
| 0.00 |
| $ |
| 0.00 |
Weighted average shares of common stock outstanding - basic and 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, regulatory requirements, 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, for the research, development and commercialization of diversified technologies. Additional information is available at the Company's website - admtronics.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.
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