ADMT - ADM Tronics Reports First Quarter of Fiscal Year 2022 Results
NORTHVALE, NJ / ACCESSWIRE / August 23, 2021 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, announces results for its first fiscal quarter ended June 30, 2021 of Fiscal Year 2022.
For the first fiscal quarter ended June 30, 2021 ADMT experienced the beginning of improvement over the same period last year which was fully impacted by the effects of the COVID-19 pandemic. Revenues increased over 26% for the quarter ended June 30, 2021 as compared to the same period last year. Certain ADMT customers increased or resumed operations during the quarter as compared to many that were either shutdown or severely curtailed operations during the first quarter of last year ended June 30, 2020, the first full quarter of the COVID pandemic.
For the first fiscal quarter ended June 30, 2021 ADMT's engineering services and chemical segment revenues increased over the same period last year, while the electronics manufacturing segment had reduced revenues, mainly due to raw material shortages and concurrent raw material cost increases. As widely reported, a worldwide shortage of electronic components and other raw materials is affecting many industries.
ADMT's engineering revenues increased over 94% to $183,527 for the fiscal quarter ended June 30, 2021 as compared to $94,508 for the same period last year. ADMT's chemical segment revenues increased over 69% to $315,257 as compared to $186,523 for the same period last year. The increased revenues in these segments is attributable to the resumption of activities by customers emerging from pandemic-affected operations. These were offset by a decrease in electronic segment manufacturing revenues of over 23% to $222,574 for the quarter ended June 30, 2020 as compared to $288,062 for the same period last year, primarily due to raw material component shortages.
"We are encouraged to see increased business from our customers as we are all emerging from the COVID pandemic. We continue to advance the investment in our proprietary developments with an increase of over 28% in our R&D for the quarter. Although we have to contend with raw material shortages, we are confident in continued improvement in all three of our business segments."
Revenues for the quarter ended June 30, 2021 were $721,358 as compared to $569,093 for the same period last year, an increase of 26%. Net loss for June 30, 2021 was reduced 73% to $30,672 as compared to net loss of $115,736 for June 30, 2020. Complete financial results are available in the Company's Quarterly Report on Form 10Q for June 30, 2021, available at www.sec.gov.
Financial Highlights
| Three Months Ended |
| Three Months Ended |
| June 30, 2021 |
| June 30, 2020 |
Net Revenues |
| $ |
| 721,358 |
| $ |
| 569,093 |
Cost of Sales |
| 419,376 |
| 401,503 |
Gross Profit |
| 301,982 |
| 184,300 |
Operating expenses: |
Research and development |
| 161,368 |
| 125,904 |
Selling, general and administrative |
| 161,332 |
| 219,780 |
Depreciation and amortization |
| 22,279 |
| 22,486 |
Total operating Expenses |
| 344,979 |
| 368,170 |
(Loss) from operations |
| (42,997 |
| ) |
| (183,870 |
| ) |
Total other income (expense) |
| (1,175 |
| ) |
| 13,634 |
(Loss) before provision for taxes |
| (44,172 |
| ) |
| (170,236 |
| ) |
(Benefit) for income taxes: |
Current |
| 5,500 |
| (12,500 |
| ) |
Deferred |
| (19,000 |
| ) |
| (42,000 |
| ) |
Total benefit (provision) for income taxes |
| (13,500 |
| ) |
| (54,500 |
| ) |
Net loss |
| $ |
| (30,672 |
| ) |
| $ |
| (115,736 |
| ) |
Basic and diluted earnings per common share |
| $ |
| (0.00 |
| ) |
| $ |
| (0.00 |
| ) |
Weighted average shares of common stock outstanding - basic and diluted |
| 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; Design, Engineering, Regulatory and Manufacturing Services; and, Eco-Friendly, Safe, Water-Based Formulations. The Company's headquarters, laboratories, and FDA-Registered medical device 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 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
+1 (201) 767-6040
andre@admtronics.com
SOURCE: ADM Tronics Unlimited, Inc.
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