ADM Tronics Reports First Quarter of Fiscal Year 2020 Results

ADM Tronics Unlimited Inc.


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ADM Tronics Unlimited Inc.

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Primary Exchange: OTCQB
Under the Symbol: ADMT

ADM Tronics Reports First Quarter of Fiscal Year 2020 Results

Monday, August 19, 2019 3:35 PM

NORTHVALE, NJ / ACCESSWIRE / August 19, 2019 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, today announced results for its first fiscal quarter ended June 30, 2019 of Fiscal Year 2020.

During the quarter ended June 30, 2019 there was an increase in revenues as ADMT began to fulfill the customer order backlog of $730,000 that was reported on ADMT’s fiscal year-end report dated March 31, 2019. During the quarter ADMT continued to allocate more resources to the research, development and engineering of its suite of proprietary medical technologies resulting in an increase in research and development expenses to $145,766 for June 30, 2019 as compared to $109,868 for the quarter ended June 30, 2018, an increase of 9.7%.

As previously announced, Alvio®, a cloud-connected respiratory training device for sufferers of asthma, COPD and other respiratory conditions recently achieved FCC certification, a prerequisite to commercialization. Alvio is being developed by ADMT for QOL Devices, Inc. of which ADMT owns approximately 25% and is the exclusive manufacturer of the technology. Research and engineering development continued on ADMT’s proprietary medical device technologies.

Revenues for the quarter ended June 30, 2019 were $830,821 an increase of 8.8% over revenues of $756,967 for the same period last year. Net income for June 30, 2019 was $52,769 as compared to net income of $22,617 for June 30, 2018. Complete financial results are available in the Company’s Quarterly Report on Form 10Q for June 30, 2019, available at www.sec.gov.

Financial Highlights

Three Months Ended Three Months Ended
June 30, 2019 June 30, 2018
Net Revenues
$ 830,821 $ 756,967
Cost of Sales
396,009 304,421
Gross Profit
434,812 452,546
Operating expenses:
Research and development
145,766 109,868
Selling, general and administrative
214,255 320,025
Depreciation and amortization
5,506 5,557
Total operating Expenses
365,527 435,450
Income from operations
69,285 17,096
Total other income
5,484 5,521
Income before provision for taxes
74,769 22,617
Total provision for income taxes
22,000 -
Net income
$ 52,769 $ 22,617
Basic and diluted earnings per common share
$ 0.00 $ 0.00
Weighted average shares of common stock outstanding - 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, 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 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, [email protected]

SOURCE: ADM Tronics Unlimited, Inc.


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