NORTHVALE, NJ / ACCESSWIRE / November 16, 2020 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, announces results for its second fiscal quarter ended September 30, 2020 of Fiscal Year 2021.
ADM Tronics' second fiscal quarter ended September 30, 2020 showed improvement in operational results as compared to the first fiscal quarter ended June 30, 2020 despite continued effects of the COVID-19 pandemic. Throughout the pandemic, ADMT implemted aggressive steps to minimize disruption of operations including securing Essential Manufacturer exemption from the statewide shutdown and encompassing CDC safety guidelines in ADMT's operations. This allowed continued research, development and manufacturing operations throughout the period.
Revenues for the second fiscal quarter ended September 30, 2020 were $927,085 as compared to the first fiscal quarter ended June 30, 2020 of $569,093 an increase of approximately 63%.
"We are pleased to have achieved increased revenues for the second quarter as compared to our first fiscal quarter of fiscal year 202, although the effects of the pandemic continue to present challenges as many of our customers report reduced business activities," stated Andre' DiMino, President of ADM Tronics. "We continued the trend in growth of manufacturing revenues reported in our first fiscal quarter with $396,910 for the three months and $684,972 for the six months ended September 30, 2020 an increase of 41% and 57% respectively as compared to the same periods in the last fiscal year for our manufacturing segment. Chemical and engineering segment revenues were lower as compared to the same periods in fiscal year 2019 due to the effects of the pandemic on our customers. We continued to invest in our future by advancing research and development into our own proprietary medical technology developments, which we firmly believe will prove meaningful to our future growth and profits."
Revenues for the three months ended September 30, 2020 were $927,085 as compared to $956,791 for the three months ended September 30, 2019, a decrease of 3% primarily due to reduced engineering and chemical segment revenues from the effects of the pandemic on customers, offset by increased manufacturing revenues. Income from operations for the second quarter was $5,366 as compared to loss of $43,748 for the same period last year.
Revenues for the six months ended September 30, 2020 were $1,496,178 as compared to $1,787,612 for the six months ended September 30, 2019, a decrease of 16%. Loss from operations for the second quarter was $178,504 as compared to income of $25,537 for the same period last year. The decrease in revenues was primarily from reduced engineering and chemical revenues during the first quarter of 2020 ended June 30, 2020 from the effects of the pandemic on customers, offset by an increase in manufacturing revenues for the period.
Complete financial results are available in the Company's Quarterly Report on Form 10Q for September 30, 2020, available at www.sec.gov.
Financial Highlights
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Three Months Ended | Six Months Ended | ||||||||||||||
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September 30, | September 30, | ||||||||||||||
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2020 | 2019 | 2020 | 2019 | ||||||||||||
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Net revenues
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$ | 927,085 | $ | 956,791 | $ | 1,496,178 | $ | 1,787,612 | ||||||||
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Cost of sales
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$ | 578,546 | $ | 544,448 | $ | 980,049 | $ | 940,457 | ||||||||
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Gross Profit
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$ | 348,539 | $ | 412,343 | $ | 516,129 | $ | 847,155 | ||||||||
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Operating expenses
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$ | 343,173 | $ | 456,091 | $ | 694,633 | $ | 821,618 | ||||||||
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Income (loss) from operations
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$ | 5,366 | $ | (43,748 | ) | $ | (178,504 | ) | $ | 25,537 | ||||||
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Total other income
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$ | 3,545 | $ | 5,339 | $ | 17,179 | $ | 10,823 | ||||||||
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Income (loss) before provision for income taxes
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$ | 8,911 | $ | (38,409 | ) | $ | (161,325 | ) | $ | 36,360 | ||||||
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Total provision (benefit) for income taxes
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$ | (53,000 | ) | $ | (11,000 | ) | $ | (1,500 | ) | $ | 11,000 | |||||
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Net income (loss)
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$ | 61,911 | $ | (27,409 | ) | $ | (159,825 | ) | $ | 25,360 | ||||||
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Basic and diluted per common share
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$ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | $ | 0.00 | ||||||
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Weighted average shares of common stock outstanding - basic and diluted
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67,588,504 | 67,588,504 | 67,588,504 | 67,588,504 | ||||||||||||
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, for the research, development and commercialization of diversified technologies. Additional information is available at admtronics.com
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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.