NORTHVALE, NJ / ACCESSWIRE / July 14, 2021 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies, products and proprietary medical devices, today announced results for fiscal year ended March 31, 2021.
ADMT's fiscal year ended March 31, 2021 was fully encompassed by the COVID pandemic effects on many industries. ADMT took aggressive steps to minimize disruption of its operations by securing exemption from shutdown as an Essential Manufacturer while instituting broad safety procedures and securing Infectious Disease Prevention Certification. This permitted ADMT to maintain research, development and manufacturing operations throughout the fiscal year.
Since March of 2020, the significant worldwide reduction in economic activity impacted ADMT's customers in its three business segments. This resulted in reduced sales and, in some cases, cessation of orders for products manufactured by ADMT during the fiscal year. In addition, a worldwide shortage of certain electronic components used in products manufactured by ADMT resulted in reduced production levels for ADMT's electronics manufacturing segment. And, a number of suppliers reduced manufacturing activities causing a shortage or backlog and increased costs of other raw materials used by ADMT.
"We faced an unprecedented array of challenges throughout the past fiscal year that impacted operations and revenues," stated Andre' DiMino, President of ADMT. "The pandemic spanned our entire fiscal year, but we are encouraged by the initial improvement in recent months."
"During the fiscal year, we increased R&D activities and devoted engineering resources for further development of our proprietary therapeutic medical device technologies to bring them closer to commercialization. In anticipation, we have begun to seek out potential strategic partners and other arrangements to market and distribute these technologies once commercialized. We believe these new developments will provide the Company with greater opportunities for substantial growth."
"I appreciate the continued confidence of our shareholders, the loyalty of our customers and the dedication of our family of employees as we strive for a prosperous future."
Revenues for the year ended March 31, 2021 were $3,090,631compared to $3,485,992 for the previous year, a decrease of approximately 11%. Operating expenses for the fiscal year increased to $1,842,320 as compared to $1,617,409 for the previous fiscal year. R&D expenses increased to $655,962 as compared to $589,373 for the previous fiscal year. Complete financial results are available in the Company's Annual Report on Form 10K at www.sec.gov.
Financial Highlights
| Fiscal Year Ended | Fiscal Year Ended | |||||||
| March 31, 2021 | March 31, 2020 | |||||||
Net revenues | $ | 3,090,631 | $ | 3,485,992 | ||||
Cost of sales | $ | 1,928,789 | $ | 1,911,972 | ||||
Gross Profit | $ | 1,161,842 | $ | 1,574,020 | ||||
Operating expenses | $ | 1,842,320 | $ | 1,617,409 | ||||
Loss from operations | $ | (680,478 | ) | $ | (43,389 | ) | ||
Total other income | $ | 14,202 | $ | 17,152 | ||||
Total (benefit) provision for income taxes | $ | (68,000 | ) | $ | 69,522 | |||
Net (loss) | $ | (598,276 | ) | $ | (95,759 | ) | ||
Earnings per common share | $ | (0.01 | ) | $ | (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, products and proprietary medical devices. 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, 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 at admtronics.com. To receive email updates directly from the Company, fill in the form at the bottom of this page: https://admtronics.com/investor-relations/
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:
Phone: (201) 767-6040
Email: [email protected]
https://admtronics.com/
SOURCE: ADM Tronics Unlimited, Inc.