ADM Tronics CEO Comments On First Quarter Fiscal Year 2017 Financial Results
NORTHVALE, N.J., Aug. 23, 2016 /PRNewswire/ -- Andre' DiMino, CEO of ADM Tronics Unlimited, Inc. (OTCQB: ADMT), a technology-based developer and manufacturer of innovative technologies and products, commented on ADMT's first quarter of fiscal year 2017 financial results reported yesterday in the Company's quarterly report on Form 10Q available at www.sec.gov.
"Our management is very pleased with the positive results for the first quarter of our Fiscal Year 2017. This marks our tenth consecutive quarter of increasing revenues. We believe we can continue to execute on the growth plan we adopted in 2013, when we dramatically initiated the new business model for our Company," stated DiMino. "As planned, we have generated cash flows from our business segments to allow us to internally fund more engineering and development efforts for our proprietary medical electronics technologies."
As, previously reported, revenues for the three months ended June 30, 2016 were $1,377,431 as compared to $1,055,928 for the three months ended June 30, 2015, an increase of 31%. Net profit for the first quarter was $521,230 or $0.01 per share as compared to $434,228 or $0.01 per share for the same period last year, an increase of 20%. Complete financial results are available in the Company's Quarterly Report on Form 10Q available at www.sec.gov.
Financial Highlights
Three Months June 30, 2016 | Three Months June 30, 2015 | ||
Net Revenues | $1,377,431 | $1,055,928 | |
Cost of Sales | $459,927 | $300,873 | |
Gross Profit | $917,504 | $755,055 | |
Operating Expenses | $396,460 | $320,057 | |
Income from operations | $521,044 | $434,548 | |
Total other income (expense) | $186 | ($320) | |
Net income | $521,230 | $434,228 | |
Net income per common share | $0.01 | $0.01 | |
Weighted average shares of common stock outstanding - diluted | 67,008,503 | 65,539,537 |
About ADMT
ADMT is a diversified, technology-based developer and manufacturer of innovative technologies and products. ADMT has three areas of activity: Proprietary Electronic Medical Devices; Eco-Friendly, Safe, Water-Based Formulations; and, Design, Engineering, Regulatory and Manufacturing Services, executed by a team of multi-disciplinary engineers, researchers and technologists utilizing advanced technology infrastructure, such as 3-D solid prototyping, precision instrumentation and specialized software and peripherals, for research, development and commercialization of diversified technologies. We are very proud to be a profitable company at such an early stage of of our new growth plan. Management's goal for the next 12 months is to assist the investing public to recognize the potential of ADMT. Additional information is available at the Company's websites - admtronics.com and concepttoquantity.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.
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SOURCE ADM Tronics Unlimited, Inc.
