NORTHVALE, N.J., Aug. 21, 2017 /PRNewswire/ -- 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, 2017 of Fiscal Year 2018.
Revenues for the three months ended June 30, 2017 were $1,1146,355 with a net income of $91,883 after provision for income taxes of $77,000, marking 16 profitable quarters over the past 4 fiscal years. Complete financial results are available in the Company’s Quarterly Report on Form 10Q available at www.sec.gov.
“We are following through on our plan to devote more of our engineering and development resources towards the advancement of our own proprietary medical device technologies, as previously announced,” stated Andre’ DiMino, President of ADMT. “We believe the efforts we are putting into our proprietary medical technologies will be well rewarded, as any one of our products can be a gamechanger for our Company’s future. We will continue our efforts on the expansion of our base business to strive to maintain the financial growth the Company has demonstrated over the past four years.”
Financial Highlights
Three Months | Three Months | ||
June 30, 2017 | June 30, 2016 | ||
Net Revenues | $1,146,355 | $1,377,431 | |
Cost of Sales | 456,545 | 508,324 | |
Gross Profit | 689,810 | 869,107 | |
Operating expenses: | |||
Research and development | 149,957 | 20,401 | |
Selling, general and administrative | 364,371 | 326,210 | |
Depreciation and amortization | 7,491 | 1,452 | |
Total operating Expenses | 521,819 | 348,063 | |
Income from operations | 167,991 | 521,044 | |
Total other income | 892 | 186 | |
Income before provision for income taxes | 168,883 | 521,230 | |
Provision for income taxes: | |||
Current | 2,000 | - | |
Deferred | 75,000 | - | |
Net income | $91,883 | $521,230 | |
Net income per common share | $0.00 | $0.01 | |
Weighted average shares of common stock outstanding - diluted | 67,588,492 | 67,008,502 |
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 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.
