NORTHVALE, N.J., Aug. 14, 2015 /PRNewswire/ -- ADM Tronics Unlimited, Inc. (OTCQB: ADMT), a technology-based developer and manufacturer of innovative technologies and products, today announced results for its first quarter ended June 30, 2016 of Fiscal Year 2016.
Revenues for the three months ended June 30, 2015 were $1,055,928 as compared to $623,674 for the three months ended June 30, 2014, an increase of 69%. Net profit for the first quarter was $434,548 or $0.01 per share as compared to $35,828 for the same period last year, an increase of 1,113%. Complete financial results are available in the Company’s Quarterly Report on Form 10Q available at www.sec.gov.
Financial Highlights | |||
Three Months Ended June 30, 2015 | Three Months Ended June 30, 2014 | ||
Net Revenues | $1,055,928 | $623,674 | |
Cost of Sales | $300,873 | $338,216 | |
Gross Profit | $811,295 | $285,458 | |
Operating Expenses | $320,507 | $249,724 | |
Income from operations | $434,548 | $35,734 | |
Total other income (expense) | ($320) | $94 | |
Net income | $434,228 | $35,828 | |
Net income (loss) per common share | $0.01 | $0.00 | |
Weighted average shares of common stock outstanding - diluted | 65,539,537 | 65,539,537 | |
As previously announced, on August 7, 2015 ADMT secured a strategic investment of $300,000 from its customer Advanced Plasma Therapies, Inc. (“APT”) and issued 2,068,965 shares of ADMT’s common stock to APT, such shares are restricted securities and have not been registered for public sale. The strategic investment occurred after the end of the June 30, 2015 first fiscal quarter. Therefore, the share amounts reflected above do not include the shares issued to APT.
“We are continuing the positive strides achieved over the past fiscal year into this new fiscal year,” stated Andre’ DiMino, President of ADMT. Our positive financial results are fueling our growth with positive cash flow from our operations. We expect continued growth in our medical device engineering segment. And, with the added capital from operations, as well as the recent strategic investment received from APT, we plan to advance our proprietary medical device projects as well.”
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; Eco-Friendly, Safe, Water-Based Formulations; and, Design, Engineering, Regulatory and Manufacturing Services. 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/adm-tronics-reports-first-quarter-of-fiscal-year-2016-results-revenues-increase-69-300128799.html
SOURCE ADM Tronics Unlimited, Inc.
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