ADM Tronics Reports First Quarter of Fiscal Year 2020 Results
NORTHVALE, NJ / ACCESSWIRE / August 19, 2019 / 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, 2019 of Fiscal Year 2020.
During the quarter ended June 30, 2019 there was an increase in revenues as ADMT began to fulfill the customer order backlog of $730,000 that was reported on ADMT’s fiscal year-end report dated March 31, 2019. During the quarter ADMT continued to allocate more resources to the research, development and engineering of its suite of proprietary medical technologies resulting in an increase in research and development expenses to $145,766 for June 30, 2019 as compared to $109,868 for the quarter ended June 30, 2018, an increase of 9.7%.
As previously announced, Alvio®, a cloud-connected respiratory training device for sufferers of asthma, COPD and other respiratory conditions recently achieved FCC certification, a prerequisite to commercialization. Alvio is being developed by ADMT for QOL Devices, Inc. of which ADMT owns approximately 25% and is the exclusive manufacturer of the technology. Research and engineering development continued on ADMT’s proprietary medical device technologies.
Revenues for the quarter ended June 30, 2019 were $830,821 an increase of 8.8% over revenues of $756,967 for the same period last year. Net income for June 30, 2019 was $52,769 as compared to net income of $22,617 for June 30, 2018. Complete financial results are available in the Company’s Quarterly Report on Form 10Q for June 30, 2019, available at www.sec.gov.
Financial Highlights
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Three Months Ended | Three Months Ended | ||||||
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June 30, 2019 | June 30, 2018 | ||||||
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Net Revenues
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$ | 830,821 | $ | 756,967 | ||||
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Cost of Sales
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396,009 | 304,421 | ||||||
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Gross Profit
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434,812 | 452,546 | ||||||
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Operating expenses:
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Research and development
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145,766 | 109,868 | ||||||
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Selling, general and administrative
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214,255 | 320,025 | ||||||
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Depreciation and amortization
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5,506 | 5,557 | ||||||
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Total operating Expenses
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365,527 | 435,450 | ||||||
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Income from operations
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69,285 | 17,096 | ||||||
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Total other income
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5,484 | 5,521 | ||||||
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Income before provision for taxes
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74,769 | 22,617 | ||||||
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Total provision for income taxes
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22,000 | – | ||||||
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Net income
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$ | 52,769 | $ | 22,617 | ||||
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Basic and diluted earnings per common share
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$ | 0.00 | $ | 0.00 | ||||
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Weighted average shares of common stock outstanding – diluted
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67,588,492 | 67,588,492 | ||||||
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 website – admtronics.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.
Contact: Andre’ DiMino 201-767-6040, andre@admtronics.com
SOURCE: ADM Tronics Unlimited, Inc.
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