NORTHVALE, NJ / ACCESSWIRE / August 20, 2018 / 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, 2018 of Fiscal Year 2019.
As previously announced, ADMT initiated its strategic plan to redefine its business growth strategy by redirecting more of its resources to the research, development, engineering and production of its own suite of proprietary medical technologies including Alvio ®, a respiratory training and therapeutic device for sufferers of asthma, COPD and other respiratory conditions; Aurex-3®, a therapeutic technology for the treatment and control of tinnitus; and, Sonotron®, a non-invasive treatment modality for pain. As these technologies go through various stages of development, revenues from engineering services and medical device manufacturing from clients is reduced while continuing to post a profit for the quarter.
"We are continuing our strategy to devote more of our engineering and development resources towards our own proprietary medical device technologies," stated Andre' DiMino, President of ADMT. "We believe increased efforts on our proprietary medical technologies is the best route for the future growth of the Company."
Revenues for the three months ended June 30, 2018 were $756,967 with a net income of $22,617 as compared to $1,146,355 and net income of $2,633 for June 30, 2017. Complete financial results are available in the Company's Quarterly Report on Form 10Q available at www.sec.gov.
Financial Highlights
Three Months Ended | Three Months Ended | ||
June 30, 2018 | June 30, 2017 (Restated) | ||
Net Revenues | $756,967 | $1,146,355 | |
Cost of Sales | 304,421 | 620,795 | |
Gross Profit | 452,546 | 525,560 | |
Operating expenses: | |||
Research and development | 109,868 | 149,957 | |
Selling, general and administrative | 320,025 | 364,371 | |
Depreciation and amortization | 5,557 | 7,491 | |
Total operating Expenses | 435,450 | 521,819 | |
Income from operations | 17,096 | 3,741 | |
Total other income | 5,521 | 892 | |
Income before provision for income taxes | 22,617 | 4,633 | |
Provision for income taxes: | |||
Current | - | 2,000 | |
Net income | $22,617 | $2,633 | |
Net income per common share | $0.00 | $0.00 | |
Weighted average shares of common stock outstanding - diluted | 67,588,504 | 67,588,504 |
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.
