NORTHVALE, NJ / ACCESSWIRE / February 19, 2019 / ADM Tronics Unlimited, Inc. (OTCQB: ADMT), a technology-based developer and manufacturer of innovative technologies and products, today announced results for its third fiscal quarter ended December 31, 2018 of Fiscal Year 2019.
ADMT continues on its strategy of devoting increased levels of its resources to the advancement of its own suite of proprietary medical device technologies, while generating current revenues through its medical technology engineering services division. ADMT's medical technologies under development include the Alvio® respiratory therapy platform, Aurex3® tinnitus therapy and Sonotron® noninvasive musculoskeletal pain therapy technology. In order to expedite the completion of these technologies, ADMT management has increased the level of resources allocated to these projects.
Andre' DiMino, CEO of ADMT stated, "We are making strides in bringing our new medical technologies towards commercialization. In the third quarter we devoted additional financial and human resources to our own technologies as they move closer to being finalized. We believe this strategy will be very rewarding for our Company as any one of our new medical technologies has significant market potential.'
Revenues for the nine months ended December 31, 2018 were $2,351,201 as compared to $3,098,536 for the nine months ended December 31, 2017, a decrease of 24%. Loss from operations for the nine months ended December 31, 2018 was $116,371 as compared to income of $164,351 for the nine months ended December 31, 2017.
Revenues for the three months ended December 31, 2018 were $739,538 as compared to $1,021,042 for the three months ended December 31, 2017, a decrease of 28%. Loss from operations for the third quarterwas $219,922 as compared to income of $88,305 for the same period last year.
Complete financial results are available in the Company's Quarterly Report on Form 10Q available at www.sec.gov.
Financial Highlights
Three Months Ended | Nine Months Ended | ||||
December 31, | December 31, | ||||
2018 | 2017 | 2018 | 2017 | ||
Net Revenues | $739,538 | $1,021,042 | $2,351,201 | $3,098,536 | |
Cost of Sales | $506,562 | $471,062 | $1,143,600 | $1,443,751 | |
Gross Profit | $232,976 | $549,980 | $1,207,601 | $1,654,785 | |
Operating Expenses | $452,898 | $466,205 | $1,323,972 | $1,490,434 | |
Income (loss) from operations | ($219,922) | $83,775 | ($116,371) | $164,351 | |
Total other income | $6,008 | $4,530 | $17,481 | $9,623 | |
Income (loss) before provision for income taxes | ($213,914) | $88,305 | ($98,890) | $173,974 | |
Total provision (benefit) for income taxes | ($71,000) | $236,000 | ($97,000) | $394,000 | |
Net income (loss) | ($142,914) | ($147,695) | ($1,890) | ($220,026) | |
Basic and diluted earnings per common share | ($0.00) | ($0.00) | ($0.00) | ($0.00) | |
Weighted average shares of common stock outstanding - diluted | 67,588,492 | 67,588,492 | 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 Medical Technologies; Eco-Friendly, Water-Based Formulations; and, Engineering, Regulatory and Manufacturing Services. The Company's headquarters, laboratories, and FDA-Registered medical device operations are in Northvale, NJ. ADMT's multi-disciplinary team of engineers, researchers and technologists utilize advanced technology infrastructure, for research, development and commercialization of diversified technologies. Additional information is available at 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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