NORTHVALE, NJ / ACCESSWIRE / August 19, 2020 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, announces results for its first fiscal quarter ended June 30, 2020 of Fiscal Year 2021.
ADM Tronics' first fiscal quarter ended June 30, 2020 encompassed a full three-month period impacted by the effects of the COVID-19 pandemic. ADMT took aggressive steps to minimize disruption of operations by securing Essential Manufacturer exemption from the statewide shutdown. This allowed continued research, development and manufacturing operations, throughout the quarter, while encompassing CDC safety guidelines. The Company established clerical activities remotely.
By maintaining full operational capability, ADMT's electronic segment manufacturing revenues increased over 86% to $288,062 for the quarter ended June 30, 2020 as compared to $154,767 for the same period last year. This was offset by revenues in engineering and chemical segments, combined, of $281,031 as compared to $676,054 for the same period last year, a decrease of 58%.
"Due to the pandemic, our first quarter was extremely challenging. Although many businesses shutdown or severely curtailed operations, we were steadfast in our efforts to persevere," stated Andre' DiMino, President of ADM Tronics. "That allowed us to increase our electronics segment revenue by over 86% compared to last year's first fiscal quarter. However, due directly to the effects of the pandemic on our customers, both our chemical and engineering segments posted reductions in revenues. Maintaining our commitment of advancing our proprietary developments, such as our Sonotron technology, we continued to invest in research and development. We are confident that, as the world emerges from this crisis, the investments made in our R&D, as well as our customers resuming demand for our products and services, we expect multiple avenues for substantial growth."
Revenues for the quarter ended June 30, 2020 were $569,093 as compared to $830,821 for the same period last year, a decrease of 31%. Net loss for June 30, 2020 was $115,736 as compared to net income of $52,769 for June 30, 2019. Complete financial results are available in the Company's Quarterly Report on Form 10Q for June 30, 2020, available at www.sec.gov.
Financial Highlights
| Three Months Ended | Three Months Ended | |||||||
| June 30, 2020 | June 30, 2019 | |||||||
Net Revenues | $ | 569,093 | $ | 830,821 | ||||
Cost of Sales | 401,503 | 396,009 | ||||||
Gross Profit | 167,590 | 434,812 | ||||||
Operating expenses: | ||||||||
Research and development | 125,904 | 145,766 | ||||||
Selling, general and administrative | 219,780 | 214,255 | ||||||
Depreciation and amortization | 5,776 | 5,506 | ||||||
Total operating Expenses | 351,460 | 365,527 | ||||||
Income (loss) from operations | (183,870 | ) | 69,285 | |||||
Total other income (expense) | 13,634 | 5,484 | ||||||
Income (loss) before provision for taxes | (170,236 | ) | 74,769 | |||||
Benefit (provision) for income taxes: | ||||||||
Current | 12,500 | (1,000 | ) | |||||
Deferred | 42,000 | (21,000 | ) | |||||
Total benefit (provision) for income taxes | 54,500 | (22,000 | ) | |||||
Net income (loss) | $ | (115,736 | ) | $ | 52,769 | |||
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, for the 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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