NORTHVALE, NJ / ACCESSWIRE / February 14, 2018 / 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, 2017 of Fiscal Year 2018.
In 2013, ADMT management began implementing a strategy to maximize profitability by focusing its efforts on the Company's medical technology engineering services division. The objective was to build cash reserves, eliminate debt and increase human resources to internally fund development of ADMT's proprietary medical technologies. The results were as management intended.
The strategy proved successful, providing profits in 16 of its last 17 quarters, eliminating debt and developing a significant cash reserve. This allowed the Company to follow-through on its plan to evolve into a producer of its own suite of medical technologies.
ADMT CEO Andre' DiMino stated, "We continue to invest in our future by devoting more of our engineering and scientific resources into bringing our own proprietary innovative medical technologies towards commercialization. We are achieving this by deploying increased financial and human resources for research and development of our own products, as evidenced by dedicating $398,351 to R&D for the nine months ended December 31, 2017 as compared to $151,548 for the same period last year. We continue to deliver on our goals, and we are determined to bring ADM Tronics to the forefront of the medical technology industry."
Revenues for the nine months ended December 31, 2017 were $3,237,103 as compared to $3,914,281 for the nine months ended December 31, 2016, a decrease of 17%. Income from operations for the nine months ended December 31, 2017 was $395,002 as compared to $909,597 for the nine months ended December 31, 2016, a decrease of 57%.
Revenues for the three months ended December 31, 2017 were $1,021,042 as compared to $1,156,512 for the three months ended December 31, 2016, a decrease of 12%. Income from operations for the third quarter was $15,563 as compared to loss of $39,910 for the same period last year, an increase of $55,473.
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, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Revenues | $ | 1,021,042 | $ | 1,156,512 | $ | 3,237,103 | $ | 3,914,281 | ||||||||
Cost of Sales | $ | 539,184 | $ | 599,607 | $ | 1,351,667 | $ | 1,695,765 | ||||||||
Gross Profit | $ | 481,858 | $ | 556,905 | $ | 1,885,436 | $ | 2,218,516 | ||||||||
Operating Expenses | $ | 466,205 | $ | 596,815 | $ | 1,490,434 | $ | 1,308,919 | ||||||||
Income (loss) from operations | $ | 15,653 | $ | (39,910) | $ | 395,002 | $ | 909,597 | ||||||||
Total other income (expense) | $ | 4,530 | $ | (2,711) | $ | 9,623 | $ | (2,094) | ||||||||
Income (loss) before provision for income taxes | $ | 20,183 | $ | (42,621) | $ | 404,625 | $ | 907,503 | ||||||||
Total provision for income taxes | $ | 236,000 | - | $ | 394,000 | - | ||||||||||
Net (loss) income | $ | (215,817) | $ | (42,621) | $ | 10,625 | $ | 907,503 | ||||||||
Basic and diluted earnings per common share | $ | (0.00) | $ | (0) | $ | 0.00 | $ | 0.01 | ||||||||
Weighted average shares of common stock outstanding - diluted | 67,588,492 | 67,216,545 | 67,588,492 | 67,078,102 | ||||||||||||
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.
