NORTHVALE, NJ / ACCESSWIRE / November 21, 2022 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, announces results for its second fiscal quarter ended September 30, 2022 of Fiscal Year 2023.
The trend in increased revenues ADMT experienced during the first quarter of Fiscal Year 2023 continued in the second quarter. Revenues for the three months ended September 30, 2022 were $1,140,268 as compared to $851,859 for the three months ended September 30, 2021, an increase of 34% primarily due to increased electronics and engineering segment revenues offset by a reduction in chemical segment revenues. Income from operations for the second quarter was $102,892 as compared to loss of $552,574 for the same period last year. The income was primarily due to reduced operational expenses from the non-cash cost of the issuance of warrants for a consulting agreement in the amount of $287,844 and an increase in the allowance for doubtful accounts of $200,000 during the second quarter last year.
Revenues for the six months ended September 30, 2022 were $2,061,676 as compared to $1,573,217 for the six months ended September 30, 2021, an increase of 31%. The increase in revenues was due to increased electronics segment revenues offset by reduced revenues in the chemical and engineering segment. Income from operations for the six months ended September 30, 2022 was $68,267 as compared to loss of $595,571 for the same period last year. The income was primarily due to reduced operational expenses from the non-cash cost of the issuance of warrants for a consulting agreement in the amount of $287,844 and an increase in the allowance for doubtful accounts of $200,000 during the same period last year.
"We are pleased that the increase in revenues has continued for this second quarter of our 2023 Fiscal Year," stated Andre' DiMino, President of ADMT. "Our electronics segment revenues increased despite ongoing unprecedented problems in sourcing electronic components and other raw materials due to continuing supply chain problems. This has required us to devote more engineering resources to locate and qualify alternative parts and raw materials to continue producing products for our customers. It has also caused longer development efforts for finalizing our Vet-Sonotron non-invasive veterinary therapy technology which we are close to putting into commercial production, a major milestone for our company."
Complete financial results are available in the Company's Quarterly Report on Form 10Q for September 30, 2022, available at www.sec.gov.
Financial Highlights
| Three Months Ended | Six Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
Net revenues | $ | 1,140,268 | $ | 851,859 | $ | 2,061,676 | $ | 1,573,217 | ||||||||
Cost of sales | $ | 582,235 | $ | 489,195 | $ | 1,120,584 | $ | 908,571 | ||||||||
Gross Profit | $ | 558,033 | $ | 362,664 | $ | 941,092 | $ | 664,646 | ||||||||
Total Operating expenses | $ | 455,141 | $ | 915,238 | $ | 872,825 | $ | 1,260,217 | ||||||||
Income (loss) from operations | $ | 102,892 | $ | (552,574 | ) | $ | 68,267 | $ | (595,571 | ) | ||||||
Total other income (expense) | $ | (2,849 | ) | $ | 359,100 | $ | (6,890 | ) | $ | 357,925 | ||||||
Income (loss) before provision for income taxes | $ | 100,043 | $ | (193,474 | ) | $ | 61,377 | $ | (237,646 | ) | ||||||
Total provision (benefit) for income taxes | - | $ | (156,318 | ) | - | $ | (169,818 | ) | ||||||||
Net income (loss) | $ | 100,043 | $ | (37,156 | ) | $ | 61,377 | $ | (67,828 | ) | ||||||
Basic and diluted per common share | $ | 0.00 | $ | (0.00 | ) | $ | 0.00 | $ | (0.00 | ) | ||||||
Weighted average shares of common stock outstanding - basic and diluted | 67,588,504 | 67,588,504 | 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
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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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