ADM Tronics Reports Third Quarter of Fiscal Year 2020 Results
NORTHVALE, NJ / ACCESSWIRE / February 19, 2020 / 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, 2019 of Fiscal Year 2020.
During the last month of the fiscal quarter ended December 31, 2019 ADMT initiated production of the Calmer Canine veterinary therapy device for its customer Assisi Animal Health. In advance of the initiation of production of the Calmer Canine, ADMT completed the expansion of manufacturing areas and added personnel to accommodate the projected increase in manufacturing activities. This resulted in higher costs prior to the initiation of manufacturing revenues for the quarter ended December 31, 2019.
During the fiscal quarter ended December 31, 2019 ADMT continued to increase development activities of its proprietary medical device technologies. The resulted in increased research and development expenditures for the quarter and nine months ended December 31, 2019 as compared to the same periods last fiscal year.
Revenues for the nine months ended December 31, 2019 were $2,592,738 as compared to $2,351, 201 for the nine months ended December 31, 2018, an increase of over 10%. Loss from operations for the nine months ended December 31, 2019 was $40,187 as compared to loss of $116,371 for the nine months ended December 31, 2017 a reduction of 35%.
Revenues for the three months ended December 31, 2019 were $805,126 as compared to $739,538 for the three months ended December 31, 2018, an increase of 9%. Loss from operations for the third quarter was $65,724 as compared to loss of $219,922 for the same period last year, a reduction of 30%
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, | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
Net Revenues | $ | 805,126 | $ | 739,538 | $ | 2,592,738 | $ | 2,351,201 | ||||||||
Cost of Sales | $ | 487,055 | $ | 506,562 | $ | 1,427,512 | $ | 1,443,600 | ||||||||
Gross Profit | $ | 318,071 | $ | 232,976 | $ | 1,165,226 | $ | 1,207,601 | ||||||||
Total Operating Expenses | $ | 383,795 | $ | 452,898 | $ | 1,205,413 | $ | 1,323,972 | ||||||||
(Loss) from operations | $ | (65,724 | ) | $ | (219,922 | ) | $ | (40,187 | ) | $ | (116,371 | ) | ||||
Total other income | $ | 5,194 | $ | 6,008 | $ | 16,017 | $ | 17,481 | ||||||||
(Loss) before provision for income taxes | $ | (60,530 | ) | $ | (213,914 | ) | $ | (24,170 | ) | $ | (98,890 | ) | ||||
Total provision (benefit) for income taxes | $ | 59,015 | $ | (71,000 | ) | $ | 70,015 | $ | (97,000 | ) | ||||||
Net (loss) | $ | (119,545 | ) | $ | (142,914 | ) | $ | (94,185 | ) | $ | (1,890 | ) | ||||
Basic and diluted per common share | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||
Weighted average shares of common stock outstanding - basic and diluted | 67,588,492 | 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, [email protected]
SOURCE: ADM Tronics Unlimited, Inc.
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