ADM Tronics Reports Second Quarter of Fiscal Year 2021 Results
Rhea-AI Summary
ADM Tronics Unlimited, Inc. (OTCQB:ADMT) reported its second fiscal quarter results for FY 2021, ending September 30, 2020. Revenues increased 63% to $927,085 from $569,093 in Q1, though down 3% year-over-year. Manufacturing revenues grew by 41% and 57% for Q2 and YTD, respectively, despite pandemic challenges impacting engineering and chemical segments. Operational income was $5,366, improved from a loss of $43,748 last year, while losses for the first half were $178,504. ADMT continues to invest in proprietary medical technology development.
Positive
- 63% increase in Q2 revenues to $927,085 compared to Q1.
- 41% growth in manufacturing segment revenues for Q2.
- Improvement in operational income from a loss of $43,748 to $5,366.
Negative
- 3% decline in revenues year-over-year from $956,791.
- 16% decrease in total revenues for the six months ended September 30, 2020 compared to the prior year.
- Loss from operations for the six months ended September 30, 2020 was $178,504.
News Market Reaction – ADMT
On the day this news was published, ADMT gained 9.09%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
NORTHVALE, NJ / ACCESSWIRE / November 16, 2020 / 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, 2020 of Fiscal Year 2021.
ADM Tronics' second fiscal quarter ended September 30, 2020 showed improvement in operational results as compared to the first fiscal quarter ended June 30, 2020 despite continued effects of the COVID-19 pandemic. Throughout the pandemic, ADMT implemted aggressive steps to minimize disruption of operations including securing Essential Manufacturer exemption from the statewide shutdown and encompassing CDC safety guidelines in ADMT's operations. This allowed continued research, development and manufacturing operations throughout the period.
Revenues for the second fiscal quarter ended September 30, 2020 were
"We are pleased to have achieved increased revenues for the second quarter as compared to our first fiscal quarter of fiscal year 202, although the effects of the pandemic continue to present challenges as many of our customers report reduced business activities," stated Andre' DiMino, President of ADM Tronics. "We continued the trend in growth of manufacturing revenues reported in our first fiscal quarter with
Revenues for the three months ended September 30, 2020 were
Revenues for the six months ended September 30, 2020 were
Complete financial results are available in the Company's Quarterly Report on Form 10Q for September 30, 2020, available at www.sec.gov.
Financial Highlights
| Three Months Ended | Six Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
Net revenues | $ | 927,085 | $ | 956,791 | $ | 1,496,178 | $ | 1,787,612 | ||||||||
Cost of sales | $ | 578,546 | $ | 544,448 | $ | 980,049 | $ | 940,457 | ||||||||
Gross Profit | $ | 348,539 | $ | 412,343 | $ | 516,129 | $ | 847,155 | ||||||||
Operating expenses | $ | 343,173 | $ | 456,091 | $ | 694,633 | $ | 821,618 | ||||||||
Income (loss) from operations | $ | 5,366 | $ | (43,748 | ) | $ | (178,504 | ) | $ | 25,537 | ||||||
Total other income | $ | 3,545 | $ | 5,339 | $ | 17,179 | $ | 10,823 | ||||||||
Income (loss) before provision for income taxes | $ | 8,911 | $ | (38,409 | ) | $ | (161,325 | ) | $ | 36,360 | ||||||
Total provision (benefit) for income taxes | $ | (53,000 | ) | $ | (11,000 | ) | $ | (1,500 | ) | $ | 11,000 | |||||
Net income (loss) | $ | 61,911 | $ | (27,409 | ) | $ | (159,825 | ) | $ | 25,360 | ||||||
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.
View source version on accesswire.com:
https://www.accesswire.com/617023/ADM-Tronics-Reports-Second-Quarter-of-Fiscal-Year-2021-Results
FAQ
What were ADM Tronics' revenues for the second fiscal quarter of 2020?
How did ADM Tronics' revenue compare to the first quarter of FY 2021?
What was the income from operations for ADM Tronics in Q2 2020?
What is the outlook for ADM Tronics given the pandemic effects?
Did ADM Tronics experience a net loss in the first half of FY 2021?
