OPTEC International Reports 4391% Year-over-Year Revenue Increase for the 3rd Quarter 2021
CARLSBAD, CA / ACCESSWIRE / May 4, 2021 / OPTEC International, Inc. (OTC PINK:OPTI), a developer of UV and UV-C safety products using related advanced technologies specific to Personal Protection Equipment (PPE), today announced the filing of its third quarter 2021 financial results, with continued improvement across all financial metrics over the previous year-over-year quarter and the previous quarter.
Total revenue for the three months ended March 31, 2021 was $11,576,643, an increase of 4391% over the same quarter in the prior year and an increase of 4.49% over the previous quarter. Net Income increased to $1,848,475 versus a net loss of ($47,349) for the same quarter in the prior year, but down from the previous record high income of $7,388,011 last quarter.
Total revenue for the nine months ended March 31, 2021 was $28,915,665, an increase of 4191% over the same period in the prior year. The net income increased to $10,612,059, an increase of $11,789,633 over a net loss of ($1,177,574) for the same period in the prior year. This progress was initially due to the massive demand in PPE as a result of the pandemic and then fueled by subsequent availability of products from our suppliers.
Total Assets increased to $28,181,685 from $23,295,400, a 21% increase from the previous quarter, Total Liabilities decreased by 9.4% to $5,693,808 and Stockholder's Equity rose 32% from $17,011,481 to $22,487,877.
"We're pleased to announce this most recent quarter showing improved results from our operations," commented Optec International CEO Roger Pawson. "We're encouraged by the tremendous growth in revenues and profits that reflects the efforts of our team members to build upon our previous successes and we expect this demand to continue for the foreseeable future. This progress represents an ongoing growth in value for our shareholders, generated by our hardworking employees."
About OPTEC International, Inc. With Locations in Carlsbad and Vista, California, OPTEC International is a developer and manufacturer of electronic LED, Ultraviolet (UV) & UV-C safety products and related advanced technologies and PPE (Personal Protection Equipment) products. The company's Safe-Scan product line is being launched at a time when HR directors and facilities managers are experiencing extreme concern with respect to keeping environments safe during the global pandemic crisis and the safe reopening of the U.S. economy. For more information, visit: www.optecintl.com www.z2o.com
OPTEC International, Inc. investor relations at: www.optecintl.com/investor
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OPTEC International, Inc.
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SOURCE: Optec International, Inc.
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