NORTHVALE, NJ / ACCESSWIRE / February 12, 2021 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, announces results for its third fiscal quarter ended December 31, 2020 of Fiscal Year 2021.
Revenues for the third fiscal quarter ended December 31, 2020 were $762,644 as compared to $805,126 for the third fiscal quarter ended December 31, 2019 a reduction of 5%, and revenues for the nine months ended December 31, 2020 were $2,258,822 as compared to $2,592,738 for the nine months ended December 31, 2019 a reduction of 13%. The reduced revenues were primarily due to continued effects of the COVID-19 pandemic on certain customers that were not in operation due to temporary shutdowns or experienced a significant decrease in demand due to stay-at-home orders, as well as decreased elective surgeries and other medical procedures during the period.
Throughout the pandemic, ADMT implemented 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.
"The effects of the pandemic continued to present challenges during our third fiscal quarter as many of our customers report reduced business activities," stated Andre' DiMino, President of ADM Tronics. "We had growth in manufacturing revenues of 10% for the nine months ended December 31, 2020 as compared to the same period in the last fiscal year. Chemical and engineering segment revenues were 13% and 44% lower, respectively, as compared to the same periods in fiscal year 2019 due to the effects of the pandemic on our customers in those segments. Throughout this fiscal year, we continue to invest in our future by dedicating available resources to R&D of our own proprietary medical technology developments, which we believe will provide meaningful future growth and profits."
Complete financial results are available in the Company's Quarterly Report on Form 10Q for December 31, 2020, available at www.sec.gov.
Financial Highlights
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Three Months Ended
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Nine Months Ended
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December 31,
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December 31,
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2020
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2019
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2020
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2019
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Net Revenues
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$762,644
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$805,126
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$2,258,822
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$2,592,738
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Cost of Sales
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$500,320
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$487,055
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$1,480,369
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$1,427,512
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Gross Profit
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$262,324
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$318,071
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$778,453
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$1,165,226
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Total Operating Expenses
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$339,045
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$383,795
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$1,033,678
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$1,205,413
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(Loss) from operations
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($76,721)
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($65,724)
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($244,225)
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($40,187)
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Total other income
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$2,046
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$5,194
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$19,225
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$16,017
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(Loss) before provision for income taxes
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($74,675)
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($60,530)
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($236,000)
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($24,170)
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Total provision (benefit) for income taxes
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($6,800)
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$59,015
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($8,300)
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$70,015
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Net (loss)
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($67,875)
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($119,545)
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($227,700)
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($94,185)
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Basic and diluted per common share
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($0.00)
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($0.00)
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($0.00)
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($0.00)
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Weighted average shares of common stock outstanding - basic and diluted
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67,588,504
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67,588,504
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67,588,504
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67,588,504
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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
Sign up for ADMT Investor News Updates emails by filling in the form at the bottom of this page: https://admtronics.com/investor-relations/
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:
Phone: (201) 767-6040
Email: sales@admtronics.com
https://admtronics.com/
SOURCE: ADM Tronics Unlimited, Inc.
View source version on accesswire.com:
https://www.accesswire.com/629547/ADM-Tronics-Reports-Third-Quarter-of-Fiscal-Year-2021-Results