NORTHVALE, NJ / ACCESSWIRE / July 14, 2020 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies, products and proprietary medical devices, today announced results for fiscal year ended March 31, 2020.
ADMT's last fiscal quarter was impacted by the weakened business environment from the COVID-19 crisis. At the outset, ADMT took aggressive steps to minimize disruption of its operations by working with the NJ Manufacturing Extension Program in a successful effort to secure exemption from the statewide shutdown by being designated an Essential Manufacturer. This permitted ADMT to maintain research and manufacturing operations, with safety procedures following CDC guidelines, while clerical activities were established remotely.
Although ADMT remained operational, nationwide and globally there was significant slowdown in economic activity from COVID-19. This resulted in certain ADMT customers and industries served to reduce or, in some cases, cease activity. Despite the impact in March, ADMT revenues for fiscal year 2020 were approximately 16% higher than the previous year, a large portion of which occurred in the first part of the last fiscal quarter, as revenues were up 10% for the nine months ended December 31, 2019. The additional 6% increase occurred primarily in January and February, prior to the impact of COVID-19 in March 2020.
"Although customers and various industries we serve were impacted by the crisis, we are encouraged by the results we achieved in a number of areas," stated Andre' DiMino, President of ADMT. "We realize it is not possible to know the overall impact of the pandemic, but we are hopeful that the significant progress we made prior to the shutdown on several customer projects, as well as our own proprietary medical device developments, will bring us multiple avenues for growth, as we all diligently work to emerge from this unprecedented crisis. I am grateful for the loyalty of our customers and the dedication of our family of employees during this difficult time and we look forward to a prosperous future."
Revenues for the year ended March 31, 2020 were $3,485,992 compared to $3,018,954 for the previous year, an increase of approximately 16%. Operating expenses decreased to $1,617,409 as compared to $1,938,974 for the previous year. R&D expenses were $589,373 as compared to $673,855 for the previous fiscal year. Complete financial results are available in the Company's Annual Report on Form 10K at www.sec.gov.
Financial Highlights
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Fiscal Year Ended
March 31, 2019
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Fiscal Year Ended
March 31, 2018
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Net revenues
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$ | 3,485,992 | $ | 3,018,954 | ||||
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Cost of sales
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$ | 1,911,972 | $ | 1,454,700 | ||||
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Gross Profit
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$ | 1,574,020 | $ | 1,564,254 | ||||
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Operating expenses
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$ | 1,617,409 | $ | 1,938,974 | ||||
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Loss from operations
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$ | (43,389 | ) | $ | (374,720 | ) | ||
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Total other income (expense)
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$ | 17,152 | $ | 18,141 | ||||
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Total benefit from income taxes
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$ | 69,522 | $ | 14,000 | ||||
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Net (loss)
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$ | (95,759 | ) | $ | (342,579 | ) | ||
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Earnings per common share
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$ | (0.00 | ) | $ | (0.01 | ) | ||
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Weighted average shares of common stock outstanding - diluted
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67,588,492 | 67,588,492 | ||||||
About ADMT
ADMT is a diversified, technology-based developer and manufacturer of innovative technologies, products and proprietary medical devices. 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, Water-Based Formulations. The Company's headquarters, laboratories, FDA-Registered medical device and manufacturing operations are located in
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
[email protected]
201.767.6040
SOURCE: ADM Tronics Unlimited, Inc.