NORTHVALE, NJ / ACCESSWIRE / August 22, 2022 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, announces results for its first fiscal quarter ended June 30, 2022 of Fiscal Year 2023.
ADMT experienced continued improvement in revenues over the same period last year which was impacted by the ongoing effects of the pandemic. Revenues increased over 27% for the quarter ended June 30, 2022, as compared to the same period last year. Despite the challenges of the unprecedented supply chain problems in electronic components coupled with increased costs for other raw materials, ADMT maintained gross a profit margin of 42% for the fiscal quarter ended June 30, 2022, approximately equal to the gross profit margin for the same period last year.
R&D expense for the quarter ended June 30, 2022, was approximately 23% less than the same period last year. The reduced R&D expense is primarily due to the Company's Vet-Sonotron technology nearing completion of development, requiring less engineering resources during the quarter.
"We hope and expect to continue the trend in increased revenues we experienced during this quarter," stated Andre' DiMino, President of ADMT. "We have aggressively worked to overcome the supply chain problems and increasing materials costs to preserve our gross profit margins and continue to supply our customers. It is to be noted that we are nearing completion of our Vet-Sonotron non-invasive veterinary therapy technology. Once the development work is completed, commercialization of this technology will be a significant milestone for the Company."
Revenues for the quarter ended June 30, 2022, were $921,408 as compared to $721,358 for the same period last year, an increase of 27%. Loss from operations for June 30, 2022 decreased approximately 20% to $34,625 as compared to $42,997 for the same period last year. Complete financial results are available in the Company's Quarterly Report on Form 10Q for June 30, 2022, available at www.sec.gov.
Financial Highlights
| Three Months Ended | Three Months Ended | |||||
| June 30, 2022 | June 30, 2021 | |||||
Net Revenues | $ | 921,408 | $ | 721,358 | ||
Cost of Sales | 538,349 | 419,376 | ||||
Gross Profit | 383,059 | 301,982 | ||||
Operating expenses: | ||||||
Research and development | 123,600 | 161,368 | ||||
Selling, general and administrative | 294,084 | 183,611 | ||||
Total operating Expenses | 417,684 | 344,979 | ||||
(Loss) from operations | (34,625) | (42,997) | ||||
Total other income (expense) | (4,041) | (1,175) | ||||
(Loss) before provision for taxes | (38,666) | (44,172) | ||||
(Benefit) for income taxes: | ||||||
Current | - | 5,500 | ||||
Deferred | - | (19,000) | ||||
Total benefit (provision) for income taxes | - | (13,500) | ||||
Net loss | $ | (38,666) | $ | (30,672) | ||
Basic and diluted earnings per common share | $ | (0.00) | $ | (0.00) | ||
Weighted average shares of common stock outstanding - basic and diluted | 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 Electronic Medical Devices; Design, Engineering, Regulatory and Manufacturing Services; and, Eco-Friendly, Safe, Water-Based Formulations. The Company's headquarters, laboratories, and FDA-Registered medical device 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
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.