NORTHVALE, NJ / ACCESSWIRE / February 16, 2023 / 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, 2022 of Fiscal Year 2023.
ADMT achieved net income of $155,148 for the nine months ended December 31, 2022 as compared to net loss of $140,221 for the same period last year. Revenues for the nine months ended December 31, 2022 were $3,044,838 as compared to $2,322,871 for the nine months ended December 31, 2021, an increase of over 31%. The increase in revenues was due to increased revenues in all three of the Company's operating segments: Electronics, Engineering and Chemical.
ADMT posted the second consecutive quarter of net income for the third fiscal quarter ended December 31, 2022. Net income for the three months ended December 31, 2022 was $93,771 as compared to net loss of $72,393 for the same period last year. The trend in increased revenues continues for the third consecutive quarter for ADMT for the quarter ended December 31, 2022. Revenues for the three months ended December 31, 2022 were $983,161as compared to $749,654 for the three months ended December 31, 2021, an increase of over 31%. This was due to increased revenues in all three operating segments: Electronics, Engineering and Chemical.
"We have achieved our third consecutive quarter of growth in revenues and second consecutive quarter of profit, despite the continued unprecedented challenges in the supply of electronic components and other raw materials," commented ADMT President Andre' DiMino. "In the face of the supply problems, our Electronics segment achieved an increase of over 73% in revenues for the nine months ended December 31, 2022 coupled with increases of over 4% and 3% in our Engineering and Chemical segments, respectively. We continue to invest in research and development of our own proprietary therapeutic medical device technologies which we believe will bring meaningful future growth for the company. Our Vet-Sonotron therapy technology, for the non-invasive treatment of musculoskeletal conditions in the veterinary field, will be the first of our proprietary technologies to be commercialized in the coming months."
Revenues for the three and nine months ended December 31, 2022 increased by $233,508 and $721,967, respectively as compared to the same periods last year. Revenues in all three operating segments increased in the three month and nine month periods.
Gross profit for the three and nine months ended December 31, 2022 increased by $149,365 and $425,811, respectively. The increase in gross profit resulted from increased revenues in all three segments: Electronics, Engineering and Chemical.
Complete financial results are available in the Company's Quarterly Report on Form 10Q for December 31, 2022, available at www.sec.gov.
Financial Highlights
| Three Months Ended | Nine Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Revenues | $ | 983,161 | $ | 749,654 | $ | 3,044,838 | $ | 2,322,871 | ||||||||
Cost of Sales | $ | 507,684 | $ | 423,541 | $ | 1,628,268 | $ | 1,332,112 | ||||||||
Gross Profit | $ | 475,478 | $ | 326,113 | $ | 1,416,570 | $ | 990,759 | ||||||||
Total Operating Expenses | $ | 382,725 | $ | 742,285 | $ | 1,255,550 | $ | 2,002,502 | ||||||||
Income (loss) from operations | $ | 92,753 | $ | (416,172 | ) | $ | 161,020 | $ | (1,011,743 | ) | ||||||
Total other income (expense) | $ | 1,018 | $ | 330,779 | $ | (5,872 | ) | $ | 688,704 | |||||||
Income (loss) before provision for income taxes | $ | 93,771 | $ | (85,393 | ) | $ | 155,148 | $ | (323,039 | ) | ||||||
Total provision (benefit) for income taxes | - | $ | (13,000 | ) | - | $ | (182,818 | ) | ||||||||
Net income (loss) | $ | 93,771 | $ | (72,393 | ) | $ | 155,148 | $ | (140,221 | ) | ||||||
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.
ADMT welcomes inquiries for its electronics and medical device development and manufacturing services at www.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.
SOURCE: ADM Tronics Unlimited Inc.