NORTHVALE, NJ / ACCESSWIRE / August 14, 2023 / 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, 2023 of Fiscal Year 2024.
Revenues for the quarter ended June 30, 2023 were $762,689 as compared to $921,408 for the same period last year, a 17% decrease primarily due to reduced electronics contract manufacturing offset by increased engineering services revenues. Contract manufacturing was impacted by the non-availability of certain electronic components, primarily microprocessors, due to continuing supply chain challenges, coupled with the timing of orders from certain customers.
During the fiscal quarter ended June 30, 2023 the Company had increased SG&A expense primarily due to non-recurring expenses including non-cash, stock-based compensation from the valuation of warrants issued to consultants at an exercise price of $0.20 per share, as well as one-time inventory and accounts receivable write-offs.
R&D expense was approximately 6% higher for the quarter ended June 30, 2023, as compared to the same period last year due to higher engineering expenses incurred for the Company's Vet-Sonotron® veterinary therapy device in preparation for the first production run.
"Although the supply shortage for electronic components continues to be challenging, we have worked to overcome this by qualifying available substitute components for our contract manufacturing," stated Andre' DiMino, ADMT President. "This, along with order patterns of certain contract manufacturing customers, resulted in reduced revenues for the quarter. We are working to bring the Vet-Sonotron into production, and launch commercialization, which we anticipate will result in increased revenues and higher margins."
Revenues for the quarter ended June 30, 2023, were $762,689 as compared to $921,408 for the same period last year, a 17% decrease. Loss from operations for June 30, 2023 was $137,796 as compared to $34,625 for the same period last year. Complete financial results are available in the Company's Quarterly Report on Form 10Q for June 30, 2023, available at www.sec.gov.
Financial Highlights
| Three Months Ended | Three Months Ended | ||||
| June 30, 2023 | June 30, 2022 | ||||
Net Revenues | $ | 762,689 | $ | 921,408 | |
Cost of Sales | 437,547 | 538,349 | |||
Gross Profit | 325,142 | 383,059 | |||
Operating expenses: | |||||
Research and development | 130,587 | 123,600 | |||
Selling, general and administrative | 332,351 | 294,084 | |||
Total operating Expenses | 462,938 | 417,684 | |||
(Loss) from operations | (137,796) | (34,625) | |||
Total other income (expense) | 5,535 | (4,041) | |||
(Loss) before provision for taxes | (132,261) | (38,666) | |||
Net loss | $ | (132,261) | $ | (38,666) | |
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
ADMT welcomes inquiries for its electronics and medical device services at www.admtronics.com.
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Sonotron® - a registered trademark of ADM Tronics Unlimited, Inc.
Investor Relations:
Howard Isaacs 562-987-4939 [email protected]
Richard Cavalli 303-956-1777 [email protected]
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.