ADM Tronics Unlimited Inc.
NORTHVALE, N.J., July 13, 2016 /PRNewswire/ -- ADM Tronics Unlimited, Inc. (ADMT), a technology-based developer and manufacturer of innovative medical technologies and proprietary products, today announced results for its fiscal year ended March 31, 2016.
Revenues for the year ended March 31, 2016 were $4,513,070 as compared to $2,850,548 for the last fiscal year ended March 31, 2016, an increase of 58%. Net income for the year was $1,118,338 or $0.02 per share which included a benefit for income taxes deferred of $857,000 as compared to $358,790 or $0.01 per share for the previous fiscal year. Complete financial results are available in the Company's Annual Report on Form 10K available at www.sec.gov.
Andre' DiMino, ADMT President stated, "Our Company has continued our growth progress from last fiscal year with positive strides forward in both our own product development and client manufacturing over the course of the last 12 months, and we are pleased with the continued improved financial performance. We expect to maintain and increase revenue growth in our medical device engineering activities."
"The initiatives we instituted this past year have been successful. And, we are further expanding our efforts for the 2016 - 2017 fiscal year. We expect to see the financial contribution from those efforts continue in future quarters. Additionally, we are pursuing certain new technology opportunities that we believe can begin to further increase our revenues during the new fiscal year. This past fiscal year 2016 was a dynamic period of growth for our company, and we are excited about our future prospects," concluded DiMino.
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, such as 3-D solid prototyping, precision instrumentation and specialized software and peripherals, for the research, development and commercialization of diversified technologies. Additional information is available at the Company's websites - admtronics.com and concepttoquantity.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.
ADM Tronics Reports Fiscal Year 2016, Revenues Increase 58%