ADM Tronics Unlimited Inc.
NORTHVALE, N.J., Feb. 17, 2016 /PRNewswire/ -- ADM Tronics Unlimited, Inc. (ADMT), a technology-based developer and manufacturer of innovative technologies and medical devices, today announced results for its third quarter ended December 31, 2015 of Fiscal Year 2016.
Revenues for the three months ended December 31, 2015 were $1,045,388 as compared to $677,683 for the three months ended December 31, 2014, an increase of 64%. Net income was $237,075 or $0.00 per share as compared to $114,653 or $0.00 per share for the same period last year.
Revenues for the nine months ended December 31, 2015 were $3,354,197 as compared to $2,049,950 for the nine months ended December 31, 2014, an increase of 64%. Net income increased to $1,179,802 or $0.02 per share as compared to $279,851 or $0.00 per share for the same period last year.
"Our medical device engineering segment is expected to continue to fuel the revenue success that we have experienced in our ongoing quarter over quarter financial growth," said Andre' DiMino, President of ADMT. "We foresee the development of proprietary medical device projects going forward contributing to the maturation of our business and technology planning and solidifying revenues and profit, with positive cash flow from operations," he added.
Complete financial results are available in the Company's Quarterly Report on Form 10Q available at www.sec.gov.
Gross profit for the three months ended December 31, 2015 increased by $299,174. Gross profit for the nine months ended December 31, 2014 increased by $1,041,248. Income from operations for the three months ended December 31, 2015 increased by $123,410.
Net cash provided by operating activities was $863,846 for the nine months ended December 31, 2015, as compared to net cash provided by operating activities of $149,840 for the nine months ended December 31, 2014.
During the nine months ended December 31, 2015, we had $598,699 of stock based compensation related to 3,000,000 options granted to employees. There was no stock based compensation for the nine months ended December 31, 2014.
"As we attract new clients and expand our Engineering Services and Product Development, we can expect our client base and device mix to diversify," said Mr. DiMino, "We will continue to champion the development and production of less and non-invasive technologies, and to manage the process of bringing them through regulatory approval," he added.
ADMT (ADM Tronics Unlimited, Inc.) is a diversified, technology-based developer and manufacturer of innovative technologies and medical products. Its core competency is its ability to conceptualize a technology, bring it through development, into manufacturing and commercialization, all in-house. ADMT's main area of activity involves Proprietary Electronic Medical Devices, including Design, Engineering, Regulatory and Manufacturing Services. 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, including Eco-Friendly, Safe, Water-Based Formulations. Additional information is available at the Company's website: www.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.
ADM Tronics Reports Third Quarter of Fiscal Year 2016 Results, Revenues Increase 64%