ADM Tronics Unlimited Inc.
NORTHVALE, N.J., Nov. 23, 2015 /PRNewswire/ -- ADM Tronics Unlimited, Inc. (ADMT), a technology-based developer and manufacturer of innovative technologies and products, today announced results for its second quarter ended September 30, 2015 of Fiscal Year 2016.
Revenues for the three months ended September 30, 2015 were $1,252,881 as compared to $748,593 for the three months ended September 30, 2014, an increase of 67%. Net income was $508,503 or $0.01 per share as compared to $129,371 or $0.00 per share for the same period last year, an increase of 2,931%.
Revenues for the six months ended September 30, 2015 were $2,308,809 as compared to $1,372,267 for the six months ended September 30, 2014, an increase of 68%. Net income was $942,727 or $0.01 per share as compared to $165,198 for the same period last year, an increase of 4,707%.
Complete financial results are available in the Company's Quarterly Report on Form 10Q available at www.sec.gov.
As previously announced, on August 7, 2015 ADMT secured a strategic investment of $300,000 from a customer, Advanced Plasma Therapies, Inc. ("APT") and issued 2,068,965 shares of ADMT's common stock to APT, such shares are restricted securities and are included in shares outstanding at September 30, 2015.
On September 3, 2015 warrants to purchase ADMT common stock were issued to certain advisors, consultants and employees exercisable for 3 years at an exercise price of $0.20 per share resulting in an expense for the quarter of $598,669. In addition, ADMT recorded a benefit from income taxes deferred of $857,000.
"We are pleased that our growth in revenues and profit is continuing quarter to quarter," stated Andre' DiMino, President of ADMT. "Our positive financial results continue to fuel our growth with positive cash flow from our operations. Our medical device engineering segment is expected to continue the current growth trend. And, we are now making progress in the development of our proprietary medical device projects as well."
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; Eco-Friendly, Safe, Water-Based Formulations; and, 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. 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 Second Quarter of Fiscal Year 2016 Results, Revenues Increase 67%