ADM Tronics Unlimited Inc.
February 21, 2017 - Northvale, NJ – ADM Tronics Unlimited, Inc. (OTCQB: ADMT), a technology-based developer and manufacturer of innovative technologies and products, today announced results for its third fiscal quarter of Fiscal Year 2017, ended December 31, 2016.
Revenues for the nine months ended December 31, 2016 were $3,914,281 as compared to $3,354,197 for the nine months ended December 31, 2015, an increase of 17%. Income from operations for the nine months ended December 31, 2015 was $909,597 as compared to $324,199 for the nine months ended December 31,2015, an increase of 180%
Revenues for the three months ended December 31, 2016 were $1,156,512 as compared to $1,045,388 for the three months ended December 31, 2015, an increase of 11%, marking ADMT's 14th consecutive quarter of increased revenues. Loss from operations for the third quarter was $39,910 as compared to income of $237,570 for the same period last year, a decrease of $277,480.
Timothy Gilmartin, Vice President Production at ADMT commented “We are elated by our continued growth in revenues. New and increasing orders are growing at such a rate that our backlog is growing. This is a good 'problem' to have, and we are taking the steps to solve it. We obtained and installed new state-of-the-art additional equipment during the last quarter. As I mentioned in our announcement of February 8, 2017, 'The addition of the automated CNC machine tool equipment further distinguishes ADMT from its competition. In my over three decades with ADMT this is the most dramatic expansion of equipment and capacity we have installed.' I believe this is now propelling ADMT to the status of being the company of choice for engineering and developing the most advanced electronic medical device technologies."
ADMT CEO Andre' DiMino added, "We are investing in our future by adding leading-edge equipment and by ramping up our research, development and engineering activities specifically for ADMT's suite of proprietary products. The expenses related to this investment in our future resulted in a loss from operations for the December 31, 2016 quarter. However, realizing these expenses in the 3rd quarter bodes well for the Company's growth in our 4th quarter of this year, and for years thereafter." Mr. DiMino concluded, "Furthermore, I am particularly pleased that our income from operations for the first three quarters of this year is up 180%, which is almost triple the income from operations from the first three quarters of last year. We continue to deliver on all of our goals, and we are determined to bring ADM Tronics to the forefront of the electronic medical device industry."
Complete financial results are available in the Company’s Quarterly Report on Form 10Q available at www.sec.gov.
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.
Contact: Andre’ DiMino 201-767-6040, email@example.com
ADM Tronics Reports Third Quarter of Fiscal Year 2017 Results