ADM Tronics Reports Second Quarter of Fiscal Year 2024 Results
NORTHVALE, NJ / ACCESSWIRE / November 14, 2023 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, announces results for its second fiscal quarter ended September 30, 2023 of Fiscal Year 2024.
During the period ended September 30, 2023 ADMT devoted a significant portion of its engineering and manufacturing resources towards the finalization of the Vet-Sonotron, ADMT's innovative non-invasive veterinary therapy device for the treatment of pain in small animals and for equine. With the dedication of resources to the Vet-Sonotron development and preparations for production, ADMT had reduced revenues during the period from its segments.
Revenues for the six months ended September 30, 2023 were 1,516,821 as compared to $2,061,676 for the six months ended September 30, 2022, a decrease of 26%. The decrease in revenues was primarily due to the use of resources towards the development of ADMT's Vet-Sonotron technology. Loss from operations for the six months ended September 30, 2023 was $365,446 as compared to income of $68,267 for the same period last year.
Revenues for the three months ended September 30, 2023 were $754,132 as compared to $1,140,268 for the three months ended September 30, 2022, a decrease of 34%. The decrease in revenues was primarily due to the use of resources towards the development of ADMT's Vet-Sonotron technology. Loss from operations for the three months ended September 30, 2023 was $227,620 as compared to income of $102,892 for the same period last year.
Complete financial results are available in the Company's Quarterly Report on Form 10Q for September 30, 2022, available at www.sec.gov.
Financial Highlights
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net revenues | $ | 754,132 | $ | 1,140,268 | $ | 1,516,821 | $ | 2,061,676 | ||||||||
Cost of sales | $ | 547,980 | $ | 582,235 | $ | 985,527 | $ | 1,120,584 | ||||||||
Gross Profit | $ | 206,152 | $ | 558,033 | $ | 531,294 | $ | 941,092 | ||||||||
Total Operating expenses | $ | 433,802 | $ | 455,141 | $ | 896,740 | $ | 872,825 | ||||||||
Income (loss) from operations | $ | (227,650 | ) | $ | 102,892 | $ | (365,446 | ) | $ | 68,267 | ||||||
Total other income (expense) | $ | (455 | ) | $ | (2,849 | ) | $ | 5,080 | $ | (6,890 | ) | |||||
Net income (loss) | $ | (228,105 | ) | $ | 100,043 | $ | (360,366 | ) | $ | 61,377 | ||||||
Basic and diluted per common share | $ | (0.00 | ) | $ | 0.00 | $ | (0.01 | ) | $ | 0.00 | ||||||
Weighted average shares of common stock outstanding - basic and diluted | 67,588,504 | 67,588,504 | 67,588,504 | 67,588,504 | ||||||||||||
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, 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, for the research, development and commercialization of diversified technologies. Additional information is available at 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.
SOURCE: ADM Tronics Unlimited Inc.
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