Bohemia, NY, March 21, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- AmpliTech Group Inc., (OTCQB-AMPG) announced today the results of its 10-K filing for FY2018. AMPG reported a record revenue of $2.4 million. The Company succeeded in converting its record backlog, reported in 2018, into record sales. Below are some highlights:
· Revenue increased by $1,016,675 compared to FY2017; an increase of 73%
· Income from Operations increased by $431,520 compared to 2017
· Gross Profit Margin was 58% in 2018, up from 53% in 2017
CFO, Louisa Sanfratello stated, “We continue to focus our efforts on delivering high quality products and services to our customers and are continually striving to achieve our long-term goal for controlled growth.”
CEO, Fawad Maqbool elaborated on the reasons for AmpliTech’s success in 2018: “AmpliTech has aligned itself with rapidly growing market sectors like Telecom and Satcom. Our R&D in 2017 and 2018 focused on developing high performance products for Wi-Fi in the airlines and high-speed satellite internet gateways that have now become designed-in as standard products by new industry-leading customers. We have had similar success in other sectors of the RF/Microwave market, so we hope our growth will continue in 2019.”
AmpliTech has added to its customer base and has seen an increase in demand for its legacy products in the Defense and Military sector as well. Below are some key reasons for AMPG’s performance in 2018 vs. 2017:
· New products with higher gross margins and ASP
· Addition of channel partners to increase throughput and volume via shared resources
· Enhanced distribution and sales network
Looking ahead to 2019, AMPG has a brighter outlook than 2018 for the following reasons:
· New base of designed-in products with key new customers
· Repeat orders expected for improved performance products for both legacy and new customers
· Representative and distribution network should yield more leads and sales
· Plan to re-structure management and Board to attract investment
· Secured $350K debt financing towards enhancing infrastructure and following growth initiative
We believe that AMPG remains poised to capture the business from rapidly emerging technologies, employing its unique proprietary technology and experience to offer innovative solutions for global communications. Our products are designed into wireless, quantum, satellite, radar, and many commercial applications already and AMPG plans to continually increase its footprint in these very large markets.
About AmpliTech Group, Inc.
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF components for the Domestic and International, SATCOM, Space, Defense and Military markets. These designs cover the frequency range from 50 kHz to 40 GHz - eventually, offering designs up to 100 GHz. AmpliTech also provides consulting services to help with any microwave components or systems design problems. Our steady growth over the past 13+ years has come about because we can provide complex, custom solutions for nearly ANY custom requirements that are presented us. In addition, we have the best assemblers, wires, and technicians in the industry and can provide contract assembly of customers' own designs. Click hereto view AmpliTech video. Website: http://www.AmpliTechinc.com
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
CONTACT: Fawad Maqbool, CEO, AmpliTech Group, Inc. (631) 521-7831