ADM Tronics Reports First Quarter of Fiscal Year 2023 Results

Rhea-AI Summary

ADM Tronics Unlimited (OTCQB: ADMT) reported a 27% increase in revenues for Q1 FY2023, totaling $921,408 compared to $721,358 in the prior year. Despite facing challenges from supply chain issues and increased raw material costs, the company maintained a 42% gross profit margin. R&D expenses decreased by 23%, reflecting the nearing completion of the Vet-Sonotron technology development. Loss from operations also improved, decreasing by 20% to $34,625. ADMT anticipates continued revenue growth.

Positive

• Revenues increased by 27% to $921,408.
• Maintained a gross profit margin of 42%.
• R&D expenses decreased by 23%, indicating effective cost management.
• Loss from operations decreased by 20% to $34,625, showing improvement.

Negative

• Ongoing supply chain issues and increased raw material costs could impact future profitability.
• Net loss increased to $38,666 from $30,672 year-over-year.

NORTHVALE, NJ / ACCESSWIRE / August 22, 2022 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, announces results for its first fiscal quarter ended June 30, 2022 of Fiscal Year 2023.

ADMT experienced continued improvement in revenues over the same period last year which was impacted by the ongoing effects of the pandemic. Revenues increased over 27% for the quarter ended June 30, 2022, as compared to the same period last year. Despite the challenges of the unprecedented supply chain problems in electronic components coupled with increased costs for other raw materials, ADMT maintained gross a profit margin of 42% for the fiscal quarter ended June 30, 2022, approximately equal to the gross profit margin for the same period last year.

R&D expense for the quarter ended June 30, 2022, was approximately 23% less than the same period last year. The reduced R&D expense is primarily due to the Company's Vet-Sonotron technology nearing completion of development, requiring less engineering resources during the quarter.

"We hope and expect to continue the trend in increased revenues we experienced during this quarter," stated Andre' DiMino, President of ADMT. "We have aggressively worked to overcome the supply chain problems and increasing materials costs to preserve our gross profit margins and continue to supply our customers. It is to be noted that we are nearing completion of our Vet-Sonotron non-invasive veterinary therapy technology. Once the development work is completed, commercialization of this technology will be a significant milestone for the Company."

Revenues for the quarter ended June 30, 2022, were $921,408 as compared to $721,358 for the same period last year, an increase of 27%. Loss from operations for June 30, 2022 decreased approximately 20% to $34,625 as compared to $42,997 for the same period last year. Complete financial results are available in the Company's Quarterly Report on Form 10Q for June 30, 2022, available at www.sec.gov.

Financial Highlights

		Three Months Ended			Three Months Ended
		June 30, 2022				June 30, 2021
Net Revenues		$	921,408		$	721,358
Cost of Sales			538,349			419,376
Gross Profit			383,059			301,982
Operating expenses:
Research and development			123,600			161,368
Selling, general and administrative			294,084			183,611
Total operating Expenses			417,684			344,979
(Loss) from operations			(34,625)			(42,997)
Total other income (expense)			(4,041)			(1,175)
(Loss) before provision for taxes			(38,666)			(44,172)
(Benefit) for income taxes:
Current			-			5,500
Deferred			-			(19,000)
Total benefit (provision) for income taxes			-			(13,500)
Net loss		$	(38,666)		$	(30,672)
Basic and diluted earnings per common share		$	(0.00)		$	(0.00)
Weighted average shares of common stock outstanding - basic and diluted			67,588,492			67,588,492

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, and FDA-Registered medical device 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.

Contact:
Andre' DiMino
201-767-6040
andre@admtronics.com

SOURCE: ADM Tronics Unlimited, Inc.

View source version on accesswire.com:
https://www.accesswire.com/713121/ADM-Tronics-Reports-First-Quarter-of-Fiscal-Year-2023-Results

FAQ

What were ADM Tronics' revenues for the first quarter of FY2023?

ADM Tronics reported revenues of $921,408 for the first quarter of FY2023.

How much did ADM Tronics' revenues increase compared to the previous year?

Revenues increased by 27% compared to the same period last year.

What was the gross profit margin for ADM Tronics in Q1 FY2023?

The gross profit margin was maintained at 42%.

What was the loss from operations for ADM Tronics in Q1 FY2023?

The loss from operations decreased to $34,625.

How did ADM Tronics' R&D expenses change in Q1 FY2023?

R&D expenses decreased by 23% compared to the same period last year.