ADM Tronics Reports Third Quarter of Fiscal Year 2023 Results
ADM Tronics Unlimited, Inc. (OTCQB: ADMT) reported its third fiscal quarter results for FY 2023, highlighting a net income of $155,148 for the nine months ended December 31, 2022, a turnaround from a net loss of $140,221 a year prior. Revenues surged over 31% to $3,044,838 compared to $2,322,871 for the same period in 2021. The Electronics segment alone saw a revenue increase of over 73%. For the latest quarter, ADMT also posted a net income of $93,771, contrasting a net loss of $72,393 for the same quarter last year. The company attributes its revenue growth to all three operational segments: Electronics, Engineering, and Chemical.
- Net income of $155,148 for nine months ended December 31, 2022, up from a net loss of $140,221 year-over-year.
- Revenue increased 31% to $3,044,838 for the nine months, driven by all operating segments.
- Secured second consecutive quarter of profit with a net income of $93,771 for the quarter ended December 31, 2022.
- None.
NORTHVALE, NJ / ACCESSWIRE / February 16, 2023 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, announces results for its third fiscal quarter ended December 31, 2022 of Fiscal Year 2023.
ADMT achieved net income of
ADMT posted the second consecutive quarter of net income for the third fiscal quarter ended December 31, 2022. Net income for the three months ended December 31, 2022 was
"We have achieved our third consecutive quarter of growth in revenues and second consecutive quarter of profit, despite the continued unprecedented challenges in the supply of electronic components and other raw materials," commented ADMT President Andre' DiMino. "In the face of the supply problems, our Electronics segment achieved an increase of over
Revenues for the three and nine months ended December 31, 2022 increased by
Gross profit for the three and nine months ended December 31, 2022 increased by
Complete financial results are available in the Company's Quarterly Report on Form 10Q for December 31, 2022, available at www.sec.gov.
Financial Highlights
| Three Months Ended | Nine Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Revenues | $ | 983,161 | $ | 749,654 | $ | 3,044,838 | $ | 2,322,871 | ||||||||
Cost of Sales | $ | 507,684 | $ | 423,541 | $ | 1,628,268 | $ | 1,332,112 | ||||||||
Gross Profit | $ | 475,478 | $ | 326,113 | $ | 1,416,570 | $ | 990,759 | ||||||||
Total Operating Expenses | $ | 382,725 | $ | 742,285 | $ | 1,255,550 | $ | 2,002,502 | ||||||||
Income (loss) from operations | $ | 92,753 | $ | (416,172 | ) | $ | 161,020 | $ | (1,011,743 | ) | ||||||
Total other income (expense) | $ | 1,018 | $ | 330,779 | $ | (5,872 | ) | $ | 688,704 | |||||||
Income (loss) before provision for income taxes | $ | 93,771 | $ | (85,393 | ) | $ | 155,148 | $ | (323,039 | ) | ||||||
Total provision (benefit) for income taxes | - | $ | (13,000 | ) | - | $ | (182,818 | ) | ||||||||
Net income (loss) | $ | 93,771 | $ | (72,393 | ) | $ | 155,148 | $ | (140,221 | ) | ||||||
Basic and diluted per common share | $ | 0.00 | $ | (0.00 | ) | $ | 0.00 | $ | (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.
ADMT welcomes inquiries for its electronics and medical device development and manufacturing services at www.admtronics.com
Sign up for ADMT Investor News Updates emails by filling in the form at the bottom of the page at: https://admtronics.com/investor-relations/
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.
View source version on accesswire.com:
https://www.accesswire.com/739585/ADM-Tronics-Reports-Third-Quarter-of-Fiscal-Year-2023-Results
FAQ
What were the revenue results for ADMT in Q3 FY 2023?
How much net income did ADMT report for the nine months ended December 31, 2022?
What is the stock symbol for ADM Tronics Unlimited?
How did ADMT's Electronics segment perform in the latest report?
What is the future outlook for ADMT based on the recent earnings report?
