OPTEC International Reports 4391% Year-over-Year Revenue Increase for the 3rd Quarter 2021

Rhea-AI Summary

OPTEC International, Inc. (OTC PINK:OPTI) announced its financial results for Q3 2021, showcasing a remarkable revenue increase of 4391% to $11,576,643 compared to the same quarter last year, and a 4.49% rise over the previous quarter. Net income soared to $1,848,475, up from a loss of ($47,349) year-over-year but lower than $7,388,011 from last quarter. For the nine months, revenue reached $28,915,665, marking a 4191% increase. Total assets grew by 21% to $28,181,685, while liabilities fell 9.4%.

Positive

• Revenue for Q3 2021 increased by 4391% to $11,576,643 compared to Q3 2020.
• Net income rose to $1,848,475 versus a loss of ($47,349) for the same quarter last year.
• Total revenue for the nine months reached $28,915,665, a 4191% increase year-over-year.
• Total assets grew by 21% to $28,181,685.
• Total liabilities decreased by 9.4% to $5,693,808.

Negative

• Net income decreased from the previous quarter's record high of $7,388,011.

CARLSBAD, CA / ACCESSWIRE / May 4, 2021 / OPTEC International, Inc. (OTC PINK:OPTI), a developer of UV and UV-C safety products using related advanced technologies specific to Personal Protection Equipment (PPE), today announced the filing of its third quarter 2021 financial results, with continued improvement across all financial metrics over the previous year-over-year quarter and the previous quarter.

Total revenue for the three months ended March 31, 2021 was $11,576,643, an increase of 4391% over the same quarter in the prior year and an increase of 4.49% over the previous quarter. Net Income increased to $1,848,475 versus a net loss of ($47,349) for the same quarter in the prior year, but down from the previous record high income of $7,388,011 last quarter.

Total revenue for the nine months ended March 31, 2021 was $28,915,665, an increase of 4191% over the same period in the prior year. The net income increased to $10,612,059, an increase of $11,789,633 over a net loss of ($1,177,574) for the same period in the prior year. This progress was initially due to the massive demand in PPE as a result of the pandemic and then fueled by subsequent availability of products from our suppliers.

Total Assets increased to $28,181,685 from $23,295,400, a 21% increase from the previous quarter, Total Liabilities decreased by 9.4% to $5,693,808 and Stockholder's Equity rose 32% from $17,011,481 to $22,487,877.

"We're pleased to announce this most recent quarter showing improved results from our operations," commented Optec International CEO Roger Pawson. "We're encouraged by the tremendous growth in revenues and profits that reflects the efforts of our team members to build upon our previous successes and we expect this demand to continue for the foreseeable future. This progress represents an ongoing growth in value for our shareholders, generated by our hardworking employees."

About OPTEC International, Inc. With Locations in Carlsbad and Vista, California, OPTEC International is a developer and manufacturer of electronic LED, Ultraviolet (UV) & UV-C safety products and related advanced technologies and PPE (Personal Protection Equipment) products. The company's Safe-Scan product line is being launched at a time when HR directors and facilities managers are experiencing extreme concern with respect to keeping environments safe during the global pandemic crisis and the safe reopening of the U.S. economy. For more information, visit: www.optecintl.com www.z2o.com

OPTEC International, Inc. investor relations at: www.optecintl.com/investor

Safe Harbor Statement: Safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Opti, OPTEC or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions, or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. OPTEC International Inc.

OPTEC International, Inc.

Investor Relations Contact:
Michael Iorlano
760 621-0062 / Mike@MountaintopMedia.net

SOURCE: Optec International, Inc.

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FAQ

What were OPTEC's financial results for Q3 2021?

OPTEC reported a revenue increase of 4391% to $11,576,643 and net income of $1,848,475.

How did OPTEC's total assets change in Q3 2021?

Total assets increased by 21% to $28,181,685 compared to the previous quarter.

What is OPTEC's revenue for the first nine months of 2021?

Revenue for the nine months ended March 31, 2021, was $28,915,665, marking a 4191% year-over-year increase.

How did OPTEC's liabilities change in Q3 2021?

OPTEC's total liabilities decreased by 9.4% to $5,693,808.

What is the stock symbol for OPTEC International?

The stock symbol for OPTEC International is OPTI.