Cemtrex, Inc. (CETX) Reports Financial Results for the 2018 Fiscal First Quarter
February 14 2018 - 8:45AM
Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a world leading
multi-industry technology company reported its first quarter
consolidated results of operations for the three months ended
December 31, 2017.
“We delivered strong topline growth with a 10% increase in total
revenue to $32.4 million for the first quarter of fiscal year 2018.
This growth was driven by stronger demand in our electronics
manufacturing solutions (EMS) segment which offset a decrease in
revenues in our industrial products and services (IPS) segment. We
are seeing an overall decline industry wide in the environmental
technology market globally.”
“Fortunately, we have been maintaining a diversification
strategy for the last several years and have been focused on
investing in our technology related businesses. We have begun an
R&D program that is yielding proprietary technology both in
hardware and software. We are in the process of developing
compelling virtual and augmented reality software applications and
content for multiple markets which we expect to release this
year.”
“We are also extremely excited to unveil our “smart desk” this
May as the Company releases its first consumer electronics product
leveraging our deep experiences in electronics development and
manufacturing. We have an exciting roadmap with multiple products
in the pipeline as the company evolves its capabilities to capture
more value for its shareholders,” concluded Saagar Govil, Chairman
and CEO of Cemtrex.
Q1 FY 2018 Business Highlights and Financial
Highlights
- Total Revenue for Q1 2018 increased by 10% to
$32,381,900 compared to $29,397,257 for Q1 2017. This increase was
primarily due to increase in demand for EMS.
- Industrial Products & Services (IPS)
Revenue for Q1 2018 decreased 10% to $11.9 million,
compared to $13.2 million for Q1 2017. The decrease was primarily
due to a decline in demand for environmental related products and
services.
- Electronics Manufacturing Services (EMS)
Revenue for Q1 2018 increased by 27% to $20.4 million,
compared to $16.2 million for Q1 2017. This increase was primarily
due to an increase in demand for electronics manufacturing
services.
- Gross Margin for Q1 2018 remained the same at
33% compared to Q1 2017.
- Research and Development for Q1 2018 increased
to $149,217 compared to $0 in Q1 2017.
- Net Income for the three months ended December
31, 2016 was $731,991 for Q1 2018, down by 47% as compared to
$1,405,692 for Q1 2017. This was primarily due to the decrease in
IPS revenues, increase in R&D expenditures, and an increase in
sales and marketing activities.
- Earnings per share for Q1 2018 was $0.07 per
share as compared to $0.14 for Q1 2017.
About CemtrexCemtrex, Inc. (NASDAQ:CETX) is a
world leading multi-industry technology company that provides a
wide array of solutions to meet today's consumer, commercial, and
industrial challenges. Cemtrex provides manufacturing services of
advanced custom engineered electronics, extensive industrial
services, integrated hardware and software solutions, monitoring
instruments for industrial processes and environmental compliance,
and systems for controlling particulates and other regulated
pollutants. The Company also develops its own proprietary IoT and
wearable devices.www.cemtrex.com
Safe Harbor Statement This press release
contains forward-looking statements. Actual results could differ
materially from those projected in the forward-looking statements
as a result of a number of risks and uncertainties. Statements made
herein are as of the date of this press release and should not be
relied upon as of any subsequent date. This release may contain
non-GAAP financial information and are not calculated or presented
in accordance with US GAAP. The Company believes that the
presentation of non-GAAP financial measures provides useful
information to management and investors regarding underlying trends
in its consolidated financial condition and results of operations.
The Company’s management regularly uses these supplemental non-GAAP
financial measures internally to understand, manage and evaluate
the Company’s business and to make operating decisions.
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
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