Farmingdale, NY, Aug. 08, 2016 (GLOBE NEWSWIRE) -- Cemtrex Inc. (Nasdaq: CETX), a world leading industrial and manufacturing solutions company, announced its third quarter consolidated results of operations for the three months ended June 30, 2016.
- Net sales for the quarter up 69%
- Net income for the quarter up 77%
- Net sales for nine months up 33%Net Income for nine months up 26.5%
- EBITDA for the quarter up 79%
- EBIDTA for nine months up 50%
Third Quarter Highlights:
- Net sales for the three months ended June 30, 2016 increased by 69% to $24,714,853 from $14,665,748 for the three months ended June 30, 2015.
- Gross profit for the three months ended June 30, 2016 was $8,158,669 as compared to $4,252,202 for the three months ended June 30, 2015, representing a 92% advance. Gross profit margin was 33% compared to 29%, as the company realized economies of scale and an improving product mix.
- Net Income for the three months ended June 30, 2016 was $1,470,625 as compared to $828,758 for the three months ended June 30, 2015, representing an increase of 77.5%.
- EBITDA for the three months ended June 30, 2016 was $1,965,353 as compared to $1,096,586 for the three months ended June 30, 2015, representing a 79% increase.
Nine Months Highlights:
- Net Income for the nine months ended June 30, 2016 was $2,578,815 as compared to $2,038,601 for the nine months ended June 30, 2015, representing an increase of 26.5%.
- Net Sales for the nine months ended June 30, 2016 was $56,937,477 as compared to $42,839,477 for the nine months ended June 30, 2015, representing an increase of 33%.
- EBITDA for the nine months ended June 30, 2016 was $4,146,052 as compared to $2,764,256 for the nine months ended June 30, 2015, representing an increase of 50%.
Other Recent Highlights:
- Completed the accretive acquisition of an electronic manufacturing services (EMS) company based in northern Germany on May 31, 2016, greatly strengthening the Company’s existing position in the EMS sector in this market.
- Received $12 million in new orders from both existing and new customers in June, representing the strongest bookings month in the Company’s history. The Company’s newly acquired German electronics operation obtained an important order from a strategic new customer in the automotive industry.
Cemtrex’s Chairman and CEO, Saagar Govil, commented on the results, “We believe our results this quarter validate our strategy to focus on our core strengths and enhance our organic growth with attractive acquisitions. We achieved strong operating performance with improvements in both top and bottom line results. With a new strategic customer at our German subsidiary, we are already seeing benefits from our latest acquisition. I want to commend our team for continuing to execute at a high level. Overall, we are focused on new opportunities for growth and are optimistic about our prospects for the future.”
Cemtrex, Inc. (NASDAQ:CETX) is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides: manufacturing services of advanced custom engineered electronics, industrial maintenance services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally.
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 make operating decisions.
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