Cemtrex Announces 2014 Annual Results: Sales Increase by 249%
November 18, 2014
FARMINGDALE, N.Y., Nov. 18, 2014 — Cemtrex Inc. (CTEI) today announced its fiscal year 2014 consolidated results of operations for the 12 months ended September 30, 2014.
Fiscal year 2014 Highlights:
- Revenue increased by 249% to $47,653,114 for the 12 months ended in September 30, 2014 compared to $13,673,531 for the same period in 2013.
- Revenue increased 57% to $8,354,726 for the three months ended in September 30, 2014 compared to $5,332,157 for the same period in 2013.
- Net Income was up 834% to $2,693,994, equaling $.07 per share, in the 12-month period ended September 30, 2013 compared to an income of $288,497 in the same period in 2013.
Commenting on the yearly results, Mr. Saagar Govil, Chairman and Chief Executive Officer of the Company remarked, “This has been a tremendous year for us as we have experienced unprecedented growth and also completed a significant acquisition. We are pleased with the results of fiscal 2014 and look forward to continue taking the company to greater heights in 2015.
“We have decided not to proceed further with the pending acquisition of the waste water technology company announced in June since it ultimately did not pass our diligence parameters. However we are exploring several alternative acquisition opportunities that we shall provide further details on as they become more viable,” continued Mr. Govil.
The company will be holding its Annual Shareholder’s meeting on December 15, 2014.
About Cemtrex, Inc.
Cemtrex, Inc. (CTEI) is a diversified technology company that provides a wide array of solutions to meet today’s industrial challenges. Cemtrex, through its wholly owned subsidiaries, provides electronic manufacturing services of custom engineered printed circuit board assemblies, emission monitors and instruments for industrial processes, and environmental control and air filtration systems for industries and utilities.
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.
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