Cemtrex Announces FY 2016 Annual Results: Sales Increase By 65% and Net Income up by 76%

December 22, 2016

FARMINGDALE, N.Y., Dec. 22, 2016 /PRNewswire/ — Cemtrex (CETX), a world leading industrial and manufacturing solutions company, announced today its consolidated results of operations for the twelve months ended September 30th, 2016.

Fiscal Year 2016 Highlights:

Revenue increased by 65% to $93,704,560 for the twelve months ended in September 30, 2016 compared to $56,887,389 for the same period in 2015.
Net Income was up 76% to $4,994,045, equaling $0.59 per share, in the twelve month period ended September 30, 2016 compared to an income of $2,838,116 or $0.41 in the same period in 2015.
EBITDA was up 120% to $9,053,839 in the twelve month period ended September 30, 2016 compared to EBITDA of $4,107,748 in the same period in 2015.

     FY 2016

FY 2015

Revenues

$                 93,704,560

$        56,887,389

Gross Profit

$                 29,213,670

$        16,322,570

Net Income

$                   4,994,045

$          2,839,033

 

An Itemized reconciliation between Net Income and EBITDA is as follows;

 

            FY 2016

FY 2015

Net Income 

$                 4,994,045

$         2,838,116

Depreciation Expense

$                 2,296,010

$            772,434

Interest Expense

$                    673,612

$            496,281

Income Taxes

$                 1,090,172

$                   917

EBITDA

$                 9,053,839

$         4,107,748

 

Commenting on the yearly results, Mr. Saagar Govil, Chairman and Chief Executive Officer of the Company remarked, “This past year we were able to complete two strategic acquisitions that allowed our revenues to increase 65%. Out net income also increased 76% mainly due to the increased income from the acquired operations. We have been able to establish a repeat customer base through our proven technologies, cost-effective manufacturing, and on-time delivery of equipment which creates a positive outlook for sustainable revenue growth.”

“Overall, this year was a great year for Cemtrex as we have seen our number of shareholders increase substantially and a significant increase in our average trading volume. Additionally, we have recently filed for a Rights Offering with Source Group, through the issuance of preferred shares, which when completed, would provide us additional resources for pursuing larger acquisitions. Furthermore, with the incoming Trump administration’s plan for increased infrastructure and manufacturing spending, we believe there is a lot to look forward to, as we continue to create value for our shareholders in the coming year,” continued Mr. Govil.

 

About Cemtrex

Cemtrex, Inc. (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 contracting services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally.

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 is not 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.

 

For further information, please contact:

Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
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