Brooklyn, NY, May 14, 2020 (GLOBE NEWSWIRE) — – Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading multi-industry technology company that is driving innovation in a wide range of commercial sectors such as Internet of Things (IoT), Augmented and Virtual Reality (AR & VR), and Artificial Intelligence and Computer Vision (AI & CV) announced its financial results for the quarter ending March 31st, 2020.
Fiscal Second Quarter Highlights:
Six Month EBITDA: $1,041,316
Six Month EBITDA Margin %: 4.3%
Gross Margin: 44%
Cash on Hand: $2,809,591
Total Assets: $50,273,206
Total Stockholder’s Equity: $22,997,460
Results of Operations:
|For the Six Months Ending|
|Mar 31 of Each Year|
|Total Operating (loss)/income||(668,160||)||(4,165,370||)|
|Depreciation and amortization||1,709,476||2,470,169|
|EBITDA Margin %||4.3||%||(9.7||%)|
Cemtrex’s Chairman and CEO, Saagar Govil, commented on the results, “We continue to see improvement in our businesses with a positive overall EBITDA for the fiscal year and better gross margins. Our Company is highly focused on executing our development roadmap consisting of exciting high tech products in IoT, AR & VR, as well as in Artificial Intelligence and Machine Vision over the coming 18 months. Our shift into these technology areas in recent years has placed us in markets that will continue to thrive despite the short-term effects of COVID-19. In particular, we have a new SmartDesk slated for release later this year that will be the ideal solution for many workers at their home office.”
“Additionally, despite the challenges presented by COVID-19 and the overall anemic economic outlook, we continue to be fully operational and win new business. While the short-term outlook due to the coronavirus has created an enormous amount of uncertainty and unpredictability, we remain optimistic about the Company’s medium-term prospects. Based on the types of businesses we are in, we believe the second half of 2020 will see an increase in demand as the economy returns to a more normal state and stay at home orders are lifted,” he continued.
For the Six Months Ending March 31, 2020:
Fiscal Second Quarter Results:
Cemtrex, Inc. (CETX) is a technology company specializing in the development of Internet of Things (IoT), artificial Intelligence (AI) and Virtual Reality (VR) enabled technologies that’s driving innovation in a wide range of sectors, including consumer products, industrial manufacturing, digital applications, and intelligent security & surveillance systems.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our new product offerings or any proposed fundraising activities. These forward-looking statements are based on management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. These risks and uncertainties include, but are not limited to: operational losses and negative cash flows; any need for additional financing; market acceptance of our products; our ability to manufacture and develop effective products and solutions; indebtedness to our lenders; current and future economic conditions that may adversely affect our business and customers; potential fluctuation of our revenues and profitability from period to period which could result in our failure to meet expectations; our ability to maintain adequate levels of working capital; our ability to incentivize and retain our current senior management team and continue to attract and retain qualified scientific, technical and business personnel; our ability to expand our product offerings or to develop other new products and services; our ability to generate sales and profits from current product offerings; rapid technological changes and new technologies that could render certain of our products and services to be obsolete; competitors with significantly greater financial resources; introduction of new products and services by competitors; challenges associated with expansion into new markets; and, other factors discussed under the heading “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.
Use of Non-GAAP Measures: Earnings before interest, taxes, and depreciation and amortization (EBITDA) and Adjusted EBITDA are non-GAAP measures. In defining Non-GAAP EBITDA, the Company excludes the impact of non-cash stock-based compensation and other non-recurring items, such as R&D expenses and equity interest loss. EBITDA has limitations as an analytical tool and should not be evaluated in isolation or as a substitute for analysis of results as reported under U.S. GAAP. Management utilizes this metric as a basis for evaluating our ongoing operations, and believes investors’ understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for evaluating our ongoing results of operations, without the effects of interest, taxes, depreciation, and amortization and other non-recurring expenses.
For further information, please contact: Investor Relations Cemtrex, Inc. Phone: 631-756-9116 firstname.lastname@example.org