Brooklyn, NY, Aug. 13, 2020 (GLOBE NEWSWIRE) — – Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading 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 June 30, 2020.
Nine Months Revenue: $32,774,797Nine Months EBITDA: ($1,167,965)Nine Months EBITDA Margin: (3.56%)Nine Months Gross Margin: 43%Third Quarter Sales: $8,440,867Cash on Hand: $12,939,493Total Assets: $62,826,021Total Stockholder’s Equity: $32,509,875
|For the Nine Months Ending|
|Jun 30 of Each Year|
|Total Operating (loss)/income||(3,326,903)||(4,450,293)|
|Depreciation and amortization||2,158,938||3,208,933|
|EBITDA Margin %||(3.56%)||(4.38%)|
Cemtrex’s Chairman and CEO, Saagar Govil, commented on the results, “Our Company continued to perform well during the global pandemic with only a modest decrease in revenue for the period while the entire world remained largely closed. Our Company remained fully operational, largely remotely, during the shutdown but many customers were closed and postponed purchasing during this June Quarter. For the nine-month period our year over year revenues are up 16% and we believe that as the global shutdowns wind down we will be able to see continued top line growth. Our Advanced Technology bookings for July were better on a YoY basis which gives us confidence in our overall outlook. Many of our customers who were shut down for the last several months are now resuming their operations and looking to pick up where they left off.”
“During the most recent quarter the Company continued its progress on its exciting product roadmap. We released several new products under our security technology brand, Vicon, including a Thermal Camera for assisting in the detection of COVID-19 symptoms, as well as a new line of cameras with on board AI based analytics technology. We remain on track for the release of our new SmartDesk later this year which we believe has strong potential due to the enormous need for a solution like ours in the home office segment.”
“The Company also received a major cash infusion of over $10 million from institutional investors during the period which has bolstered the balance sheet and fueled the Company for positive growth over the coming months. It has also provided the Company with cash to pursue strategic acquisition opportunities. With a strong cash position and many new product releases planned over the next few months we believe the next 18 months will be an exciting growth period for our Company. While uncertainties remain due to the COVID-19 pandemic we remain cautiously optimistic looking forward,” continued Mr. Govil.
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.www.cemtrex.com
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.
Cemtrex, Inc. email@example.com