Business
American Power Group Announces Preliminary Results for the Fiscal Year Ended September 30, 2021
American Power Group Announces Preliminary Results for the Fiscal Year Ended September 30, 2021.
About this update from American Power Group Corp.
[{"type":"text","content":"ALGONA, IA / ACCESSWIRE / December 3, 2021 / American Power Group Corporation ("APG") (OTC PINK:APGI) announced the preliminary results for its fiscal year ended September 30, 2021.Chuck Coppa, APG's CEO/CFO stated, "Net sales for the fiscal year ended September 30, 2021, were approximately $2.68 million as compared to approximately $5.47 million of net sales for the fiscal year ended September 30, 2020. Our penetration into the oil/gas fracking market over the past two years has been the primary revenue driver with one stationary customer accounting for approximately $1.6 million and $5.0 million of our fiscal 2021 and 2020 net sales, respectively. As announced in October, this customer placed an additional $1.4 million order which we have shipped this quarter. Based on the successful performance of our dual fuel solution with this customer, we have received orders from new customers primarily focused on the fracking market, with one accounting for approximately $750,000 of fiscal 2021 net sales. We currently have approximately $4.7 million of outstanding dual fuel conversion quotes with these and other potential stationary customers. We continue to evaluate new reoccurring dual fuel related revenue opportunities in an effort to offset some of the reporting period fluctuations associated with our traditional dual fuel solution equipment sales."Mr. Coppa added, "Our net loss for the fiscal year ended September 30, 2021 was approximately $302,000 as compared to a net profit after tax benefits of approximately $694,000 for the fiscal year ended September 30, 2020. Our ongoing efforts to reduce fixed operating costs as well as reduced long-term debt have positively impacted our net results. During fiscal 2021, we reduced our overall corporate liabilities by approximately $3.6 million, including $1.1 million of long-term bank debt and the conversion of $2.5 million of convertible debt and accrued interest, in the aggregate, which were converted at $0.25 per share at June 30, 2021."Mr. Coppa concluded, "We anticipate filing our Fiscal 2021 Annual Report with the OTC Markets prior to the end of December 2021 and do not anticipate any material changes in our results as noted above."About American Power Group CorporationAmerican Power Group's subsidiary, American Power Group Inc. provides cost eff...