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American Power Group Announces Unaudited Q1 Fiscal 2022 Results
American Power Group Announces Unaudited Q1 Fiscal 2022 Results.
About this update from American Power Group Corp.
[{"type":"text","content":"American Power Group Announces Unaudited Results For Q1 Fiscal 2022Revenue Increases 552 Percent To $1,525,000 As Compared To Prior YearReports Net Income After Taxes Of $658,000 As Compared To A $278,000 Net Loss in Prior YearALGONA, IA / ACCESSWIRE / January 25, 2022 / American Power Group Corporation ("APG") (OTC PINK:APGI) announced the unaudited results for the quarter ended December 31, 2021.Chuck Coppa, APG's CEO/CFO stated, "Unaudited net sales for the quarter ended December 31, 2021, were approximately $1.53 million as compared to approximately $0.23 million of unaudited net sales for the quarter ended December 31, 2020. Our penetration into the oil/gas fracking market over the past two years has been the primary revenue driver with over 240 engines converted during this period. The increase in quarterly revenue is attributable primarily to the shipment of a $1.4 million follow-on order announced in October 2021 from our lead dealer/installer. We currently have $3+ million of outstanding stationary conversion quotes spread among several of our dealers/installers. 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 unaudited net income from operations for the quarter ended December 31, 2021, was approximately $569,000 as compared to an unaudited net loss from operations of approximately $324,000 for the quarter ended December 31, 2020. During the quarters ended December 31, 2021 and December 31, 2020, we recognized other income of approximately $158,000 and $154,000, respectively, associated with the forgiveness of our Small Business Administration's Paycheck Protection Program loans. Our ongoing efforts to reduce fixed operating costs as well as reduced long-term debt have positively impacted our net results with our quarterly interest expense down 53 percent to approximately $50,000 as compared to the prior year. Our unaudited net income after estimated income taxes for the quarter ended December 31, 2021 was approximately $658,000 as compared to an unaudited net loss of approximately $278,000 for the quarter ended December 31, 2020."Mr. Coppa concluded, "We are diligently working with our stationary deal...