Business
American Power Group Announces Unaudited Results for Fiscal 2022
American Power Group Announces Unaudited Results for Fiscal 2022.
About this update from American Power Group Corp.
[{"type":"text","content":"Fiscal 2022 Revenue Increases 32 Percent to $3.5 Million as Compared to $2.7 Million Last YearFiscal 2022 Net Income After Taxes of $289,000 as Compared to a $302,000 Net Loss Last YearALGONA, IA / ACCESSWIRE / December 12, 2022 / American Power Group Corporation ("APG") (OTC Pink:APGI) announced the unaudited results for the fiscal year ended September 30, 2022.Chuck Coppa, APG's CEO/CFO stated, "Unaudited net revenue for fiscal year ended September 30, 2022, increased by $848,000 or 32 percent to $3,531,000 as compared to $2,683,000 for the fiscal year ended September 30, 2021. Our gross margin improved to 48 percent as compared to last year's 39 percent primarily due to increased revenue and a $130,000 reduction in non-cash capitalized software amortization during fiscal 2022. Our penetration into the oil/gas fracking market over the past several years has been the primary revenue driver with the fiscal 2022 revenue increase attributable to follow-on orders from our lead dealer/installer. We currently have $4+ million of outstanding stationary conversion quotes spread among several of our dealers/installers."Mr. Coppa added, "Our unaudited net income after income taxes was $289,000 for the fiscal year ended September 30, 2022 as compared to an unaudited net loss after taxes of $302,000 for the fiscal year ended September 30, 2021. The results for fiscal year ended September 30, 2022 and 2021, include other income of $158,000 and $154,000, respectively, associated with the forgiveness of our Small Business Administration's Paycheck Protection Program loans."Mr. Coppa concluded, "We continue our efforts to strengthen our balance sheet and have reduced our overall corporate debt over the past 24 months by approximately $6.7 million, including $2.0 million of long-term debt and the conversion of approximately $4.7 million of convertible debt and accrued interest, in the aggregate, at $0.25 per share. We anticipate filing our Fiscal 2022 Annual Report with the OTC Markets prior to the end of December 2022 and do not anticipate any material changes in our results as noted above."Matt Van Steenwyk, APG's Chairman noted, "While we have made significant progress over the past several years to solidify APG's financial position, this past year's efforts have been focused on increasing market ...