Business
American Power Group Announces Unaudited Results For Q3 Fiscal 2022 Quarterly Revenue Of $1.1 Million as Compared to $1.3 Million Last Year - Year To Date Revenue Up 51 Percent To $2.9 Million As Compared To The Prior Year
American Power Group Announces Unaudited Results For Q3 Fiscal 2022 Quarterly Revenue Of $1.1 Million as Compared to $1.3 Million Last Year - Year To Date Revenue Up 51 Percent To $2.9 Million As Compared To The Prior Year.
About this update from American Power Group Corp.
[{"type":"text","content":"ALGONA, IA / ACCESSWIRE / August 2, 2022 / American Power Group Corporation ("APG") (OTC PINK:APGI) announced the unaudited results for the three and nine months ended June 30, 2022.Chuck Coppa, APG's CEO/CFO stated, "Unaudited net revenue for the three and nine months ended June 30, 2022, were approximately $1,082,000 and $2,921,000, respectively as compared to approximately $1,346,000 and $1,937,000, respectively, for the three and nine months ended June 30, 2021. Our penetration into the oil/gas fracking market over the past several years has been the primary revenue driver with over 260 engines converted during this period. The increase in year-to-date revenue is attributable primarily to the shipment of $2.1 million in follow-on orders from our lead dealer/installer during the fiscal 2022. We currently have $3+ million of outstanding stationary conversion quotes spread among several of our dealers/installers."Mr. Coppa added, "Our unaudited net income after income taxes was approximately $105,000 and $453,000, respectively, for the three and nine months ended June 30, 2022 as compared to a net income after taxes of approximately $249,000 for the three months ended June 30, 2021 and a net loss after taxes of $339,000 for the nine months ended June 30, 2021. The results for the three and nine months ended June 30, 2022 includes approximately $150,000 of non-cash stock option amortization expense.During the nine months ended June 30, 2022 and 2021, 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 year-to-date interest expense down 55 percent to approximately $135,000 as compared to $303,000 in the prior year-to-date period."Mr. Coppa concluded, "We continue our efforts to strengthen our balance sheet and have reduced our overall corporate debt over the past 18 months by approximately $6.8 million, including $1.8 million of long-term bank debt and the conversion of approximately $5 million of convertible debt and accrued interest, in the aggregate. The convertible debt and associated interest was converted at $0.25 per share...