Business
Cemtrex (CETX) Reports Operating Profit & 114% Sales Increase for the First Quarter Ended December 31, 2019
EBITDA over $900K for First Quarter, EBITDA Margin 7.4% of Revenues BROOKLYN, N.Y., Feb. 19, 2020 (GLOBE NEWSWIRE) -- Cemtrex Inc. (Nasdaq: CETX, CETXP,
About this update from Cemtrex Inc.
[{"type":"text","content":"EBITDA over $900K for First Quarter, EBITDA Margin 7.4% of Revenues\nBROOKLYN, N.Y., Feb. 19, 2020 (GLOBE NEWSWIRE) -- Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading multi-industry technology company that is driving innovation in a wide range of consumer and commercial sectors, announced its financial results for the quarter ending December 31st, 2019 by reporting an operating income of $118,943, EBITDA of $909,162 and an increase of 114% in sales.\n First Quarter Highlights: Sales: $12,220,083EBITDA: $909,162EBITDA Margin %: 7.4%Operating Profit: $118,943Cash and Equivalents: $3,963,958Total Assets: $48,713,569Total Stockholder’s Equity: $21,966,080 First Quarter Results: Sales: Total Revenue for the three months ended December 31, 2019 and 2018 was $12,220,083 and $5,717,589, respectively, an increase of $6,502,494, or 114%. Total revenue for the fiscal year increased, as compared to total revenue in the same period last year, due to increased sales in the Advanced Technology segment. Our Advanced Technologies segment revenues for the three months ended December 31, 2019, increased by $6,757,398 or 1,444% to $7,225,233 from $467,835 for the three months ended December 31, 2018. This increase represents mainly the Consolidation of Vicon Industries, Inc. Gross Profit: Gross Profit for the three months ended December 31, 2019 was $5,348,486 or 44% of revenues as compared to gross profit of $2,187,586 or 38% of revenues for the three months ended December 31, 2018. Gross profit increased in the three months ended December 31, 2019, compared to the three months ended December 31, 2018 due shift to by management in the last fiscal year to focus on products and services with higher gross margins. Operating Income: The Company had an operating income of $118,943 or 1% of revenues, for the three-month period ended December 31, 2019 as compared to an operating loss of $1,526,492 or 26.7% of revenues, for the three months ended December 31, 2018. Operating Income increased $1,645,435, or 108% in the first quarter as compared to the same period last year, as a result of the reduction of general and administrative expenses in proportion to Revenues. Comprehensive Income / Loss: The Company had a comprehensive loss of $829,218 or 6.8% of revenues, for the three-month period ended December 31, 2019 as compared to a comprehensive loss o...