Business
Cemtrex, Inc. (CETX) Announces Results for the Second Quarter Ending March 31, 2020
Gross Margin Improves to 44%, 6 Month EBITDA of $1,041,316 Brooklyn, NY, May 14, 2020 (GLOBE NEWSWIRE) -- – Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a
About this update from Cemtrex Inc.
[{"type":"text","content":"Gross Margin Improves to 44%, 6 Month EBITDA of $1,041,316\nBrooklyn, NY, May 14, 2020 (GLOBE NEWSWIRE) -- – Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading multi-industry technology company that is driving innovation in a wide range of commercial sectors such as Internet of Things (IoT), Augmented and Virtual Reality (AR & VR), and Artificial Intelligence and Computer Vision (AI & CV) announced its financial results for the quarter ending March 31st, 2020.\n Fiscal Second Quarter Highlights: Six Month EBITDA: $1,041,316Six Month EBITDA Margin %: 4.3%Gross Margin: 44%Sales: $12,113,847Cash on Hand: $2,809,591Total Assets: $50,273,206Total Stockholder’s Equity: $22,997,460 Results of Operations: For the Six Months Ending Mar 31 of Each Year 2020 2019 Total Revenues $24,333,930 $17,442,996 Total Operating (loss)/income (668,160) (4,165,370)Depreciation and amortization 1,709,476 2,470,169 EBITDA (Non-GAAP) 1,041,316 (1,695,201)EBITDA Margin % 4.3% (9.7%) Cemtrex’s Chairman and CEO, Saagar Govil, commented on the results, “We continue to see improvement in our businesses with a positive overall EBITDA for the fiscal year and better gross margins. Our Company is highly focused on executing our development roadmap consisting of exciting high tech products in IoT, AR & VR, as well as in Artificial Intelligence and Machine Vision over the coming 18 months. Our shift into these technology areas in recent years has placed us in markets that will continue to thrive despite the short-term effects of COVID-19. In particular, we have a new SmartDesk slated for release later this year that will be the ideal solution for many workers at their home office.” “Additionally, despite the challenges presented by COVID-19 and the overall anemic economic outlook, we continue to be fully operational and win new business. While the short-term outlook due to the coronavirus has created an enormous amount of uncertainty and unpredictability, we remain optimistic about the Company’s medium-term prospects. Based on the types of businesses we are in, we believe the second half of 2020 will see an increase in demand as the economy returns to a more normal state and stay at home orders are lifted,” he continued. For the Six Months Ending March 31, 2020: Revenues: Total revenue for the six months ended March 31, 2020 and 2019 was $24,333,930 and $17,442,99...