Business
PEN Inc. Announces First Quarter 2017 Financial Results
PEN Inc. Announces First Quarter 2017 Financial Results.
About this update from Nano Magic Inc.
[{"type":"text","content":"\n \n \n PEN Inc. Announces First Quarter 2017 Financial Results\n \n \nPEN Inc. Announces First Quarter 2017 Financial Results\n\nInvestor Webcast and Business Update Set for Thursday, June 1st, 1 pm ET\n\n \n MIAMI, FL--(Marketwired - May 23, 2017) - PEN Inc. (OTCQB: PENC) (\"PEN\" or \"the Company\"), a global leader in developing, commercializing and marketing consumer and industrial products enabled by nanotechnology, reported financial results for its first quarter ended March 31, 2017.\n For the quarter ended March 31, 2017, PEN recorded double digit sales growth, improved gross margin and delivered its first profitable quarter since 2014. \n Scott Rickert, PEN's President, Chairman and CEO, said: \"We got off to a solid start in 2017, generating healthy revenue growth, profitable operations, positive operating cash flow and a much-improved cash position. \n \"Our financial results for the quarter reflect the hard work we have done to increase our sales, and right-size operations over the last several years, first in Texas and more recently in Ohio. I know many investors wish that both the sales growth and the streamlining could have happened faster, and, as an investor, I agree. As the Chief Executive, however, I know that changes of this magnitude in any organization do not happen overnight. I am truly impressed with how nimble PEN has become, thanks to solid planning and execution by our team members throughout the organization. \n \"Looking forward, we see additional opportunities to refocus operations in Ohio and are moving forward with our plan to rebrand and reintroduce some of our key health and safety products into the market later this year. I am confident in our ability to grow PEN over time.\"\n First Quarter 2017 Financial Results\n For the three months ended March 31, 2017, total revenues were $2,216,350, up 12% over revenues of $1,979,161 in the comparable period in 2016.\n For the first quarter of 2017, overall gross profit amounted to $933,317, up 28% from $731,124 for the first quarter of 2016. Gross margin was 42%, compared to 37% in the year ago period. The increase in gross margin was attributable higher gross margin from the Product segment, which was partially offset by lower gross margin from the Contract services segment during the quarter. \n Operating expenses ...