Business
PEN Inc. Announces Third Quarter 2017 Financial Results
PEN Inc. Announces Third Quarter 2017 Financial Results.
About this update from Nano Magic Inc.
[{"type":"text","content":"\n\n - Investor Webcast and Business Update Set for Tuesday, November 21, 1 pm ET\n MIAMI, Nov. 15, 2017 (GLOBE NEWSWIRE) -- 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 third quarter ended September 30, 2017. Scott Rickert, PEN’s President, Chairman and CEO, said: “During the third quarter, we relocated our Ohio operations to a facility nearby with a much smaller footprint.  Although we incurred some one-time charges related to the relocation which impacted this quarter’s financial results, this move will ultimately lower our cost structure and provide for operating leverage in the future. It will also allow us to focus on what PEN does best—developing groundbreaking formulas, providing outstanding customer service and meeting the flexible packaging needs of our customers. “We will soon begin the rollout of our rebranded environmentally friendly surface protector to customers in the hospitality industry and related markets.  While it will take some time for sales to ramp, we are excited to be actively marketing this revolutionary product that addresses the growing need for safe and effective products that protect us from disease.  The PEN Design Center continues to distinguish itself as a valuable development partner, especially in the area of nuclear medicine.  I am pleased with our progress in executing our business plan and look forward to closing the year with a fully streamlined organization positioned for future growth.”   Third Quarter 2017 Financial Results During the third quarter of 2017, PEN’s revenues and gross margins were relatively stable.  The Company generated a loss for the quarter, which includes the impact of a one-time, non-cash loss on the sale of equipment associated with the relocation of its Ohio operations. The Company generated over $100,000 in cash flow from operations during the quarter. For the three months ended September 30, 2017, total revenues were $2,028,261, compared to revenues of $2,006,838 in the comparable period in 2016. For the third quarter of 2017, overall gross profit amounted to $632,982 compared to $631,083 for the third quart...