Cemtrex, Inc. (CETX) Announces Results for the Second Quarter ended March 31, 2018
May 15 2018 - 5:00PM
Cemtrex Inc. (Nasdaq: CETX), world leading multi-industry
technology company that provides a wide array of solutions to
meet today’s consumer, commercial, and industrial challenges,
announced its second quarter consolidated results of operations for
the three and six months ended March 31, 2018.
Second Quarter Highlights:
- Net sales for the three months ended March 31, 2018 decreased
by 32% to $20,601,212 from $30,504,983 for the three months ended
March 31, 2017.
- Net Income for the three months ended March 31, 2018 was
$423,471 up by 2% as compared to $413,468 for three months ended
March 31, 2017.
- Earnings per share for the three months ended March 31, 2018
remained unchanged at $0.04 per share as compared to $0.04 per
share for the three months ended March 31, 2017.
Six Month Ended march 31, 2018 Financial Highlights
- Net sales for the six months ended March 31, 2018 decreased by
12% to $52,983,112 from $59,902,240 for the six months ended March
31, 2017.
- Net Income for the six months ended March 31, 2018 was
$1,155,462 down by 36% as compared to $1,819,161 for six months
ended March 31, 2017.
- Earnings per share for the six months ended March 31, 2018 were
$0.11 per share as compared to $0.18 per share for the six months
ended March 31, 2017.
Cemtrex’s Chairman and CEO, Saagar Govil, commented on the
results, “We had a decrease in sales due to on-going challenges in
our industrial products business arising from a weakness in
environmental markets globally, as well as a loss of couple
customers in our electronics business. We expect revenues to be
weaker for the next few quarters due to these factors, however we
remain optimistic about the long-term demand for our products and
services.”
“Strategically due to our shift in focus into smart devices and
virtual reality applications, we will be exiting the environmental
instruments and control products business this year. This new
direction will be officially kicked off with the unveiling of our
SmartDesk next week. Additionally, with our recently acquired stake
in Vicon, we are continuing to move deeper into technology markets.
We continue to invest in our compelling product roadmap across
technology manufacturing, smart devices, and Virtual Reality (VR) /
Augmented Reality (AR) that we expect will drive strong returns for
our shareholders over the next several years.” continued Mr.
Govil.
About Cemtrex
Cemtrex, Inc. (NASDAQ:CETX) is a global, multi-industry company
that provides a wide array of solutions to meet today’s consumer,
commercial, and industrial challenges. Cemtrex provides
manufacturing services of advanced custom engineered electronics,
integrated hardware and software solutions, industrial contracting
services, and development of smart electronic devices. The Company
also creates virtual reality and augmented reality applications.
www.cemtrex.com
Safe Harbor Statement This press release
contains forward-looking statements. Actual results could differ
materially from those projected in the forward-looking statements
as a result of a number of risks and uncertainties. Statements made
herein are as of the date of this press release and should not be
relied upon as of any subsequent date.
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
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