Cemtrex Announces FY 2017 Annual Results: Sales Increase By 29% to over $120 million, With Q4 EPS of $.13
December 07 2017 - 9:00AM
Business Wire
Cemtrex (NASDAQ: CETX, CETXP, CETXW), a world leading industrial
and manufacturing solutions company, announced today its
consolidated results of operations for the twelve months ended
September 30th, 2017.
Fiscal Year 2017 Highlights:
- Revenue increased by 29%
to $120,628,200 for the twelve months ended
in September 30, 2017 compared to $93,704,560 for
the same period in 2016.
- Comprehensive Income to Common
shareholders was even at $4,029,699 for fiscal year ended September
30, 2017 as compared to $4,019,898 for fiscal year ended September
30, 2016.
- Earnings Per Share for 2017 was $.31
compared to $.58 for 2016, a decrease of 32%. The Company paid
Preferred stock dividend of $1,200,871 during fiscal year ended
September 30, 2017 as compared to $0.00 for fiscal year ended
September 30, 2016. The Company had 10,175,736 common shares
outstanding at the end of fiscal 2017 as compared to 8,514,772
shares outstanding at the end of fiscal 2016 on a diluted
basis.
- EBITDA was down 5.3% to $8,571,125 in
the twelve month period ended September 30, 2017 compared to EBITDA
of $9,053,839 in the same period in 2016.
An Itemized reconciliation between net Income and EBITDA is as
follows;
FY 2017
FY 2016 Net Income $ 4,389,915 $ 4,994,045 Depreciation
Expense $ 3,141,610 $ 2,296,010 Interest Expense $ 923,952 $
673,612 Income Taxes $ 115,648 $ 1,090,172 EBITDA $
8,571,125 $ 9,053,839
Fiscal 2017 Fourth Quarter Highlights:
- Revenue for the fourth quarter fiscal
2017 was $32,919,304 compared to $36,766,914 for the fourth quarter
2016, a decrease of 10%. On a sequential basis, revenues increased
from $27,806,656, or 18% from the third quarter to the fourth
quarter of fiscal 2017.
- Earnings Per Share for the fourth
quarter fiscal 2017 was $.13 compared to $.22 for the fourth
quarter 2016, a decrease of 40%. On a sequential basis, earnings
per share increased from $.11 to $.13 or 18% from the third quarter
to the fourth quarter of fiscal 2017.
Commenting on the yearly results, Mr. Saagar Govil, Chairman and
Chief Executive Officer of the Company remarked, "This past year,
was another record year for Cemtrex as our sales increased by 29%
due to the full benefit of our previous acquisitions supplemented
by increased revenue of our existing business. However, we had
higher operating expenses due to (i) certain uncompleted
acquisition costs, (ii) higher sales & marketing expenses and
(iii) research & development expenses related to our newly
launched subsidiary Cemtrex Advanced technologies. We have been
investing heavily in all aspects of our business this year which we
anticipate will yield positive results for us in the future.”
"Over the past several years we have demonstrated our ability to
successfully acquire and integrate companies with complementary and
synergistic technologies. We will continue to seek and execute
additional strategic acquisitions and focus on expanding our
products and services as well as entering into new markets. We will
also continue to leverage our engineering and manufacturing
expertise and strong customer relationships to develop new
cutting-edge technologies and advanced products that solve
technological challenges faced by our customers and deliver
exceptional value for our shareholders.” continued Mr. Govil.
About Cemtrex
Cemtrex, Inc. (NASDAQ:CETX) is a global, diversified industrial
and manufacturing company that provides a wide array of solutions
to meet today’s technology challenges and is rapidly growing
through acquisitions. Cemtrex provides manufacturing services of
advanced custom-engineered electronics, industrial contracting
services, monitoring instruments for industrial processes and
environmental compliance, and equipment for controlling
particulates, hazardous pollutants, and Greenhouse gases used in
carbon trading globally.
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. This release may contain Non-GAAP financial information and
is not presented in accordance with US GAAP. The Company believes
that the presentation of non-GAAP financial measures provides
useful information to management and investors regarding underlying
trends in its consolidated financial condition and results of
operations. The Company’s management regularly uses these
supplemental non-GAAP financial measures internally to understand,
manage, and evaluate the Company’s business and make operating
decisions.
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version on businesswire.com: http://www.businesswire.com/news/home/20171207005610/en/
Investor RelationsCemtrex, Inc.Saagar Govil,
631-756-9116investors@cemtrex.com
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