Business Services Industry
ADM Tronics Reports Second Quarter Fiscal Year 2008 Results
Business Wire, Nov 15, 2007
NORTHVALE, N.J. -- ADM Tronics Unlimited, Inc. (OTCBB: ADMT), a technology-based developer and manufacturer of unique, environmentally-safe, health and life-enhancing technologies, today announced results for the second quarter ended September 30, 2007.
ADMT reported a net loss of $681,348 and $1,253,997 for the three months and six months ended September 30, 2007, respectively, a decrease of $1,831,225 and $3,446,278 from the $2,512,573 and $4,700,275 loss for the three months and six months ended September 30, 2006, respectively. This decrease was primarily the result of the exclusion of the Ivivi Technologies Inc.'s (Ivivi) loss due to the deconsolidation of Ivivi following its October 2006 IPO that reduced our ownership to approximately 34% (currently 31% as a result of additional issuances by Ivivi). Revenues for the quarter ended September 30, 2007, the third full quarter in which Ivivi's operating results were not fully consolidated with ADMT, were $399,847 as compared to $570,582 for the same period last year, which included Ivivi's operating results. Revenues for the six months ended September 30, 2007 were $692,933 as compared to $1,035,561, which included Ivivi's operating results. See the accompanying Supplemental Pro Forma Financial Information that shows our results for the three months and six months ended September 30, 2006 with Ivivi's results on one line to make it more comparative to our current period results. Our revenues for the current quarter were $399,847, which included $151,796 in sales of medical devices to Ivivi, compared to our pro forma revenues for the prior period of $202,049 for an increase of $197,798 or 98%. Our revenues for the current six months were $692,933 compared to our pro forma revenues for the prior six months of $449,609, an increase of $243,324 or 54%.
Andre' DiMino, President of ADMT stated, "Our results show continued growth for both our year-over-year and sequential periods. The exclusion of Ivivi's revenue in our pro forma statements provides historical numbers with comparable results and transparency with respect to ADMT. We expect to see continued growth and acceptance of our water-based chemical products through our expanded sales and marketing activities. We also expect continued increases in revenues from our production of medical electronic products through our manufacturing agreement with Ivivi as it expands its distribution of its therapeutic medical electronic products."
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About ADMT
ADMT is a technology based developer and manufacturer of unique, environmentally safe, health and life enhancing technologies and products. Its core competency is its ability to conceptualize a technology, bring it through development, into manufacturing and commercialization, all in-house. Its diversified product technology areas are environmentally friendly, water based industrial chemicals; therapeutic, non invasive electronic medical devices; and, innovative personal care and topical dermatological products.
Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including, those risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-KSB for the fiscal year ended March 31, 2007. The Company assumes no obligation to update the information contained in this press release.
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