Cemtrex Announces 46% Increase in Backlog for EMS Division From 2016 to $38 Million
Company sees robust outlook for medical, industrial, and automotive electronics markets
Farmingdale, NY, Aug. 18, 2017 (GLOBE NEWSWIRE) -- Cemtrex Inc., (Nasdaq: CETX, CETXP, CETXW), a world-leading industrial and manufacturing company, is pleased to announce that it sees strong demand for its Electronic Manufacturing Services (EMS) Division. As of July 31, 2017, the company’s 52-week backlog was at $38 million up from $26 million a year ago which represents a nearly 50 percent annual increase. The $38 million backlog represents a record high for the company since it has been in the EMS business. The company expects to close on additional sales during the next 12 months as well.
Cemtrex’s EMS services include: engineering & design, prototyping & testing, and electronic manufacturing and complete product assembly. Cemtrex’s management believes the outlook for the EMS business is robust and that growing demand will come from both new and existing customers. Industries contributing to the strong growth include medical, industrial and automotive, among others. Cemtrex recently reported that EMS revenue for the nine months ended June 30, 2017, had increased 93 percent to $45.7 million, compared to $23.7 for the same period in 2016.
Cemtrex’s Chairman and CEO, Saagar Govil, commented, “We are pleased with the current outlook and positioning of our EMS business as well as the tremendous efforts of our sales and marketing teams. Our growing backlog and increasing revenues in the EMS segment are a testament to our team and the quality of the services we provide. Through continued investment in our sales and marketing efforts we are confident that we will see consistent attractive results in the future.”
About Cemtrex
Cemtrex, Inc. (CETX) is a world-leading diversified industrial and manufacturing company that provides a wide array of solutions to meet today’s technology challenges. Cemtrex provides manufacturing services of advanced custom engineered electronics, industrial services, monitoring instruments for industrial processes and environmental compliance, and systems for controlling particulates, hazardous gases, emissions of Greenhouse gases, and other regulated pollutants. The Company also develops its own proprietary IoT and wearable devices.
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
Released August 18, 2017