Cemtrex Announces 2015 Annual Results, Sales Increase By 19%
FARMINGDALE, N.Y., Dec. 18, 2015 /PRNewswire/ -- Cemtrex (NASDAQ: CETX), a diversified industrial and manufacturing leader, announced today its consolidated results of operations for the twelve months ended September 30th, 2015.
Fiscal Year 2015 Highlights:
- Revenue increased by 19% to $56,887,389 for the twelve months ended in September 30, 2015 compared to $47,653,114 for the same period in 2014.
- Revenue increased 3% to $14,047,912, for the three months ended in September 30, 2015 compared to $13,686,428 for the same period in 2014.
- Net Income was up 6% to $2,833,116, equaling $.42 per share, in the twelve month period ended September 30, 2015 compared to an income of $2,693,994, or $.39 in the same period in 2014.
Commenting on the yearly results, Mr. Saagar Govil, Chairman and Chief Executive Officer of the Company remarked, "This past year we were able to capitalize on the momentum that we created in 2014 and hence the revenues increased almost 20% organically. We have been able to establish a repeat customer base through our proven technologies, cost-effective manufacturing, and on-time delivery of equipment which creates a positive outlook for sustainable revenue growth. However, the global economic downturn in oil and commodity prices did create a competitive environment which resulted in lower gross profit in fiscal 2015 as compared to fiscal 2014.
"Overall, this year was a positive year for Cemtrex with uplisting to Nasdaq as a major achievement. We have seen our number of shareholders increase by almost 30% and an increase in our average trading volume of almost tenfold. Additionally, Cemtrex on December 15, 2015, completed the transformative acquisition of Advanced Industrial Services Inc., that adds approximately $23 million to our annual revenues. With all these factors combined with the reinvigorated global interest in curbing air pollution, we believe there is a lot to look forward to, as we continue to create value for our shareholders in the coming year," continued Mr. Govil.
Cemtrex, Inc. (NASDAQ: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, monitoring instruments for industrial processes and environmental compliance, and systems for controlling particulates, hazardous gases, emissions of Greenhouse gases, and other regulated pollutants used in emissions trading globally.
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.
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SOURCE Cemtrex Inc.
Released December 18, 2015