FARMINGDALE, N.Y., Oct. 26, 2016 /PRNewswire/ -- Cemtrex Inc. (CETX), a world-leading industrial and manufacturing solutions company, today announced preliminary financial results for the fiscal year ended September 30, 2016. For the year, the Company anticipates that consolidated sales will be in the range of $93 million to $95 million and net income will be in the range of $4.8 million to $5.0 million. The Company anticipates that EBITDA for the FY 2016 will be in the range of $6.6 to $7.0 million compared to $3.9 million a year ago and that earnings per share will increase to $0.52 per share based on approximately 9.4 million shares outstanding as compared to $.40 per share in last fiscal year based on approximately 7.0 million shares outstanding. These preliminary financial results represent the most current information available to management and are subject to completion of the Company's customary year-end closing and review procedures, as well as the completion of the audit by the Company's independent auditor.
"With FY 2016 revenue up at least 64% compared to the prior year and EBIDTA up approximately 74% compared to the similar period a year ago, we have delivered 571% sales growth and 1600% net income growth since fiscal 2013," said Saagar Govil, Chairman & CEO. "During this period we have positioned the Company towards a diversified model which aims to capitalize on the continued global growth in highly advanced electronics manufacturing and the industrial equipment and services markets, thus providing increasing momentum for continued profitable growth in the coming years."
The Company anticipates releasing its year-end results in late December and will provide an update and outlook for fiscal year 2017 at that time.
Cemtrex, Inc. (CETX) is a global, diversified industrial and manufacturing solutions company that provides a wide array of products and services to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides: manufacturing services of advanced custom engineered electronics, industrial maintenance 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 within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements are based on information available to the Company as of the date of this report and are based on management's current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance, or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Company's control and may pose a risk to the Company's operating and financial condition. 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 that is not calculated or 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 to make operating decisions.
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SOURCE Cemtrex Inc.