Cemtrex Reports Highly Successful Q1 2014, with Surging Sales Driving More than 300% Growth
FARMINGDALE, N.Y., Feb. 19, 2014 /PRNewswire/ -- Cemtrex, Inc. (OTC: CTEI) (www.cemtrex.com) today announced its first quarter consolidated results of operations for the three months ended December 31, 2013.
First Quarter Highlights:
Net sales for three months ended December 31, 2013 increased by 310%, to $8,964,380 from $2,186,332 for the three months ended December 31, 2012. The Company had net profit of $416,552, for the three-month period ended December 31, 2013, as compared to a net income of $166,915 for the three months ended December 31, 2012, representing an increase of 150%.
Saagar Govil, Chief Executive Officer of Cemtrex, commented, "This record-setting first quarter for us was due to both organic growth amongst our existing businesses and our recent acquisition of ROB. Our team is executing at a high level and we are in a great position for continued high growth. I am extremely confident in our business plan and our strategy to deliver unparalleled results for our shareholders."
Cemtrex completed the acquisition of the German-based ROB Group of companies, a leading full-service electronics manufacturer, on October 31st, 2013.
About Cemtrex, Inc.
Cemtrex (OTC: CTEI) is a diversified technology company offering a range of products, systems and services to address the needs of a wide variety of industries around the world. Cemtrex, through its wholly owned subsidiary ROB Cemtrex GmbH (www.robcemtrex.com), provides electronic manufacturing services, which includes printed circuit board assemblies and completely assembled electronic products. The Company through its Monitoring Instruments and Products (MIP) division (www.cemtrex.com) manufactures sells, and services instruments, software and systems for monitoring emissions of Greenhouse gases, hazardous gases, particulate and other regulated pollutants used in emissions trading globally. Cemtrex also provides Green Demand Control Ventilation (DCV) systems for commercial buildings to provide energy efficiency of up to 40% on existing and new installations. Cemtrex's MIP division also markets a range of crude oil and natural gas analyzers. The Company sells air filtration and environmental control products through its subsidiary Griffin Filters LLC (www.griffinfilters.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.
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SOURCE Cemtrex, Inc.