Cemtrex Reports Highly Successful Q3 2014, with Dramatically Increased Revenue and Net Income
30 Jul, 2014, 08:45 ET
FARMINGDALE, N.Y., July 30, 2014 /PRNewswire/ -- Cemtrex, Inc. (OTC: CTEI) (www.cemtrex.com) today announced its third quarter consolidated results of operations for the nine months ended June 30, 2014.
Third Quarter Highlights:
Net sales for three months ended June 30, 2014 increased by 152%, to $13,453,734 from $5,332,157 in the three months ended June 30, 2013. The Company had net income of $716,100 for the three-month period ended June 30, 2014, as compared to a net income of $7,668 for the three months ended June 30, 2013, representing an increase of 9240%. Net sales for nine months ended June 30, 2014 increased by 205%, to $33,966,686 from $11,138,665 in the nine months ended June 30, 2013. The Company had net income of $1,902,267 for the nine-month period ended June 30, 2014, as compared to a net income of $231,010 for the nine months ended June 30, 2013, representing an increase of 723%.
Saagar Govil, Chief Executive Officer of Cemtrex, commented, "This record-setting third quarter for us was due to both organic growth amongst our existing businesses and our recent acquisition. 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 (OTC: CTEI) is a diversified international company offering a range of products, systems and solutions in a wide variety of industries around the world to meet today's technological challenges. Cemtrex, through its wholly owned subsidiaries provides electronic manufacturing services of custom engineered printed circuit board assemblies, emission monitors & instruments for industrial processes, and environmental control & air filtration systems for industries & utilities.
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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