JERUSALEM, May 14, 2020 /PRNewswire/ -- IDenta Corp. (OTCQB: IDTA) is a worldwide leader in the development of Detection Kits to identify Drugs and Explosives and Unique Forensic Products in the Homeland Security Market and Consumer Market. Today IDenta Corp reported its 2020 first quarter financial statement. The revenue was $227,571 for the first quarter of 2020 compared to $197,384 for the same period of 2019. This is a 15% increase in sales.
Mr. Amichai Glattstein, Chief Executive Officer, commented: "The Company today presented amazing results in its financial report, especially in light of the global economic situation. Sales increased during the pandemic. IDenta streamlined and improved both production and management, resulting in increased profitability and efficiency. The company's products are required even during the Corona virus pandemic and are not luxury items. The war on drugs and crime does not stop and even grows. Explosive detection still remains paramount. We are excited to be part of a number of limited companies that have maintained stability and even increased sales during this challenging time."
Highlights of the First Quarter of 2020 compared to the First Quarter of 2019:
- Revenues for the First quarter of 2020 were $227,571 compared to revenues of $197,384 in the first quarter of 2019. This is a 15% increase in sales;
- Gross profit increase to $195,882 in the first quarter of 2020 compared to gross profit of $131,381 in the first quarter of 2019. This is a 49% increase.
- Operating profit increased exponentially to $72,247 for the first quarter of 2020 compared to operating profit of $6,021 in the first quarter of 2019. This is a 1,200% increase and represents both the increase in revenues as well as significant streamlining in operations;
- Net profit increased dramatically to $72,471 in the first quarter of 2020 compared to $(3,039) in the first quarter of 2019. This was a result of optimizing manpower, improving production line and improving the profitability of the company in selling its products.
- Cash and cash equivalents decrease to $140,453 for the first quarter of 2020 compared to $224,623 for the first quarter of 2019 as a result of giving extra credit to distributors.
About IDenta Corp.
Since 2002, IDenta Corporation and its subsidiary IDenta Ltd has been recognized as a worldwide leader in the development of proprietary on-site Drug, Drug Precursor and Explosive detection kits. IDenta develops, manufactures and distributes revolutionary products for both the professional and civil markets which consistently pass the highest qualifications and testing procedures of law enforcement and security agencies around the world.
Safe Harbor Statement
Certain of the statements contained herein may be, within the meaning of the federal securities laws, "forward-looking statements" that are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on management's expectations as of the date hereof, and the company does not undertake any responsibility to update any of these statements in the future.
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SOURCE Identa Corp