Cemtrex Reports 29% Sales Growth for FY 2017

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Cemtrex Inc. has released its consolidated results of operations for the twelve months ended September 30, 2017. Revenue increased by 29% to $120.6 million, and earnings per share was $0.31. The company paid preferred stock dividend of $1.2 million during the fiscal year. EBITDA was down by 5.3% to $8.57 million.

Revenue for the fourth quarter of fiscal 2017 was $32.9 million, down by 10% from the $36.77 million for the fourth quarter of 2016. On a sequential basis, revenues increased by 18%.

"This past year, was another record year for Cemtrex as our sales increased by 29% due to the full benefit of our previous acquisitions supplemented by increased revenue of our existing business. However, we had higher operating expenses due to: (i) certain uncompleted acquisition costs; (ii) higher sales and marketing expenses; and, (iii) research & development expenses related to our newly launched subsidiary Cemtrex Advanced Technologies. We have been investing heavily in all aspects of our business this year which we anticipate will yield positive results for us in the future," said Saagar Govil, chairman and chief executive officer of the company. "Over the past several years we have demonstrated our ability to successfully acquire and integrate companies with complementary and synergistic technologies. We will continue to seek and execute additional strategic acquisitions and focus on expanding our products and services as well as entering into new markets. We will also continue to leverage our engineering and manufacturing expertise and strong customer relationships to develop new cutting-edge technologies and advanced products that solve technological challenges faced by our customers and deliver exceptional value for our shareholders."