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Cemtrex’s EM Segment Reports 18% Revenue Drop in Fiscal 2018
January 4, 2019 | Globe NewswireEstimated reading time: 5 minutes
Earnings before interest, taxes, and depreciation and amortization (EBITDA) and Adjusted EBITDA are non-GAAP measures. In defining Non-GAAP EBITDA, the Company excludes the impact of non-cash stock-based compensation and other non-recurring items, such as R&D expenses and equity interest loss. EBITDA has limitations as an analytical tool and should not be evaluated in isolation or as a substitute for analysis of results as reported under U.S. GAAP. Management utilizes this metric as a basis for evaluating our ongoing operations, and believes investors' understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for evaluating our ongoing results of operations, without the effects of interest, taxes, depreciation, and amortization and other non-recurring expenses.
Cemtrex’s Chairman and CEO, Saagar Govil, commented on the results, “We had an overall decrease in sales, mainly due to lower sales in our IT segment arising from a weakness in environmental markets. However, we have reduced our ongoing expenses to bring them in line with anticipated revenues and thus expect to have positive cash flow from our legacy businesses. Our focus on the Advanced Technologies segment will start to pay off as we shift into businesses with higher margins and attractive market opportunities.”
“Our progress in launching the SmartDesk and securing orders in 2018 gives us assurance to reach our strategic goal of making SmartDesk a vital part of the modern workspace globally. I am proud of our team of dedicated employees and the culture we have created that has worked hard to create and launch this revolutionary product so quickly. We continue to invest in research and development, which will reduce our earnings in the short-term but will provide long-term benefits."
“We have always taken a long-term approach to the strategy at Cemtrex and generated an extremely high return on equity on average over the last eight years as a result. Over any three-year period since 2010 we have been able to deliver exceptional results, and I expect that trend to continue well into the future. I continue to feel excited about our prospects and am highly confident the steps we are taking today will put us on pace to grow exponentially in the years to come,” continued Govil.
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