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Cemtrex Posts 19% Growth in FY2015 Sales
December 22, 2015 | Cemtrex Inc.Estimated reading time: 1 minute
Cemtrex Inc., a diversified industrial and manufacturing leader, has announced its consolidated results of operations for the 12 months ended 30 September 2015. The company has reported revenue of $56.89 million, up by 19% compared to the same period in 2014. Revenue increased by 3% to $14.05 million for the three months ended in 30 September 2015 compared to $13.69 million for the same period in 2014.
Net income was up 6% to $2.8 million, equaling $0.42 per share, compared to an income of $2.7 million or $0.39 in the same period in 2014.
Commenting on the yearly results, Saagar Govil, chairman and CEO of the company, said "This past year, we were able to capitalize on the momentum that we created in 2014 and hence the revenues increased almost 20% organically. We have been able to establish a repeat customer base through our proven technologies, cost-effective manufacturing, and on-time delivery of equipment which creates a positive outlook for sustainable revenue growth. However, the global economic downturn in oil and commodity prices did create a competitive environment which resulted in lower gross profit in fiscal 2015 as compared to fiscal 2014.
"Overall, this year was a positive year for Cemtrex with uplisting to Nasdaq as a major achievement. We have seen our number of shareholders increase by almost 30% and an increase in our average trading volume of almost tenfold. Additionally, Cemtrex on December 15, 2015, completed the transformative acquisition of Advanced Industrial Services Inc., that adds approximately $23 million to our annual revenues. With all these factors combined with the reinvigorated global interest in curbing air pollution, we believe there is a lot to look forward to, as we continue to create value for our shareholders in the coming year."
About Cemtrex
Cemtrex Inc. is a world leading diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges. Cemtrex provides manufacturing services of advanced custom engineered electronics, monitoring instruments for industrial processes and environmental compliance, and systems for controlling particulates, hazardous gases, emissions of Greenhouse gases, and other regulated pollutants used in emissions trading globally.
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