Cemtrex Inc (NASDAQ: CETX) opened yesterday’s session with a gap up, and closed the day with gains of 54.24%. This happened after the company made a press release announcing that, it had received an order of more than $700k for advanced equipment. The order was from municipal buildings and includes correctional centers in Southern U.S and includes video surveillance equipment among other technologies. The company further announced that, the orders would be met within the current quarter.
A day earlier, the company had released its financial results for the year ending 30th September 2019. In announcing the results, the company noted that, revenues for the year 2019 stood at $39,265,041. This represented an increase of 73% from the $22,641,417 that it reported in the 2018 fiscal year. The company attributed this increase in sales to a consolidation of Vicon Industries Inc, and growth in the Advanced Technology Segment of the business.
The company noted that, revenues from the Advanced Technologies business increased by 992% in the year. In 2019, revenues from this segment stood at $19,268,687 compared to $1,765,106 in 2018. Revenues from the Industrial Services business dropped marginally by 4% from $20,876,311 in 2018 to $19,996,354 in 2019.
Gross profits for the year rose by 40% to $15,562,674 up from $8,215,954 in 2018. The company attributed this growth in gross profits to increased sales and better profit margins from its product sales. Nonetheless, the company reported a net loss of 21,862,716 representing 56% of its revenues. This was higher than the net loss of $9,240,409, representing 41% of the revenues that the company reported in 2018. The company attributed this to discontinuation of operations of its environmental products business.
From a look at its price action, the stock opened the day at $1.94 and rallied to a high of $2.75 before closing the day at $1.82. Volumes in the day stood at 51.21 million.
About Cemtrex Inc
Cemtrex Inc is an electronics manufacturing company, and is based in Long Island City, New York.