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AmpliTech Group, Inc. Files 10-Q for the First Quarter of 2017

By Marketwired,  May 10, 2017, 03:46:00 PM EDT


BOHEMIA, NY -- (Marketwired) -- 05/10/17 -- Amplitech Group Inc. (OTCQB:AMPG), a leader in state-of-the-art RF Low Noise Amplifiers (LNA) and Power Amplifiers (PA) for the Domestic and International, SATCOM, Space, and Military markets, today announced an update to report fiscal results of the first quarter of 2017.

The Company reports first quarter revenue of $458,600 with a net income of $33,664. CFO Louisa Sanfratello commented, "We are extremely pleased with the results of the first quarter of 2017 and look forward to another profitable year. Although bookings are down from last quarter, we anticipate them to significantly increase in the upcoming months as customers assess their needs and begin to fulfill their contracts and our prospective projects in the pipeline come to fruition. In addition, as our distribution strategy with our channel partner progresses, we hope to stabilize and increase revenue. Amplitech generally incurs the majority of its public company expenses in the first quarter of every year which impacts the bottom line. On the positive side, we have also restated the December 31, 2016 financials to reflect the correction of the tax provision resulting in an increase in net income of $41,092. The Company has consistently shown that there is a demand for its technology and it has the ability to generate cash flow with its current product lines."

Mr. Fawad Maqbool, President and CEO, stated, "The Company has core IP and technology that when applied to many different market sectors from communications to medical, it becomes disruptive. This will improve everyone's quality of life and we will then gain access to a lucrative multi-billion dollar market. We have been striving to achieve this goal with our new products since the company went public and are getting closer each year." Below are some key highlights:

Key Highlights:

  • Sales increase of $312,120 or 213% from same time last year
  • Corresponding increase in gross profit of 579% and overall increase in net income of $173,577
  • Low debt provides a working capital surplus of $553,243
  • Presented at Planet MicroCap Show in Las Vegas with positive feedback from prospective investors and shareholders
  • Exhibiting at the IMS2017 Microwave Show in June and EDICON show in September to further marketing efforts
  • Another profitable quarter
  • Introduced 2 new Power Amplifier Products for wireless and military applications
AmpliTech Group, Inc.
Consolidated Balance Sheets
March 31, December 31,
2017 2016
(Unaudited) (Revised)
Assets
Current Assets
Cash and cash equivalents $ 250,239 $ 283,660
Accounts receivable 167,762 $ 146,235
Inventory, net 290,023 $ 266,938
Prepaid expenses 18,041 $ 3,705
Total Current Assets 726,065 700,538
Property and equipment, net 69,079 73,290
Security deposits 8,753 $ 8,753
Total Assets $ 803,897 $ 782,581
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable and accrued expenses 107,355 92,833
Customer deposits - 22,430
Notes payable 15,000 15,000
Line of credit 50,467 54,907
Total Current Liabilities 172,822 185,170
Total Liabilities 172,822 185,170
Commitments and Contingencies - -
Stockholders' Equity
Series A convertible preferred stock, par value $.001, 401,000 shares authorized, 1,000 shares issued and outstanding, respectively 1 1
Series B convertible preferred stock, par value $.001, 75,000 shares authorized, 0 shares issued and outstanding, respectively - -
Common Stock, par value $.001, 500,000,000 shares authorized, 46,136,326 shares issued and outstanding, respectively 46,136 46,136
Additional paid-in capital 1,631,976 1,631,976
Accumulated deficit (1,047,038 ) (1,080,702 )
Total Stockholders' Equity 631,075 597,411
Total Liabilities and Stockholders' Equity $ 803,897 $ 782,581
AmpliTech Group, Inc.
Consolidated Statements of Operations
For The Three Months Ended March 31, 2017 and 2016
(Unaudited)
For The Three Months Ended
March 31, March 31,
2017 2016
Revenue $ 458,600 $ 146,480
Cost of goods sold 197,111 107,996
Gross Profit 261,489 38,484
General and administrative expense 225,493 176,065
Income (Loss) From Operations 35,996 (137,581 )
Other Income (Expense)
Interest expense, net (2,332 ) (3,638 )
Income (Loss) Before Income Taxes 33,664 (141,219 )
Provision For Income Taxes - -
Net Income (Loss) 33,664 (141,219 )
Net Income (Loss) Per Share;
Basic $ 0.01 (0.00 )
Diluted $ 0.00 (0.00 )
Weighted Average Shares Outstanding;
Basic 46,136,326 46,136,326
Diluted 86,030,685 46,136,326

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Safe Harbor Statement:

With the exception of historical information contained in this press release, content herein may contain "forward looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, failure to obtain adequate working capital to execute the business plan and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.

Contact:

Fawad Maqbool

President

AmpliTech, Inc.

Ph: 631.521.7831

e-mail: fmaqbool@amplitechinc.com

website: www.amplitechinc.com

Source: AmpliTech Group, Inc.



This article appears in: News Headlines

Referenced Stocks: AMPG


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