FARMINGDALE, NY -- Cemtrex today announced a big jump in earnings and revenue for its recently closed fiscal 2016.

For the 12 months ended Sept. 30, revenue increased 65% to $93.7 million, and net income climbed 76% to $4.99 million. EBITDA rose 120% to $9.1 million.

Saagar Govil, chairman and chief executive, noted the role of acquisitions in the growth of the company, which makes branded products and provides EMS.

"This past year we were able to complete two strategic acquisitions that allowed our revenues to increase 65%. Out net income also increased 76% mainly due to the increased income from the acquired operations. 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.

"Overall, this year was a great year for Cemtrex as we have seen our number of shareholders increase substantially and a significant increase in our average trading volume. Additionally, we have recently filed for a rights offering with Source Group, through the issuance of preferred shares, which when completed, would provide us additional resources for pursuing larger acquisitions. Furthermore, with the incoming administration's plan for increased infrastructure and manufacturing spending, we believe there is a lot to look forward to, as we continue to create value for our shareholders in the coming year."