FARMINGDALE, NY – Cemtrex’s electronics manufacturing unit reported fiscal third quarter net sales of $11.2 million, down 21.6% year-over-year.

The company’s total net sales for the fiscal third quarter were $19.2 million, down 31% year-over-year.

For the quarter ended June 30, the firm posted a net loss of $2.6 million, compared to net income of $1.2 million in the prior-year quarter.

Adjusted EBITDA was $1.9 million, up 0.6% compared to the fiscal third quarter of 2017.

Research and development (R&D) expenses were $2.3 million (11.7% of revenue) during the quarter, compared to no expenses during the quarter ended June 30, 2017.

Total net sales for the nine months ended June 30 were $72 million, down 18%. EMS accounted for $41.9 million, a decrease of 83%.

Net loss for the nine-month period was $1.4, down 148% year-over-year. Adjusted EBITDA was $4.8 million, down 18%.

“We had a decrease in sales due to lower sales in our industrial products business, arising from a weakness in environmental markets,” said Cemtrex’s chairman and CEO Saagar Govil. “However, we remain optimistic about the long-term demand for our products and services. Based on the incoming orders over the past few months, we anticipate our legacy business revenues have now stabilized on a quarterly basis, and we can expect moderate organic growth over the medium term.”

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