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.”

Register now for PCB WEST, the leading trade show for the printed circuit design and electronics manufacturing industry! Coming Sept. 11-13 to the Santa Clara Convention Center.