BROOKLYN – Cemtrex reported fiscal second quarter Advanced Technologies segment revenue decreased 11% to $6.2 million year-over-year. The decrease is attributed to the impact of the Covid-19 crisis.

Total company revenue for the three months ended Mar. 31 was $12.1 million, up 3% year-over-year.  Revenue increased due to sales increases in the Industrial Services segment.

The company posted an operating loss of $787,103, or 6.5% of revenue, for fiscal second quarter, compared to an operating loss of $2.7 million, or 23.5% of revenue, for the same period in 2019.

General and administrative expenses for quarter decreased 19% to $5.7 million. Cash on hand was $2.8 million.

For the six months ended Mar. 31, Advanced Technologies revenue increased 81% to $13.4 million year-over-year. This increase represents the consolidation of Vicon Industries starting in the fiscal second quarter.

Total revenue for the six-month period was $24.3 million, an increase of 40%. EBITDA was $1 million, or 4.3% of revenues, compared to a loss of $1.7 million for the six months ended Mar. 31, 2019.

“We continue to see improvement in our businesses with a positive overall EBITDA for the fiscal year and better gross margins,” said chairman and CEO Saagar Govil. “Our company is highly focused on executing our development roadmap consisting of exciting high-tech products in IoT, AR and VR, as well as in artificial intelligence and machine vision over the coming 18 months. Our shift into these technology areas in recent years has placed us in markets that will continue to thrive despite the short-term effects of Covid-19. In particular, we have a new SmartDesk slated for release later this year that will be the ideal solution for many workers at their home office.

“Additionally, despite the challenges presented by Covid-19 and the overall anemic economic outlook, we continue to be fully operational and win new business. While the short-term outlook due to the coronavirus has created an enormous amount of uncertainty and unpredictability, we remain optimistic about the company’s medium-term prospects. Based on the types of businesses we are in, we believe the second half of 2020 will see an increase in demand as the economy returns to a more normal state and stay-at-home orders are lifted.”

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