BROOKLYN -- Cemtrex reported revenue for the three months ended Mar. 31 was $9.3 million, down 24% from $12.1 million a year ago.

The decrease was primarily due to shutdowns and limited operations of businesses due to the Covid-19 crisis. The Advanced Technologies segment revenues for period decreased 11% to $5.5 million, while Industrial Services revenues decreased 36% to $3.8 million.

Gross profit for the quarter was $3.9 million, or 42% of revenues, compared to $5.3 million, or 44% of revenues, a year ago. Gross profit decreased due to lower sales and varies from product to product and from customer to customer.

Total operating expenses were flat at $5.9 million. Operating activities for continuing operations used $2.9 million for the quarter, compared to using $1.4 million last year.

Net income swung to $2.5 million, up from a net loss of $1.6 million in 2020, on other income items including a one-time settlement agreement and unrealized gains on marketable securities.

“In the second quarter of 2021 we continued to see a weakness due to COVID-19 which affected our overall business," said Saagar Govil, chairman and CEO. "Looking ahead we continue to focus on driving topline growth as markets return to normal and spending returns. We continue to further develop our product lines, with ongoing R&D in our Advanced Technologies Segment’s proprietary technology, including Virtual Reality solutions, SmartDesk, and Artificial Intelligence-based, next-generation solutions associated with security and surveillance systems software."

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