BOHEMIA, N.Y., Nov. 26, 2013 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (OTCBB:AMPG) ("AmpliTech" or the "Company"), a trusted provider of radio frequency ("RF")/microwave, microelectronic, monolithic microwave integrated circuit ("MMIC"), and low noise amplifiers ("LNA") for critical, high-reliability, wireless and commercial applications, today announces its results for the third quarter ended September 30, 2013.
Key Highlights:
- Third quarter sales increased 122%
- Gross margin of 70% for the quarter
- Net income for the quarter up 130%
Sales for the third quarter increased by $165,633, or approximately 122%, when comparing sales for the three months ended September 30, 2012 of $135,522 to sales for the three months ended September 30, 2013 of $301,155. This resulted in an increase in gross profit of $173,229 when comparing the third quarter of 2012 gross profit of $37,401, or 28%, to the third quarter of 2013 gross profit of $201,630, or 70%.
As a result, the Company had net income of $35,135 for the three months ended September 30, 2013 compared to a net loss of ($117,172) for the three months ended September 30, 2012, an overall increase of $152,307, or approximately 130%.
Fawad Maqbool, President and CEO of AmpliTech stated, "The third quarter was very successful as we increased revenues and controlled costs. As a result, we were able to exceed our goal of at least a 60% gross margin. Additionally, the outsourcing of assembly on sales orders has become very streamed lined and much more efficient, which will enable us to increase sales in the last quarter and into 2014 while our backlog continues to grow."
About AmpliTech Group, Inc.
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF components for the Commercial, SATCOM, Space, and Military markets. These designs cover the frequency range from 50 kHz to 40 GHz, eventually offering designs up to 100 GHz. The Company also provides various consulting services for the design of microwave components or diagnosis of system design problems. AmpliTech provides custom solutions based on customer requirements, or can provide contract assembly of customers' own designs.
Forward-Looking Statements
This press release contains "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates, forecasts and assumptions and are subject to risks and uncertainties. Words such as "anticipate," "assume," "believe," "estimate," "expect," "goal," "intend," "plan," "project," "seek," "target," and variations of such words and similar expressions are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.