Farmingdale, NY, July 27, 2016 (GLOBE NEWSWIRE) --
Cemtrex Inc. (Nasdaq: CETX), a world leading industrial and manufacturing solutions company, announced today that on July 25, 2016, the Company mailed a letter to its shareholders updating them on recent developments, financial results, and new business opportunities. Highlights include:
Key Achievements in 2016 to Date:
- Cemtrex delivered a five-year, 33% revenue CAGR, with revenue reaching nearly $57 million in 2015;
- Net sales grew 14.4% in the first six months of FY 2016, after a 20% organic increase in 2015;
- Cemtrex anticipates a nearly $60 million revenue contribution from new acquisitions and has made two acquisitions thus far in 2016 and is continuously exploring strategic M&A as well as opportunities to drive organic growth;
- The Company is set to deliver over $100 million in total sales over the next 12 months, compared to $47 million generated in all of 2014;
- Insider ownership of roughly 60% aligns insider interests with those of public shareholders and supports management’s demonstrated commitment to building shareholder value;
- Electronics Manufacturing Services (EMS) reflects anticipated growth globally. New Venture Research predicts the EMS industry at $621 billion in 2019, up from $460 billion in 2014, as more companies rely on outsourcing electronics manufacturing;
- Industrial Products & Services (IPS) holds solid market opportunities. Cemtrex IPS grew by $14 million in FY 2015, primarily in Southeast Asian markets where robust industrial expansion is occurring;
- New markets for Cemtrex’s greenhouse gas reduction technology, VAMOX, is supported by growing sponsorship of the Paris climate agreement. Cemtrex is one of only two companies in the world with such technology; and
- The Company’s board of directors has approved a new share repurchase authorization, under which Cemtrex may repurchase up to one million outstanding shares over the next 12 months, depending on market conditions.
To read the letter to shareholders in full, please visit: http://www.cemtrex.com/investor-relations/letters-to-shareholders
Cemtrex Chairman and CEO Saagar Govil (@SaagarGovil) commented, “We are extremely proud of all we have accomplished at Cemtrex thus far, with 2016 shaping up to be a big year for us as well. We believe these many milestones demonstrate our commitment to delivering value for our shareholders.”
The Company plans to put out its Q2 June 30th Earnings Report on August 8th, 2016 before the market opens.
About Cemtrex
Cemtrex, Inc. (NASDAQ:CETX) is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides: manufacturing services of advanced custom engineered electronics, industrial contracting services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally.
Safe Harbor Statement
This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. This release may contain Non-GAAP financial information and are not calculated or presented in accordance with US GAAP. The Company believes that the presentation of non-GAAP financial measures provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. The Company's management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate the Company's business and make operating decisions.