Los Angeles, CA, Sept. 24, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- US Nuclear Corp. (OTC: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and UAV instrumentation, recently announced the financial results for the second quarter ended June 30, 2020.
- Sales for the three months ended June 30, 2020 were $302,201 compared to $1,530,523 for the same period in 2019
- Decrease in sales due to the impact of COVID-19 on the company and customers
- Overhoff operating branch was temporarily closed 3 months to allow employees to safely isolate at home
- Employee work hours reduced by half to help mitigate COVID-19 exposure and transmission
- Selling, general, and administrative expense were $346,203 compared to $1,246,309 for the same period in 2019, the decrease of $900,106 or 72.2% was due to careful money management and lower stock-based compensation
- Net loss of $145,117 due to impact of COVID-19
- $841,000 available cash in bank with approximately $850,000 of backlogged orders
Robert Goldstein, CEO of US Nuclear Corp., commented:
“As with many other companies, we were impacted by COVID-19. To ensure the health of our employees, one of our manufacturing branches was temporarily closed down for approximately 3 months (March-May) to allow employees to isolate safely at home. In addition, staggered, shorter working hours were implemented to help reduce the number of people in the building and maintain social distancing. Sales were moving slower for a time due to customers being out of the office or working from home, leading to a disruption in purchasing. However, we are thankful to be an essential manufacturer and that our instrumentation is still required world-wide for safety and regulation.
Fortunately, there are also many upsides. I have increased our sales staff to help us boost revenue and sell to broader markets, such as focusing on military and homeland security. Our efforts to protect our employees from COVID-19 has proved successful. US Nuclear is a healthy company with a large order backlog and many more orders in the pipeline, and we are projecting a very strong year ahead. We are also extremely excited about our recent 40% purchase of Grapheton back on February 3, 2020, which will help us grow into a leading sensor manufacturer. Grapheton is a truly wonderful startup in the same space as Elon Musk’s Neuralink, and has huge potential for treating a wide variety of injuries and disease with implantable and wearable sensors, such as spinal injuries, chronic pain and depression, Parkinson’s disease, and advanced prosthetics for amputees.”
| US NUCLEAR CORP. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| (unaudited) | |||||||||||
| Three Months Ended | Six Months Ended | ||||||||||
| June 30, | June 30, | ||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||
| Sales | $ | 302,201 | $ | 1,530,523 | $ | 624,440 | $ | 2,159,576 | |||
| Cost of sales | 158,822 | 744,590 | 314,734 | 1,055,726 | |||||||
| Gross profit | 143,379 | 785,933 | 309,706 | 1,103,850 | |||||||
| Operating expenses | |||||||||||
| Selling, general and administrative expenses | 346,203 | 1,246,309 | 1,241,045 | 1,745,542 | |||||||
| Total operating expenses | 346,203 | 1,246,309 | 1,241,045 | 1,745,542 | |||||||
| Loss from operations | (202,824) | (460,376) | (931,339) | (641,692) | |||||||
| Other income (expense) | |||||||||||
| Interest expense | (12,151) | (5,643) | (25,546) | (11,746) | |||||||
| Amortization of debt discount | (74,897) | - | (242,387) | - | |||||||
| Change in value of derivative liability | 146,997 | - | 9,835 | - | |||||||
| Equity loss in investment | (2,242) | - | (3,049) | - | |||||||
| Total other income (expense) | 57,707 | (5,643) | (261,147) | (11,746) | |||||||
| Loss before provision for income taxes | (145,117) | (466,019) | (1,192,486) | (653,438) | |||||||
| Provision for income taxes | - | - | - | - | |||||||
| Net loss | $ | (145,117) | $ | (466,019) | $ | (1,192,486) | $ | (653,438) | |||
| Weighted average shares outstanding - basic and diluted | 21,647,837 | 17,542,030 | 21,103,582 | 17,288,219 | |||||||
| Loss per shares - basic and diluted | $ | (0.01) | $ | (0.03) | $ | (0.06) | $ | (0.04) | |||
Safe Harbor Act
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Investors may find additional information regarding US Nuclear Corp. at the SEC website at http://www.sec.gov, or the company’s website at www.usnuclearcorp.com
CONTACT:
US Nuclear Corp. (OTC: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Rachel Boulds, Chief Financial Officer
(818) 883 7043
Email: info@usnuclearcorp.com