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BOHEMIA, N.Y., Nov. 12, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – AmpliTech Group, Inc. (OTCQB: AMPG)
Revenue for the nine months to September 30, 2019 reaches $3.06 million on a Pro Forma basis ($2.01 million actual).
Cash on Hand reaches $982 thousand.
Order Book stands at $1,590,000.
AmpliTech Group Inc. (AMPG), a leading high performance RF Microwave components producer, today announced financial results for its third quarter ended September 30, 2019.
“We are delighted with the progress we have made to date in 2019, including the continued organic growth of our core business, the closing of the SMW asset acquisition on September 12, 2019, the creation of our “ipStory” and product roadmap, the hiring of new leadership in the areas of Sales and Engineering and the appointment of advisers to assist us with our next phase of growth,” said Fawad Maqbool, CEO of AMPG.
Key Highlights for the period are noted below:
A more detailed analysis of the Pro Forma analysis of the SMW acquisition will be contained in the Super 8-K which will be filed by November 27, 2019.
In addition to the successful completion of the SMW assets acquisition during the most recent quarter, the Company has taken a number of other initiatives to further the Company’s growth, including the completion of the “ipStory”, which was recently shared with shareholders, the appointment of Maxim Group LLC to assist the Company with its growth strategy and to help articulate that strategy to the investment community and the hiring of a Director of Sales and a Director of Engineering, bringing significant experience and leverage to the Company’s leadership team.
“We are beginning to see the synergies from the SMW assets acquisition taking hold, with a number of new opportunities on the horizon for 4Q and 2020,” said Mr. Maqbool. “In addition, John Pastore joined our team as Director of Sales in August. John has over 37 years’ experience in senior sales roles in our industry and is responsible for overseeing our global sales/marketing efforts across the AMPG/SMW platform. In addition, Brandon Worster recently joined our team as Director of Engineering. Brandon has over 14 years’ experience in our industry and specializes in low noise amplifiers and filters, two of our core areas of focus.” The addition of John and Brandon to our leadership team will allow me to leverage myself into a more strategic leadership role for our company as we embark on our next phase of growth, which includes the design of new products, the execution of our “ipStory”, and the promotion of our Company among the investment community with the help of Maxim Group LLC as we work towards our ultimate objective of listing on Nasdaq.”
|AmpliTech Group, Inc.|
|Condensed Consolidated Statements of Operations|
|For The Three Months Ended||For The Nine Months Ended|
|September 30,||September 30,||September 30,||September 30,|
|Cost of goods sold||358,526||249,784||983,168||677,614|
|General and administrative expense||478,297||268,897||1,021,448||770,177|
|Income (Loss) From Operations||(127,927||)||11,432||13,806||129,650|
|Other Income (Expense)|
|Interest expense, net||(10,457||)||(4,704||)||(24,971||)||(8,697||)|
|Income (Loss) Before Income Taxes||(138,384||)||6,728||(11,165||)||120,953|
|Provision For Income Taxes||-||-||-||-|
|Net Income (Loss)||(138,384||)||6,728||(11,165||)||120,953|
|Amortization of prepaid consulting||10,846||10,845||32,184||26,308|
|Amortization of debt discount||1,223||-||2,650||-|
|Amortization of right of use assets||16,976||-||44,229||-|
|Acquisition costs-audit, legal, environmental||76,669||-||76,669||-|
About AmpliTech Group, Inc.
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF components for the Domestic and International, SATCOM, Space, Defense and Military markets. These designs cover the frequency range from 50 kHz to 40 GHz - eventually, offering designs up to 100 GHz. AmpliTech also provides consulting services to help with any microwave components or systems design problems. Our steady growth over the past 13+ years has come about because we can provide complex, custom solutions for nearly ANY custom requirements that are presented us. In addition, we have the best assemblers, wires, and technicians in the industry and can provide contract assembly of customers' own designs. Click here to view AmpliTech video. Website: http://www.AmpliTechinc.com
Use of Non-GAAP Financial Information
EBITDA and Adjusted EBITDA is a financial measure that is not calculated in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Management believes that because Adjusted EBITDA excludes (i) certain non-cash expenses (such as depreciation, amortization and stock-based compensation) and (ii) expenses that are not reflective of the Company's core operating results over time (such as restructuring costs, litigation or dispute settlement charges or gains, and transaction-related costs), this measure provides investors with additional useful information to measure the Company's financial performance, particularly with respect to changes in performance from period to period. Edison Nation management uses EBITDA and Adjusted EBITDA (a) as a measure of operating performance; (b) for planning and forecasting in future periods; and (c) in communications with the Company's Board of Directors concerning Edison Nation's financial performance. The Company's presentation of EBITDA and Adjusted EBITDA are not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation and should not be used by investors as a substitute or alternative to net income or any measure of financial performance calculated and presented in accordance with U.S. GAAP. Instead, management believes EBITDA and Adjusted EBITDA should be used to supplement the Company's financial measures derived in accordance with U.S. GAAP to provide a more complete understanding of the trends affecting the business.
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof 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.
CONTACT: Fawad Maqbool, CEO, AmpliTech Group, Inc. (631) 521-7831