Bohemia, NY, July 19, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- AmpliTech Group, Inc. (OTCQB: AMPG) -- Amplitech's momentum continued in the second quarter of 2019, reporting increased sales, gross profits and EBITDA. Some highlights appear below:
Key Highlights for first six months of the year:
- Total sales up 25% from 2018 to $1.31 million
- Gross profit up 10.6% from 2018 to $685 thousand
- EBITDA up 81% from 2018 to $266 thousand
- Sales in the second quarter of 2019 up from 2018 at $631 thousand
- Sales backlog stands at $1.5 million, excluding SMW acquisition
- Cash on hand + access to cash of $1 million for acquisition and working capital
Gross profit was down slightly in the second quarter of 2019 due to a larger investment in R&D and marketing, as well as larger COGS on newly developed products. EBITDA in 2019 was higher at $147 thousand vs. $95.3 thousand for same quarter in 2018.
Bookings are expected to grow in the second half of 2019 with a few key customer projects that have moved to the second half of the year.
Looking Ahead :
AmpliTech was well received once again at the annual IMS2019 Exhibition. Existing and potential customers were pleased with AMPG’s acquisition and expansion of product line and capabilities. Increased order bookings are expected as a result of successful meetings.
As previously announced, the Company is also busy with the audit and due diligence of Specialty Microwave Corporation (SMW), as well as beginning work with ipCapital Group, which was appointed recently to assist the Company to define and articulate its considerable intangible intellectual property portfolio. That work should begin this month and is expected to take a couple of months to complete the initial scoping work.
CEO Fawad Maqbool commented, “We are excited about the new IP that AMPG is acquiring, and when coupled with the already existing IP that the Company has, both tangible and intangible, the result should be the creation of unique disruptive products that directly address the needs of the rapidly emerging technologies of 5G infrastructure, Satellite Wi-Fi connectivity in the air and on the ground, as well as advanced cyber-security solutions for all types of smart devices and networks. The Company is also striving to become a contributor to the looming Big Data and Cloud computing industry.”
The Company is on track to exceed last year’s record revenues and reach its growth milestones with minimal dilution to its shareholders, which is always a priority.
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
Forward-looking Statements
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
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