US Nuclear Corp Reports Record Third Quarter 2015 Financial Results
/EINPresswire.com/ -- LOS ANGELES, CA -- (Marketwired) -- 11/12/15 -- US Nuclear Corp. (OTCBB: UCLE)
- Delivers Third Quarter 2015 Sales Revenue of $662,793 compared to $588,551 for Third Quarter 2014, an Increase of $74,242, or 12.7%
- Reports Third Quarter 2015 Net Income of $117,902 or $0.01 Per Share compared to a net income of $13,487 or $0.00 Per Share Over Third-Quarter 2014
- Net Sales were $662,793 an increase of 12.7% compared to the prior year period
- Gross Margin for the quarter was 50.2% as compared to 49.6% in the prior year period
US Nuclear Corp. (OTCBB: UCLE), a leading manufacturer of advanced radiation detection equipment for the nuclear energy industry, scientific laboratories, U.S. military, U.S. Government Agencies, Hospitals, and international nuclear reactor facilities announced financial results for the third quarter ended September 30, 2015.
Commenting on the Company's performance, Robert I. Goldstein, President, CEO and Chairman said, "We demonstrated strong results our recent third quarter due to some large orders being shipped from our Overhoff division. During the quarter we signed a new distribution agreement with Photon Information Technology Inc., an affiliate of NuClover Technology of China. This agreement seeks to increase our footprint in China to deliver our advanced tritium monitors and radiation detection equipment to their expanding nuclear power industry. US Nuclear Corp, "again delivered increased sales and positive earnings per share this quarter," Goldstein continued, "We are working on some new technologies that will help with early warning radiation detection and intend to launch our mobile drone initiative within the fourth quarter which will operate an advanced radiation detector on a drone for domestic government agencies and military uses." "Additionally, we also continue to field requests from large scale organizations for potential new orders and upgrades, while we cannot yet confirm these orders, we are encouraged that there are favorable trends within our markets for our advanced tritium products.
Third Quarter 2015 Highlights
- Net Sales were $662,793, an increase of 12.7% compared to the prior year period.
- Net Income was $117,902 or $0.01 per share compared to $13,487 or $0.00 per share compared to the prior year period.
- Gross Profit was $332,846 an increase of 14% compared to $291,991 for the same period in 2014.
- Gross Margin for the quarter was 50.2% compared to 49.6% in the prior year period.
- Gross Margin for the nine months ended September 30, 2015 was 49.0% compared to 45.8% for the same period in 2014.
- Cash position increased to $651,165 or 54% to compared to $422,503 for the same period in 2014.
Outlook and Commentary
"We continue to make improvements in our efforts to service the developing nuclear industry in China. We believe that China continues to be a leading market for our products based on published growth of nuclear projects," commented, Mr. Goldstein. "Through that effort, we have signed an agreement with Photon Information Technology Inc., an affiliate of NuClover Technology of China, during the third quarter to improve our distribution in China. NuClover is a highly regarded radiation distribution company with a team of experts that know the China-market well. Going forward, we are optimistic that our products, primarily, our advanced tritium radiation monitors and devices will continue to make a favorable impact for us and meet our customer's needs," added Mr. Goldstein.
US NUCLEAR CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
September December
30, 31,
CURRENT ASSETS 2015 2014
----------- -----------
(Unaudited)
Cash $ 651,165 $ 140,253
Accounts receivable, net 186,257 95,700
Inventories 2,150,446 2,343,729
Other current assets 300 1,800
----------- -----------
TOTAL CURRENT ASSETS 2,988,168 2,581,482
EQUIPMENT, net 9,559 14,454
GOODWILL 570,176 570,176
----------- -----------
TOTAL ASSETS $ 3,567,903 $ 3,166,112
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 47,564 $ 175,033
Accounts payable, related party 48,000 24,000
Accrued liabilities 122,039 93,431
Customer deposit 59,271 196,185
Line of credit 344,838 319,274
----------- -----------
TOTAL CURRENT LIABILITIES 621,712 807,923
Note payable to shareholder 257,940 58,215
----------- -----------
TOTAL LIABILITIES 879,652 866,138
=========== ===========
SHAREHOLDERS' EQUITY:
Preferred stock, $0.0001 par value, 5,000,000
shares
Authorized; none issued and outstanding - -
Common stock, $0.0001 par value; 100,000,000
shares authorized,
13,275,000 and 13,265,000 shares issued and
outstanding 1,328 1,327
Additional paid in capital 3,137,679 3,136,680
Accumulated deficit (450,756) (838,033)
----------- -----------
TOTAL SHAREHOLDERS' EQUITY 2,688,251 2,299,974
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,567,903 $ 3,166,112
=========== ===========
US NUCLEAR CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2015 2014 2015 2014
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Sales $ 662,793 $ 588,151 $ 2,213,171 $ 1,284,656
Cost of sales 329,947 296,160 1,129,538 696,673
----------- ----------- ----------- -----------
Gross profit 332,846 291,991 1,083,633 587,983
Selling, general and
administrative expenses 208,393 277,566 680,663 931,037
----------- ----------- ----------- -----------
Income (loss) from
operations 124,453 14,425 402,970 (343,054)
Other expense
Interest expense (6,551) (938) (15,693) (2,794)
----------- ----------- ----------- -----------
Total other expense (6,551) (938) (15,693) (2,794)
Income (loss) before
provision for income
taxes 117,902 13,487 387,277 (345,848)
Provision for income
taxes - - - -
----------- ----------- ----------- -----------
Net income (loss) $ 117,902 $ 13,487 $ $ 387,277 $ (345,848)
=========== =========== =========== ===========
Weighted average shares
outstanding - basic and
diluted 13,275,000 11,172,717 13,270,604 11,134,579
=========== =========== =========== ===========
Earning (loss) per
shares - basic and
diluted $ 0.01 $ 0.00 $ 0.03 $ (0.03)
=========== =========== =========== ===========
US NUCLEAR CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
------------------------
2015 2014
----------- -----------
(Unaudited) (Unaudited)
OPERATING ACTIVITIES
Net income (loss) $ 387,277 $ (345,848)
Adjustment to reconcile net income (loss) to net
cash provided by (used in) operating
activities:
Depreciation and amortization 4,895 6,399
Common stock issued for services 1,000 -
Changes in:
Accounts receivable (90,557) 474,588
Inventories 193,283 (302,932)
Other current assets 1,500 3,200
Accounts payable (103,469) (67,330)
Accrued liabilities 28,608 22,770
Customer deposits (136,914) 153,682
----------- -----------
Net cash provided by (used in) operating
activities 285,623 (55,471)
----------- -----------
INVESTING ACTIVITIES
Purchases of equipment - (200)
----------- -----------
Net cash used in investing activities - (200)
----------- -----------
FINANCING ACTIVITIES
Net borrowings (repayments) under lines of
credit 25,564 (104,643)
Proceeds from sale of common stock - 108,545
Proceeds from note payable to shareholder 243,293 208,399
Repayments for note payable to shareholder (43,568) -
----------- -----------
Net cash provided by financing activities 225,289 212,301
----------- -----------
NET INCREASE IN CASH 510,912 156,630
CASH
Beginning of the period 140,253 265,873
----------- -----------
End of the period $ 651,165 $ 422,503
=========== ===========
Supplemental disclosures of cash flow information
Taxes paid $ - $ -
=========== ===========
Interest paid $ 15,693 $ 2,794
=========== ===========
About US Nuclear Corp.
US Nuclear Corp is a fully reporting, publicly traded company on the Over-the-Counter Bulletin Board, traded under the ticker symbol UCLE. The Company's operations are principally engaged through its subsidiaries, operating two leading nuclear radiation detection companies, Overhoff Technology Corp. and Optron Scientific Company Inc. The Company designs, manufactures and markets branded, full line radiation detection and specialized advanced tritium technology for the nuclear energy industry and for emerging technological processes such as Thorium and Molten Salt (MSR) reactor technologies both domestically and internationally to customers such as United States Government Agencies, the U.S. Military, Homeland Security, Scientific Laboratories, Universities, Hospitals, nuclear reactor facilities in the United States, China, Canada, South Korea, Argentina, Russia and others.
Information Regarding Forward-Looking Statements
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 US Nuclear Corp. and its directors or its officers with respect to, among other things: (i) expected income; (ii) earnings per share; (iii) revenues; (iv) margins; (v) financing plans; (vi) trends affecting its financial condition or results of operations; (vii) growth strategy and operating strategy. The words "may," "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target" "estimate," "can," and "potential" 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 US Nuclear Corp's ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and the other factors that are described in "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2014. These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. More information about the potential factors that could affect the business and financial results is and will be included in US Nuclear Corp's filings with the Securities and Exchange Commission.
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
Additional Information
CONTACT:
US Nuclear Corp. (
Robert I. Goldstein
President, CEO, and Chairman
Rachel Boulds
Chief Financial Officer
(818) 883 7043
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