BOHEMIA, NY / ACCESSWIRE / November 17, 2015 / AmpliTech Group (OTCQB: AMPG) announces another quarter of profitability for 2015. The filings for the third quarter of 2015 revealed positive results for AmpliTech Group. AMPG CEO Fawad Maqbool stated "We have stayed the course and kept our costs reasonable and pursued the course of steady surgical marketing and increased bookings." The company has not issued any additional shares or convertible debt and has obtained favorable financing to expand operations and increase our product offerings as mentioned in previous releases. Mr. Maqbool further stated "we are a little behind schedule from what we expected to achieve in terms of bookings and revenues because we are in the process of moving to a bigger facility to better serve our customers and improve efficiency of operations. However we expect to improve results for the last quarter of 2015 since we are negotiating to at least double our bookings through the same period last year and expect to immediately convert some of that to revenue for this year. Some highlights below better illustrate our progress:
- Revenue through the third quarter of 2015 increased by 16% compared to same period last year
- Income from operations for the nine months ended in September 30, 2015 was approximately $83,000 compared to a loss from operation of $56,000 for the same period last year; an increase of over $138,000
- Interest expense decreased by $142,000 primarily due to the elimination of convertible debt in 2014
- EBITDA was $170,193 for AmpliTech, Inc, the wholly owned subsidiary of AMPG through September 2015 - Consolidated EBITDA was $103,118 for AMPG
- AMPG is revising its website and catalog for the upcoming year to better illustrate all its new capabilities
- We expect to generate additional revenue early next year from our new products that are currently under development
Mr. Maqbool added, "We have also terminated high interest factoring and financing and replaced it with low interest conventional financing which will also contribute positively to the bottom line in the future."
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, 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
SOURCE: Amplitech Group, Inc.
