EXHIBIT 99.1
ADMTronics
UNLIMITED, INC.
ADM TRONICS REPORTS FIRST QUARTER FISCAL YEAR 2008 RESULTS
AUGUST 15, 2007, NORTHVALE, NJ - ADM Tronics Unlimited, Inc. (OTCBB: ADMT), a
technology-based developer and manufacturer of unique, environmentally-safe,
health and life-enhancing technologies, today announced results for the first
quarter ended June 30, 2007.
ADMT reported a net loss of $ 572,649 for the three months ended June 30, 2007,
a decrease of $1,615,053 from the $2,187,702 loss for the three months ended
June 30, 2006. This decrease was primarily the result of the exclusion of the
majority of Ivivi Technologies Inc.'s (Ivivi) loss due to the deconsolidation of
Ivivi following its October 2006 IPO that reduced our ownership to approximately
34%. Revenues for the quarter ended June 30, 2007, the second full quarter in
which Ivivi Technologies, Inc.'s ("Ivivi") operating results were not fully
consolidated with ADMT, were $293,086 as compared to $464,979 for the same
period last year, which included Ivivi's operating results. See the accompanying
Supplemental Pro Forma Financial Information that shows our results for the
three months ended June 30, 2006 with Ivivi's results on one line to make it
more comparative to our current period results. Our revenue for the current
period was $293,086, which included $61,599 in sales of medical devices to
Ivivi, compared to our pro forma revenue for the prior period of $247,560 for an
increase of $45,526, or 18%.
Andre' DiMino, ADMT President stated, "We are pleased with our continued growth
for both our year-over-year and sequential periods. The exclusion of Ivivi's
revenue during last year's quarter provides historical numbers with comparable
results and transparency with respect to ADMT. We expect to see continued growth
and acceptance of our water-based chemical products as well as building on our
recent announcements, including the distribution agreement with Flora for the
Demeter Certified Biodynamic Product Lines and the launch of our new division -
Aqua-Based Technologies."
"Our fiscal 2008 operating plan includes initiatives to expand market presence
and penetration. To date, we have hired sales and marketing personnel; expanded
our internet presence; and enhanced customer service. Those initiatives are just
now beginning to show results and we expect to see the financial contribution
from those efforts continue in future quarters. Additionally, our sales
expectations through the exclusive manufacturing agreement with Ivivi is
expected to increase revenue over the next 18 months," concluded DiMino.
ABOUT ADMT
ADMT is a technology based developer and manufacturer of unique, environmentally
safe, health and life enhancing technologies and products. Its core competency
is its ability to conceptualize a technology, bring it through development, into
manufacturing and commercialization, all in-house. Its diversified product
technology areas are environmentally friendly, water based industrial chemicals;
therapeutic, non invasive electronic medical devices; and, innovative personal
care and topical dermatological products.
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FORWARD-LOOKING STATEMENTS
This press release contains statements, which may constitute "forward-looking
statements" made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including those related to the Flora distribution agreement.
Forward-looking statements reflect management's current knowledge, assumptions,
judgment and expectations regarding future performance or events. Although
management believes that the expectations reflected in such statements are
reasonable, they give no assurance that such expectations will prove to be
correct and you should be aware that actual results could differ materially from
those contained in the forward-looking statements. Forward-looking statements
are subject to a number of risks and uncertainties, including, those risks
detailed from time to time in the Company's filings with the Securities and
Exchange Commission, including the Company's Annual Report on Form 10-KSB for
the fiscal year ended March 31, 2007. The Company assumes no obligation to
update the information contained in this press release.
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ADM TRONICS UNLIMITED, INC.
SUPPLEMENTAL PRO-FORMA
FINANCIAL INFORMATION
The following table compares the results of operations for the three months
ended June 30, 2007 with the pro-forma results of operations for the three
months ended June 30, 2006 as if Ivivi's operations were reported on one line,
which ADMT believes provides a more informative comparison of the reporting
periods.
The pro forma financial information set forth below should be read in
conjunction with a reading of ADMT's historical financial statements. The pro
forma information is presented for illustrative purposes only and is not
intended to be indicative of ADMT's results of operations that may be reported
in the future.
June 30, 2006
Pro Forma
Ivivi Operations
June 30, 2007 Reported on One Line
------------------ ------------------
Revenues $ 293,086 $ 247,560
------------------ ------------------
Costs and expenses:
Cost of sales 170,059 85,594
Research and development 2,493 262
Selling, general and administrative 248,719 145,724
------------------ ------------------
Total operating expenses 421,271 231,580
------------------ ------------------
Operating (loss) income (128,185) 15,980
Interest and financing costs, net 25,143 2,253
Equity in net loss of Ivivi (469,607) -
Loss from Ivivi operations - (2,205,935)
------------------ ------------------
Net loss $ (572,649) $ (2,187,702)
================== ==================
Net loss per share, basic and diluted: $ (0.01) $ (0.04)
================== ==================
Weighted average shares outstanding 53,882,037 53,882,037
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ADM TRONICS UNLIMITED, INC.
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2007 AND 2006
(Unaudited)
2007 2006
------------------ ------------------
Revenues $ 293,086 $ 464,979
------------------ ------------------
Costs and expenses:
Cost of sales 170,059 122,955
Research and development 2,493 131,078
Selling, general and administrative 248,719 1,194,494
------------------ ------------------
Total operating expenses 421,271 1,448,527
------------------ ------------------
Operating loss (128,185) (983,548)
Interest and financing costs, net 25,143 (980,151)
Change in fair value of warrant and
registration rights liabilities - (224,003)
Equity in net loss of Ivivi (469,607) -
------------------ ------------------
Net loss $ (572,649) $ (2,187,702)
================== ==================
Net loss per share, basic and diluted: $ (0.01) $ (0.04)
================== ==================
Weighted average shares outstanding 53,882,037 53,882,037
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ADM TRONICS UNLIMITED, INC. AND SUBSIDIARIES
BALANCE SHEET
JUNE 30, 2007
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 2,335,871
Accounts receivable, net of allowance for
doubtful accounts of $900 46,637
Receivables - Ivivi 35,285
Inventories 257,664
Prepaid expenses and other current assets 13,950
------------------
Total current assets 2,689,407
Property and equipment, net of accumulated
depreciation of $6,722 47,922
Inventory - long term portion 153,614
Investment in Ivivi 2,281,124
Loan receivable and accrued interest, officer 93,302
Other assets 87,805
------------------
Total assets $ 5,353,174
==================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 162,615
Accrued expenses and other current liabilities 61,257
------------------
Total current liabilities 223,872
------------------
Stockholders' equity:
Preferred stock, $.01 par value; 5,000,000 shares
authorized, no shares issued and outstanding -
Common stock, $.0005 par value; 150,000,000 shares
authorized, 53,882,037 shares issued and outstanding 26,941
Additional paid-in capital 30,410,124
Accumulated deficit (25,307,763)
------------------
Total stockholders' equity 5,129,302
------------------
Total liabilities and stockholders' equity $ 5,353,174
==================
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INVESTOR CONTACT: ANDREW BARWICKI 516-662-9461 ANDREW@BARWICKI.COM
COMPANY CONTACT: ANDRE' DIMINO 201-767-6040 ANDRE@ADMTRONICS.COM
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