US Nuclear Corp. Announces 2018 Annual Financial Results and Revenue Growth
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LOS ANGELES, April 22, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- US Nuclear Corp. (OTCBB: UCLE), a leading manufacturer of advanced radiation and chemical detection and UAV instrumentation, announced the annual results for the year ended December 31, 2018.
2018 Annual Highlights
- Total sales revenue of $3,634,560, an increase of $563,914 or 18.4% over the previous year
- Gross margin increased to 53.0% as compared to 43.8% the previous year
- Gross profit for 2018 was $1,927,205, an increase of 43.3% compared to the previous year
- Net loss of $2,407,070 due to stock based compensation and acquisition of manufacturing rights
- Net GS&A increased by 40.1%
- Total operating expenses increased by $1,924,313 or 146.8% due the development and marketing of new products, specifically the new Unmanned Aerial Vehicle (UAV) radiation and chemical detection technology
- Includes $1,440,213 of non-cash stock compensation expense
Robert Goldstein, CEO of US Nuclear Corp., commented, “We are exceptionally pleased by our performance this year in achieving new milestones and increasing sales revenue and gross profit. We focused on developing new customer contacts for three main product categories: tritium monitors, nuclear power plant stack/area monitors, and the DroneRAD. In addition, we reduced our cost of goods and increased our manufacturing efficiency and volume to meet deadlines in our large open order backlog. We reported a net loss only due to new operating expenses for developing and marketing our DroneRAD product line, as well as stock-based compensation and acquisition of manufacturing rights. We were $132,633 cash positive for the year. Furthermore, as our DroneRAD technology increases in popularity and use, we are beginning to see large new increases in sales and revenue from this product line which will give us even more momentum in 2019.”
| US NUCLEAR CORP. AND SUBSIDIARIES | ||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
| FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 | ||||||||||
| 2018 | 2017 | |||||||||
| Sales | $ | 3,634,560 | $ | 3,070,646 | ||||||
| Cost of sales | 1,707,355 | 1,725,733 | ||||||||
| Gross profit | 1,927,205 | 1,344,913 | ||||||||
| Operating expenses | ||||||||||
| Selling, general and administrative expenses | 1,794,572 | 1,280,472 | ||||||||
| Stock-based compensation | 1,440,213 | 30,000 | ||||||||
| Acquisition of manufacturing and supply rights | 1,084,000 | - | ||||||||
| Total operating expenses | 4,318,785 | 1,310,472 | ||||||||
| Income (loss) from operations | (2,391,580 | ) | 34,441 | |||||||
| Other income (expense) | ||||||||||
| Other income | 14,000 | - | ||||||||
| Interest expense | (29,490 | ) | (24,311 | ) | ||||||
| Total other expense | (15,490 | ) | (24,311 | ) | ||||||
| Income (loss) before provision for income taxes | (2,407,070 | ) | 10,130 | |||||||
| Provision for income taxes | - | - | ||||||||
| Net income (loss) | $ | (2,407,070 | ) | $ | 10,130 | |||||
| Weighted average shares outstanding - basic and diluted | 15,972,462 | 13,965,211 | ||||||||
| Earnings (loss) per shares - basic and diluted | $ | (0.15 | ) | $ | 0.00 | |||||
| The accompanying notes are an integral part of these consolidated financial statements. | ||||||||||
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
CONTACT:
US Nuclear Corp. (OTCBB: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Rachel Boulds, Chief Financial Officer
(818) 883 7043
Email: [email protected]
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