American Power Announces Unaudited Third Quarter Fiscal 2022 Results, Quarterly Revenue of $1.1 Million vs. $1.3 Million Last Year – Year-to-Date Revenue up 51% to $2.9 million over the prior year
American Power Group Announces Unaudited Third Quarter Fiscal 2022 Results, Quarterly Revenue of $1.1 Million vs. $1.3 Million Last Year – Year-to-date year, revenue increased 51% to $2.9 million over the prior yearPress release | 02/08/2022
ALGONA, IA / ACCESSWIRE / August 2, 2022 / American Power Group Corporation (“APG”) (OTC PINK:APGI) announced unaudited results for the three and nine months ended June 30, 2022.
Chuck Coppa, CEO/CFO of APG, said: “Unaudited net revenues for the three and nine months ended June 30, 2022 were approximately $1,082,000 and $2,921,000, respectively, compared to approximately $1,082,000. $346,000 and $1,937,000, respectively, for the three and nine months ended June 30, 2021. Our penetration of the oil/gas fracturing market over the past few years has been the primary revenue driver with over 260 engines converted during this period. The increase in year-to-date revenue is primarily attributable to the shipment of $2.1 million in follow-on orders from our master reseller/installer during the fiscal year. 2022. We currently have over $3 million in fixed conversion quotes in progress split across many of our dealers/installers.”
Mr. Coppa added, “Our unaudited net income after income taxes was approximately $105,000 and $453,000, respectively, for the three and nine months ended June 30, 2022, compared to net income after taxes of approximately $249,000 for the quarter ended June 30. , 2021 and a net loss after tax of $339,000 for the nine months ended June 30, 2021. Results for the three and nine months ended June 30, 2022 include approximately $150,000 of stock option amortization expense non-cash shares.
During the nine months ended June 30, 2022 and 2021, we recorded other income of approximately $158,000 and $154,000, respectively, associated with the write-off of our Paycheck Protection Program loans. Small Business Administration. Our continued efforts to reduce fixed operating costs as well as the reduction of long-term debt have had a positive impact on our bottom line with our year-to-date interest expense down 55% to approximately $135,000 compared to $303,000 for the previous period since the beginning of the year. .”
Mr. Coppa concluded: “We continue our efforts to strengthen our balance sheet and have reduced our overall corporate debt over the past 18 months by approximately $6.8 million, including $1.8 million of bank debt. term and conversion of approximately $5 million of convertible debt and accrued interest, in total. The convertible debt and associated interest was converted at $0.25 per share, with approximately $2 million of the total total converted on June 30, 2022.”
About American Power Group Corporation (www.americanpowergroupinc.com)
American Power Group’s subsidiary, American Power Group Inc. (“APG”), provides cost-effective alternative fuel solutions for diesel engines to significantly reduce methane criteria pollutants and help accelerate a low-energy future. carbon emission. APG’s Dual Fuel conversion technology is a unique, patented hardware and software solution that enables heavy-duty diesel engines to safely replace up to 65% of diesel fuel with natural gas. Engines equipped with APG’s Dual Fuel technology can use renewable natural gas (RNG), compressed natural gas (CNG), liquefied natural gas (LNG), flared methane and wellhead gas conditioning, which reduces costs, reduces carbon emissions and improves emissions criteria. Additionally, APG’s Dual Fuel conversion technology remains fully compatible with eligible biodiesel and renewable diesel fuels, further reducing a diesel engine’s carbon footprint and providing users with proven, regulation-compliant technology to achieve their environmental, social and corporate governance (“ESG”) objectives.
Caution Regarding Forward-Looking Statements and Opinions
The matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to outstanding bi-fuel conversion quotes for more than $3 million and our ability to turn those quotes into orders. real. These forward-looking statements and opinions are neither promises nor guarantees, but involve risks and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from these forward-looking statements and impact matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to, that we may not be able to convert quotes over $3 million into actual orders; the fact that our bi-fuel conversion business has lost money in prior years and the risk that we may need additional financing to grow our business; our reliance on third parties to manufacture, distribute and install our products; difficulties or delays in the development or introduction of new products and their maintenance in the market; lack of product demand and market acceptance of current or future products; adverse events or economic conditions; pricing and other competitive pressures; dependence on government emissions regulations, including whether EPA approval will be obtained for future products and additional applications; the risk that we may not be able to protect our intellectual property rights; factors affecting the Company’s future revenues and the resulting ability to utilize its NOLs; the fact that our shares are thinly traded and the price of our shares may be volatile; and the fact that the exercise of stock options and warrants will result in dilution for our shareholders. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. Except as required by law, the Company undertakes no obligation to publish the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events.
Contact with Investor Relations:
Chuck Coppa, CEO/CFO
American Power Group Corporation
THE SOURCE: American Power Group Corporation
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