SOURCE: AmpliTech Group, Inc.

March 07, 2017 08:30 ET

Amplitech Group, Inc. Files 10-K for FY2016

2016 Highlights and Looking ahead to 2017

BOHEMIA, NY--(Marketwired - Mar 7, 2017) - Amplitech Group, Inc. (OTCQB: AMPG), a leader in state-of-the-art RF Low Noise Amplifiers (LNA) and Power Amplifiers (PA) for the Domestic and International, SATCOM, Space, and Military markets, today announced filing of their FY2016 10-K. The Company continued its growth and met its planned revenues in excess of $2 million setting a record for the company. In the previous press release of January 2017, the figures were inadvertently reported as those of AMPG (AmpliTech Group, Inc.), when in fact they were referring to AMPG's sole subsidiary, AmpliTech, Inc. The Company disclosed that the error was due to the confusion associated with the similar names of the two entities. The parent company, AMPG, does not generate revenue but owns AmpliTech, Inc., which is the sole source of its revenue. Although the two operate essentially as one company, the difference in the financials is evident. This is due to the fact that the parent company accounts for the expenses generated to maintain its fully reporting public status, thus leading to the offset in the consolidated financials. The reporting was merely an oversight and purely unintentional. Another unexpected expense that had to be accounted for in the fourth quarter was the tax liability for 2016. The Company had NOL carryovers from previous years that could not be used as planned. Notwithstanding the unexpected issues mentioned, the Company still had an outstanding year of profit and revenue. Below are some highlights of 2016:

Key Highlights and Traction in 2016:

  • Record revenues of over $2 million. A 37% increase from prior year
  • Increase in gross profit of 40%
  • Net Income of $415K and EBITDA of ~$500K
  • Decrease in interest expense of 57%
  • New facility with increased efficiency and more space for growth
  • New website with increased functionality and product exposure for increased sales worldwide
  • Investment in R&D creating new product lines with higher margins
  • Entered into agreement with a leading national distributor to increase sales, enhance marketing, and stock inventory to support customer demand
  • Exhibited in leading industry Mega trade shows (IMS 2016 and EDICON 2016)
  • Sufficient backlog of orders and pursuing several sources of organic revenue to significantly increase sales over the next 2 to 3 years

Coming in 2017:

  • IMS 2017 Trade Show in Honolulu, Hawaii
  • EDICON 2017 Trade Show in Boston
  • Satellite 2017 Conference
  • Increased online and print advertising to boost exposure and awareness
  • Strategic partnerships with leading OEMs for leading-edge technology ventures

Connect with us on Twitter (@AmpliTechAMPG) and give us your feedback.

About Amplitech Group, Inc:
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF (Low Noise Amplifiers (LNA) and Power Amplifiers (PA) 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: www.AmpliTechInc.com

Safe Harbor Statement:
With the exception of historical information contained in this press release, content herein may contain "forward looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, failure to obtain adequate working capital to execute the business plan and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.

Contact Information