BOHEMIA, NY--(Marketwired - Jan 10, 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 an update to report results of 2016 fiscal year preceding a 10Q filing next month.
The Company reports fourth quarter revenue of $664,000 with a net income of 39%, or $259,000. CEO Fawad Maqbool commented, "We are extremely pleased with the results in the last quarter of 2016 as well as our performance for the entire year. We were successful in increasing our YOY growth to 40% and our YOY net income has increased by 300%. The Company has shown that there is a demand for its technology and it has the ability to generate cash flow with its current product lines."
The Company is working on new products to expand its offering to cover the Defense and Aerospace markets as well as various commercial markets and thus increasing its revenues in 2017. AMPG has close to $1 million dollars of bookings currently and plans to expand its technical and marketing base to generate more revenue from new customers.
Mr. Maqbool also stated, "The Company has many goals and although we have been constantly improving, we may seek suitable funding for expanding product lines and resources as well as accretive inorganic growth. Although it is not necessary, it would help us to accelerate our growth and augment our shareholder base. We also feel that the new political environment will be beneficial for us since we are an approved supplier to many international Aerospace and Defense contractors as well as the US and other government organizations."
- Record revenue and net profit of 39% for 4Q 2016
- Record revenue and net profit for FY 2016. Net Income of 28% on revenue of $2.039 million
- YOY revenue growth of 40%. YOY net income growth of 300%
- New facility has increased efficiency and productivity
Sources of increased revenue generation in 2017:
- Development of LNAs for Airline Wi-Fi systems
- Strategic re-selling and cross-selling platforms with new parties
- New nationwide distribution partner
- Development of new high power amplifiers (HPA) targeted for commercial and military markets
- Expanded marketing venues, i.e. increased surgical advertising, trade shows, and direct marketing
- Pursuing a GSA government award to reach as many as 800 government agencies
- Development of line of mainstream wireless consumer products
- New orders with large OEMs like Boeing, Viasat and Cobham Defense Systems, among others
- Development of new products other than amplifiers to increase product offerings and revenue
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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.