SOURCE: US Nuclear Corp.

US Nuclear Corp.

April 18, 2017 08:00 ET

US Nuclear Corp. Announces 2016 Annual Financial Results

LOS ANGELES, CA--(Marketwired - Apr 18, 2017) - US Nuclear Corp. (OTCBB: UCLE)

  • Delivers total 2016 sales revenue of $2,097,157
  • Gross profit for 2016 was $744,338
  • Inventory write-off clears up unused stock and facilitates new product development
  • Current order backlog of $1,526,919 provides productive start for 2017

US Nuclear Corp. (OTCBB: UCLE), a leading manufacturer of advanced radiation detection instrumentation, announced the annual results for the year ended December 31, 2016.

Robert Goldstein, President, CEO, and Chairman of US Nuclear Corp commented, "2016 was a very exciting and productive year for us. We maintained strong sales revenue while simultaneously focusing on new product development for emerging markets, such as our DroneRAD product line. The increase in cost of goods can be attributed to the new product development, and new sales and marketing campaigns for these products raised our GS&A costs, but we are pleased with the progress. The large inventory write-off cleans up older and unused inventory and allows us to be more agile in focusing on new and popular products."

2016 Annual Highlights

  • Inventory write-off was $1,241,774
    • Brings US Nuclear Corp in line with typical industry ratios
  • Selling, general, and administrative expense increased by $135,515 from the previous year
    • Due to sales and marketing campaigns in addition to preparations for opening the new Beijing, China office
  • Net Income (loss) was ($1,606,170) as compared to $399,416 the previous year
  • Gross margin for 2016 decreased to 36% as compared to 53% the previous year due to new product R&D classified as production costs
    2016     2015  
Sales   $ 2,097,157     $ 2,652,878  
Cost of sales     1,322,819       1,246,182  
Gross profit     774,338       1,406,696  
                 
Opertating expenses                
  Selling, general and administrative expenses     1,117,905       982,390  
  Writeoff of inventory     1,241,774       -  
    Total operating expenses     2,359,679       982,390  
                 
Loss from operations     (1,585,341 )     424,306  
Other expense                
  Interest expense     (20,829 )     (24,890 )
    Total other expense     (20,829 )     (24,890 )
                 
Income (loss) before provision for income taxes     (1,606,170 )     399,416  
Provision for income taxes     -       -  
Net income (loss)   $ (1,606,170 )   $ 399,416  
Weighted average shares outstanding - basic and diluted     13,649,329       13,294,110  
Earnings (loss) per shares - basic and diluted   $ (0.12 )   $ 0.03  
   
   

About US Nuclear Corp.

US Nuclear Corp is a fully-reporting, publicly traded company on the Over-the-Counter Bulletin Board, traded under the ticker symbol UCLE. The Company's operations are principally engaged through its subsidiaries, operating two leading nuclear radiation detection companies, Overhoff Technology Corp. and Optron Scientific Company Inc. The Company designs, manufactures and markets branded, full line radiation detection and specialized advanced tritium technology for the nuclear energy industry and for emerging technological processes such as Thorium and Molten Salt (MSR) reactor technologies both domestically and internationally to customers such as United States Government Agencies, the U.S. Military, Homeland Security, Scientific Laboratories, Universities, Hospitals, nuclear reactor facilities in the United States, China, Canada, South Korea, Argentina, Russia and others.

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 Information

  • CONTACT:
    US Nuclear Corp.
    (OTCBB: UCLE)
    Robert I. Goldstein
    President, CEO, and Chairman
    Rachel Boulds
    Chief Financial Officer
    (818) 883 7043