SOURCE: US Nuclear Corp.

US Nuclear Corp.

August 13, 2015 16:09 ET

US Nuclear Corp. Reports Record Second Quarter 2015 Financial Results

LOS ANGELES, CA--(Marketwired - Aug 13, 2015) - US Nuclear Corp. (OTCBB: UCLE)

  • Delivers Second Quarter 2015 Sales Revenue of $1,102,894 compared to $379,859 for Second Quarter 2014, an Increase of $727,035, or 193%

  • Reports Second Quarter 2015 Net Income of $304,271 or $0.02 Per Share compared to a loss of $150,935 or ($0.01) Per Share Over Second Quarter 2014

  • Order Book Continues to Advance as it expects to see a new cycle of order upgrades from customers

US Nuclear Corp. (OTCBB: UCLE), a leading manufacturer of advanced radiation detection equipment for the nuclear energy industry, scientific laboratories, U.S. military, U.S. Government Agencies, Hospitals, and international nuclear reactor facilities, announced financial results for the second quarter ended June 30, 2015.

Commenting on the Company's performance, Robert I. Goldstein, President, CEO and Chairman, said, "We are very pleased with our recent progress as our second quarter yielded positive results for us. This was a very important quarter for US Nuclear Corp., as we delivered increased sales and positive earnings per share driven by our international customers." Goldstein continued, "We expect positive trends for the second half of the year, as well as increased orders as we believe we are entering a cycle of upgrade activity from customers. Additionally, we are pleased to report favorable growth trends in markets such as China, United States, Argentina, South Korea and Canada. Interest in our advanced tritium products remain elevated and we believe we are in a position to strengthen our presence in both the United States and the Asia market as large nuclear energy projects are growing at a robust rate there, particularly in China. Our goal is to be a continued leader domestically and internationally in both quality and innovation in our radiation devices and advanced tritium technologies, which we feel helps to define our competitive advantage over other peers."

Second Quarter 2015 Highlights

  • Net Sales were $1,102,894, an increase of 193% compared to the prior year period.
  • Net Income was $304,271 or $0.02 per share compared to a loss of $150,935 or ($0.01) per share compared to the prior year period.
  • Gross Profit was $512,443, an increase of 159% compared to $198,190 for the same period in 2014. 
  • Gross Margin for the quarter was 46.5% compared to 52.7% in the prior year period.
  • Gross Margin for the six months ended June 30, 2015 was 48.4% compared to 46.3% for the same period in 2014.
  • Cash position increased to $424,164 or 147% compared to $172,021 for the same period in 2014.
  • The Company became publicly-traded on May 18, 2015 under the trading symbol UCLE.

Full-Year 2015 Outlook and Commentary

Commenting on the outlook for the remainder of 2015, Mr. Goldstein said, "We believe we are well positioned to drive sales and demonstrate continued positive income growth from a new cycle of order upgrades from customers who are still using older generation versions of our equipment and to expand our customer base in new markets. Energy demands are up across the world and we are aware that nuclear power facilities are being considered in many countries for the first time. A number of economies in Asia such as China, and India have been building nuclear power plants and new entrants such as Vietnam, Indonesia and Thailand have plans. Our radiation safety, air & water measurement and advanced tritium technology devices and monitors play a critical role in a nuclear reactor facility. We believe these new markets represent a tremendous opportunity for us," concluded Mr. Goldstein.

   
US NUCLEAR CORP. AND SUBSIDIARIES  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
   
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2015     2014     2015     2014  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Sales   $ 1,102,894     $ 375,859     $ 1,550,378     $ 639,505  
Cost of sales     590,451       177,669       799,591       343,513  
Gross profit     512,443       198,190       750,787       295,992  
                                 
Selling, general and administrative expenses     203,764       348,187       472,270       653,471  
                                 
Income (loss) from operations     308,679       (149,997 )     278,517       (357,479 )
                                 
Other expense                                
  Interest expense     (4,408 )     (938 )     (9,142 )     (1,856 )
  Total other expense     (4,408 )     (938 )     (9,142 )     (1,856 )
                                 
Income (loss) before provision for income taxes     304,271       (150,935 )     269,375       (359,335 )
                                 
Provision for income taxes     --       --       --       --  
                                 
Net income (loss)   $ 304,271     $ (150,935 )   $ 269,375     $ (359,335 )
                                 
Weighted average shares outstanding - basic and diluted     13,271,703       11,150,000       13,268,370       11,115,193  
                                 
Earnings (loss) per share - basic and diluted   $ 0.02     $ (0.01 )   $ 0.02     $ (0.03 )
                                 
                                 
                                 
US NUCLEAR CORP. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
 
    June 30,
2015
(unaudited)
    December 31,
2014
 
CURRENT ASSETS            
  Cash   $ 424,164     $ 140,253  
  Accounts receivable, net     259,101       95,700  
  Inventories     2,226,471       2,343,729  
  Other current assets     300       1,800  
TOTAL CURRENT ASSETS     2,910,036       2,581,482  
                 
EQUIPMENT, net     11,194       14,454  
GOODWILL     570,176       570,176  
TOTAL ASSETS   $ 3,491,406     $ 3,166,112  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY  
                 
CURRENT LIABILITIES                
Accounts payable   $ 106,277     $ 175,033  
Accounts payable, related party     72,000       24,000  
Accrued liabilities     106,625       93,431  
Customer deposit     16,273       196,185  
Line of credit     354,374       319,274  
TOTAL CURRENT LIABILITIES     655,549       807,923  
                 
Note payable to shareholder     265,508       58,215  
TOTAL LIABILITIES     921,057       866,138  
                 
SHAREHOLDERS' EQUITY:                
Preferred stock, $0.0001 par value, 5,000,000 shares authorized; none issued and outstanding                
Common stock, $0.0001 par value; 100,000,000 shares authorized, 13,275,000 and 13,265,000 shares issued and outstanding     1,328       1,327  
Additional paid in capital     3,137,679       3,136,680  
Accumulated deficit     (568,658 )     (838,033 )
TOTAL SHAREHOLDERS' EQUITY     2,570,349       2,299,974  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 3,491,406     $ 3,166,112  
                 
                 
                 
US NUCLEAR CORP. AND SUBSIDIARIES  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
   
    Six Months Ended  
    June 30,  
    2015     2014  
    (unaudited)     (unaudited)  
OPERATING ACTIVITIES            
  Net income (loss)   $ 269,375     $ (359,335 )
  Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:                
    Depreciation and amortization     3,260       4,581  
    Common stock issued for services     1,000       -  
    Changes in:                
      Accounts receivable     (163,401 )     463,787  
      Inventory     117,258       (235,326 )
      Other current assets     1,500       2,600  
      Accounts payable     (20,756 )     (40,471 )
      Accrued liabilities     13,194       5,976  
      Customer deposits     (179,912 )     8,415  
                       
      Net cash provided by (used in) operating activities     41,518       (149,773 )
                 
INVESTING ACTIVITIES                
  Purchases of equipment     -       (200 )
                 
      Net cash used in investing activities     -       (200 )
                 
FINANCING ACTIVITIES                
  Net borrowings (repayments) under lines of credit     35,100       (102,491 )
  Proceeds from sale of common stock     -       45  
  Proceeds from note payable to shareholder     243,293       158,567  
  Repayments for note payable to shareholder     (36,000 )     -  
                   
      Net cash provided by financing activities     242,393       56,121  
                 
NET INCREASE (DECREASE) IN CASH     283,911       (93,852 )
                 
CASH                
  Beginning of the period     140,253       265,873  
  End of the period   $ 424,164     $ 172,021  
                 
Supplemental disclosures of cash flow information                
  Taxes paid   $ -     $ -  
  Interest paid   $ 9,142     $ 1,856  
                 

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.

Information Regarding Forward-Looking Statements

This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of US Nuclear Corp. and its directors or its officers with respect to, among other things: (i) expected income; (ii) earnings per share; (iii) revenues; (iv) margins; (v) financing plans; (vi) trends affecting its financial condition or results of operations; (vii) growth strategy and operating strategy. The words "may," "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target" "estimate," "can," and "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond US Nuclear Corp.'s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and the other factors that are described in "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2014. These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. More information about the potential factors that could affect the business and financial results is and will be included in US Nuclear Corp.'s filings with the Securities and Exchange Commission.

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

  • Additional Information

    CONTACT:

    US Nuclear Corp.

    Robert I. Goldstein
    President, CEO, and Chairman
    Rachel Boulds
    Chief Financial Officer
    (818) 883 7043