SOURCE: US Nuclear Corp.

US Nuclear Corp.

November 12, 2015 17:24 ET

US Nuclear Corp Reports Record Third Quarter 2015 Financial Results

LOS ANGELES, CA--(Marketwired - Nov 12, 2015) - US Nuclear Corp. (OTCBB: UCLE)

  • Delivers Third Quarter 2015 Sales Revenue of $662,793 compared to $588,551 for Third Quarter 2014, an Increase of $74,242, or 12.7%

  • Reports Third Quarter 2015 Net Income of $117,902 or $0.01 Per Share compared to a net income of $13,487 or $0.00 Per Share Over Third-Quarter 2014

  • Net Sales were $662,793 an increase of 12.7% compared to the prior year period

  • Gross Margin for the quarter was 50.2% as compared to 49.6% in the prior year period

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 third quarter ended September 30, 2015.

Commenting on the Company's performance, Robert I. Goldstein, President, CEO and Chairman said, "We demonstrated strong results our recent third quarter due to some large orders being shipped from our Overhoff division. During the quarter we signed a new distribution agreement with Photon Information Technology Inc., an affiliate of NuClover Technology of China. This agreement seeks to increase our footprint in China to deliver our advanced tritium monitors and radiation detection equipment to their expanding nuclear power industry. US Nuclear Corp, "again delivered increased sales and positive earnings per share this quarter," Goldstein continued, "We are working on some new technologies that will help with early warning radiation detection and intend to launch our mobile drone initiative within the fourth quarter which will operate an advanced radiation detector on a drone for domestic government agencies and military uses." "Additionally, we also continue to field requests from large scale organizations for potential new orders and upgrades, while we cannot yet confirm these orders, we are encouraged that there are favorable trends within our markets for our advanced tritium products.

Third Quarter 2015 Highlights

  • Net Sales were $662,793, an increase of 12.7% compared to the prior year period.
  • Net Income was $117,902 or $0.01 per share compared to $13,487 or $0.00 per share compared to the prior year period.
  • Gross Profit was $332,846 an increase of 14% compared to $291,991 for the same period in 2014. 
  • Gross Margin for the quarter was 50.2% compared to 49.6% in the prior year period.
  • Gross Margin for the nine months ended September 30, 2015 was 49.0% compared to 45.8% for the same period in 2014.
  • Cash position increased to $651,165 or 54% to compared to $422,503 for the same period in 2014.

Outlook and Commentary

"We continue to make improvements in our efforts to service the developing nuclear industry in China. We believe that China continues to be a leading market for our products based on published growth of nuclear projects," commented, Mr. Goldstein. "Through that effort, we have signed an agreement with Photon Information Technology Inc., an affiliate of NuClover Technology of China, during the third quarter to improve our distribution in China. NuClover is a highly regarded radiation distribution company with a team of experts that know the China-market well. Going forward, we are optimistic that our products, primarily, our advanced tritium radiation monitors and devices will continue to make a favorable impact for us and meet our customer's needs," added Mr. Goldstein. 

   
US NUCLEAR CORP. AND SUBSIDIARIES  
CONDENSED CONSOLIDATED BALANCE SHEETS  
ASSETS  
             
    September 30,     December 31,  
CURRENT ASSETS   2015     2014  
    (Unaudited)        
  Cash   $ 651,165     $ 140,253  
  Accounts receivable, net     186,257       95,700  
  Inventories     2,150,446       2,343,729  
  Other current assets     300       1,800  
TOTAL CURRENT ASSETS     2,988,168       2,581,482  
                 
EQUIPMENT, net     9,559       14,454  
GOODWILL     570,176       570,176  
TOTAL ASSETS   $ 3,567,903     $ 3,166,112  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
                 
CURRENT LIABILITIES                
Accounts payable   $ 47,564     $ 175,033  
Accounts payable, related party     48,000       24,000  
Accrued liabilities     122,039       93,431  
Customer deposit     59,271       196,185  
Line of credit     344,838       319,274  
TOTAL CURRENT LIABILITIES     621,712       807,923  
                 
Note payable to shareholder     257,940       58,215  
TOTAL LIABILITIES     879,652       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     (450,756 )     (838,033 )
TOTAL SHAREHOLDERS' EQUITY     2,688,251       2,299,974  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 3,567,903     $ 3,166,112  
                 
                 
   
US NUCLEAR CORP. AND SUBSIDIARIES  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
   
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2015     2014     2015     2014  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Sales   $ 662,793     $ 588,151     $ 2,213,171     $ 1,284,656  
Cost of sales     329,947       296,160       1,129,538       696,673  
Gross profit     332,846       291,991       1,083,633       587,983  
                                 
Selling, general and administrative expenses     208,393       277,566       680,663       931,037  
                                 
Income (loss) from operations     124,453       14,425       402,970       (343,054 )
                                 
Other expense                                
  Interest expense     (6,551 )     (938 )     (15,693 )     (2,794 )
  Total other expense     (6,551 )     (938 )     (15,693 )     (2,794 )
                                 
Income (loss) before provision for income taxes     117,902       13,487       387,277       (345,848 )
                                 
Provision for income taxes     -       -       -       -  
                                 
Net income (loss)   $ 117,902     $ 13,487     $ $ 387,277     $ (345,848 )
                                 
                                 
Weighted average shares outstanding - basic and diluted     13,275,000       11,172,717       13,270,604       11,134,579  
                                 
Earning (loss) per shares - basic and diluted   $ 0.01     $ 0.00     $ 0.03     $ (0.03 )
                                 
                                 
 
   
US NUCLEAR CORP. AND SUBSIDIARIES  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
   
    Nine Months Ended  
    September 30,  
    2015     2014  
    (Unaudited)     (Unaudited)  
OPERATING ACTIVITIES                
  Net income (loss)   $ 387,277     $ (345,848 )
  Adjustment to reconcile net income (loss) to net                
    cash provided by (used in) operating activities:                
      Depreciation and amortization     4,895       6,399  
      Common stock issued for services     1,000       -  
      Changes in:                
        Accounts receivable     (90,557 )     474,588  
        Inventories     193,283       (302,932 )
        Other current assets     1,500       3,200  
        Accounts payable     (103,469 )     (67,330 )
        Accrued liabilities     28,608       22,770  
        Customer deposits     (136,914 )     153,682  
                         
        Net cash provided by (used in) operating activities     285,623       (55,471 )
                 
INVESTING ACTIVITIES                
  Purchases of equipment     -       (200 )
                 
        Net cash used in investing activities     -       (200 )
                 
FINANCING ACTIVITIES                
  Net borrowings (repayments) under lines of credit     25,564       (104,643 )
  Proceeds from sale of common stock     -       108,545  
  Proceeds from note payable to shareholder     243,293       208,399  
  Repayments for note payable to shareholder     (43,568 )     -  
                   
        Net cash provided by financing activities     225,289       212,301  
                 
NET INCREASE IN CASH     510,912       156,630  
                 
CASH                
  Beginning of the period     140,253       265,873  
  End of the period   $ 651,165     $ 422,503  
                 
Supplemental disclosures of cash flow information                
  Taxes paid   $ -     $ -  
  Interest paid   $ 15,693     $ 2,794  
                 

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. (OTCBB: UCLE)

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