SOURCE: US Nuclear Corp.

US Nuclear Corp.

August 23, 2017 08:30 ET

US Nuclear Corp. Reports Second Quarter 2017 Results

LOS ANGELES, CA--(Marketwired - Aug 23, 2017) - US Nuclear Corp. (OTC PINK: UCLE)

  • Sales revenue for the second quarter was $491,436, while Gross Profit was $193,774
  • Net loss for the second quarter was $(127,238)
  • Operating expenses were $315,817, an increase of 33.9% for the same period in 2016
  • Current order backlog of $2,156,679
  • Productive second quarter preparing several large quantity orders for shipment in Q3 and Q4

US Nuclear Corp. (OTC PINK: UCLE), a leading manufacturer of advanced radiation detection instrumentation, recently announced the financial results for the second quarter ended June 30, 2017.

"Overall, we had an extremely productive and busy second quarter," commented Robert I. Goldstein, President, CEO, and Chairman of US Nuclear Corp. "While sales revenue was less than the same period the previous year, we captured important sales opportunities to add to our backlog, while working on finishing production of several substantial quantity orders, which are scheduled to ship in Q3 and Q4. Our cost of sales and operating expenses were higher this period due to the increase in cost of parts required and R&D expenses, but we made excellent progress and will see the results in Q3 and Q4."

US Nuclear Corp. is also focusing on adding chemical sensors to their DroneRAD product line, with a number of sales already made. Robert remarked, "The successful integration of chemical sensors to our DroneRAD product line, in addition to our radiation sensors, allows us to greatly broaden our market for DroneRAD applications to reach more potential customers with our phenomenal technology."

 
US NUCLEAR CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 
      Three Months Ended
June 30,
    Six Months Ended
June 30,
      2017     2016     2017     2016
                                 
Sales   $ 491,436     $ 645,523     $ 1,216,908     $ 898,025  
Cost of sales     297,662       319,670       668,062       449,948  
Gross profit     193,774       325,853       548,846       448,077  
                                 
Opertating expenses                                
  Selling, general and administrative expenses     315,817       235,766       573,558       466,036  
    Total operating expenses     315,817       235,766       573,558       466,036  
                                 
Income (loss) from operations     (122,043 )     90,087       (24,712 )     (17,959 )
                                 
Other expense                                
  Interest expense     (5,195 )     (5,048 )     (11,293 )     (9,816 )
    Total other expense     (5,195 )     (5,048 )     (11,293 )     (9,816 )
                                 
Income (loss) before provision for income taxes     (127,238 )     85,039       (36,005 )     (27,775 )
                                 
Provision for income taxes     -       -       -       -  
                                 
Net income (loss)   $ (127,238 )   $ 85,039     $ (36,005 )   $ (27,775 )
                                 
Weighted average shares outstanding - basic and diluted     13,947,403       13,521,946       13,947,403       13,498,473  
                                 
Earnings (loss) per shares - basic and diluted   $ (0.01 )   $ 0.01     $ (0.00 )   $ (0.00 )
   
   
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.  
   

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