FARMINGDALE, NY -- Cemtrex announced consolidated revenue for its fiscal fourth quarter was $32.9 million, down 10.5% from a year ago.
Sequentially, revenues increased 18% from $27.8 million.
For the year, consolidated revenue rose 29% to $120.6 million. EBITDA was down 5.3% to $8.57 million. Net income slipped to $4.39 million, from $4.99 million the previous year.
In a press release, chairman and chief executive Saagar Govil said, "This past year was another record year for Cemtrex as our sales increased by 29% due to the full benefit of our previous acquisitions supplemented by increased revenue of our existing business. However, we had higher operating expenses due to certain uncompleted acquisition costs; higher sales and marketing expenses; and research & development expenses related to our newly launched subsidiary Cemtrex Advanced Technologies. We have been investing heavily in all aspects of our business this year which we anticipate will yield positive results for us in the future.”