LONG ISLAND CITY, NY – Cemtrex reported fiscal 2018 net sales were $89.9 million, down 25% year-over-year.
For the fiscal year ending Sept. 30, revenue in the electronics manufacturing (EM) segment decreased 18% to $52.5 million due to the loss of two customers, the firm says. The EM segment currently has a $52 million backlog.
The company invested more than $5.5 million in R&D during fiscal 2018 to expand its technology, including advances in smart devices and virtual and augmented reality.
Cemtrex’s Advanced Technology (AT) segment revenues were $1.8 million, compared to no revenue in the fiscal year ending Sept. 30, 2017. The company anticipates demand for its Internet of Things product, SmartDesk, will continue to rise.
Cemtrex posted a net loss for the 12 months of $10.9 million, compared to net income of $4.4 million the prior fiscal year.
In March, Cemtrex acquired 46% of security technology developer Vicon, a company with annual revenues of roughly $26 million.
“We had an overall decrease in sales, mainly due to lower sales in our IT segment arising from a weakness in environmental markets,” said chairman and CEO Saagar Govil. “However, we have reduced our ongoing expenses to bring them in line with anticipated revenues and thus expect to have positive cash flow from our legacy businesses. Our focus on the Advanced Technologies segment will start to pay off as we shift into businesses with higher margins and attractive market opportunities.”