US Nuclear Corp. Reports Strong First Quarter 2017
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LOS ANGELES, CA--(Marketwired - May 19, 2017) - US Nuclear Corp. (
- Sales revenue for the first quarter was $725,472, a 187% increase over the same period in the prior year
- Gross Profit was $355,072, a 191% increase over the same period in the prior year
- Net income for the first quarter was $91,233
- Excellent start for 2017, robust back-log to carry momentum into second quarter
US Nuclear Corp. (
"We are thrilled about our first quarter performance in 2017," commented Robert I. Goldstein, President, CEO, and Chairman of US Nuclear Corp. "We had a very productive start to the year, shipping several large orders that were on our backlog, while simultaneously capturing more sales to carry the momentum forward into the second quarter and position ourselves for an excellent year. We continued to see increasing demand for our DroneRAD product line, with several units currently in production and interest growing daily."
US Nuclear Corp. also opened a new office in Beijing, China during the first quarter of 2017. Robert added, "Technicians and product support specialists for our new office in China completed factory training earlier this year. We have already begun to see an increase in business in China as we are now able to communicate directly and more efficiently and offer local service/support to our customers."
| US NUCLEAR CORP. AND SUBSIDIARIES | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (unaudited) | |||||||||
| Three Months Ended | |||||||||
| March 31, | |||||||||
| 2017 | 2016 | ||||||||
| Sales | $ | 725,472 | $ | 252,502 | |||||
| Cost of sales | 370,400 | 130,278 | |||||||
| Gross profit | 355,072 | 122,224 | |||||||
| Opertating expenses | |||||||||
| Selling, general and administrative expenses | 257,741 | 230,270 | |||||||
| Total operating expenses | 257,741 | 230,270 | |||||||
| Loss from operations | 97,331 | (108,046 | ) | ||||||
| Other expense | |||||||||
| Interest expense | (6,098 | ) | (4,768 | ) | |||||
| Total other expense | (6,098 | ) | (4,768 | ) | |||||
| Income (loss) before provision for income taxes | 91,233 | (112,814 | ) | ||||||
| Provision for income taxes | - | - | |||||||
| Net income (loss) | $ | 91,233 | $ | (112,814 | ) | ||||
| Weighted average shares outstanding - basic and diluted | 13,947,403 | 13,475,000 | |||||||
| Earnings (loss) per shares - basic and diluted | $ | 0.01 | $ | (0.01 | ) | ||||
| 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: US Nuclear Corp. Robert I. Goldstein, President, CEO, and Chairman Rachel Boulds, Chief Financial Officer (818) 883 7043
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