Los Angeles, CA, Aug. 26, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- US Nuclear Corp. (OTCQB: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and UAV instrumentation, recently announced the financial results for the first quarter ended March 31, 2021.
- Sales for the three months ended March 31, 2021 were $417,824 compared to $322,239 for the same period in 2020, an increase of 29.7%
- Gross profit was $201,172 compared to $166,327 for the same period in 2020, an increase of 20.9%
- Selling, general, and administrative expense were $860,151 compared to $894,842 for the same period in 2020; the decrease of $34,691 or 3.9% was due to lower stock-based compensation
- Stock based compensation was $378,838 compared to $453,096 during the same period in 2020
- Other expense was $4,582, a decrease of $314,272 from $318,854 for the same period in 2020
- Net loss of $663,561
Robert Goldstein, CEO of US Nuclear Corp., commented:
“We are happy to announce that our sales revenue is continuing to recover from the impact of COVID-19. We aren’t quite back to pre-pandemic production levels yet, but are steadily getting there by continuing to book new sales and keeping our employees safe. We are working on updating our operating division websites and product content to drive more organic traffic and sales, as well as focusing on product campaigns for our most popular products. Customer inquiries have been continuing to increase, and we have a strong order backlog as we build momentum going into the rest of the year.”
| US NUCLEAR CORP. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (unaudited) |
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Three Months Ended |
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March 31, |
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2021 |
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2020 |
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| Sales |
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$ |
417,824 |
$ |
322,239 |
| Cost of sales |
|
216,652 |
|
155,912 |
| Gross profit |
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201,172 |
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166,327 |
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| Operating expenses |
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Selling, general and administrative expenses |
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860,151 |
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894,842 |
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Total operating expenses |
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860,151 |
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894,842 |
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| Loss from operations |
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(658,979) |
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(728,515) |
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| Other income (expense) |
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Interest expense |
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(2,823) |
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(13,395) |
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Change in value of derivative liability |
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- |
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(137,162) |
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Amortization of debt discount |
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- |
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(167,490) |
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Equity loss in investment |
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(1,759) |
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(807) |
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Total other income (expense) |
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(4,582) |
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(318,854) |
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| Loss before provision for income taxes |
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(663,561) |
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(1,047,369) |
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| Provision for income taxes |
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- |
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- |
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| Net loss |
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$ |
(663,561) |
$ |
(1,047,369) |
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| Weighted average shares outstanding - basic and diluted |
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25,753,712 |
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20,559,328 |
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| Loss per shares - basic and diluted |
$ |
(0.03) |
$ |
(0.05) |
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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. (OTCQB: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Rachel Boulds, Chief Financial Officer
(818) 883 7043
Email: info@usnuclearcorp.com
