AmpliTech Group, Inc. (OTC: AMPG) reported its sales for the third quarter increased by USD165,633, or approximately 122%, when comparing sales for the three months ended September 30, 2012 of USD135,522 to sales for the three months ended September 30, 2013 of USD301,155.
This resulted in an increase in gross profit of USD173,229 when comparing the third quarter of 2012 gross profit of USD37,401, or 28%, to the third quarter of 2013 gross profit of USD201,630, or 70%.
As a result, the company had net income of USD35,135 for the three months ended September 30, 2013 compared to a net loss of (USD117,172) for the three months ended September 30, 2012, an overall increase of USD152,307, or approximately 130%.
CEO Fawad Maqbool said, “The third quarter was very successful as we increased revenues and controlled costs. As a result, we were able to exceed our goal of at least a 60% gross margin. Additionally, the outsourcing of assembly on sales orders has become very streamed lined and much more efficient, which will enable us to increase sales in the last quarter and into 2014 while our backlog continues to grow.”
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF components for the Commercial, SATCOM, Space, and Military markets. These designs cover the frequency range from 50 kHz to 40 GHz, eventually offering designs up to 100 GHz.