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inc.jet Holding, Inc. Announces Second Quarter End Financial Results
By: INC.JET HOLDING, INC
For the quarter ended June 30, 2020, total sales from continuing operations were $3.60 million, compared to total sales of $3.61 million for the quarter ended June 30, 2019. The $10 thousand decrease resulted from a decrease in Systems revenue of $400 thousand, partially offset by an increase in sales of Supplies of $390 thousand. Net income from continuing operations was $283 thousand, or $0.01 per share, for the quarter, compared to net income of $118 thousand, or $0.01 per share, for the comparable period last year.
For the six months ended June 30, 2020, total sales from continuing operations were $7.30 million, compared to total sales of $7.50 million for the six months ended June 30, 2019. The $200 thousand decrease resulted from decreases in sales of Systems revenue of $560 thousand, partially offset by an increase in sales of Supplies of $360 thousand. Net income from continuing operations was $515 thousand, or $0.03 per share, for the six month period, compared to net income of $347 thousand, or $0.02 per share, for the comparable period last year.
Zbigniew Roginski, President and Chief Executive Officer of the Company stated, "The Ink Jet Printing business is poised for growth and market expansion in the flexible packaging and high speed web printing industries".
About inc.jet Holding, Inc
Founded in 1978 and headquartered in Norwich, Connecticut, inc.jet Holding, Inc. and its wholly-owned subsidiary inc.jet, Inc. (together, the "Company") operates in the Ink Jet Printing business. The Ink Jet business designs, develops, markets and services ink jet imagers as well as sells product into the packaging industry emphasizing product traceability. The Company's products are dependent upon proprietary technology and require especially skilled engineers and technicians to design, enhance and produce them to meet customer needs. Inc.jet Holding, Inc. is publicly traded and posts its financial statements on OTC Pink Sheets under the symbol "SORT.PK". Additional information is available at www.incjet.com.
Statements in this release concerning the Company's business outlook, future financial and operating results, and overall future prospects are forward looking statements that involve a number of uncertainties and risks. Actual results could differ materially from those anticipated in those forward-looking statements as a result of certain factors. All statements made in this press release are made only as of the date set forth at the beginning of this release. The Company undertakes no obligation to update the information in this release in the event facts or circumstances subsequently change after the date of this press release.