inc.jet Holding, Inc. Announces Third Quarter End Financial Results
By: INC.JET HOLDING, INC
For the quarter ended September 30, 2020, total sales from continuing operations were $3.56 million, compared to total sales of $3.31 million for the quarter ended September 30, 2019. The $250 thousand increase resulted from an increase in Supplies of $180 thousand and Systems revenue of $70 thousand. Net income from continuing operations was $280 thousand, or $0.01 per share, for the quarter, compared to net loss of $56 thousand, or $0.00 per share, for the comparable period last year.
For the nine months ended September 30, 2020, total sales from continuing operations were $10.86 million, compared to total sales of $10.81 million for the nine months ended September 30, 2019. The $50 thousand increase resulted from an increase in Supplies of $540 thousand, partially offset by a decrease in Systems of $490 thousand. Net income from continuing operations was $795 thousand, or $0.04 per share, for the nine month period, compared to net income of $290 thousand, or $0.01 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".
On October1, 2020 the company renamed its wholly-owned subsidiary from inc.jet, Inc. to Norwix, Inc. in an effort to rebrand the company for better marketability.
About inc.jet Holding, Inc
Founded in 1978 and headquartered in Norwich, Connecticut, inc.jet Holding, Inc. and its wholly-owned subsidiary Norwix, 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 future prospects are forward looking statements that involve a number of uncertainties and risks. Actual results could differ materially from those anticipated in 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.