-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JVedUPfAGZ0acF5K/g8IpbXtOVboE+BLV9R0VSqjwjCE1UAFjXcuPf9CylndpBoT yo/cTDJb3Uh1RctQbh61Lg== 0001188112-08-003194.txt : 20081119 0001188112-08-003194.hdr.sgml : 20081119 20081119172720 ACCESSION NUMBER: 0001188112-08-003194 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081119 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081119 DATE AS OF CHANGE: 20081119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADM TRONICS UNLIMITED INC/DE CENTRAL INDEX KEY: 0000849401 STANDARD INDUSTRIAL CLASSIFICATION: ADHESIVES & SEALANTS [2891] IRS NUMBER: 221896032 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17629 FILM NUMBER: 081201866 BUSINESS ADDRESS: STREET 1: 224 S PEGASUS AVE CITY: NORTHVALE STATE: NJ ZIP: 07647 BUSINESS PHONE: 2017676040 MAIL ADDRESS: STREET 1: 224 S PEGASUS AVE CITY: NORTHVALE STATE: NJ ZIP: 07647 8-K 1 t64066_8k.htm FORM 8-K t64066_8k.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549

__________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  November 19, 2008

ADM TRONICS UNLIMITED, INC.
(Exact name of registrant as specified in its charter)
 

Delaware
(State or other jurisdiction of
incorporation)
000-17629
(Commission
File Number)
22-1896032
(IRS Employer
Identification No.)
 
224-S Pegasus Avenue, Northvale, New Jersey 07647
(Address of principal executive offices) (Zip Code)

(201) 767-6040
Registrant's Telephone Number
 
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

 
 

 

Item 2.02.  Results of Operations and Financial Condition.

On November 19, 2008, ADM Tronics Unlimited, Inc. (the “Company”) issued a press release regarding results for the six months ended September 30, 2008.  A copy of this press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this report under Item 2.02 is being furnished pursuant to Item 2.02 of Form 8-K, insofar as it discloses historical information regarding the Company’s results of operations and financial condition as of and for the six months ended September 30, 2008.  In accordance with General Instructions B.2 of Form 8-K, the information in this Current Report on Form 8-K under Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Forward Looking Statements

This Current Report on Form 8-K, including Exhibit 99.1, contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  Forward-looking statements represent our management’s judgment regarding future events.  Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to be correct.  All statements other than statements of historical fact included in this Current Report on Form 8-K, are forward-looking statements.  The Company cannot guarantee the accuracy of the forward-looking statements, and you should be aware that the Company’s actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including the statements under “Risk Factors” contained in the Company’s reports filed with the Securities and Exchange Commission.

Item 9.01.  Financial Statements and Exhibits.

 
(d)
Exhibits
       
   
Exhibit 99.1 –
Press release, dated November 14, 2008, regarding results for the six months ended September 30, 2008 (Exhibit 99.1 is furnished as part of this Current Report on Form 8-K).

 
-2-

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
ADM Tronics Unlimited, Inc.
 
     
     
     
 
By: /s/ Andre’ DiMino
 
 
Name:  Andre' DiMino
 
 
Title:  CEO/CFO
 

Dated: November 19, 2008
 
 
-3-
EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

Exhibit 99.1
 
 
ADM Tronics Reports Second Quarter Financial Results

November 19, 2008, Northvale, NJ – ADM Tronics Unlimited, Inc. (OTCBB: ADMT), a technology-based developer and manufacturer of unique, environmentally-safe, health and life-enhancing technologies, today announced financial results for the six months ended September 30, 2008.

ADMT reported a net loss of $4,407,174, or $.08 net loss per share, and $7,628,702, or $.14 net loss per share, for the three and six months ended September 30, 2008, respectively, an increase of $3,725,826 and $6,374,705 compared to a net loss of $681,348, or $.01 net loss per share, and $1,253,997, or $.02 net loss per share, for the three and six months ended September 30, 2007, respectively.  This increase was primarily the result of decreases in the fair market value of our investment in Ivivi Technologies Inc. (Ivivi) of $4,517,500 and $9,815,000 for the three and six months ended September 30, 2008, respectively, which were offset by recognized deferred tax credits of $277,612 and $2,147,576 for the three and six months ended September 30, 2008, respectively.  Revenues for the three months ended September 30, 2008 were $389,589 as compared to $399,847 for the three months ended September 30, 2007, a decrease of $10,258, or 3%.  Revenues were $990,530 for the six months ended September 30, 2008 as compared to $692,933 for the six months ended September 30, 2007, an increase of $297,597, or 43%.  This increase was mainly the result of greater sales in contract manufacturing for Ivivi.  To date, we have not received any additional orders from Ivivi.

Andre’ DiMino, President of ADMT stated, “Our results show continued growth for our year-over-year periods. We expect to see continued growth and acceptance of our water-based chemical products through expanded sales and marketing activities.”

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(Unaudited)

   
Three Months Ended
   
Six Months Ended
 
   
September 30,
   
September 30,
 
                         
   
2008
   
2007
   
2008
   
2007
 
                         
Revenues
  $ 389,589     $ 399,847     $ 990,530     $ 692,933  
                                 
Costs and expenses:
                               
Cost of sales
    258,269       249,170       657,480       419,229  
Research and development
    -       1,057       -       3,550  
Selling, general and administrative
    311,913       245,798       600,581       494,517  
                                 
Total operating expenses
    570,182       496,025       1,258,061       917,296  
                                 
Operating loss
    (180,593 )     (96,178 )     (267,531 )     (224,363 )
                                 
Interest income, net
    13,307       25,647       28,641       50,790  
                                 
Change in fair value of investment
                               
in Ivivi
    (4,517,500 )     --       (9,815,000 )     --  
                                 
Equity in net loss of Ivivi
    --       (610,817 )     --       (1,080,424 )
                                 
Net loss before income taxes (credit)
    (4,684,786 )     (681,348 )     (10,053,890 )     (1,253,997 )
                                 
Income taxes (credit)
    (277,612 )     --       (2,425,188 )     --  
                                 
Net loss
  $ (4,407,174 )   $ (681,348 )   $ (7,628,702 )   $ (1,253,997 )
                                 
Net loss per share, basic and diluted
  $ (0.08 )   $ (0.01 )   $ (0.14 )   $ (0.02 )
                                 
Weighted average shares outstanding,
                               
basic and diluted
    53,939,537       53,882,037       53,939,537       53,882,037  


 
ADM TRONICS UNLIMITED, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS


   
SEPTEMBER 30, 2008
   
MARCH 31, 2008
 
   
(Unaudited)
 
 
 
             
ASSETS
           
             
Current assets:
           
Cash and cash equivalents
  $ 1,518,042     $ 2,072,325  
Accounts receivable, net of allowance for doubtful
               
accounts of $1,088 and $1,088, respectively
    83,747       101,270  
Inventories
    365,745       469,403  
Prepaid expenses and other current assets
    8,592       83,731  
Restricted cash
    225,000       -  
                 
Total current assets
    2,201,126       2,726,729  
                 
Property and equipment, net of accumulated depreciation
               
of $21,576 and $17,873, respectively
    66,473       55,288  
                 
Inventory - long term portion
    84,543       78,416  
Investment in Ivivi
    1,560,000       2,154,517  
Advances to related parties
    65,655       74,299  
Other assets
    236,144       28,486  
                 
Total assets
  $ 4,213,941     $ 5,117,735  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
Current liabilities:
               
Accounts payable
  $ 139,349     $ 237,331  
Note payable – Bank
    200,000       --  
Accrued expenses and other current liabilities
    48,165       87,439  
Customer deposits – Ivivi
    108,697       241,828  
Total current liabilities
    496,211       566,598  
                 
Stockholders' equity:
               
Preferred stock, $.01 par value; 5,000,000 shares authorized,
               
no shares issued and outstanding
    --       --  
Common stock, $.0005 par value; 150,000,000 shares
               
authorized, 53,939,537 shares issued and outstanding at
               
September 30, 2008 and March 31, 2008
    26,970       26,970  
Additional paid-in capital
    32,153,597       32,153,597  
Accumulated deficit
    (28,462,838 )     (27,629,430 )
                 
Total stockholders' equity
    3,717,730       4,551,137  
                 
Total liabilities and stockholders' equity
  $ 4,213,941     $ 5,117,735  


 
About ADMT

ADMT is a technology based developer and manufacturer of unique, environmentally safe, health and life enhancing technologies and products. Its core competency is its ability to conceptualize a technology, bring it through development, into manufacturing and commercialization, all in-house. Its diversified product technology areas are environmentally friendly, water based industrial chemicals; therapeutic, non invasive electronic medical devices; and, innovative personal care and topical dermatological products.

Forward-Looking Statements

This press release contains statements, which may constitute "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events.  Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements.  Forward-looking statements are subject to a number of risks and uncertainties, including, those risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-KSB for the fiscal year ended March 31, 2008.  The Company assumes no obligation to update the information contained in this press release.

Company Contact:
Andre’ DiMino
201-767-6040
  andre@admtronics.com
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