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Mechanical Technology, Incorporated Reports Record 2020 Revenue and Full Year Results

admin by admin
March 31, 2021
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ALBANY, N.Y., March 31, 2021 /PRNewswire/ — Mechanical Expertise, Included (“MTI” or the “Firm”), (NASDAQ: MKTY), the guardian firm of MTI Devices, Inc. (“MTI Devices”), a check and measurement devices and techniques enterprise and EcoChain, Inc. (“EcoChain”), a cryptocurrency mining enterprise powered by renewable power, introduced right now its fiscal yr finish 2020 monetary outcomes. 

Highlights:

For the fiscal yr ended 2020, web earnings was $1.9 million, which represents a yr over yr improve of roughly 500% over 2019. Product income for the yr ended 2020 was $9.0 million, a rise of 37% over 2019, with corresponding product margins growing by $2.0 million.

A key cause for the rise in our monetary efficiency was the profitable supply, by our MTI Instrument subsidiary, of 52 new PBS-4100+ engine vibration balancing techniques and related equipment, pursuant to a contract with the USA Airforce. This improve in income mixed with an enchancment in product margin of 589 foundation factors contributed to our improve in working earnings. The development in foundation factors was primarily pushed by value financial savings in supplies purchases as a result of quantity and leveraging the prevailing value construction.

Revenues generated by our EcoChain subsidiary, with the addition of our cryptocurrency mining enterprise in 2020, contributed favorably to our more healthy monetary efficiency for the yr ended 2020. In the course of the fourth quarter of 2020, EcoChain generated revenues of $369 thousand, which represented a rise of 109% over revenues generated within the third quarter of 2020 and totaled $595 thousand for the yr ended December 31, 2020. Our TNT web site generated margins of $190 thousand on these revenues for the yr ended December 31, 2020. Throughout 2021, we count on to generate optimistic margins from our TNT mining operation.

Michael Toporek, CEO of MTI said, “We’re extraordinarily happy with our report outcomes, particularly the approximate 500% improve in profitability. With our progress technique clearly gaining momentum, we’re significantly happy with our current uplisting to The Nasdaq Capital Market. The facility value of EcoChain’s new information heart within the Southeastern United States is thrilling because it offers for max flexibility to doubtlessly optimize the Firm’s return on invested capital.”

MTI’s Chief Monetary Officer, Jessica Thomas commented, “The yr ending 2020 was a historic yr for the Firm, highlighted by a product income improve of 37% over the prior yr and margin enhancements that allowed the Firm to appreciate higher profitability. As well as, the TNT mine’s fourth quarter working outcomes led to the mine being worthwhile for 2020. Our monetary outcomes for 2020 set a report efficiency for in regards to the previous decade for each income and web earnings. Our money place stays sturdy at $2.6 million, along with untapped credit score services in 2020. Additional, we have been in a position to leverage current basic and administrative capabilities to help the EcoChain line of enterprise.”

Moshe Binyamin, President of MTI Devices said, “COVID-19 definitely offered quite a few enterprise and operational challenges for us. Whereas we did see an 11% decline in our non-PBS product traces in comparison with 2019, we have been in a position to offset that from will increase in revenues generated from our navy and freight aviation PBS clients. I’m definitely happy with our general income outcomes and significantly happy with our manufacturing and fulfilments groups’ efficiency. They did a unprecedented job adapting rapidly to the brand new working atmosphere, working tirelessly in a number of shifts to satisfy buyer expectations, whereas following social distancing tips and holding one another secure. It’s a testomony to our exhausting work and agility that helped us obtain these report outcomes. However the challenges offered by the COIVD-19 pandemic, we have been nonetheless in a position to quickly enhance our on-line content material and outreach. In consequence, we now have a richer on-line presence and talent to interact with clients and prospects in any method they see match.”

A presentation and corresponding video is on the market on the Firm’s web site at https://www.mechtech.com/mti-announces-year-end-2020-results.

About MTI

MTI is the guardian firm of MTI Devices, Inc. and EcoChain, Inc. By way of MTI Devices, MTI is engaged within the design, manufacture and sale of check and measurement devices and techniques that use a complete array of applied sciences to resolve advanced, actual world purposes in quite a few industries, together with manufacturing, electronics, semiconductor, photo voltaic, business and navy aviation, automotive and information storage. By way of EcoChain, MTI is creating cryptocurrency mining services powered by renewable power that combine with the blockchain community. For extra details about MTI, please go to https://www.mechtech.com.

Ahead Wanting Assertion

This communication accommodates forward-looking statements inside the which means of the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements replicate administration’s present expectations, as of the date of this communication, and contain sure dangers and uncertainties. Ahead-looking statements embody statements herein with respect to the profitable execution of the Firm’s enterprise technique. The Firm’s precise outcomes may differ materially from these anticipated in these forward-looking statements on account of varied components. Such dangers and uncertainties embody, amongst different issues, our potential to determine and keep the proprietary nature of our expertise via the patent course of, in addition to our potential to probably license from others patents and patent purposes essential to develop merchandise; the provision of financing; the Firm’s potential to implement its lengthy vary marketing strategy for varied purposes of its expertise; the Firm’s potential to enter into agreements with any obligatory companions; the impression of competitors, the acquiring and upkeep of any obligatory regulatory clearances relevant to purposes of the Firm’s expertise; and administration of progress and different dangers and uncertainties that could be detailed on occasion within the Firm’s reviews filed with the Securities and Change Fee.

Contact Data:
Jess Olszowy
[email protected]

Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
[email protected]

Mechanical Expertise, Included and Subsidiaries

Consolidated Stability Sheets

As of December 31, 2020 and December 31, 2019







({Dollars} in 1000’s, besides per share)


December 31,


December
31,




2020


2019


Belongings



Present Belongings:








   Money


$

2,630


$

2,510


   Accounts receivable – much less allowances of $0 in 2020 and 2019



975



745


   Inventories



828



924


   Pay as you go bills and different present belongings



346



56


   Whole Present Belongings



4,779



4,235


Different belongings



309



—


Deferred earnings taxes, web



759



395


Fairness funding



750



—


Property, plant and tools, web



847



174


Working lease right-of-use belongings



1,203



947


   Whole Belongings


$

8,647


$

5,751










Liabilities and Stockholders’ Fairness



Present Liabilities:








   Accounts payable


$

300


$

210


   Accrued liabilities



1,019



761


   Working lease legal responsibility



316



171


   Revenue taxes payable



2



––


      Whole Present Liabilities



1,637



1,142










Different liabilities



203



—


Working lease legal responsibility



891



776


      Whole Liabilities



2,731



1,918










Commitments and Contingencies (Word 12)








Stockholders’ Fairness:








  Frequent inventory, par worth $0.01 per share, approved 75,000,000; 10,750,100 issued in 2020 and 10,586,170 issued in 2019



108



106


  Extra paid-in capital



137,365



137,230


  Gathered deficit



(117,793)



(119,739)


  Frequent inventory in treasury, at value, 1,015,493 shares in each 2020 and 2019



(13,764)



(13,764)


   Whole Stockholders’ Fairness



5,916



3,833


   Whole Liabilities and Stockholders’ Fairness


$

8,647


$

5,751


Mechanical Expertise, Included and Subsidiaries

Consolidated Statements of Operations

For the Years Ended December 31, 2020 and 2019


({Dollars} in 1000’s, besides per share)


Years Ended




December 31,




2020


2019










Product income


$

9,004


$

6,571


Cryptocurrency income



595



—


     Whole income



9,599



6,571


Working prices and bills:








     Price of product income



2,669



2,205


     Price of cryptocurrency income



405



—


     Analysis and product growth bills



1,491



1,381


     Promoting, basic and administrative bills



3,584



2,726


Working earnings



1,450



259


Different earnings, web



104



36


Revenue earlier than earnings taxes



1,554



295


Revenue tax profit 



392



28


      Internet earnings


$

1,946


$

323










Internet earnings per share (Primary)


$

.20


$

.03


Internet earnings per share (Diluted)


$

.20


$

.03










Weighted common shares excellent (Primary)



9,581,886



9,548,460


Weighted common shares excellent (Diluted)



9,634,503



9,602,548


Mechanical Expertise, Included and Subsidiaries

Consolidated Statements of Modifications in Fairness

For the Years Ended December 31, 2020 and 2019







({Dollars} in 1000’s, besides per share)

Frequent Inventory



Treasury Inventory



Shares

Quantity

Extra
Paid-

in Capital

Gathered

Deficit

Shares

Quantity

Whole
Stockholders’
Fairness



















January 1, 2019

10,452,670

$

105


$

139,067


$

(118,462)


1,015,493

$

(13,764)


$

6,946




















Internet earnings

–


–



–



323


–


–



323




















Inventory based mostly compensation

–


–



31



–


–


–



31




















Issuance of shares – choice workouts

133,500


1



73



–


–


–



74




















Money dividends

–


–



(1,941)



(1,600)


–


–



(3,541)




















December 31, 2019

10,586,170

$

106


$

137,230


$

(119,739)


1,015,493

$

(13,764)


$

3,833




















Internet earnings

–


–



–



1,946


–


–



1,946




















Inventory based mostly compensation

–


–



54



–


–


–



54




















Issuance of shares – choice workouts

83,000


1



82



–


–


–



83




















Issuance of shares – restricted inventory

80,930


1



(1)



–


–


–



–




















December 31, 2020

10,750,100

$

108


$

137,365


$

(117,793)


1,015,493

$

(13,764)


$

5,916






































Mechanical Expertise, Included and Subsidiaries

Consolidated Statements of Money Flows

For the Years Ended December 31, 2020 and 2019


({Dollars} in 1000’s)


Yr Ended December 31,






2020


2019


Working Actions








Internet earnings


$

1,946


$

323


Changes to reconcile web earnings to web money offered by working actions:








   Depreciation



159



87


  Provision for dangerous money owed



––



1


  Deferred earnings taxes



(364)



—


   Inventory based mostly compensation



54



31


   Provision (restoration) for extra and out of date inventories



(3)



33


   Loss on disposal of apparatus



3



3


Modifications in working belongings and liabilities:








   Accounts receivable



(230)



125


   Inventories



99



(94)


   Pay as you go bills and different present belongings



(290)



1


   Different long-term belongings



(309)



––


   Accounts payable



90



9


   Working lease, web



4



––


   Revenue taxes and unsure tax positions



2



––


   Different long-term liabilities



203



––


   Accrued liabilities



258



(230)


Internet money offered by working actions



1,622



289


Investing Actions








 Purchases of apparatus



(835)



(83)


 Buy of inventory in fairness funding



(750)



––


Internet money utilized in investing actions



(1,585)



(83)


Financing Actions








  Money dividends on widespread inventory



––



(3,541)


  Proceeds from inventory choice workouts



83



74


Internet money offered by (utilized in) financing actions



83



(3,467)


Enhance (lower) in money



120



(3,261)


Money – starting of interval



2,510



5,771


Money – finish of interval


$

2,630


$

2,510


SOURCE Mechanical Expertise, Included

Associated Hyperlinks

https://www.mechtech.com/



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