IDenta Corp Reports 2020 First Quarter Financial Results Showing an Increase in Sales During COVID-19
Published: May 14, 2020 at 12:11 p.m. ET
JERUSALEM, May 14, 2020 /PRNewswire via COMTEX/ -- JERUSALEM, May 14, 2020 /PRNewswire/ -- IDenta Corp. (OTCQB: IDTA) is a worldwide leader in the development of Detection Kits to identify Drugs and Explosives and Unique Forensic Products in the Homeland Security Market and Consumer Market. Today IDenta Corp reported its 2020 first quarter financial statement. The revenue was $227,571 for the first quarter of 2020 compared to $197,384 for the same period of 2019. This is a 15% increase in sales.
Mr. Amichai Glattstein, Chief Executive Officer, commented: "The Company today presented amazing results in its financial report, especially in light of the global economic situation. Sales increased during the pandemic. IDenta streamlined and improved both production and management, resulting in increased profitability and efficiency. The company's products are required even during the Corona virus pandemic and are not luxury items. The war on drugs and crime does not stop and even grows. Explosive detection still remains paramount. We are excited to be part of a number of limited companies that have maintained stability and even increased sales during this challenging time."
Highlights of the First Quarter of 2020 compared to the First Quarter of 2019:
Revenues for the First quarter of 2020 were $227,571 compared to revenues of $197,384 in the first quarter of 2019. This is a 15% increase in sales;
Gross profit increase to $195,882 in the first quarter of 2020 compared to gross profit of $131,381 in the first quarter of 2019. This is a 49% increase.
Operating profit increased exponentially to $72,247 for the first quarter of 2020 compared to operating profit of $6,021 in the first quarter of 2019. This is a 1,200% increase and represents both the increase in revenues as well as significant streamlining in operations;
Net profit increased dramatically to $72,471 in the first quarter of 2020 compared to $(3,039) in the first quarter of 2019. This was a result of optimizing manpower, improving production line and improving the profitability of the company in selling its products.
Cash and cash equivalents decrease to $140,453 for the first quarter of 2020 compared to $224,623 for the first quarter of 2019 as a result of giving extra credit to distributors.
