API Nanotronics Corp (APIA.OB) Reports Record Revenues
API Nanotronics Corp (APIA.OB), formed to develop the next generation of nanotechnology based products, today announced record first quarter revenues of $7.9 million, an 11% increase over the previous year’s first quarter revenues. Gross profits for the quarter increased by 5% over the previous year’s first quarter, as API began to restructure operations and transfer select manufacturing to China. API continues to implement cost-saving consolidation, while investing in the research and development of nanotechnology. The company’s balance sheet remains strong, showing $4.2 million in cash and marketable securities, along with $100,000 in long-term debt. Stephen B. Pudles, API’s CEO, said,…