American Metal & Tech (AMGY) research, news, and more from GeoInvesting

Company description

Wed, 16 Jul 2008 04:00:00 GMT

AMGY was formed via reverse merger transaction on May 22, 2006.

American Metal & Technology, through its wholly-owned subsidiary American Metal Technology Group ('AMTG'), a Nevada Corporation, and through AMTG's subsidiaries, Beijing Tong Yuan Heng Feng Technology Co., Ltd. and American Metal Technology (Lang Fang) Co., Ltd., is a leading manufacturer of high-precision casting and machined products in the People's Republic of China. The subsidiaries operate in a 53,819-square-foot manufacturing plant. In 2006, AMTG expanded into the design and manufacture of electric circuit boards for home appliances and motion controllers. The Company recently announced facility expansion plans to increase casting product capacity by 50% and enhance the development and manufacturing of its circuit board solutions at its Langfang manufacturing center.

Comments & Business Outlook

Thu, 18 Nov 2010 05:00:00 GMT

					For the Three months	For The Nine Months
	Ended September 30,						Ended September 30,
	2010			2009			2010			2009

Net sales	$	2,990,069		$	972,996		$	6,678,408		$	3,438,920
Cost of goods sold		(2,140,601	)		(773,409	)		(4,605,956	)		(2,548,476	)
Gross profit		849,467			199,587			2,072,452			890,444
Operating expenses
Selling expenses		(8,369	)		(4,868	)		(18,531	)		(12,905	)
Operating and administrative expenses		(365,379	)		(517,640	)		(1,213,218	)		(1,412,636	)
Total operating expenses		(373,748	)		(522,508	)		(1,231,749	)		(1,425,541	)
Income (Loss) from operations		475,719			(322,921	)		840,702			(535,097	)
Other income (expense)
Interest income, net		16,185			195,300			43,006			308,198
Unrealized (loss) gain on marketable securities		(22,338	)		85			(70,979	)		85
Gain (Loss) on sale of marketable securities		84,323			12,016			87,599			(6,635	)
Other income (expense)		(7,933	)		4,000			(16,801	)		(317,054	)
Total other income (expense)		70,238			211,401			42,825			(15,406	)
Income (Loss) from continuing operations before income tax		545,957			(111,520	)		883,528			(550,503	)
Income tax expense		(83,111	)		-			(209,459	)		-
Income (Loss) from continuing operations		462,846			(111,520	)		674,068			(550,503	)
Loss from entity held for disposal		-			(68,831	)		-			(68,831	)
Net income (loss)	$	462,846		$	(180,351	)	$	674,068		$	(619,334	)

Earnings per share - basic and diluted:
Net income (Loss) from continuing operations	$	0.04		$	(0.01	)	$	0.06		$	(0.05	)
Loss from entity held for disposal		-			(0.01	)		-			(0.01	)
Net income (Loss) from continuing operations	$	0.04		$	(0.02	)	$	0.06		$	(0.06	)
Weighted average shares outstanding, basic and diluted		11,940,472			10,720,268			11,947,429			10,720,268

The increase in sales was primarily due to the the increase in customer orders during the second half of year 2010. The increase in gross margin was resulted from lower fixed costs per unit allocated to cost of goods sold due to increase in sale orders during the current period as compared to the prior period.

The decrease in expenses was mainly due to more expenses being allocated to manufacturing cost for the increasing production and sales volume starting in the second half of the year 2010.

Investor Alert

Tue, 01 Jun 2010 04:00:00 GMT

American Metal & Technology, Inc. (the “Registrant”), pursuant to a letter received on or about May 20, 2010 from Kabani & Company, Inc. ("Kabani"), the former independent certified accountant of the Registrant, has been advised by Kabani that Kabani’s previously issued audit opinion of the Registrant’s financial statements for 2007 and 2008 stands withdrawn.

Kabani advised the Registrant that its previously issued audit opinion was being withdrawn because the Registrant filed a copy of the audit opinion in the Registrant’s Form 10-K for the year ended December 31, 2009, without Kabani’s approval and review of the Form 10-K, and Kabani’s belief that the Registrant’s financial statements with respect to the year ended December 31, 2008 were changed from the ones audited by Kabani.