American Power Group Corporation Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended March 31, 2016
American Power Group Corporation announced consolidated earnings results for the second quarter and six months ended March 31, 2016. Net sales for the three months ended March 31, 2016 increased $135,000 or 28% to $609,000 as compared to net sales of $474,000 for the three months ended March 31, 2015. The increase was primarily due to increased domestic vehicular revenue. Net loss for the three months ended March 31, 2016 increased $1,579,000 to $1,487,000 or $0.02 per basic share as compared to a net income of $92,000 or $0.00 per basic share for the three months ended March 31, 2015.
Net sales for the six months ended March 31, 2016 decreased $427,000 or 28% to $1,103,000 as compared to net sales of $1,530,000 for the six months ended March 31, 2015. Due to increased oil reserves and a decrease in the growth rate of demand throughout certain parts of the world the price of oil in the U.S. has dropped to the $40+ per barrel range which has resulted in a steady decrease in diesel prices during the six months ended March 31, 2016. Net loss for the six months ended March 31, 2016 increased $8,068,000 to $4,352,000 or $0.08 per basic share as compared to a net income of $3,716,000 or $0.07 per basic share for the six months ended March 31, 2015.