Summit Networks Announces Fiscal 2021 First Quarter Results

February 17, 2021 10:55 AM EST

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Total revenue increased 61.3% to $3.9 million
Gross margin of 62.7% up versus 55.6% Q1 2020
Net income increased 67.8% to $1.6 million

Hengshui, China, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Summit Networks, Inc. (the “Company” or “we”) (OTC Markets: SNTW) announced today its financial results for the first quarter of fiscal 2021 ended December 31, 2020.

Fiscal 2021 First Quarter Financial Highlights

  • Total revenues for the first quarter were $3.9 million, an increase of 61.3% from total revenues of $2.4 million for the first quarter of 2020.
  • Gross margin of 62.7% versus 55.6% the year-ago period.
  • Operating income increased 88.6% to $1.8 million.
  • Net Income was $1.6 million, compared to net income of $1.0 million last year.
  • Operating cash flow for the first quarter was $2.2 million compared to $0.6 million for the same period of 2020
  • As of December 31, 2020, working capital was $5.0 million. Cash and cash equivalents was $4.3 million.

Charlene Huang, Chief Financial Officer of the Company, commented, “Despite uncertain market conditions related to the ongoing pandemic, we delivered an excellent first quarter. Driven by our waste incineration business’s particularly strong revenue growth, these impressive results reflect our management team’s solid execution. While the challenging environment persists, we are enthusiastic about the growth opportunities ahead in the hazardous waste industry and remain confident in our long-term growth trajectory.”

About Hengshui Jingzhen Environmental Company Limited

Founded in 2015, Hengshui Jingzhen is a leading private integrated waste service enterprise in Hebei, China. The company provides services in chemical and hazardous waste collection, transfer, disposal and recycling. With advanced technology for efficiently disposing and utilizing hazardous waste, Hengshui Jingzhen operates through three business lines: waste incineration, waste disposal, and waste utilization.  Its customer base spans several industries, including fine chemical, healthcare and pharmaceutical, energy, and steel manufacturing. Equipped with advanced pollution prevention facilities, Hengshui Jingzhen currently has three major plants: an incineration plant, an acidic and alkaline wastes disposal plant, and a hydrochloric acid waste comprehensive utilization plant.

Safe Harbor Statements

This press release contains "forward-looking statements", including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as "may," "could," "would," "plan," "anticipate," "believe," "estimate," "predict," "potential," "expects," "intends", "future" and "guidance" or similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon management's current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company's control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's public filings with the Securities and Exchange Commission, including the Company's current report on Form 8-K, filed on January 26, 2021. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.

For additional information, please contact:

Ms. Delia Zheng, VP of Finance

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