An upcoming technology company is making waves Wednesday. Nocopi Technologies, Inc. (OTC:NNUP), a developer of specialty reactive inks used in entertainment, toy and educational products as well as document and product authentication technologies to combat fraud, today announced results for its third quarter.
The King of Prussia, Pa.-based company reported Wednesday that revenue in the quarter totaled $637,500, compared to $561,400 in the similar quarter the year before. Net income was an impressive $206,800, towering over the prior-year quarter’s $1,100.
Q3’19 gross profit rose 11% to $429,500 vs. Q3’18, reflecting higher revenue and a slightly lower gross margin of 67.4% vs. 69.2% in Q3’18, due to growth in ink sales which carry a somewhat lower margin than royalties and license fees.
Cash rose to $798,000 at the end of Q3’ 19, reflecting growth in customer demand.
Nocopi CEO Michael Feinstein said, “We are very excited with the growing pace of our business and the opportunities we see to build on our success with current customers as well as our plans for new business development.
“Nocopi reactive inks enable exciting capabilities that have applications across a broad range of consumer products as well as in product security. We have built the business over the past few years with a small but focused team with keen attention to managing overhead and other costs.”
Shares sprang up 2.05 cents, or 51.9%, by early Wednesday afternoon, to six cents, on volume surpassing 1.3 million shares.