First Quarter Amended Results Include Upward Revisions to Net Sales and Gross Profit, and a Reduction of Operating Loss
CLEVELAND–(BUSINESS WIRE)–Innovest Global Inc. (OTC Markets: IVST), a diversified industrials company which recently announced its plan to spin-off its biotechnology holdings to focus on non-scientific revenue opportunities, intends to release its second quarter results at 4PM ET on Monday, August 5th.
Yesterday, the company posted revised first quarter results. The primary revision was an increase in net sales to $12.8 million from previously reported $11.7 million. The most notable effect of the revisions is an increase in gross profit to $1.0 million, from a previous reported gross loss of ($293,000). Obtaining the specific information that resulted in these changes had been delayed due to an accounting system transition of an entity acquired at the end of 2018.
The revised quarterly report can be found by clicking here.
Notable information from the financial report:
- First quarter Net Sales of $12.8 million are highest ever with 1,716% growth over first quarter prior year and 190% over previous quarter.
- Net Income $2.0 million after gain on non-operating income; first positive Net Income in Company history
- Operating Loss: ($329,000)
- Basic EPS: $0.014
- Total Assets $17.6 million
- Current Assets $11.1 million
- No long-term debt, no convertible debt
Questions about the financial reports can be directed to Investor Relations at info@innovestglobal.com or 440.644.1027. Please follow us across social media, a frequent medium for important updates and news @innovestglobal. Look for much more information to come soon.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC Markets: IVST) has operations in industrials (commercial and industrial products and services, energy, construction, and building materials ) and investments in biotechnology. Our primary growth strategy is to acquire existing companies in a select few industries and attract new customers in cost effective ways.
For more information, please visit: http://www.innovestglobal.com, and follow us on Twitter @innovestglobal.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company’s future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company’s filings with the OTC Markets. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Contacts
Corporate Office:
Damon Mintz
(440) 644-1027
Investor Relations:
(216) 815-1122
info@innovestglobal.com