Reviv3 Procare Company Reports Second Quarter Financial Results
LOS ANGELES, CA / ACCESSWIRE / January 7, 2020 / Reviv3 Procare Company (Reviv3, or the Company) (OTCQB:RVIV) a manufacturer of premium hair care products designed to restore hair’s natural growth cycle resulting in healthier hair growth, today announced operating results for the second quarter ended November 30, 2020.
Second Quarter 2020 Results
The Company achieved revenue of $328,552 for its second quarter of 2020. This represents a 37% increase compared to revenue of $240,159 for the second quarter of fiscal 2019, and a 161% increase compared to the first quarter of 2020. GAAP net loss from operations was $30,374 compared to GAAP net loss from operations of 58,039 for second quarter of 2019.
Gross profit increased by 97% to $158,838 compared to $80,543 for the same comparable period in 2018. Gross profit as a percentage of revenues for the three months ended November 30, 2019 was 48% as compared to 34% for the same comparable period in 2018.
“For the quarter, the improved results are a reflection of our continued focus on channel and market expansion. For the first half of fiscal year 2020, we increased our marketing and selling expenses by 148% while maintaining discipled cost management to concurrently decrease our net loss by 13%.” Stated Jeff Toghraie, Chairman and CEO of Reviv3. “We continued to add new customer accounts in the quarter and we expect further improvements to our customer base for the rest of 2020.” Mr. Toghraie concluded.
Six months ended November 30, 2019 summary
Revenues for the six months periods ended November 30, 2019 and 2018 were $454,234 and $381,339, respectively. Revenues for the six months ended November 30, 2019 increased by $72,895 or 19% over the same comparable period in 2018.
Gross profit for the six months ended November 30, 2019 and 2018 was $239,367 and $157,947, respectively. Gross profit as a percentage of revenues for the six months ended November 30, 2019 was 53% as compared to 41% for the same comparable period in 2018. The increase in gross profit was primarily attributable to the reduction in cost of sales.
Cost of sales as a percentage of sales for the six months ended November 30, 2019 and 2018 was 47% and 59%, respectively. Cost of sales as a percentage of sales decreased in 2019 for the respective periods as compared to the same comparable periods in 2018 primarily due to the Company negotiating lower costs for assembly of our products resulting in lower cost of sales.
About Reviv3 Procare Company
Reviv3 Procare Company is engaged in the manufacturing, marketing, sale and distribution of premium quality hair and skin care products under various trademarks and brands. Our products include hair cleansing, moisturizing, restoratives and environmental defense products that address the hair care challenges of men and women. Our products are sold in markets in United States, Canada, Europe, and Asia. Visit us at: www.reviv3.com
Tel: (888) 638-8883
This press release contains a number of forward-looking statements within the meaning of the federal securities laws. The use of words such as “anticipates,” “expects,” “intends,” “plans,” “confident that” and “believes,” among others, generally identify forward-looking statements.
These forward-looking statements are based on currently available information, and management’s belief, projections, and current expectations subject to a number of significant risks and uncertainties. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things: (i) Reviv3′s ability to grow net sales and adjusted EBITDA as anticipated; (ii) our ability to fund our operating expenses (iii) potential difficulties or delays Reviv3 may experience in implementing its cost savings and efficiency initiatives; (iv) Reviv3′s ability to compete effectively with other hair and skin care companies (v) the concentration of Reviv3′s customers, potentially increasing the negative impact to Reviv3 by changing purchasing or selling patterns (vi) changes in laws or regulations in the United States and/or in other major markets, such as China, in which Reviv3 operates, including, without limitation, with respect to taxes, tariffs, trade policies or product safety, which may increase Reviv3′s product costs and other costs of doing business, and reduce Reviv3′s earnings. Potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by law, Reviv3 does not assume any obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
SOURCE: Reviv3 Procare Company
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