Third Quarter Highlights
- Revenues increased by 28% compared to the same comparable period in 2018.
- Gross profit as a percentage of revenues increased to 43% compared to 38% for the same period in 2018.
- Operating Expenses for the 3 months decreased by 36% to the same comparable period in 2018.
Los Angeles, Calif., April 10, 2019 (NewMediaWire) -- Reviv3 Procare Company (OTCQB: RVIV) today reported third quarter 2019 financial results. Jeff Toghraie, Chairman and CEO of REVIV3, said, “We have made meaningful progress towards achieving profitability as we implement efficiencies in our operations while increasing revenues. In the quarter, we reported a 96% decrease in net loss compared to same period last year. Our operating expenses as a percentage of revenues for the three months ended February 28, 2019 was 45% compared to 89% for the same period last year as we continue to implement our cost management measures. We believe these achievements as well as other on-going initiatives create a foundation for our future growth. We will continue to focus on creating value for our shareholders by enhancing our existing processes and exploring strategic alternatives to achieve profitability and increase topline growth.”
Nine months ended February 28, 2019 results
Revenues for the nine months periods ended February 28, 2019 and 2018 were $662,401 and $466,408, respectively. Revenues for the nine months period ended February 28, 2019 increased by $195,993 or 42% compared to the same comparable period in 2018.
Cost of sales for the nine months ended February 28, 2019 and 2018 was $382,238 and $247,359, respectively. Cost of sales as a percentage of sales for the nine months ended February 28, 2019 and 2018 was 58% and 53%, respectively.
Operating expenses for the nine months ended February 28, 2019 and 2018 were $434,790 and $557,005, respectively. Operating expenses as a percentage of revenues for the nine months ended February 28, 2019 and 2018 were 66% and 119% respectively. Operating expenses for the nine months ended February 28, 2019 decreased by $122,215 or 22% compared to the comparable period in 2018.
On a GAAP basis, our net loss was $154,910. This compares to a net loss of $340,937 in the first nine months of 2018.
Reviv3 Procare Company is engaged in the manufacturing, marketing, sale and distribution of professional quality hair and skin care products under various trademarks and brands. We are committed to using the highest quality active ingredients found in nature to create professional grade products that simply work. Our products are sold in targeted markets in United States, Canada, Europe, and Asia.
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.
Christopher Go 888-638-8883 email@example.com