Record $17.3 Million Net Sales is 34% Organic Growth over First Quarter
CLEVELAND–(BUSINESS WIRE)–August 6, 2019–
Innovest Global Inc. (OTC Markets: IVST), today announced financial results for the second quarter ended June 30, 2019. Second quarter 2019 net sales were $17.3 million; an increase of $16.2 million from $1.1 million in the second quarter 2018, and $4.4 million or 34% higher compared with $12.9 million in the first quarter 2019. Year to date through June 30, 2019, net sales were $30.2 million, over 20% ahead of year to date 2019 guidance (click here for guidance).
Dan Martin, Chief Executive Officer and Chairman said, “We are incredibly proud of our tremendous progress in 2019 resulting from acquisitions coupled with strong organic growth particularly in our building materials and energy divisions. Over the last two quarters we have had positive cash flows with no long-term debt which is a testament to our team’s efforts around execution and strategy.”
Martin continued, “Every member of the Innovest Global family has contributed to our success and growth thus far. In particular, the dedication and focus of our President, Damon Mintz and our team of global leaders, Tony Crookston, Tom Eichele, Sally Emch, Dennis Giancola, Mark Kelly, Shawn Nadolski, Bill Oler, and John Yenges have created great value and a strong foundation on which incremental shareholder value can be obtained.”
The Company has also recently announced plans to spin-off its biotechnology holdings to focus on industrial revenue opportunities. In the planned spin-off, Innovest Global Inc. will hold stock in the Biotech spin-out company with dividends paid to IVST shareholders quarterly. In addition to achieving value from the stock of its Biotech effort, this action is expected to provide a focused and dedicated environment for Innovest to take advantage of rapidly growing traditional industrial and commercial sales. This action is expected to be completed no later than the end of the year.
Notable information from the second-quarter 2019 financial report:
- Second quarter ended June 30, 2019 net sales of $17.3 million; an increase of $16.2 million over the second quarter of 2018, and $4.4 million or 34% higher than the first quarter of 2019.
- Six months ended June 30, 2019 net sales of $30.2 million, an increase of $28.3 million over $1.8 million reported in the six month period ended June 30, 2018.
- Six months ended June 30, 2019 consolidated net profit of $1.3 million after non-operating gain.
- Six months ended June 30, 2019 operating loss of $0.9 million.
- Six months ended June 30, 2019 diluted EPS $0.005
- Balance Sheet figures as of June 30, 2019:
- Cash: $0.94 million
- Current Assets: $12.9 million
- Total Assets: $19.4 million
- Current Liabilities: $13.0 million
- Long-term debt: $0
- Convertible debt: $0
The quarterly report can be found in its entirety by clicking here.
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 follow on social media @innovestglobal or visit http://innovestglobal.com.
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.
Damon Mintz, President