Groupe Athena, Inc. Sets Pace for Record Fiscal Year With 22% Increase in First Quarter Revenues
October 21 2013 - 09:01AM
Marketwired
Groupe Athena, Inc. Sets Pace for Record Fiscal Year With 22%
Increase in First Quarter Revenues
MUMBAI, INDIA--(Marketwired - Oct 21, 2013) - Groupe Athena,
Inc. (OTC Pink: GATA) today posted their quarterly results for the
three months ending September 30, 2013. The company reported
revenues of $18,762,589 which is an increase of 22% when compared
to the corresponding period in 2012 and is the most revenue for a
single quarter reported by the company to date. Operating income
for the quarter also increased dramatically to $3.15 million from
$2.14 million for the same period in 2012. The company notes that
the very healthy 47% increase compared to the previous year is due
to a 20% increase in operating margins. Groupe Athena attributed
the increase to a revised mix of order flow that enabled more work
to be done in-house as opposed to more costly outsourcing.
Net income after taxes for the period increased 23% to $1.61
million or $.034 per share despite a one time impairment charge of
$618,281 related to the recent property acquisition. Excluding this
charge, net income increased 70% to $2.23 million for the
period.
The company's order position is also healthy and management
expects total revenues of $65 million for the current fiscal year.
As mentioned in previous updates, additions to equipment continue
to result in savings and as a result, operating margins increased
to 16.77% from 13.93% in the corresponding quarter of 2012.
Management remains focused on attaining operating margins of 40% of
revenues. Cash reserves remain strong and continue to grow and long
term debt remains virtually non-existent.
To review the complete quarterly report please go to
www.otcmarkets.com/stock/GATA/quote and click on "Financials"
The Indian pharmaceutical industry is increasingly focusing on
exports to the United States and GATA is well positioned to help
them get their products approved by the FDA for sales in the US.
All of these are potential clients and the Company believes it has
an advantage over competitors due to the facilities based in India,
and their ability to deliver quick feedback to clients that could
result in expedited order generation. With recent additions to
equipment, the company will continue to take on additional
contracts and continue to anticipate further growth.
About Groupe Athena, Inc.
Groupe Athena Inc. was incorporated in June 2008 and began
operations on July 1 of that year. The company is a research and
testing organization and helps various pharmaceutical and medical
products and devices companies in India and Southeast Asia to get
regulatory approvals and facilitate exports of their products to
the United States. The Company accomplishes this by assisting
clients from concept through development, providing consultation on
regulatory requirements, filings and processes.
The company has a research and marketing facility in India that
currently employs 18 consultants and marketing personnel and is
working towards aggressively expanding its presence in the Indian
pharmaceutical industry. The Company's web address is
www.groupeathena.com
Safe Harbor Statement Certain statements set forth in this press
release constitute "forward-looking statements." Forward-looking
statements include, without limitation, any statement that may
predict, forecast, indicate, or imply future results, performance
or achievements, and may contain the words "estimate", "project",
"intend", "forecast", "anticipate", "plan", "planning", "expect",
"believe", "will likely", "should", "could", "would", "may" or
words or expressions of similar meaning. Such statements are not
guarantees of future performance and are subject to risks and
uncertainties that could cause the company's actual results and
financial position to differ materially from those included within
the forward-looking statements. Forward-looking statements involve
risks and uncertainties, including those relating to the Company's
ability to grow its business. Actual results may differ materially
from the results predicted and reported results should not be
considered as an indication of future performance. The potential
risks and uncertainties include, among others, the Company's
limited operating history, the limited financial resources,
domestic or global economic conditions -- activities of competitors
and the presence of new or additional competition and conditions of
equity markets.
For more information contact: Paul Cornell Corporate Shareholder
Relations, Inc. Cornellpaul6@gmail.com