GROUPE ATHENA, INC. SETS PACE FOR RECORD FISCAL YEAR WITH 22% INCREASE IN FIRST QUARTER REVENUES
October 21 2013 - 9:00AM
OTC Markets
Groupe
Athena, Inc. (Pink sheets GATA.PK) 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
For more information contact:
Paul
Cornell
Corporate Shareholder Relations, Inc.
Cornellpaul6@gmail.com
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not guarantees of future performance and are subject to risks and
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that could cause the company's actual results and financial
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materially from those included within the forward-looking
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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
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