UPDATE: Groupe Athena, Inc. Continues Pace for Record Fiscal Year With Strong Second Quarter Sales
March 10 2014 - 2:43PM
Marketwired
UPDATE: Groupe Athena, Inc. Continues Pace for Record Fiscal Year
With Strong Second Quarter Sales
MUMBAI, INDIA--(Marketwired - Mar 10, 2014) - Groupe
Athena, Inc. (OTC Pink: GATA) today posted their quarterly results
for the three months ending December 31, 2013. The company reported
revenues of $17,961,452 which is an increase of 21% when compared
to the corresponding period in 2012 and represents the strongest 6
month earnings period in the company's history. Operating income
for the quarter was also strong at $3, 097,791, an increase of over
26% from $2.45 million for the same period in 2012.
Net income after taxes and depreciation for the period was
$2,083,606 or $.044 per share.
With regard the continued strong growth, the company's
President, Ms. D Purohit, stated, "I can't put into words how
exciting it is to see our dreams become reality. Our core business
is thriving and our expansion plans are proceeding as expected. We
fully expect 2014 to be a breakout year for Groupe Athena,
Inc."
The company reiterates that the strong increase in operating
income is due to the continued increases in gross margins and they
anticipate further increases as more work is transitioned in-house.
Operating margins are approaching 20% currently and management
remains committed to attain 40% gross margins over the next
few years.
The company's order position also remains very healthy and
management expects record total revenues of at least $65 million
for the current fiscal year.
Cash and cash equivalents are at record levels for the company
and continue to grow and 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 Europe and GATA is well positioned
to help them get their products approved by the respective
governing bodies for sales in both regions. 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
Cornellpaul6@gmail.com