Sugarmade Fiscal 2016 Results – Revenues Grow to $4.35 million from $2.9 million – Prepares to Rollout Out Sriracha Seaso...
October 17 2016 - 8:00AM
InvestorsHub NewsWire
Sugarmade Fiscal 2016 Results Revenues Grow to $4.35 million
from $2.9 million Prepares to Rollout Out Sriracha Seasoning
Stix
City of Industry, CA -- October 17, 2016 -- InvestorsHub
NewsWire -- Sugarmade, Inc. (OTC:SGMD),
today announces results for the 2016 fiscal year of $4.35 million
in revenue versus $2.9 million for the previous fiscal year. Gross
margins for the 2016 fiscal year were 35%, up from 30% during the
previous year. During Fiscal 2015, the Company began an aggressive
restructuring program that included a significant acquisition,
alignments of staffing positions, streamlining of the product
offers and the entrance into new product areas. With this
restructuring complete, the Company is planning a series of new
product introductions designed to continue to grow its revenue
base.
We are very happy to inform our shareholders of the huge
progress we have made over the past year, commented, Mr. Jimmy
Chan, CEO. We have restructured our main business unit allowing it
to produce much more robust gross margins and we have stemmed the
operating units losses. As we have previously announced, we are
planning a major product rollout of our Sriracha Seasoning Stix
product over the coming weeks, based on our license agreement with
Huy Fong Foods, Inc, which will be supported by a national and
online advertising campaign. Additionally, we are preparing to
announce additional new products over the coming weeks. We are
certainly excited about our future.
About Sugarmade, Inc. (OTC:SGMD)
Sugarmade, Inc. is a product and brand marketing company
investing in products and brands with disruptive potential. The
Company is an official licensee of Irwindale, California-based Huy
Fong Foods, Inc., the maker of Sriracha Hot Chili Sauce. Sugarmades
other brands include Sriracha Seasoning Stix, CarryOutSupplies.com,
Sugarmade Tree Free Paper and the FreeHand ThumbTray. For more
information on the Company's products, please visit www.Sugarmade.com.
For inquiries please contact the Company at (888) 982-1628 or
info@Sugarmade.com.
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