OMID Provides Third-Quarter Financial Results
October 16 2020 - 10:00AM
InvestorsHub Cannabis NewsWire
Alpha,
NJ -- October 16, 2020 -- InvestorsHub NewsWire -- OMID Holdings,
Inc. (OTC
Pink: OMID), a publicly-traded health and wellness company,
today provides Unaudited Key Financial Highlights for the third
quarter.
Operating Results for the Three Months Ended
September 30, 2020
- Revenue was $356,444, compared to $178,435 for the
same period last year, a 99.8%
improvement.
- Gross
Profit was $156,713, compared to $85,650 for the same period last
year, a 83.1% improvement.
- Net
income was $96,819, compared to $8,008 for the same period last
year, a 1109.1% improvement.
Operating Results for the Nine Months Ended
September 30, 2020
- Revenue was $840,922, compared to $505,371 for the
same period last year, a 66.4%
improvement.
- Gross
Profit was $362,350, compared to $171,083 for the same period last
year, a 111.8% improvement.
- Net
income was $185,233, compared to $24,978 for the same period last
year, a 641.6% improvement.
All comparative
figures reflect the operations of OMID Holdings, Inc. (successor)
detailed in the consolidated financials per the acquisition in
February 2020; the predecessor reporting entity’s operations are
not factored into these
calculations.
“OMID
Manufacturing is rapidly evolving with a promising outlook for the
foreseeable future.” stated Adam Frank, OMID’s Chairman and CEO. “I
expect our recent investments in production machinery to yield
substantial benefit as we continue to expand our manufacturing
capabilities in both product variety and
scale.”
About OMID Holdings,
Inc.
OMID
Holdings, Inc. is a publicly-traded (OTC
Pink: OMID) health and wellness company which owns and operates
a manufacturing facility in Alpha, New Jersey. The headquarters is
FDA-registered and Food Grade Certified for production within its
clean room environment. The company is currently focused on the
development, manufacture, and sale of hemp-based products for
private label and in-house brands. For more information about the
company, please visit https://omidholdingsinc.com/.
Safe Harbor
Act:
Forward-Looking Statements are included within the meaning of
Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
regarding our expected future financial position, results of
operations, cash flows, financing plans, business strategy,
products and services, competitive positions, growth opportunities,
plans and objectives of management for future operations, including
words such as "anticipate," "if," "believe," "plan," "estimate,"
"expect," "intend," "may," "could," "should," "will," and other
similar expressions are forward-looking statements and involve
risks, uncertainties and contingencies, many of which are beyond
our control, which may cause actual results, performance, or
achievements to differ materially from anticipated results,
performance, or achievements. We are under no obligation to (and
expressly disclaim any such obligation to) update or alter our
forward-looking statements, whether as a result of new information,
future events or otherwise.
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