BDIC Reports Record Revenues: Announces Second Quarter 2017 Results
August 22 2017 - 3:49AM
Marketwired
BDIC Reports Record Revenues: Announces Second Quarter 2017
Results
BDIC Reports Record Revenues: Announces Record Breaking Second
Quarter 2017 Results
LOS ANGELES, CA-(Marketwired - Aug 22, 2017) - Blow and Drive
Interlock Corporation (OTCQB: BDIC), yesterday announced results
for the fiscal quarter ended June 2017. BDIC is pleased to announce
record breaking revenues during the second quarter of 2017.
- Second quarter revenue increased 227% year-over-year. - Second
quarter gross profit increased 212% year-over-year. - BDIC Eclipses
over $1,000,000 worth of BDI-747 Monitoring Units leased and on
reoccurring billing model.
Blow & Drive Consolidated Statements of Operations
Three Months Ended June
30,
-------------
2017 2016
------ ------
Monitoring revenues $ 204,738 $ 95,176
Distributorship revenues 106,719 -
------ ------
Total revenues 311,457 95,176
------ ------
Monitoring cost of revenue 46,085 11,163
Distributorship cost of revenues 2,500 -
------ ------
Total cost of revenues 48,585 11,163
------ ------
Gross Profit 262,872 84,013
Commenting on the results, Laurence Wainer, BDIC's chief
executive officer said "I am pleased to report a record breaking
quarter. BDIC grew faster than the market across all geographies
driven by success with our wireless ignition interlock product. Our
phones continue to ring off the hook as we continue to generate
significant sales growth in California, Oregon and Arizona; the 3
states where we have significant infrastructure and aggressive
marketing campaigns. As funds for our production become more
available, all we need do is turn on the marketing tap in the other
nine states where we are approved and we could easily capture
significantly more market share, putting thousands of more units on
the road.
As we move into the second half of the fiscal year, we plan to
refine our manufacturing process and increase our marketing and
even more aggressively pursue sales; I believe we are well
positioned to continue posting strong results both in revenues and
market share. It has been 18 months since we leased our very first
BDI-747 to our very first court ordered client and today we have
own over 3400 units, $1,000,000 worth of BDI-747's manufactured,
delivered, sold and installed on the road collecting over $100,000
per month in reoccurring revenue and we are well on our way to
establishing ourselves as a leading nationwide BAIID manufacturer
and provider.
I would also like to comment briefly on our general and
administrative expenses as these financial statements are based on
GAAP accounting principles. This increase would have been smaller
except for we paid a settlement of $50,000 to an ex-employee as
well as a preferred stock purchase agreement with myself for
preferred, restricted, non-tradable stock in exchange for
approximately $45,000 of debt owed to me by BDIC. This transaction
was applied as an expense under general and administrative expenses
at $350,000 but in reality didn't cost BDIC a single penny.. In
quarters that we do not have similar one-time transactions we
expect our general and administrative expenses to drop around 65%
to around $125,000 to $150,000 per quarter for the foreseeable
future.
FORWARD-LOOKING DISCLAIMER This report may contain certain
forward-looking statements and information. This material contains
statements about expected future events and/or financial results
that are forward-looking in nature and subject to risks and
uncertainties. Such forward-looking statements by definition
involve risks, uncertainties and other factors, which may cause the
actual results, performance or achievements of mentioned company to
be materially different from the statements made herein.
Contact Information
Laurence Wainer Chief Executive Officer 5503 Cahuenga Blvd.,
#203 Los Angeles, CA 91601 www.blowanddrive.com 877 238-4492