mCig, Inc. Announces Fiscal Year 2016 Financial Re
Post# of 2155
Posted On: 06/28/2016 1:26:51 PM
mCig, Inc. Announces Fiscal Year 2016 Financial Results (Unaudited); Revenue up $1.2 Million With Operational Improvement of $3.0 Million
HENDERSON, NV--(Marketwired - Jun 28, 2016) - mCig, Inc., (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp, and CBD markets, announced today its summarized unaudited financial results for its 2016 Fiscal Year. The annual audit is ongoing. Management believes the projected revenues will increase $1.2 million, a 247% increase over the prior fiscal year. The Net Loss from Operations improved by $3.0 million, a 235% decrease in loss. The Company's basic EPS for FY2016 is projected at (0.00).
Unaudited
Sales $ 1,773,241
Gross Income 365,077
Income from Operations Minus Depreciation (1,275,282)
Earnings Per Share (0.00)
Sales increase from prior period $ 1,263,284
Sales increase from prior period as a percent 247.72 %
Net Loss decrease from prior period 2,984,206
Net Loss decrease from prior period as a percent 235.25 %
Earnings Per Share (Basic) increase from prior period 0.02
Michael Hawkins, Interim Chief Financial Officer, stated, "The increase in revenue is a direct result of the strategic movement into the CBD markets. The Company has seen the beginning of its construction and grow division in the Fiscal Year numbers, but with a majority of the three contracts scheduled for completion in the current fiscal year, we should see further improvements in these numbers." He went on to say, "The Company has significantly reduced its overhead cost, and the business is trending in the right direction."
MCIG will discuss further the financial statements of the Company for Fiscal Year 2016 and its implications on the future during the upcoming investor call June 28, 2016 at 4:30 PM (EST). To attend the Shareholder Investor Call please call (712) 451-0011 and follow the prompts. When required, enter the following conference ID, 889964. The phone line will open up two minutes before the scheduled start time.
http://finance.yahoo.com/news/mcig-inc-announ...19790.html
HENDERSON, NV--(Marketwired - Jun 28, 2016) - mCig, Inc., (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp, and CBD markets, announced today its summarized unaudited financial results for its 2016 Fiscal Year. The annual audit is ongoing. Management believes the projected revenues will increase $1.2 million, a 247% increase over the prior fiscal year. The Net Loss from Operations improved by $3.0 million, a 235% decrease in loss. The Company's basic EPS for FY2016 is projected at (0.00).
Unaudited
Sales $ 1,773,241
Gross Income 365,077
Income from Operations Minus Depreciation (1,275,282)
Earnings Per Share (0.00)
Sales increase from prior period $ 1,263,284
Sales increase from prior period as a percent 247.72 %
Net Loss decrease from prior period 2,984,206
Net Loss decrease from prior period as a percent 235.25 %
Earnings Per Share (Basic) increase from prior period 0.02
Michael Hawkins, Interim Chief Financial Officer, stated, "The increase in revenue is a direct result of the strategic movement into the CBD markets. The Company has seen the beginning of its construction and grow division in the Fiscal Year numbers, but with a majority of the three contracts scheduled for completion in the current fiscal year, we should see further improvements in these numbers." He went on to say, "The Company has significantly reduced its overhead cost, and the business is trending in the right direction."
MCIG will discuss further the financial statements of the Company for Fiscal Year 2016 and its implications on the future during the upcoming investor call June 28, 2016 at 4:30 PM (EST). To attend the Shareholder Investor Call please call (712) 451-0011 and follow the prompts. When required, enter the following conference ID, 889964. The phone line will open up two minutes before the scheduled start time.
http://finance.yahoo.com/news/mcig-inc-announ...19790.html
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