HISP Reports Record Revenues Company Achieves
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Posted On: 10/17/2017 9:59:14 AM
HISP Reports Record Revenues
Company Achieves Record Revenues of Over One Million in Sales for the First Quarter
http://www.otcmarkets.com/stock/HISP/news/His...31&b=y
NEW YORK, New York, Oct. 17, 2017 (GLOBE NEWSWIRE) -- Company Achieves Record Revenues of Over One Million in Sales for the First Quarter
Hispanica International, Inc. (OTCQB: HISP) a brand accelerator company focused on proprietary brands in the beverage and snack industry, today announced results for its 2018 fiscal first quarter ended August 31, 2017.
First Quarter 2018 Financial Highlights:
HISP surpassed over $1M in revenues for its first quarter of fiscal 2018.
HISP attained a 60% revenue increase from the comparable quarter a year ago (Q1 2018 vs Q1 2017).
Operating losses decreased by almost 70%.
Proprietary brands generated nearly 30% of revenues (up from 17% from last year's comparable quarter).
HISP will continue to grow sales of its proprietary brands by increasing distribution, both directly through its DSD operations, as well through other distributors and directly to chain retailers.
Existing shareholders Shircoo Inc. and JH Brech, LLC, increased their positions by financing the next stage of development with a new funding round.
HISP has initiated the process to remove convertible debt from its balance sheet.
Fiscal 2018 first quarter net sales were $1.03 million up from $649,411 in the comparable quarter in 2017 and net losses were ($529,244), compared to ($1.03) million in 2017. Operating losses for the quarter were $145,000 compared to $249,000 in the year ago period. In addition, operating expenses decreased by $322,000 during the three months ended August 31, 2017 as compared to the three months ended August 31, 2016.
The acquisition of Energy Source Distributors, Inc. (ESD) in July 2016 allowed HISP to expand distribution. Sales through the ESD subsidiary increased by $196,000 during the three months ended August 31, 2017 as compared to the three months ended August 31, 2016. Sales through the HISP channel increased by $191,000 during the three months ended August 31, 2017 from the comparable period a year ago.
"In the first quarter, we hit a major milestone, surpassing $1M in revenues in one quarter, while reducing operating losses by 70%," said Fernando Oswaldo Leonzo, Chairman and CEO of Hispanica. "The investments from existing shareholders enable us to move forward without convertible debt and focus on growing our brands while making key acquisitions. Looking ahead, we expect to improve sales execution in the second quarter while maintaining our focus on fiscal discipline. We remain committed to our goal of continued revenue growth from organic operations, Improving our product mix as well as growing Hispanica’s portfolio of accretive assets.”
Hispanica anticipates closing the acquisition of Giant Beverage Company, Inc. of New York City during the second quarter, subject to the satisfaction of certain closing conditions.
Company Achieves Record Revenues of Over One Million in Sales for the First Quarter
http://www.otcmarkets.com/stock/HISP/news/His...31&b=y
NEW YORK, New York, Oct. 17, 2017 (GLOBE NEWSWIRE) -- Company Achieves Record Revenues of Over One Million in Sales for the First Quarter
Hispanica International, Inc. (OTCQB: HISP) a brand accelerator company focused on proprietary brands in the beverage and snack industry, today announced results for its 2018 fiscal first quarter ended August 31, 2017.
First Quarter 2018 Financial Highlights:
HISP surpassed over $1M in revenues for its first quarter of fiscal 2018.
HISP attained a 60% revenue increase from the comparable quarter a year ago (Q1 2018 vs Q1 2017).
Operating losses decreased by almost 70%.
Proprietary brands generated nearly 30% of revenues (up from 17% from last year's comparable quarter).
HISP will continue to grow sales of its proprietary brands by increasing distribution, both directly through its DSD operations, as well through other distributors and directly to chain retailers.
Existing shareholders Shircoo Inc. and JH Brech, LLC, increased their positions by financing the next stage of development with a new funding round.
HISP has initiated the process to remove convertible debt from its balance sheet.
Fiscal 2018 first quarter net sales were $1.03 million up from $649,411 in the comparable quarter in 2017 and net losses were ($529,244), compared to ($1.03) million in 2017. Operating losses for the quarter were $145,000 compared to $249,000 in the year ago period. In addition, operating expenses decreased by $322,000 during the three months ended August 31, 2017 as compared to the three months ended August 31, 2016.
The acquisition of Energy Source Distributors, Inc. (ESD) in July 2016 allowed HISP to expand distribution. Sales through the ESD subsidiary increased by $196,000 during the three months ended August 31, 2017 as compared to the three months ended August 31, 2016. Sales through the HISP channel increased by $191,000 during the three months ended August 31, 2017 from the comparable period a year ago.
"In the first quarter, we hit a major milestone, surpassing $1M in revenues in one quarter, while reducing operating losses by 70%," said Fernando Oswaldo Leonzo, Chairman and CEO of Hispanica. "The investments from existing shareholders enable us to move forward without convertible debt and focus on growing our brands while making key acquisitions. Looking ahead, we expect to improve sales execution in the second quarter while maintaining our focus on fiscal discipline. We remain committed to our goal of continued revenue growth from organic operations, Improving our product mix as well as growing Hispanica’s portfolio of accretive assets.”
Hispanica anticipates closing the acquisition of Giant Beverage Company, Inc. of New York City during the second quarter, subject to the satisfaction of certain closing conditions.
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