$ITKH: NEWS OUT~~iTeknik Holding Corporation Reports 55% Increase in Revenues Year over Year to $771,577 for the Quarter Ending March 31, 2018Press Release | 05/21/2018
West Palm Beach, FL, May 21, 2018 (GLOBE NEWSWIRE) -- iTeknik Holding Corporation (OTC PINK:ITKH) announced results for its 1Q FY 2018 ending May 31, 2018. These results are after the Company recently changed its fiscal year from December 31st to March 31st. This change in fiscal year changes the current financial period from 3rd to 1st quarter.
Highlights of the financials which are posted on OTC Markets include these results:
Revenues grew 55% compared to the same quarter in the prior year
Revenues for the current quarter were $771,577 compared to:
$499,264 in the prior year quarter ending March 2017
$856,103 for the quarter ending December 31, 2017
Gross Margin was 52% for the current quarter
The Company also reported a net loss of $319,390 versus a loss of $257,896 in the prior quarter. The net loss from the current quarter includes $225,000 of interest payments due to TCA Global Fund. The interest is accrued in the Company’s financial reports but has not been paid due to litigation with TCA Global Fund which has been previously reported.
The Company derives its revenue from its two subsidiaries. Big Rhino Corporation is a full service advertising agency serving automotive dealerships, medical services and real estate clients. Big Rhino began operations on January 2, 2017 and in its first full year of operations increased its revenues 105%. The Blender Company, a full service advertising agency was acquired in August of 2017 and specializes in state and local government projects.
Fred Wicks, iTeknik's Chairman and CEO said, “While the current quarter produced some mixed results we remain optimistic. Kyle Eng, President of Big Rhino, and his management team have identified key areas of the business for growth and cost reduction. Their goal is to improve profit while reigniting the impressive growth they enjoyed last year.”
iTeknik Holding Corporation (OTC Pink:ITKH) trades on the OTC Pink tier of the OTC Market and is classified as “Pink Sheet Current Information.” To view complete posted financials on the company, visit https://www.otcmarkets.com/stock/ITKH/filings.
https://www.otcmarkets.com/stock/ITKH/news/iT...?id=193100
West Palm Beach, FL, May 21, 2018 (GLOBE NEWSWIRE) -- iTeknik Holding Corporation (OTC PINK:ITKH) announced results for its 1Q FY 2018 ending May 31, 2018. These results are after the Company recently changed its fiscal year from December 31st to March 31st. This change in fiscal year changes the current financial period from 3rd to 1st quarter.
Highlights of the financials which are posted on OTC Markets include these results:
Revenues grew 55% compared to the same quarter in the prior year
Revenues for the current quarter were $771,577 compared to:
$499,264 in the prior year quarter ending March 2017
$856,103 for the quarter ending December 31, 2017
Gross Margin was 52% for the current quarter
The Company also reported a net loss of $319,390 versus a loss of $257,896 in the prior quarter. The net loss from the current quarter includes $225,000 of interest payments due to TCA Global Fund. The interest is accrued in the Company’s financial reports but has not been paid due to litigation with TCA Global Fund which has been previously reported.
The Company derives its revenue from its two subsidiaries. Big Rhino Corporation is a full service advertising agency serving automotive dealerships, medical services and real estate clients. Big Rhino began operations on January 2, 2017 and in its first full year of operations increased its revenues 105%. The Blender Company, a full service advertising agency was acquired in August of 2017 and specializes in state and local government projects.
Fred Wicks, iTeknik's Chairman and CEO said, “While the current quarter produced some mixed results we remain optimistic. Kyle Eng, President of Big Rhino, and his management team have identified key areas of the business for growth and cost reduction. Their goal is to improve profit while reigniting the impressive growth they enjoyed last year.”
iTeknik Holding Corporation (OTC Pink:ITKH) trades on the OTC Pink tier of the OTC Market and is classified as “Pink Sheet Current Information.” To view complete posted financials on the company, visit https://www.otcmarkets.com/stock/ITKH/filings.
https://www.otcmarkets.com/stock/ITKH/news/iT...?id=193100
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