VERUS FOODS Management is noting the following ite
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Posted On: 09/29/2018 10:03:14 PM
VERUS FOODS Management is noting the following items of importance:
Compared to the same periods in 2017, the Company posted a 77% increase in sales for the first nine months of fiscal 2018 and a 31% year-over-year increase for Q3 2018.
The company achieved a gross margin of 16.3%, within the higher range of expectations.
Q3 2018 results were significantly impacted by the inclusion of one-time line items associated with the reorganization and a large, conservative reserve for certain default provisions of the convertible notes payable. We expect that much of this reserve will be reversed in a future quarter.
On an organizational basis, the Company successfully completed the spin-off of the NestBuilder real estate division.
The Company undertook a complete reorganization of its Dubai operations, forming Verus Middle East General Trading. This change will have major long-term ramifications, because Verus now controls 100% of its intellectual property and brands; has a broader product license and can begin to sell non-food items (previously restricted to food only) into the same retail network; and is now completely independent with autonomous control over its GCC operations.
Compared to the same periods in 2017, the Company posted a 77% increase in sales for the first nine months of fiscal 2018 and a 31% year-over-year increase for Q3 2018.
The company achieved a gross margin of 16.3%, within the higher range of expectations.
Q3 2018 results were significantly impacted by the inclusion of one-time line items associated with the reorganization and a large, conservative reserve for certain default provisions of the convertible notes payable. We expect that much of this reserve will be reversed in a future quarter.
On an organizational basis, the Company successfully completed the spin-off of the NestBuilder real estate division.
The Company undertook a complete reorganization of its Dubai operations, forming Verus Middle East General Trading. This change will have major long-term ramifications, because Verus now controls 100% of its intellectual property and brands; has a broader product license and can begin to sell non-food items (previously restricted to food only) into the same retail network; and is now completely independent with autonomous control over its GCC operations.
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