$PACV Pacific Ventures Group Announces Third Quart
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Posted On: 11/22/2021 2:03:03 PM
$PACV Pacific Ventures Group Announces Third Quarter 2021 Results
https://www.globenewswire.com/news-release/20...sults.html
Significant year-over-year revenue growth of 33% to $30.5 million
Los Angeles CA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Pacific Ventures Group, Inc. ("Pacific Ventures"
(OTC PINK: PACV), today reported financial results for the third quarter, ended September 30, 2021.
Third Quarter 2021 Financial Highlights:
Gross revenues for the first nine months of 2021 increased 33% to $30.5 million, compared to $22.9 million in the first nine months of 2020. The significant increase in revenue was primarily the result of marked increase in demand for our products.
Gross profit increased 40% to $3.5 million, compared to $2.5 million in the first three quarters of 2020. Gross profit margins for the nine months were 11.6%, in 2021 compared to 10.9% one year ago. The increase in margins was primarily due to decreased cost of goods sold per dollar of revenue earned.
Operating expenses were $6.1 million for the nine months ended September 30, 2021, compared to $5.1 million in the first nine months of 2020. The increase in operating expense was primarily driven by increased SG&A, marketing fees and professional fees in 2021.
Net loss was $4.5 million, or $0.15 per share for the first nine months of 2021, as compared to a net loss of $3.9 million, or $0.56 per share in the first nine months of 2020.
Cash and cash equivalents were $0.5 million as of September 30, 2021.
CEO, Shannon Masjedi, stated “Our year over year revenue increased significantly for the first nine months of 2021 as compared to 2020. While we attribute part of this growth to a temporary slowdown in 2020 in sales as a result of COVID-19, we also look to increased sales as a result of our continued hard work and increase in opportunities in 2021.
https://www.globenewswire.com/news-release/20...sults.html
Significant year-over-year revenue growth of 33% to $30.5 million
Los Angeles CA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Pacific Ventures Group, Inc. ("Pacific Ventures"
(OTC PINK: PACV), today reported financial results for the third quarter, ended September 30, 2021. Third Quarter 2021 Financial Highlights:
Gross revenues for the first nine months of 2021 increased 33% to $30.5 million, compared to $22.9 million in the first nine months of 2020. The significant increase in revenue was primarily the result of marked increase in demand for our products.
Gross profit increased 40% to $3.5 million, compared to $2.5 million in the first three quarters of 2020. Gross profit margins for the nine months were 11.6%, in 2021 compared to 10.9% one year ago. The increase in margins was primarily due to decreased cost of goods sold per dollar of revenue earned.
Operating expenses were $6.1 million for the nine months ended September 30, 2021, compared to $5.1 million in the first nine months of 2020. The increase in operating expense was primarily driven by increased SG&A, marketing fees and professional fees in 2021.
Net loss was $4.5 million, or $0.15 per share for the first nine months of 2021, as compared to a net loss of $3.9 million, or $0.56 per share in the first nine months of 2020.
Cash and cash equivalents were $0.5 million as of September 30, 2021.
CEO, Shannon Masjedi, stated “Our year over year revenue increased significantly for the first nine months of 2021 as compared to 2020. While we attribute part of this growth to a temporary slowdown in 2020 in sales as a result of COVID-19, we also look to increased sales as a result of our continued hard work and increase in opportunities in 2021.
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