Revenues reached $39.7 million for the fiscal year ended December 31, 2019 and Q1 Revenues increased by 23.2% for the three months ended March 31, 2020
CHICAGO, May 20, 2020 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (the ‘’Company") (COSM), an international pharmaceutical company, announced consolidated financial results for the fiscal year ended December 31, 2019 and the quarter ended March 31, 2020, prepared in accordance to Generally Accepted Accounting Principles (US GAAP).
Financial Highlights for the year ended December 31, 2019:
- Operating revenues increased in 2019 by 7.0% to $39.7 Million from $37.1 Million in 2018.
- Gross profits improved by 52% year over year. For the twelve months ended December 31, 2019 gross profit increased to $3.7 million from $2.4 million for the same period in 2018.
- Accordingly, gross profit margin increased to 9.2% for the year end 2019 from 6.5% for the same period in 2018.
- General and administrative expenses dropped slightly to $3.5 million in 2019 from $3.6 million in 2018, which corresponds to a 1.9% decrease from the prior year.
- Other income (expense) were $(2.9) million in 2019 from $(7.8) million in 2018, marking a decrease by 63.4% year over year.
Financial Highlights for the three months ended March 31, 2020:
- Quarterly revenues were higher by 23.2% to $11.9 million for the three months ended March 31, 2020, compared to $9.7 million for the same period in 2019.
- For the three months ended March 31, 2020, gross profits increased by 90.6% to $1.2 million from $0.62 million in the same period in 2019.
- Gross profit margin for the first quarter ended in March 31, 2020 improved to 10.0% from 6.5% for same period in 2019.
- General and Administrative expenses in Q1 2020 stood at $0.86 million, marking an increase of 16.7% compared to the same period in 2019.
- Income (loss) from operations increased by 229% to $0.22 million from $(0.17) million.
Commenting on the Company’s strong annual and quarterly performance, Grigorios Siokas, Chief Executive Officer of Cosmos Holdings Inc., said, “I am delighted to announce that the Company achieved almost $40 million in annual turnover and confirming our steady progress in the delivery of our Vision. In addition, during this quarter the Company recorded significant gross profits and remarkable increased gross profit margins due to the introduction of our Nutraceutical ’Sky Premium Life‘ brand. Looking to 2020, we will be focusing on building our corporate fundamentals within this volatile socioeconomic environment.”
About Cosmos Holdings, Inc.
Cosmos Holdings Inc. is an international pharmaceutical company focused on identifying, acquiring, developing, and commercializing medicines to improve patients' lives and outcomes. Cosmos Holdings has offices and distribution centers in Athens and Thessaloniki, Greece & in Harlow, UK. More information is available at www.cosmosholdingsinc.com.
Cosmos Holdings, Inc. takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services
FORWARD LOOKING STATEMENTS
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.
Investor Relations contact:
Dresner Corporate Services