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Miami, FL, July 18, 2022 (GLOBE NEWSWIRE) -- OM Holdings International Inc. (OTCQX: OMHI) today announced its financial results for the third quarter ended and nine months ended May 31, 2022.
Key Financial Highlights:
Operating Results for the Three Months Ended May 31, 2022
Net sales for three months ended May 31, 2022 was $9.6 million, an increase of 30% from $7.4 million in the same period of 2021.
Gross profit was $2.9 million, an increase of 42% from $2.0 million in the same period of 2021.
Net profit was $699 thousand, an increase of 27% from $550 thousand in the same period of 2021.
Operating Results for the Nine Months Ended May 31, 2022
Net sales for nine months ended May 31, 2022 was $27.6 million, an increase of 34% from $20.6 million in the same period of 2021.
Gross profit was $8.8 million, an increase of 48% from $5.9 million in the same period of 2021.
Net profit was $1.7 million, an increase of 62% from $1.1 million in the same period of 2021.
Mark Vanterpool, Chief Executive Officer of OM Holdings International, stated, “Throughout 2021 and into 2022, we implemented a corporate strategy designed to enhance our presence in the market while remaining focused on serving existing customers. We also implemented a sales and marketing strategy that targets tourism throughout the British Virgin Islands. We believe this strategy will provide us with long term growth as well increasing market share in our current markets and locations we intend to open new stores.”
“We are encouraged with the manner in which we have emerged from the pandemic with a strong business plan, operating with a focus on efficiency and positioning ourselves to compete in a rapidly changing market. Overall, we believe OM Holdings, its employees, and partners, combined with our business plan, is in a position to support a long-term growth strategy,” concluded Mr. Vanterpool.
About OM Holdings International, Inc.
OM Holdings International, Inc. operates delivery services and grocery stores in the Caribbean, with a mobile application delivery platform that provides an expedient, contactless option for the transportation of people and essential goods. The company's storefront, OneMart, is the second-largest grocery store in the BVI. OHMI's delivery subsidiary, Rydeum, has partnered with Jamacia’s largest taxicab union, JUTA. The company also provides lumber and other construction supplies to contractors throughout the Caribbean.
For more information, please visit https://omholdingsinc.com/.
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company’s business, operations and the economy in general, and the Company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). 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.