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Revenues for Twelve Months Ended December 31, 2020 Increased More Than 1000%
LAFAYETTE, Louisiana, Feb. 5, 2021 /PRNewswire/ -- RedHawk Holdings Corp. (OTC: SNDD) ("RedHawk" or the "Company"), a diversified holding company primarily engaged in sales and distribution of medical devices and certain personal protection equipment, announced today gross revenues for the twelve month period ended December 31, 2020 were approximately $2.0 million, an increase of approximately $1.8 million over the comparable twelve month period ended December 31, 2019. Net revenues were approximately $1.7 million, more than 1000% higher than net revenues for the comparable twelve month period ended December 31, 2019. The Company's fiscal year end is June 30, and, therefore, these gross revenues and net revenues represent results from the Company's third and fourth fiscal quarters of the fiscal year ended June 30, 2020 together with the first and second fiscal quarters of the Company's current fiscal year.
The increases in gross revenues and net revenues during the twelve month period ended December 31, 2020 were primarily a result of greater sales of SANDD™, the Company's propriety line of needle incineration medical devices, and certain personal protection equipment. To date, increased sales of our medical products have continued after December 31, 2020. Currently, new orders for future sales of our medical devices and certain personal protection equipment now exceed $12.0 million with further increases possible as order quotations and inquiries appear strong.
Commenting on the projected revenues for the twelve month period ending December 31, 2021, G. Darcy Klug, RedHawk Chairman and Chief Financial Officer, said, "During the three month period ended December 31, 2020, we started the re-alignment our medical device marketing strategy to increase product awareness while meeting the demands of current market conditions and customer demands. Our medical products business unit continues to operate in a challenging workplace environment due to implemented COVID-19 protocols by hospitals, clinics, and other medical offices. Most of our target customers will not schedule in-person appointments with our sales representatives. This change in marketing strategy has been very successful to date and is expected to be fully completed during the three month period ending March 31, 2021."
About RedHawk Holdings Corp.
RedHawk Holdings Corp., formerly Independence Energy Corp., is a diversified holding company which, through its subsidiaries, is engaged in the sales and distribution of medical devices, sales of branded generic pharmaceutical drugs, commercial real estate investment and leasing, sales of point of entry full-body security systems, and specialized financial services. Through its medical products business unit, the Company sells the Sharps and Needle Destruction Device (SANDD™), WoundClot Surgical - Advanced Bleeding Control, and the Carotid Artery Digital Non-Contact Thermometer. Through our United Kingdom based subsidiary, we manufacture and market branded generic pharmaceuticals. RedHawk Energy holds the exclusive U.S. manufacturing and distribution rights for the Centri Controlled Entry System, a unique, closed cabinet, nominal dose transmission full-body x-ray scanner. For more information, please visit: http://www.redhawkholdingscorp.com
Cautionary Statement Regarding Forward-Looking Statements
This release may contain forward-looking statements. Forward-looking statements are all statements other than statements of historical fact. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. The words "anticipate," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be," "potential" and any similar expressions are intended to identify those assertions as forward-looking statements.
Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties. In evaluating forward-looking statements, you should consider the various factors which may cause actual results to differ materially from any forward-looking statements including those listed in the "Risk Factors" section of our latest 10-K report. Further, the Company may make changes to its business plans that could or will affect its results. Investors are cautioned that the Company will undertake no obligation to update any forward-looking statements.
G. Darcy Klug, Chairman and CFO
+1 (337) 269-5933
Philip C. Spizale, CEO
+1 (337) 269-5933
Stephanie Prince, Managing Director
+1 (646) 762-4518
SOURCE RedHawk Holdings Corp.