Los Angeles, CA, July 17, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reviv3 Procare Company (RVIV) reported record revenues of $992,670 for the fiscal year 2019 as compared to $933,218 for the fiscal year 2018. Gross profit for the fiscal year 2019 increased to 44.3% compared to 38.3% for the fiscal year 2018. The Company reduced its operating expenses for the fiscal year 2019 by 16.8% compared to the fiscal year 2018. Operating expenses for year ended May 31, 2019 were 59.4% compared to 74.6% for the comparable period in 2018. For the fiscal year 2019, the Company reported a net loss of $138,987 compared to a net loss of $342,539 for the fiscal year 2018.
“We remain focused on revenue expansion in our highest margin channels while driving further productivity, quality and cost improvements,” said Reviv3 Procare Chairman and Chief Executive Officer Jeff Toghraie. “Our fiscal year 2019 performance demonstrates meaningful progress in the execution of our strategy as we continue to make improvements in our key performance metrics including Gross Margin, Operating Income and Operating Expenses. I remain thankful to the commitment and effort of our team and look forward to the execution of our growth plan to increase value for our shareholders and our customers in 2020 and beyond.”
About Reviv3 Procare
Reviv3 Procare Company is engaged in the manufacturing, marketing, sale and distribution of professional quality hair and skin care products under various trademarks and brands. We are committed to using the highest quality active ingredients found in nature to create professional grade products that simply work. Our products are sold in targeted markets in United States, Canada, Europe, and Asia.
This press release contains a number of forward-looking statements within the meaning of the federal securities laws. The use of words such as “anticipates,” “expects,” “intends,” “plans,” “confident that” and “believes,” among others, generally identify forward-looking statements. These forward-looking statements are based on currently available information, and management’s belief, projections, and current expectations subject to a number of significant risks and uncertainties. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things: (i) Reviv3’s ability to grow net sales and adjusted EBITDA as anticipated; (ii) our ability to fund our operating expenses (iii) potential difficulties or delays Reviv3 may experience in implementing its cost savings and efficiency initiatives; (iv) Reviv3’s ability to compete effectively with other hair and skin care companies (v) the concentration of Reviv3’s customers, potentially increasing the negative impact to Reviv3 by changing purchasing or selling patterns (vi) changes in laws or regulations in the United States and/or in other major markets, such as China, in which Reviv3 operates, including, without limitation, with respect to taxes, tariffs, trade policies or product safety, which may increase Reviv3’s product costs and other costs of doing business, and reduce Reviv3’s earnings. Potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by law, Reviv3 does not assume any obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.