Net Profit improved 1,718% to $3.2 million compared to the three months ended September 30, 2017
CHICAGO, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. ("the Company") (OTCQB: COSM), an international pharmaceutical company, announced consolidated financial results for the quarter ended and nine-months ended September 30, 2018.
Financial Highlights
- Operating revenues were $29.3 million for the nine months ended September 30, 2018, a 48% increase, as compared to $19.8 million for the same period the prior year.
- For the three months ended September 30, 2018, the gross profit margin increased to 9.3% from 8.1% for the same period in 2017.
- For the nine months ended September 30, 2018 gross profit increased 30% to $2.1 million from $1.6 million for the same period the prior year.
- Total operating expenses decreased to $2.3 million for the nine months ended September 30, 2018, from $4.4 million for the same period in 2017, which corresponds to a 48% drop year over year.
- Total comprehensive gain was $4.5 million for the three months ended September 30, 2018, a 1,907% increase, as compared to a loss of $250 thousand for the same period in 2017.
- Net profit increased to $3.2 million for the three months ended September 30, 2018, a 1,718% increase, as compared to a loss of $198 thousand for the same period in 2017.
- For the three months ended September 30, 2018, net income per share was $0.24, as compared to a $0.02 net loss per share on a fully diluted basis for the same period of the prior year.
Commenting on the Company’s quarterly performance, Grigorios Siokas, Chief Executive Officer of Cosmos Holdings Inc., stated, “I am delighted to announce that the Company delivered record quarterly net profit and increased gross profit margins. In addition, during this quarter the Company has strengthened its balance sheet and improved stockholders’ equity. We continue to work towards uplisting onto a national securities exchange. We maintain our strong focus on organic growth and strategic acquisitions, starting with the pending closing of Cosmofarm LLC and continuing to look towards acquisition targets in Central Europe and North America.”
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 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:
Andrew Barwicki
516-662-9461 / Andrew@barwicki.com